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2008 AR-Web:NEWSIZE Genesee & Wyoming Inc. 2008 Annual Report Canada Region Québec, QC Port Operations QGRY Chemins de fer Trois-Rivières, QC Québec-Gatineau SLQ Chemin de fer St-Laurent HCRY Huron Central Railway Oregon Region & Atlantique (Québec) PNWR Portland & Western Railroad TR SLR St. Lawrence & Atlantic Railroad RSR New York/Ohio/ Contract Coal Illinois Region MVRY Pennsylvania Loading IMRR Illinois & Midland Railroad WTRM AOR Aliquippa & Ohio River Railroad TR Tomahawk Railway YB BPRR Region BPRR Buffalo & Pittsburgh Railroad Rocky Mountain TZPR Tazewell & Peoria Railroad OHCR YARR YRC CUOH Columbus & Ohio River Rail Road CUOH MMID Region TZPR MVRY Mahoning Valley Railway UTAH Utah Railway AOR POHC OSRR OHCR Ohio Central Railroad IMRR Portsmouth, VA OSRR Ohio Southern Railroad CWRY POHC Pittsburgh & Ohio Central Railroad RSR Rochester & Southern Railroad WKRL WTRM Warren & Trumbull Railroad ETRY ATW YARR Youngstown & Austintown Railroad Southern Region KWT ALM Arkansas Louisiana & Mississippi Railroad YB Youngstown Belt Railroad AN AN Railway LRWN CCKY Wilmington, NC BAYL The Bay Line Railroad LXVR CAGY Columbus & Greenville Railway CAGY Rail Link Region CCKY Chattooga & Chickamauga Railway FP GC ATW Atlantic & Western Railway MNBR GSWR Savannah, GA CHAT Chattahoochee Bay Railroad RSOR CWRY Commonwealth Railway ALM CHAT CIRR Chattahoochee Industrial Railroad CIRR Brunswick, GA ETRY East Tennessee Railway FP Fordyce & Princeton Railroad BAYL Fernandina, FL FCRD First Coast Railroad VR FCRD GSWR Georgia Southwestern Railroad LDRR AN GC Georgia Central Railway KWT Kentucky West Tennessee Railway Jacksonville, FL MMID Maryland Midland Railway St. Joe, FL LDRR Louisiana & Delta Railroad Panama City, FL RSOR Riceboro Southern Railway LRWN Little Rock & Western Railway Baton Rouge, LA YRC York Railway LXVR Luxapalila Valley Railroad Galveston, TX Port Operations MNBR Meridian & Bigbee Railroad Corpus Christi, TX Industrial Switching VR Valdosta Railway WKRL Western Kentucky Railway Port Operations Short Line Railroads Dashed lines indicate trackage rights Genesee & Wyoming Inc. (GWI) owns and operates short line and regional freight railroads in the United States, Canada, Australia and the Netherlands and owns a minority interest in a railroad in Bolivia. Operations currently include 63 railroads organized in nine regions, with more than 6,800 miles of owned and leased track and approximately 3,000 additional miles under track access arrangements. GWI provides rail service at 16 ports in North America and Europe and performs contract coal loading and railcar switching for industrial customers. Netherlands Region Hamburg Darwin Port Operations Shunting Contracts UNITED KINGDOM Rotterdam Barneveld Ede Alice London Springs Rhine River Antwerp GERMANY BELGIUM Brisbane FRANCE Tarcoola Whyalla Bolivia Perth BRAZIL (The Bolivian operations are Sydney an unconsolidated investment.) Port Lincoln Adelaide PERU Montero Santa Cruz Australia Region Melbourne BOLIVIA Corumba Genesee & Wyoming Australia (GWA) GWA-Operated Track PARAGUAY Yacuiba Rio Paraguay FreightLink CHILE Interstate Lines with Open Access ARGENTINA Financial Highlights (In thousands, except per share amounts) Years Ended December 31 2008 2007 2006 2005 2004 Income Statement Data Operating revenues $601,984 $516,167 $450,683 $350,401 $270,550 Income from operations 115,931 96,828 81,657 69,441 46,112 Net income from continuing operations 72,732 69,247 172,647 50,511 36,629 Net income 72,231 55,175 134,003 50,135 37,140 Diluted earnings per common share from continuing operations 2.00 1.77 4.07 1.21 0.88 Diluted (loss) income per common share from discontinued operations (0.01) (0.36) (0.91) (0.01) 0.02 Diluted earnings per common share 1.99 1.41 3.16 1.20 0.90 Weighted average shares 36,348 39,148 42,417 41,712 41,103 Balance Sheet Data as of Period End Total assets $1,587,281 $1,077,801 $1,141,064 $980,598 $677,251 Total debt 561,265 272,766 245,685 338,351 132,237 Stockholders’ equity 478,063 430,981 520,187 397,820 341,700 Operating Revenues Operating Income Net Income from Diluted Earnings Per Share ($ In Millions) ($ In Millions) Continuing Operations from Continuing Operations ($ In Millions) $602.0 $600 $115.9 $172.6** $4.07** $516.2 $100 $96.8 500 $450.7 CAGR CAGR $81.7 CAGR CAGR 22.1% 23.7% 18.7% 22.8% $2.00 400 75 $75 $72.7 $2.00 $69.4 $69.2** $350.4 $1.77** 65.5* 300 64.0* 1.50 1.68* $270.5 $50.5 50 1.51* 50 $46.1 $1.21 $36.6 200 1.00 $0.88 25 25 100 0.50 0 0 0 0 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 2004 2005 2006 2007 2008 CAGR = Compound Annual Growth Rate * Net income from continuing operations for the years ended December 31, 2007 and 2006 was $69.2 million and $172.6 million, respectively. Diluted earnings per share from continuing operations for the years ended December 31, 2007 and 2006 was $1.77 and $4.07, respectively. Excluding the tax benefit associated with the ARG Sale of $3.7 million (or $0.09 per diluted share), GWI’s net income from continuing operations for the year ended December 31, 2007 would have been $65.5 million, and diluted earnings per share from continuing operations would have been $1.68. Excluding the net gain and related effects of the ARG Sale of $196.9 million ($114.5 million after-tax, or $2.70 per diluted share) and the non-cash impairment in Bolivia of $5.9 million ($5.9 million after-tax, or $0.14 per diluted share), GWI’s net income from continuing operations for the year ended December 31, 2006 would have been $64.0 million, and diluted earnings per share from continuing operations would have been $1.51. ** Reported From the Executive Chairman To Our Shareholders: For Genesee & Wyoming Inc. (GWI), 2008 was a year of many historical firsts: ■ Revenues reached $602.0 million, up 16.6% ■ Operating income reached $115.9 million, up 19.7% ■ Most acquisitions: 5 ■ Safety records: – 1.33 injuries per 200,000 man hours, 20% below 2007 – Four regions injury-free – One region injury-free for third consecutive year Yet these accomplishments seem to fade amidst the uncertainty as to the severity and duration of the current economic turmoil and recession. Because of the collapse of global credit markets, today’s economic crisis is the most complex and uncertain in my experience. GWI has managed through economic crises before. While none compare exactly to the global impact or complexities of today, some have seemed more threatening to the company: the restructuring of the Mortimer B. Fuller III northeastern U.S. rail system in the 1970s; the oil shocks, inflation and high interest Executive Chairman rates from the mid-1970s to early 1980s; the 1994 collapse of a mine whose shipments accounted for 20% of GWI’s revenues. We face the current economic turmoil from a position of relative strength: ■ We manage the business for the long term with a simple, straightforward business model. The basic tenets are: – Maximize the free cash flow of core businesses. – Reduce expenses when revenues soften. – Make acquisitions with discipline. ■ We have a broad revenue base highly diversified by customer, commodity and geography and augmented by our acquisitions in 2008. Approximately 60% of that base is not highly economically sensitive. ■ We have a strong, seasoned management team and dedicated employees. Our safety results this year are a testimony to their discipline and spirit; our customer survey satisfaction results demonstrate their dedication; and our 2008 growth and accomplishments evidence their focus and execution. We are concerned about the state of the economy and are managing the business accordingly. After being Chief Executive Officer for 30 years, I have the opportunity as Executive Chairman to step back and look at GWI from a broader perspective. Thanks to my coworkers, our Board of Directors and our customers, I’m proud and comfortable with what I see. Our relative strength positions us well to weather this recession and take advantage of future opportunities. Thank you, Mortimer B. Fuller III Executive Chairman 2008 Annual Report 3 From the CEO To Our Shareholders: In reviewing GWI’s 2008 results, there is a risk that our discussion is viewed as a relic of the past rather than relevant to the immediate realities of the global economic crisis. For GWI, however, it is important to highlight our accomplishments in 2008 because they are the foundation from which we are positioned to weather the recession. In a period of economic uncertainty, it is essential to understand that GWI possesses five enduring elements of financial and organizational strength. First and foremost, our railroads generate strong cash flow. Second, a significant portion of our rail traffic such as coal for power plants, salt for road de-icing and grain for export is less economically sensitive and provides us with a solid base of profitability. Third, our business has been built on strong, local management at each of our nine operating regions, which enables us to reduce our expenses rapidly when shipments decline. Fourth, we are conservative in our use of debt and in October 2008 completed a $570 million bank financing that helps insulate us from the turmoil of the global credit markets. Finally, we have dedicated employees who embody our core values of focus, integrity, respect and excellence and John C. Hellmann who work tirelessly to manage our business. President and Chief Executive Officer 2008 Safety Among GWI’s core values, none is more important than our commitment to excellence in safety. In 2008, we delivered the best safety performance in GWI’s history with a Federal Railroad Administration (FRA) reportable injury frequency rate of 1.33 per 200,000 man hours.
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