2019 Q2 Form 10-Q Financial Statement

#000119312519210767 Filed on August 01, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q2
Revenue $73.66M $70.71M $66.74M
YoY Change 10.37% -14.78% -43.77%
Cost Of Revenue $67.64M $77.56M $61.90M
YoY Change 9.26% -7.19% -45.41%
Gross Profit $6.024M -$6.849M $4.839M
YoY Change 24.49% 1049.16% -6.94%
Gross Profit Margin 8.18% -9.69% 7.25%
Selling, General & Admin $15.35M $7.667M $8.385M
YoY Change 83.09% -4.11% 42.12%
% of Gross Profit 254.85% 173.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.300M $3.206M $2.800M
YoY Change 17.86% 25.73% 16.67%
% of Gross Profit 54.78% 57.86%
Operating Expenses $15.35M $7.667M $8.385M
YoY Change 83.09% -4.11% 42.12%
Operating Profit -$15.84M -$14.52M -$3.546M
YoY Change 346.79% 68.95% 406.57%
Interest Expense $115.0K $36.00K $27.00K
YoY Change 325.93% 12.5%
% of Operating Profit
Other Income/Expense, Net $83.00K $319.0K $588.0K
YoY Change -85.88% -16.27% 194.0%
Pretax Income -$15.88M -$14.23M -$2.985M
YoY Change 431.83% 72.67% 231.67%
Income Tax $12.00K -$201.0K -$649.0K
% Of Pretax Income
Net Earnings -$15.89M -$14.03M -$2.336M
YoY Change 580.09% 119.11% 484.0%
Net Earnings / Revenue -21.57% -19.84% -3.5%
Basic Earnings Per Share -$1.26 -$1.12 -$0.19
Diluted Earnings Per Share -$1.26 -$1.12 -$0.19
COMMON SHARES
Basic Shares Outstanding 12.35M 12.34M 12.32M
Diluted Shares Outstanding 12.35M 12.34M 12.32M

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $69.90M $67.00M $81.50M
YoY Change -14.23% -42.98% -38.35%
Cash & Equivalents $69.86M $65.00M $25.14M
Short-Term Investments $0.00 $2.000M $56.40M
Other Short-Term Assets $7.318M $7.373M $50.90M
YoY Change -85.62% -73.57% 324.17%
Inventory $61.79M $52.70M $60.40M
Prepaid Expenses
Receivables $12.88M $9.290M $25.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $153.5M $138.0M $218.4M
YoY Change -29.71% -32.77% -6.79%
LONG-TERM ASSETS
Property, Plant & Equipment $40.40M $43.41M $74.70M
YoY Change -45.92% -43.04% 13.53%
Goodwill $21.52M $21.52M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.135M $2.583M $15.30M
YoY Change -79.51% -82.31% 118.57%
Total Long-Term Assets $184.1M $206.1M $111.5M
YoY Change 65.13% 83.49% 18.11%
TOTAL ASSETS
Total Short-Term Assets $153.5M $138.0M $218.4M
Total Long-Term Assets $184.1M $206.1M $111.5M
Total Assets $337.6M $344.1M $329.9M
YoY Change 2.35% 8.34% 0.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $30.14M $30.59M $38.60M
YoY Change -21.91% 16.3% 34.49%
Accrued Expenses $31.00M $33.40M $15.50M
YoY Change 100.0% 124.16% 12.32%
Deferred Revenue $1.281M $1.281M
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $69.39M $68.82M $67.50M
YoY Change 2.8% 33.89% 46.42%
LONG-TERM LIABILITIES
Long-Term Debt $10.20M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $4.476M $476.0K $37.70M
YoY Change -88.13% -98.82% 38.1%
Total Long-Term Liabilities $4.476M $476.0K $37.70M
YoY Change -88.13% -98.82% 38.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $69.39M $68.82M $67.50M
Total Long-Term Liabilities $4.476M $476.0K $37.70M
Total Liabilities $173.4M $163.6M $105.2M
YoY Change 64.86% 78.82% 43.32%
SHAREHOLDERS EQUITY
Retained Earnings $91.09M $107.0M
YoY Change
Common Stock $127.0K $127.0K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.348M $4.572M
YoY Change
Treasury Stock Shares $103.0K
Shareholders Equity $164.2M $180.5M $224.7M
YoY Change
Total Liabilities & Shareholders Equity $337.6M $344.1M $329.9M
YoY Change 2.35% 8.34% 0.37%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q2
OPERATING ACTIVITIES
Net Income -$15.89M -$14.03M -$2.336M
YoY Change 580.09% 119.11% 484.0%
Depreciation, Depletion And Amortization $3.300M $3.206M $2.800M
YoY Change 17.86% 25.73% 16.67%
Cash From Operating Activities -$16.90M $1.707M -$34.90M
YoY Change -51.58% -112.65% -241.3%
INVESTING ACTIVITIES
Capital Expenditures -$1.200M $760.0K -$300.0K
YoY Change 300.0% 317.58% 200.0%
Acquisitions
YoY Change
Other Investing Activities $13.50M $19.30M -$4.900M
YoY Change -375.51% -321.84% -74.74%
Cash From Investing Activities $12.10M $18.56M -$5.200M
YoY Change -332.69% -307.98% -73.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.500M -339.0K 0.000
YoY Change 187.29% -100.0%
NET CHANGE
Cash From Operating Activities -16.90M 1.707M -34.90M
Cash From Investing Activities 12.10M 18.56M -5.200M
Cash From Financing Activities 9.500M -339.0K 0.000
Net Change In Cash 4.700M 19.93M -40.10M
YoY Change -111.72% -188.45% -1078.05%
FREE CASH FLOW
Cash From Operating Activities -$16.90M $1.707M -$34.90M
Capital Expenditures -$1.200M $760.0K -$300.0K
Free Cash Flow -$15.70M $947.0K -$34.60M
YoY Change -54.62% -106.93% -239.52%

Facts In Submission

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Liabilities
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LiabilitiesAndStockholdersEquity
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us-gaap Loss Contingency Disclosures
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 14 &#x2013; Contingencies </font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company is involved in various warranty and repair claims and, in certain cases, related pending and threatened legal proceedings with its customers in the normal course of business. In the opinion of management, the Company&#x2019;s potential losses in excess of the accrued warranty and legal provisions, if any, are not expected to be material to the Company&#x2019;s consolidated financial condition, results of operations or cash flows.</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">The Company received cash payments of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$15,733</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> and </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$1,410</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> during 2015 and 2017, respectively, for Alabama state and local incentives related to its capital investment and employment levels at its Cherokee, Alabama (&#x201C;Shoals&#x201D;) facility. Under the incentive agreements a certain portion of the incentives may be repayable by the Company if targeted levels of employment are not maintained for a period of up to </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">six</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> years from the date of the incentive. In the event that employment levels drop below the minimum targeted levels of employment and any portion of the incentives is required to be paid back, the amount is unlikely to exceed the deferred liability balance of </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$8,051</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> as of June 30, 2019. </font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">As part of a settlement agreement reached with one of its customers, the Company agreed to pay </font><font style="display: inline;font-family:Times New Roman;font-size:10pt;">$7,500</font><font style="display: inline;font-family:Times New Roman;font-size:10pt;"> to settle all claims related to a prior year&#x2019;s commercial dispute.&nbsp;&nbsp;Payment will be made over a period of three years.&nbsp; </font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">In addition to the foregoing, the Company is involved in certain other pending and threatened legal proceedings, including commercial disputes and workers&#x2019; compensation and employee matters arising out of the conduct of its business.&nbsp;&nbsp;While the ultimate outcome of these other legal proceedings cannot be determined at this time, it is the opinion of management that the resolution of these other actions will not have a material adverse effect on the Company&#x2019;s financial condition, results of operations or cash flows.</font> </p> <p style="margin:0pt 0pt 4pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-size:10pt;">&#xFEFF;</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Nature Of Operations
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<div> <div style="margin-left:0pt;margin-right:0pt;"> <p style="margin:0pt;border-bottom:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-weight:bold;font-size:10pt;">Note 1 &#x2013; Description of the Business</font> </p> <p style="margin:0pt;border-top:1pt none #D9D9D9 ;line-height:100%;font-family:Times New Roman;font-size: 12pt"> <font style="display: inline;">&#xFEFF;</font> </p> <p style="margin:0pt;line-height:100%;font-family:Calibri;font-size: 10pt"> <font style="display: inline;font-family:Times New Roman;font-size:10pt;">FreightCar America, Inc. (&#x201C;FreightCar&#x201D;) operates primarily in North America through its direct and indirect subsidiaries,&nbsp;&nbsp;JAC Operations, Inc., Johnstown America, LLC, Freight Car Services, Inc., JAIX Leasing Company (&#x201C;JAIX&#x201D;),&nbsp;&nbsp;FreightCar America Leasing, LLC, FreightCar America Leasing 1, LLC, FreightCar Roanoke, LLC, FreightCar Mauritius Ltd. (&#x201C;Mauritius&#x201D;), FreightCar Rail Services, LLC (&#x201C;FCRS&#x201D;),&nbsp;&nbsp;FreightCar Short Line, Inc. (&#x201C;FCSL&#x201D;), FreightCar Alabama, LLC and FreightCar (Shanghai) Trading Co., Ltd (herein collectively referred to as the &#x201C;Company&#x201D;), and manufactures a wide range of railroad freight cars, supplies railcar parts and leases freight cars.&nbsp;&nbsp;The Company designs and builds high-quality railcars, including coal cars, bulk commodity cars, covered hopper cars, intermodal and non-intermodal flat cars, mill gondola cars, coil steel cars and boxcars. The Company is headquartered in Chicago, Illinois and has facilities in the following locations: Cherokee, Alabama; Grand Island, Nebraska; Johnstown, Pennsylvania; Roanoke, Virginia; and Shanghai, People&#x2019;s Republic of China.</font> </p> <p style="margin:5pt 0pt 0pt;line-height:100%;font-family:Times New Roman;font-size: 10pt"> <font style="display: inline;font-size:10pt;">The Company and its direct and indirect subsidiaries are all Delaware corporations or Delaware limited liability companies except Mauritius, which is incorporated in Mauritius, and FreightCar (Shanghai) Trading Co., Ltd., which is organized in the People&#x2019;s Republic of China.&nbsp;&nbsp;The Company&#x2019;s direct and indirect subsidiaries are all wholly owned.</font> </p> <p><font size="1"> </font></p> </div> </div>
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Net Cash Provided By Used In Financing Activities
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NetCashProvidedByUsedInInvestingActivities
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NetCashProvidedByUsedInOperatingActivities
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NetCashProvidedByUsedInOperatingActivities
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us-gaap Net Income Loss
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NumberOfReportableSegments
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OperatingIncomeLoss
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OperatingIncomeLoss
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us-gaap Operating Lease Cost
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OperatingLeaseCost
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OperatingLeaseLeaseIncome
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OperatingLeaseLeaseIncome
3363000
CY2019Q2 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
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CY2019Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
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us-gaap Other Noncash Income Expense
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OtherNoncashIncomeExpense
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us-gaap Other Nonoperating Income Expense
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us-gaap Payments To Acquire Property Plant And Equipment
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us-gaap Payments To Acquire Property Plant And Equipment
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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CY2019Q2 us-gaap Other Inventories Spare Parts
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CY2018Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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CY2019Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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4975000
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OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
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us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
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us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
118000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
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us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
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us-gaap Payments To Acquire Held To Maturity Securities
PaymentsToAcquireHeldToMaturitySecurities
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us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
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CY2018Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
294000
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
2034000
CY2019Q2 us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
1275000
us-gaap Payments To Acquire Restricted Certificates Of Deposit
PaymentsToAcquireRestrictedCertificatesOfDeposit
1117000
CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2019Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2018Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000
CY2019Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
2500000
CY2018Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2019Q2 us-gaap Preferred Stock Value
PreferredStockValue
us-gaap Proceeds From Income Tax Refunds
ProceedsFromIncomeTaxRefunds
487000
us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
10200000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
66008000
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
20025000
us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
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us-gaap Proceeds From Sale Of Restricted Investments
ProceedsFromSaleOfRestrictedInvestments
4400000
CY2018Q4 us-gaap Product Warranty Accrual
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9309000
CY2019Q2 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
7793000
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
45317000
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PropertyPlantAndEquipmentNet
40396000
CY2018Q4 us-gaap Restricted Investments Current
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4952000
CY2019Q2 us-gaap Restricted Investments Current
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1668000
us-gaap Restructuring Settlement And Impairment Provisions
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1319000
CY2019Q2 us-gaap Restructuring Settlement And Impairment Provisions
RestructuringSettlementAndImpairmentProvisions
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CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2019Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenues
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CY2018Q2 us-gaap Revenues
Revenues
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us-gaap Revenues
Revenues
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CY2019Q2 us-gaap Revenues
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
32079000
CY2018Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
272030
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12344684
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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12352271
us-gaap Weighted Average Number Of Shares Outstanding Basic
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12311810
us-gaap Short Term Lease Cost
ShortTermLeaseCost
502000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
16381000
CY2018Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
8385000
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
23019000
CY2019Q2 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15352000
us-gaap Share Based Compensation
ShareBasedCompensation
1751000
us-gaap Share Based Compensation
ShareBasedCompensation
274000
CY2019Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
319000
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
231732000
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
226082000
CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
224697000
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
193610000
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
180459000
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
164201000
CY2019Q2 us-gaap Treasury Stock Shares
TreasuryStockShares
102951
CY2018Q4 us-gaap Treasury Stock Value
TreasuryStockValue
9721000
CY2019Q2 us-gaap Treasury Stock Value
TreasuryStockValue
2348000
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2018Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
CY2019Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12311810
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
12317546
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12317546
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12344684
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
12352271
CY2018Q4 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3344000
CY2019Q2 us-gaap Workers Compensation Liability Current
WorkersCompensationLiabilityCurrent
3659000

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rail-20190630_lab.xml Edgar Link unprocessable
rail-20190630_pre.xml Edgar Link unprocessable
report.css Edgar Link pending
Show.js Edgar Link pending