RailAmerica, Inc. Reports Fourth Quarter and Full Year 2009 Results

Operating income of $14.2 million, after $6.3 million expense related to initial public offering (IPO)(1).Adjusted EBITDA(2) $33.5 million up 1% from fourth quarter 2008.Net cash provided by operating activities of $4.4 million versus $6.9 million in fourth quarter 2008.Strengthened balance sheet; year-end cash of $190.2 million.

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RailAmerica, Inc. (NYSE:RA – News) today reported financial results for the quarter and year ended December 31, 2009.  Reported results reflect the Ottawa Valley Railway (OVR) as a discontinued operation.  In December 2009, the Company received C$73 million gross proceeds upon the termination of its lease of the OVR.

Compared to the prior year period, Adjusted EBITDA(2) increased 1% to $33.5 million for fourth quarter 2009.  Net cash provided by operating activities was $4.4 million and $6.9 million, respectively, for the fourth quarters of 2009 and 2008. [Read the full article]

The lone initial public offering scheduled for this week, Anthera Pharmaceuticals Inc., did not start trading Wednesday as expected by IPO market trackers.

Deutsche Bank Securities, which is managing the deal, and the company did not return calls for comment Wednesday.

So far, five companies have delayed IPOs in 2010, while three have withdrawn them. Companies are having trouble going public this year because of a volatile stock market and worries over the pace of the global recovery.

Those that have managed to come to market have largely had to accept lower prices for their shares.

The drug developer does not have any treatments approved by regulators and has no revenue. It does not expect its leading candidate to be ready for sale until 2012 at the earliest.

“A company like this, especially with no revenue or regulatory approval, needs a more frothy market to make it,” said IPOdesktop Editor Francis Gaskins. [Read the full article]

The Blackstone Group L.P. (NYSE:BX – News): Economic Net Income of $703 million for 2009 was up significantly from negative $(1.2) billion for 2008; Economic Net Income of $329 million for the fourth quarter of 2009, was up from a negative $(764) million for the fourth quarter of 2008.

Net Fee Related Earnings for 2009 were down slightly to $410 million from $428 million for the full year 2008; Net Fee Related Earnings of $139 million for the fourth quarter of 2009 were up 18% from $118 million for the fourth quarter of 2008.

Adjusted Cash Flows from Operations were $526 million for the full year 2009, up from $129 million in 2008; Adjusted Cash Flows from Operations were $217 million in the fourth quarter of 2009 versus a negative $(19) million for the fourth quarter of 2008.

GAAP Results Attributable to The Blackstone Group L.P. [Read the full article]

Owens Corning (NYSE:OC – News) today announced that one of its stockholders, the Owens Corning/Fibreboard Asbestos Personal Injury Trust (the “Trust”), priced its previously announced secondary offering of 12,261,000 shares of its common stock at a price to the public of $23.75 per share. Owens Corning will not sell any shares in the offering and will not receive any proceeds from the offering.  The Trust has granted the underwriters a 30-day option to purchase up to an additional 1,839,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any. The offering is being conducted as a public offering pursuant to an effective shelf registration statement under the Securities Act of 1933. The offering is expected to close on March 2, 2010, subject to customary closing conditions.

BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers of the equity offering. [Read the full article]

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