Genesee & Wyoming Inc. Reports Traffic for February 2010

GREENWICH, Conn., March 10, 2010 /PRNewswire-FirstCall/ -- Genesee & Wyoming Inc. (GWI) (NYSE: GWR) today reported traffic volumes for February 2010.

GWI's traffic in February 2010 was 63,583 carloads, a decrease of 6,261 carloads, or 9.0 percent, compared with February 2009. GWI's traffic in the first quarter of 2010 through February was 127,445 carloads, a decrease of 13,184 carloads, or 9.4 percent, compared with the first quarter of 2009 through February.

The table below sets forth carloading information for February 2010 and February 2009:

    
    
    Genesee & Wyoming Inc.        February     % of     February     % of
    by Commodity Group                2010    Total         2009    Total
    
    Coal, Coke & Ores               17,430     27.4%      19,867     28.4%
    Minerals & Stone                 9,659     15.2%       9,801     14.0%
    Farm & Food Products             7,464     11.7%       8,377     12.0%
    Pulp & Paper                     6,419     10.1%       7,314     10.5%
    Metals                           5,967      9.4%       6,042      8.6%
    Lumber & Forest Products         4,583      7.2%       5,216      7.5%
    Chemicals-Plastics               3,912      6.2%       4,308      6.2%
    Petroleum Products               2,539      4.0%       2,521      3.6%
    Autos & Auto Parts                 818      1.3%         610      0.9%
    Other                            4,792      7.5%       5,788      8.3%
    
    Total                           63,583    100.0%      69,844    100.0%

Coal, coke & ores traffic decreased 2,437 carloads primarily due to lower shipments in GWI's Rocky Mountain and New York/Ohio/Pennsylvania Regions. Traffic in GWI's Other commodity group decreased 996 carloads primarily due to lower overhead shipments in GWI's New York/Ohio/Pennsylvania Region. Farm & food products traffic decreased 913 carloads primarily due to lower shipments of export grain in GWI's Canada Region. All other traffic decreased by a net 1,915 carloads.

The table below sets forth carloading information for the first quarter of 2010 through February and the first quarter of 2009 through February:

    
    
    Genesee & Wyoming Inc.        QTD Feb     % of     QTD Feb     % of
    by Commodity Group               2010    Total        2009    Total
    
    Coal, Coke & Ores              33,803     26.5%     39,796     28.3%
    Minerals & Stone               19,425     15.2%     19,720     14.0%
    Farm & Food Products           14,184     11.1%     16,877     12.0%
    Pulp & Paper                   13,116     10.3%     15,718     11.2%
    Metals                         11,711      9.2%     12,383      8.8%
    Lumber & Forest Products        9,225      7.2%      9,629      6.8%
    Chemicals-Plastics              8,114      6.4%      8,475      6.0%
    Petroleum Products              5,353      4.2%      5,216      3.7%
    Autos & Auto Parts              1,626      1.3%      1,062      0.8%
    Other                          10,888      8.6%     11,753      8.4%
    
    Total                         127,445    100.0%    140,629    100.0%

The traffic decrease in the first quarter of 2010 through February compared to the first quarter of 2009 through February was principally due to declines of 5,993 carloads of coal, coke & ores traffic, 2,693 carloads of farm & food products traffic, and 2,602 carloads of pulp & paper traffic. All other traffic decreased by a net 1,896 carloads.

On June 15, 2009 GWI announced its intent to discontinue operations of its Huron Central Railway (HCRY) in the fourth quarter of 2009. GWI now operates HCRY under a temporary service contract through August 14, 2010. Starting in August 2009 HCRY carloads are no longer included in this carloadings press release due to the structure of this temporary contract.  To facilitate comparison to the prior year, GWI has excluded 1,227 total HCRY carloads from February 2009 and 2,457 carloads from the first quarter of 2009 through February in this press release. However, carloads reported in GWI's Forms 10-K and 10-Q will include HCRY traffic through July 2009.    

Historically, GWI has found that carload information may be indicative of freight revenues on its railroads, but may not be indicative of total revenues, operating expenses, operating income or net income.

GWI owns and operates short line and regional freight railroads in the United States, Canada, Australia and the Netherlands. Operations currently include 62 railroads organized in nine regions, with more approximately 6,000 miles of owned and leased track and approximately 3,400 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.

SOURCE Genesee & Wyoming Inc.