Genesee & Wyoming Inc. Reports Traffic for May 2010

GREENWICH, Conn., June 8, 2010 /PRNewswire-FirstCall/ -- Genesee & Wyoming Inc. (GWI) (NYSE: GWR) today reported traffic volumes for May 2010.

GWI's traffic in May 2010 was 71,659 carloads, an increase of 11,463 carloads, or 19.0 percent, compared with May 2009.  GWI's traffic in the second quarter of 2010 through May was 143,482 carloads, an increase of 21,442 carloads, or 17.5% compared to the second quarter of 2009 through May.  

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

Metals traffic grew 3,463 carloads primarily due to increased steel shipments in GWI's New York/Ohio/Pennsylvania and Southern Regions. Traffic in GWI's other commodity group grew 3,275 carloads primarily due to increased overhead coal shipments in GWI's New York/Ohio/Pennsylvania Region. Farm & food products traffic grew 2,843 carloads primarily due to increased grain shipments in GWI's Australia and Canada Regions. All other traffic increased by a net 1,882 carloads.

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

The traffic increase in the second quarter of 2010 through May compared to the second quarter of 2009 through May was principally due to increases of 7,020 carloads of metals traffic, 5,870 carloads of other traffic, and 4,241 carloads of farm & food products traffic. All other traffic increased by a net 4,311 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 847 total HCRY carloads from May 2009 and 1,673 carloads from the second quarter of 2009 through May in this press release. However, carloads reported in GWI's Form 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 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.