RRA Investment Highlights
Completed acquisition of Central Michigan Railroad in January 2004
- $ 11 million of annual revenue
Completed Sale of Chilean railroad interest on February 2, 2004
- Proceeds of $18 million in cash and secured instruments
- Eliminated $20 Million in Chilean debt from balance sheet
Completed acquisition of Chicago, Fort Wayne & Eastern Railroad in August 2004
- Expect $12 - $15 million of annual revenue
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Charles Swinburn appointed to CEO position in August 2004
- Long time board member and significant rail experience
Reduced net debt-to-total capitalization as of June 30, 2004 to 57.2% from 58.3% at December 31, 2003
Sale of Freight Australia, when and if it occurs, will reduce debt and should increase free cash flow