FreightCar America (RAIL) 8-K FreightCar America, Inc. Reports First Quarter 2012 Results

Exhibit 99.1

INVESTOR AND MEDIA CONTACT	Joe McNeely
TELEPHONE	(800) 458-2235

FOR IMMEDIATE RELEASE            May 8, 2012

FreightCar America, Inc. Reports First Quarter 2012 Results

Highlights

• Sixth consecutive quarter of improved railcar deliveries, revenues, operating income and gross margin

• Revenues of $219.1 million and earnings per share of $0.81

• Coal demand under pressure from low natural gas prices, high coal stockpiles and reduced electrical power consumption

Chicago, IL, May 8, 2012 — FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the first quarter ended March 31, 2012, with revenues of $219.1 million and net income of $9.7 million, or $0.81 per diluted share. For the same quarter in 2011, the Company reported revenues of $72.2 million and a net loss of $1.3 million, or $(0.11) per diluted share. Revenues were $187.1 million and net income was $8.5 million, or $0.71 per diluted share, in the fourth quarter of 2011.

The Company delivered 2,613 railcars to customers in the first quarter of 2012, of which 2,146 were new cars, 80 were used cars and 387 were leased cars. This compares to 875 railcars delivered in the first quarter of 2011 and 2,489 railcars delivered in the fourth quarter of 2011. There were 1,244 units ordered in the first quarter of 2012. This compares to 4,027 units ordered in the first quarter of 2011 and 4,481 units ordered in the fourth quarter of 2011. Total manufacturing backlog was 6,934 units at March 31, 2012 compared to 5,206 units at March 31, 2011 and 8,303 units at December 31, 2011.

“I am pleased with the first quarter’s strong results,” said Ed Whalen, President and Chief Executive Officer. “We were able to produce railcars at an efficient rate, meeting customers’ delivery requirements while lowering manufacturing costs. We received orders for coal and other types of railcars despite the weak demand for coal. Coal demand was negatively impacted by the mild winter, lower electrical power consumption and low natural gas prices. We expect coal demand to remain under pressure in the near term,” Whalen concluded.

The Manufacturing segment had revenues of $210.4 million in the first quarter of 2012 compared to $63.2 million for the first quarter of 2011. Manufacturing segment revenues were $179.2 million in the fourth quarter of 2011. Operating income for the Manufacturing segment was $22.7 million in the first quarter of 2012 compared to $0.2 million in the first quarter of 2011 and $16.5 million in the fourth quarter of 2011.

Revenues for the Services segment were $8.6 million in the first quarter of 2012 compared to $9.1 million in the first quarter of 2011 and $7.8 million in the fourth quarter of 2011. Services segment operating income was $0.7 million for the first quarter of 2012 compared to $1.1 million in the first quarter of 2011 and $0.5 million in the fourth quarter of 2011.

Corporate costs were $7.4 million for the quarter ended March 31, 2012, which were $2.3 million higher than in the same quarter in 2011 and $0.2 million lower than in the fourth quarter of 2011.

The Company’s effective tax rate for the first quarter of 2012 was 38.8%. The effective tax rate was 66.7% in the first quarter of 2011 and 9.1% in the fourth quarter of 2011.

Cash and cash equivalents and restricted cash as of March 31, 2012 were $144.6 million, compared to $103.7 million as of December 31, 2011. The increase in cash reflects the proceeds from the sale of railcars and other working capital changes. The Company’s $30.0 million revolving credit facility remains undrawn.

Railcars under lease totaled $44.4 million at the end of the first quarter of 2012 compared to $54.7 million at the end of the fourth quarter of 2011 and $64.9 million at the end of the first quarter of 2011. The decrease in railcars under lease reflects sales of leased railcars.

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The Company will host a conference call and live webcast on Tuesday, May 8, 2012 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company’s first quarter 2012 financial results. To participate in the conference call, please dial (800) 230-1074, Confirmation Number 246557. Interested parties are asked to dial in approximately 10 to 15 minutes prior to the start time of the call. The live audio-only webcast can be accessed at:

Event URL:https://im.csgsystems.com/cgi-bin/confCast

Conference ID#: 246557

If you need technical assistance, call the toll-free AT&T Conference Casting Support Help Line at 1-888-793-6118. Please note that the webcast is listen-only and webcast participants will not be able to participate in the question and answer portion of the conference call. An audio replay of the conference call will be available beginning at 1:00 p.m. (Eastern Daylight Time) on May 8, 2012 until 11:59 p.m. (Eastern Daylight Time) on June 8, 2012. To access the replay, please dial (800) 475-6701. The replay pass code is 246557. An audio replay of the call will be available on the Company’s website within two days following the earnings call.

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FreightCar America, Inc. manufactures railroad freight cars, supplies railcar parts, leases freight cars through its JAIX Leasing Company subsidiary, and provides railcar maintenance, repairs and management through its FreightCar Rail Services, LLC subsidiary. FreightCar America designs and builds coal cars, bulk commodity cars, flat cars, mill gondola cars, intermodal cars, coil steel cars and motor vehicle carriers. It is headquartered in Chicago, Illinois and has facilities in the following locations: Clinton, Indiana, Danville, Illinois, Lakewood, Colorado, Grand Island, Nebraska, Hastings, Nebraska, Johnstown, Pennsylvania, and Roanoke, Virginia. More information about FreightCar America is available on its website atwww.freightcaramerica.com.

This press release may contain statements relating to our expected financial performance and/or future business prospects, events and plans that are “forward-looking statements” as defined under the Private Securities Litigation Reform Act of 1995. Forward-looking statements represent our estimates and assumptions only as of the date of this press release. Our actual results may differ materially from the results described in or anticipated by our forward-looking statements due to certain risks and uncertainties. These potential risks and uncertainties include, among other things: the cyclical nature of our business; adverse economic and market conditions; fluctuating costs of raw materials, including steel and aluminum, and delays in the delivery of raw materials; our ability to maintain relationships with our suppliers of railcar components; our reliance upon a small number of customers that represent a large percentage of our sales; the variable purchase patterns of our customers and the timing of completion, delivery and customer acceptance of orders; the highly competitive nature of our industry; the risk of lack of acceptance of our new railcar offerings by our customers; and the additional risk factors described in our filings with the Securities and Exchange Commission. We expressly disclaim any duty to provide updates to any forward-looking statements made in this press release, whether as a result of new information, future events or otherwise.

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FreightCar America, Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

	March 31,			December 31,
	2012			2011
	(In thousands)
Assets
Current assets
Cash and cash equivalents	$	128,389		$	101,870
Restricted cash		16,194			1,815
Accounts receivable, net		12,326			10,125
Inventories		77,753			72,877
Other current assets		7,328			2,618
Deferred income taxes, net		10,982			10,982
Total current assets		252,972			200,287
Property, plant and equipment, net		35,743			35,984
Railcars available for lease, net		44,361			54,746
Goodwill		22,128			22,128
Deferred income taxes, net		21,574			28,150
Other long-term assets		3,975			4,168
Total assets	$	380,753		$	345,463
Liabilities and Stockholders’ Equity
Current liabilities
Account and contractual payables	$	51,947		$	28,110
Accrued payroll and employee benefits		7,171			5,611
Accrued postretirement benefits		5,174			5,174
Accrued warranty		7,757			7,795
Customer deposits		18,291			17,964
Other current liabilities		6,796			5,044
Total current liabilities		97,136			69,698
Accrued pension costs		13,021			14,202
Accrued postretirement benefits		59,346			59,887
Other long-term liabilities		4,286			4,342
Total liabilities		173,789			148,129
Stockholders’ equity
Preferred stock		—			—
Common stock		127			127
Additional paid in capital		100,011			100,204
Treasury stock, at cost		(35,270	)		(35,904	)
Accumulated other comprehensive loss		(22,129	)		(22,302	)
Retained earnings		164,225			155,209
Total FreightCar America stockholders’ equity		206,964			197,334
Noncontrolling interest in JV		—			—
Total stockholders’ equity		206,964			197,334
Total liabilities and stockholders’ equity	$	380,753		$	345,463

FreightCar America, Inc.

Condensed Consolidated Statements of Operations

(Unaudited)

	Three Months Ended March 31,
	2012			2011
	(In thousands except shares and per share data)
Revenues	$	219,066		$	72,240
Cost of sales		195,335			69,998
Gross profit		23,731			2,242
Selling, general and administrative expense		8,693			5,997
Gain on sale of railcars available for lease		(948	)		—
Operating income (loss)		15,986			(3,755	)
Interest expense, net		(90	)		(63	)
Operating income (loss) before income taxes		15,896			(3,818	)
Income tax provision (benefit)		6,162			(2,546	)
Net income (loss)		9,734			(1,272	)
Less: Net income (loss) attributable to noncontrolling interest in JV		—			18
Net income (loss) attributable to FreightCar America	$	9,734		$	(1,290	)
Net income (loss) per common share attributable to FreightCar America– basic	$	0.82		$	(0.11	)
Net income (loss) per common share attributable to FreightCar America– diluted	$	0.81		$	(0.11	)
Weighted average common shares outstanding—Basic		11,924,418			11,908,017
Weighted average common shares outstanding—Diluted		11,979,727			11,908,017
Dividends declared per common share	$	0.06		$	—

FreightCar America, Inc.

Condensed Segment Data

(Unaudited)

	Three Months Ended March 31,
	2012			2011
	(In thousands)
Revenues:
Manufacturing	$	210,449		$	63,173
Services		8,617			9,067
Consolidated Total	$	219,066		$	72,240
Operating Income (Loss):
Manufacturing	$	22,690		$	219
Services		653			1,092
Corporate		(7,357	)		(5,066	)
Consolidated Total	$	15,986		$	(3,755	)

Condensed Consolidated Statements of Cash Flows

(Unaudited)

	Three Months Ended March 31,
	2012			2011
	(In thousands)
Cash flows from operating activities
Net income (loss)	$	9,734		$	(1,272	)
Adjustments to reconcile net income (loss) to net cash flows provided by (used in) operating activities:
Depreciation and amortization		2,097			2,125
Gain on sale of railcars available for lease		(948	)		—
Other non-cash items		209			118
Deferred income taxes		6,468			(2,605	)
Compensation expense under stock option and restricted share award agreements		458			556
Changes in operating assets and liabilities:
Accounts receivable		(2,201	)		(9,766	)
Inventories		(4,491	)		(9,800	)
Other current assets		(4,283	)		1,121
Account and contractual payables		23,686			14,612
Accrued payroll and employee benefits		1,560			(659	)
Income taxes receivable		(237	)		271
Accrued warranty		(38	)		(847	)
Customer deposits and other current liabilities		2,079			(1,180	)
Deferred revenue, non-current		(124	)		(117	)
Accrued pension costs and accrued postretirement benefits		(1,549	)		(3,489	)
Net cash flows provided by (used in) operating activities		32,420			(10,932	)
Cash flows from investing activities
Restricted cash deposits		(14,475	)		—
Restricted cash withdrawals		96			18
Proceeds from sale of property plant and equipment, railcars available for lease and assets held for sale		10,377			73
Purchase price adjustment for business acquired		—			(166	)
Purchases of property, plant and equipment		(1,164	)		(185	)
Net cash flows used in investing activities		(5,166	)		(260	)
Cash flows from financing activities
Employee restricted stock settlement		(17	)		(21	)
Cash dividends paid to stockholders		(718	)		—
Net cash flows used in financing activities		(735	)		(21	)
Net increase (decrease) in cash and cash equivalents		26,519			(11,213	)
Cash and cash equivalents at beginning of period		101,870			61,780
Cash and cash equivalents at end of period	$	128,389		$	50,567