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EXHIBIT 99(1)
NEWS RELEASE
Contact:
Neil Shoop
Treasurer
(214) 589-8561
FOR IMMEDIATE RELEASE
TRINITY INDUSTRIES REPORTS OPERATING RESULTS FOR QUARTER ENDED JUNE 30, 2001
DALLAS July 30, 2001 - Trinity Industries, Inc., (NYSE:TRN) today
reported financial results for the quarter ended June 30, 2001.
For the first quarter ended June 30, 2001, the Company reported net
income of $9.6 million, or 26 cents a diluted share, on revenues of $467.6
million. This compares with net income of $20.9 million, or 55 cents a diluted
share, on revenues of $533.7 million in the first quarter of the prior fiscal
year. The Company has elected to adopt Statement of Financial Accounting
Standards No. 142 as of April 1, 2001 and, as a result, amortization of goodwill
is not recorded in the financial statements for the quarter ended June 30, 2001.
Amortization of goodwill included in the prior year quarter ended June 30, 2000
amounted to approximately $700 thousand before tax or approximately 1 cent per
share.
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"While the North American railcar market is still not showing signs of
recovery, we are pleased our other businesses are seeing signs of improvement.
We have good seasonal backlogs in our Construction Products Segment and our
Inland Barge backlogs are continuing to improve," said Timothy R. Wallace,
Trinity's Chairman, President and CEO.
"We are continuing to reduce our overhead costs as our rail production
decreases. The steps we have taken over the last several months allow us to
stabilize our business as we continuously monitor the status of the industry's
demand for railcars. We believe long-term this industry will return to more
normal demand levels and we are positioned to respond quickly," Wallace said.
Trinity Industries, Inc., with headquarters in Dallas, Texas, is one of
the nation's leading diversified industrial companies. Trinity reports five
principal business segments: the Railcar Segment, the Inland Barge Segment, the
Parts & Services Segment, the Construction Products Segment, and the Industrial
Products Segment. Trinity's web site may be accessed at http://www.trin.net.
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This news release contains "forward looking statements" as defined by
the Private Securities Litigation Reform Act of 1995 and includes statements as
to expectations, intentions and predictions of future financial performance.
Statements that are not historical facts are forward looking. Readers are
directed to Trinity's Form 10-K and other SEC filings for a description of
certain of the business issues and risks, a change in any of which could cause
actual results or outcomes to differ materially from those expressed in the
forward looking statements. Any forward looking statement speaks only as of the
date on which such statement is made. Trinity undertakes no obligation to update
any forward looking statement or statements to reflect events or circumstances
after the date on which such statement is made.
- TABLES TO FOLLOW -
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Trinity Industries, Inc.
Condensed Consolidated Income Statement
(in millions, except per share amounts)
<Table>
<Caption>
Three Months Ended
June 30
------------------------------
2000 2001
------------ ------------
Revenues $ 533.7 $ 467.6
Operating profit $ 37.5 $ 22.6
Other expense 4.9 6.9
------------ ------------
Income before income taxes 32.6 15.7
Provision for income taxes 11.7 6.1
------------ ------------
Net income $ 20.9 $ 9.6
============ ============
Net income per common share:
Basic $ 0.55 $ 0.26
============ ============
Diluted $ 0.55 $ 0.26
============ ============
Weighted average number of shares outstanding:
Basic 38.1 37.0
Diluted 38.2 37.1
</Table>
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Trinity Industries, Inc.
Condensed Segment Data
(in millions)
REVENUES:
<Table>
<Caption>
Three Months Ended
June 30
-------------------------------
2000 2001
------------ ------------
Railcar Segment $ 214.1 $ 169.2
Inland Barge Segment 51.6 49.6
Parts & Services Segment 87.5 70.9
Construction Products Segment 126.2 135.3
Industrial Products Segment 59.1 44.0
All Other 10.1 17.8
Less: Parts & Services Segment
sales to other segments (14.9) (19.2)
------------ ------------
Total revenues $ 533.7 $ 467.6
============ ============
</Table>
OPERATING PROFIT (LOSS):
<Table>
<Caption>
Three Months Ended
June 30
-------------------------------
2000 2001
------------ ------------
Railcar Segment $ 12.2 $ 3.6
Inland Barge Segment 6.5 2.9
Parts & Services Segment 11.3 8.2
Construction Products Segment 15.9 15.7
Industrial Products Segment 1.7 0.4
All Other (3.8) (2.9)
Eliminations & Corporate Items (6.3) (5.3)
------------ ------------
Consolidated $ 37.5 $ 22.6
============ ============
</Table>
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Trinity Industries, Inc.
Condensed Consolidated Balance Sheet
(in millions)
<Table>
<Caption>
End of End of
Fiscal Year First Quarter
March 31, 2001 June 30, 2001
-------------- -------------
Cash and equivalents $ 13.5 $ 11.2
Receivables and inventories 598.2 568.6
Property, plant and equipment, at cost 1,534.1 1,474.6
Less accumulated depreciation (541.7) (554.3)
Other assets 221.8 226.2
------------ ------------
$ 1,825.9 $ 1,726.3
============ ============
Short-term debt and accounts payable
and accrued liabilities $ 858.0 $ 746.3
Long-term debt 44.0 42.2
Deferred income taxes 7.1 20.1
Other liabilities 37.8 33.9
Stockholders' equity 879.0 883.8
------------ ------------
$ 1,825.9 $ 1,726.3
============ ============
</Table>
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