EXHIBIT 99(1)
NEWS RELEASE
Contact:
Neil Shoop
Treasurer
(214) 589-8561
FOR IMMEDIATE RELEASE
TRINITY INDUSTRIES REPORTS OPERATING RESULTS FOR FIRST QUARTER OF 2002
DALLAS - April 26, 2002 - Trinity Industries, Inc., (NYSE:TRN) today
reported financial results for the first quarter of 2002.
For the quarter ended March 31, 2002, the company reported a net loss
of $8.6 million, or 19 cents per diluted share, on revenues of $384.3 million.
This compares to a net loss of $39.7 million, or $1.08 per diluted share, on
revenues of $418.7 million in the first quarter of 2001. The prior year quarter
included unusual charges of $55.8 million ($35.7 million after tax), or 97 cents
per diluted share, primarily related to plant closings and litigation.
"I am pleased our non-rail related business segments improved
profitability over the prior year," said Timothy R. Wallace, Trinity's chairman,
president and CEO. "We are continuing to benefit from the diversification of our
other businesses while the railcar industry is experiencing a major downcycle."
"The U.S. industry orders for railcars and the deliveries of railcars
are at a 14 year low point. While we have seen a small increase in demand for a
few types of railcars, we are not in a position to predict the timing of a turn
around for the industry at this point.
Our current outlook for 2002 is a small loss in the range of 5 to 25 cents per
share," 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 Trinity Rail Group, Trinity Railcar Leasing and
Management Services Group, the Inland Barge Group, the Construction Products
Group and the Industrial Products Group. Trinity's web site may be accessed at
http://www.trin.net.
This news release contains "forward looking statements" as defined by
the Private Securities Litigation Reform Act of 1995 and includes statements as
to expectations, beliefs and future financial performance, or assumptions
underlying or concerning matters herein. These 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 -
Trinity Industries, Inc.
Condensed Consolidated Income Statement
(in millions, except per share amounts)
<Table>
<Caption>
Three Months Ended March 31
-----------------------------
2001* 2002
-------- --------
Revenues $ 418.7 $ 384.3
Operating profit (loss) $ (58.2) $ (4.2)
Other expense 3.9 7.2
-------- --------
Income (loss) before income taxes (62.1) (11.4)
Provision (benefit) for income taxes (22.4) (2.8)
-------- --------
Net income (loss) $ (39.7) $ (8.6)
======== ========
Net income (loss) per common share:
Basic $ (1.08) $ (0.19)
======== ========
Diluted $ (1.08) $ (0.19)
======== ========
Weighted average number of shares
outstanding:
Basic 36.9 44.4
Diluted 36.9 44.4
</Table>
* The three months ended March 31, 2001 includes pretax charges of $55.8 million
($35.7 million after tax or $0.97 per share) related primarily to restructuring
the Company's railcar operations and litigation. For the three months ended
March 31, 2001, $53.9 million is included in cost of revenues and $1.9 million
in SE&A expenses.
Trinity Industries, Inc.
Condensed Segment Data
(in millions)
REVENUES:
<Table>
<Caption>
Three Months Ended March 31
-----------------------------
2001* 2002
-------- --------
Rail Group $ 293.4 $ 171.1
Construction Products Group 118.1 113.1
Inland Barge Group 58.5 61.2
Industrial Products Group 38.5 31.3
Railcar Leasing & Management
Services Group 20.1 26.7
All Other 27.5 9.2
Eliminations (137.4) (28.3)
-------- --------
Total revenues $ 418.7 $ 384.3
======== ========
</Table>
OPERATING PROFIT (LOSS):
<Table>
<Caption>
Three Months Ended March 31
-----------------------------
2001* 2002
-------- --------
Rail Group $ (38.6) $ (12.2)
Construction Products Group 3.3 7.5
Inland Barge Group 1.8 1.9
Industrial Products Group (1.1) 0.9
Railcar Leasing & Management
Services Group 7.8 7.1
All Other (14.7) (2.9)
Corporate & Eliminations (16.7) (6.5)
-------- --------
Consolidated $ (58.2) $ (4.2)
======== ========
</Table>
Trinity Industries, Inc.
Condensed Consolidated Balance Sheet
(in millions)
<Table>
<Caption>
December 31, 2001 March 31, 2002
----------------- --------------
Cash and equivalents $ 22.2 $ 15.6
Receivables and inventories 479.5 464.3
Property, plant and equipment, at cost 1,434.9 1,473.6
Less accumulated depreciation (555.8) (587.1)
Other assets 571.2 558.3
---------- ----------
$ 1,952.0 $ 1,924.7
========== ==========
Accounts payable and
accrued liabilities $ 424.9 $ 379.8
Debt 476.3 457.6
Deferred income taxes -- 16.3
Other liabilities 41.4 38.4
Stockholders' equity 1,009.4 1,032.6
---------- ----------
$ 1,952.0 $ 1,924.7
========== ==========
</Table>
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