EXHIBIT 99.1
TRINITY INDUSTRIES REPORTS OPERATING RESULTS FOR FIRST QUARTER OF 2003
DALLAS - May 7, 2003 - Trinity Industries, Inc., (NYSE:TRN) today
reported financial results for the first quarter of 2003.
For the quarter ended March 31, 2003, the company reported a net loss
of $14.5 million, or 32 cents per diluted share, on revenues of $289.1 million.
This compares to a net loss of $8.6 million, or 19 cents per diluted share, on
revenues of $384.3 million in the first quarter of 2002.
"Even though our operating results for the 1st quarter are in line with
the guidance we provided at our last conference call, we are still not pleased
when we lose money," said Timothy R. Wallace, Trinity's chairman, president and
CEO. "The 1st quarter was full of a variety of challenges such as winter
weather, which affects our construction related businesses, a drastic drop in
the demand for barges, an unusual amount of uncertainty associated with the war
and a large portion of our railcar shipments going to customers in our leasing
company."
"We do have encouraging news in our business. The North American
railcar industry backlog grew for the fourth consecutive quarter. Our market
share percentage for the 1st quarter for new orders slipped to the low 20's, but
we are pleased with our market
share for orders in the railcar types we are most focused on. Our market share
ranged from 40% to 73% on certain railcar models. The majority of our businesses
have all shown an improvement in their backlogs as well. Our barge business has
booked some very crucial orders which provide a base load. We continue to expect
to return to profitability during the 3rd quarter," 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, 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 -
TRINITY INDUSTRIES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share amounts)
<Table>
<Caption>
Three Months Ended March 31,
2002 2003
------------ ------------
Revenues $ 384.3 $ 289.1
Operating loss $ (4.2) $ (11.4)
Other expense 7.2 8.6
------------ ------------
Loss before income taxes (11.4) (20.0)
Provision (benefit) for income taxes (2.8) (5.5)
------------ ------------
Net loss $ (8.6) $ (14.5)
============ ============
Net loss per common share:
Basic $ (0.19) $ (0.32)
============ ============
Diluted $ (0.19) $ (0.32)
============ ============
Weighted average number of shares outstanding:
Basic 44.4 45.5
Diluted 44.4 45.5
</Table>
TRINITY INDUSTRIES, INC.
Condensed Segment Data
(in millions)
REVENUES:
<Table>
<Caption>
Three Months Ended March 31,
2002 2003
------------ ------------
Trinity Rail Group $ 171.1 $ 149.1
Construction Products Group 113.1 103.5
Inland Barge Group 61.2 44.1
Industrial Products Group 31.3 28.5
Trinity Railcar Leasing & Management Services Group 26.7 28.5
All Other 9.2 7.3
Eliminations (28.3) (71.9)
------------ ------------
Total revenues $ 384.3 $ 289.1
============ ============
</Table>
OPERATING PROFIT (LOSS):
<Table>
<Caption>
Three Months Ended March 31,
2002 2003
------------ ------------
Trinity Rail Group $ (12.2) $ (10.3)
Construction Products Group 7.5 3.1
Inland Barge Group 1.9 (0.8)
Industrial Products Group 0.9 --
Trinity Railcar Leasing & Management Services Group 7.1 8.6
All Other (2.9) (0.9)
Corporate & Eliminations (6.5) (11.1)
------------ ------------
Consolidated $ (4.2) $ (11.4)
============ ============
</Table>
TRINITY INDUSTRIES, INC.
Condensed Consolidated Balance Sheets
(in millions)
<Table>
<Caption>
December 31, March 31,
2002 2003
------------ ------------
Cash and equivalents $ 19.1 $ 45.3
Receivables and inventories 381.5 360.4
Income tax receivable 50.0 3.8
Property, plant and equipment, at cost 1,551.8 1,616.1
Less accumulated depreciation (604.4) (624.0)
Other assets 544.9 535.7
------------ ------------
$ 1,942.9 $ 1,937.3
============ ============
Accounts payable and accrued liabilities $ 396.0 $ 399.7
Debt 488.9 496.2
Other liabilities 56.4 55.4
Stockholders' equity 1,001.6 986.0
------------ ------------
$ 1,942.9 $ 1,937.3
============ ============
</Table>
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