CHICAGO, Jan. 22 /PRNewswire-FirstCall/ -- GATX Corporation (NYSE: GMT)
today announced its 2001 fourth quarter results, reporting a net loss of
$12.1 million or $.25 per diluted share. The prior year fourth quarter loss
was $60.6 million or $1.27 per diluted share.
For the 2001 full year, GATX reported net income of $172.9 million or
$3.51 per diluted share. Excluding non-comparable items, GATX reported 2001
full year income of $109.7 million, or $2.23 per diluted share. The 2000 full
year income was $164.2 million or $3.37 per diluted share, excluding the
Airlog litigation provision.
Among the non-comparable items in 2001, the most significant items include
the gain on the sale of GATX Terminals; charges related to the company's
telecommunications portfolio; costs associated with the closure of a railcar
repair facility; and in the fourth quarter, charges related to a workforce
reduction and asset impairment losses in the air group stemming from the
events of September 11th. Details of the non-comparable items are included in
the attached financial supplement.
All comments from here forward in this press release regarding
consolidated and business unit results for the fourth quarter and full year
exclude these non-comparable items, unless noted otherwise.
Ronald H. Zech, chairman and CEO of GATX, stated, "2001 results reflect
the operating challenges we faced in our core markets throughout the year.
Although we entered 2001 with a cautionary note regarding economic conditions
and the potential impact on our operations, the year presented even greater
challenges than we anticipated. Difficulties within the company's portfolio,
in particular the telecommunications sector, and uncertainty regarding our air
business in the wake of September 11th were the focal points this year.
"Despite the volatile operating environment, 2001 included a number of
notable achievements. At GATX Rail, we improved operating efficiency during a
period of market weakness and expanded our international presence; the Air
group, confronted with unprecedented turmoil in the airline industry as a
result of the events of September 11th, moved quickly to address the issues
and made significant progress on placing and financing new deliveries; the
Technology group achieved record results and expanded their market presence
through a successful portfolio acquisition; and we completed the sale of GATX
Terminals, using the nearly $1 billion in after-tax proceeds to strengthen the
balance sheet and re-invest in our core markets."
Mr. Zech added, "As we look forward to 2002, we are optimistic about
recoveries in our core markets, but remain very cautious on the timing of this
rebound and are concerned about the lingering effects of the recession. Based
on this view, we currently expect 2002 EPS to be in the range of $2.00-$2.25
per share."
Elaborating on the key variables underlying the current 2002 view, Mr.
Zech added, "In rail, we expect to continue operating at current levels in
2002. Various market indicators point to a solid recovery when it ultimately
occurs: excess railcars have been taken out of the system, new car orders
have been reduced at GATX and across the industry, and our customers are
operating with lower inventories and supporting rail equipment. However, we
have not yet seen the uptick in railcar demand that will signal the start of a
rebound, and we are hesitant to predict this inflection point.
"Within our air business, we are assuming that during 2002 air traffic
builds gradually, and the fundamentals of the aircraft leasing business follow
a similar path. At the present time, lease rates on both new and existing
aircraft are under pressure, and we expect this to continue. While we are
confident in the strength and quality of the aircraft in our portfolio, it
will take time for this market to return to pre-September 11th conditions. In
the interim, we will continue to focus on maintaining high fleet utilization,
a point on which we have been successful to date.
"Lastly, 2001 was a record year for remarketing income and we continued to
enjoy robust warrant income. Although remarketing income is a core part of
our business, high investment volume in recent years in operating lease assets
has reduced the average age of our asset portfolio, and therefore it is
unlikely that this past year's remarketing income levels will be repeated in
2002. Similarly, warrant income in 2002 will be well below 2001 levels absent
a strong recovery in the IPO market. On the positive side, we have undertaken
extensive measures to reduce selling, general, and administrative expenses by
at least 15% from 2001 levels, and we are confident that this will be
achieved, providing a meaningful contribution to bottom line results."
Mr. Zech concluded, "We expect that 2002 will be a year in which operating
conditions will strengthen by year end, providing the foundation for positive
momentum and improved results going forward. We remain well positioned in our
businesses and poised to capitalize on recoveries in our core markets."
FINANCIAL SERVICES
Financial Services, comprised principally of GATX Capital, reported a
fourth quarter loss of $6.2 million compared to income of $13.8 million in the
prior year period, excluding the Airlog litigation provision. Fourth quarter
performance was affected by a large loss provision taken during the quarter,
consistent with prior statements regarding GATX Capital's focus on maintaining
an appropriate reserve level in this weakened economic environment. For the
2001 full year, Financial Services reported income of $63.5 million compared
to $83.9 million in the prior year, excluding the Airlog litigation provision.
Investment volume totaled $287 million during the fourth quarter compared
to $508 million in the prior year period. For the 2001 full year, investment
volume totaled $1.8 billion compared to $1.5 billion in the prior year. The
2001 volume reflects continued investment primarily in the company's air and
technology markets.
For the fourth quarter, pre-tax spread totaled $46.3 million compared to
$33.6 million in the prior year period. Annualized pre-tax spread in the
fourth quarter was 4.6% of average net investments, compared to 3.9% for the
prior year period. For the 2001 full year, pre-tax spread totaled
$190.9 million compared to $149.2 million in the prior year. Pre-tax spread
in 2001 was 4.8% of average net investments, compared to 4.7% for the prior
year. Increased lease and interest income was the key driver behind the
increase in pre-tax spread.
Remarketing income, comprised of both gains on asset sales and residual
sharing fees, was $13.9 million in the fourth quarter compared to
$17.7 million in the prior year period. Remarketing income totaled
$99.0 million in 2001 compared to $57.2 million in the prior year. The
increased remarketing income was driven by stronger gains within the
diversified and technology portfolios.
Warrant income totaled $3.6 million in the fourth quarter compared to
$17.9 million in the prior year period. For the 2001 full year, warrant
income totaled $38.7 million compared to $52.3 million in the prior year.
Loss provisions, including telecommunications and air-related provisions,
totaled $36.4 million in the fourth quarter, compared to $7.5 million in the
prior year period. For the 2001 full year, loss provisions totaled
$98.1 million, including telecommunications and air-related provisions of
$7.8 million, compared to $16.1 million in the prior year. The increase in
loss provision reflects the weaker economic conditions experienced during
2001, and the company's initiative to maintain an appropriate allowance
position. The allowance for losses was 6.0% of reservable assets at year end
compared to 6.4% in both the prior quarter and prior year.
Net charge-offs of reservable assets during the fourth quarter totaled
$52.5 million. For the 2001 full year, net charge-offs totaled
$101.4 million, or 2.6% of average net investments, compared to $36.8 million,
or 1.1% of average net investments, in the prior year. The increased charge-
off levels in 2001 primarily reflect the impact of a weaker economic
environment on the company's portfolio.
Asset impairments totaled $15.3 in the 2001 fourth quarter, including
$8.3 million related to telecommunication and air assets, compared to
$5.0 million in the prior year period. For the 2001 full year, impairments
totaled $85.2 million, including $75.6 million related to telecommunication
and air assets, compared to $5.0 million in the prior year.
GATX RAIL
GATX Rail reported income of $17.7 million in the fourth quarter compared
to $13.4 million in the prior year period. The improvement in GATX Rail's
fourth quarter income was due in part to lower SG&A and maintenance
expenditures, coupled with a short-term spike in demand for railcars at DEC,
GATX Rail's operation in Poland. Due to continued soft demand for railcars
and lease rate Page 5 pressure, the 2001 fourth quarter income does not
reflect our expected quarterly run rate in this environment. For the 2001
full year, GATX Rail reported net income of $52.4 million compared to
$65.7 million in the prior year period.
Utilization of GATX Rail's North American full service fleet remained at
91% at the end of the fourth quarter, consistent with the 2001 third quarter
level, but down from 93% in the prior year period. GATX Rail's full service
North American fleet totaled 91,100 cars at year end, down slightly from the
prior quarter and year ago levels. Fourth quarter new car deliveries in the
full service fleet totaled only 310 cars, an indication of continued softness
in the rail market.
North American manufacturing capacity utilization, one of several
benchmarks for economic activity and ultimately demand for railcars, was 72%
at year end. This low level of capacity has not been experienced since the
mid-1980's. This is consistent with the 2001 third quarter level and
indicates that underlying factors that drive railcar demand have not yet
rebounded.
COMPANY DESCRIPTION
GATX Corporation (NYSE: GMT) is a specialized finance and leasing company.
It uniquely combines asset knowledge and services, structuring expertise,
creative partnering and risk capital to provide business solutions to
customers and partners worldwide. GATX specializes in railcar and locomotive
leasing, aircraft operating leasing, information technology leasing, venture
finance and diversified finance.
TELECONFERENCE INFORMATION
GATX Corporation will host a teleconference to discuss fourth quarter and
full year results. Teleconference details are as follows:
Tuesday, January 22nd
11:00 AM Eastern Time
Domestic Dial-In: 1-800-553-0288
International Dial-In: 1-612-332-0523
Replay: 1-800-475-6701, access # 622846
Call in details and real-time audio access are available at:
http://www.gatx.com . Please access the call 15 minutes prior to the start time.
Following the call, a replay will be available on the same site.
FORWARD-LOOKING STATEMENTS
This press release includes statements that may constitute forward-looking
statements made pursuant to the safe harbor provision of the Private
Securities Litigation Reform Act of 1995. These statements are identified by
words such as "anticipate," "believe," "estimate," "expects," "intend,"
"predict," or "project" and similar expressions. This information may involve
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements. Although the company believes that the
expectations reflected in such forward-looking statements are based on
reasonable assumptions, such statements are subject to risks and uncertainties
that could cause actual results to differ materially from those projected.
With respect to outlook comments within this release relating to the 2002
performance of GATX Rail, GATX Capital, and GATX Corporation, risks and
uncertainties include, but are not limited to, general economic conditions
and/or the market changes resulting from the events of September 11, 2001,
railcar lease rate and utilization levels, dynamics affecting customers within
the chemical, petroleum and food industries, additional potential write-downs
and/or provisions within GATX's portfolio, and general market conditions in
the rail, air, technology, venture, and other large-ticket leasing industries.
Investor, corporate information and press releases may be found at
http://www.gatx.com . A variety of current financial information, historical
financial information, press releases and photographs are available at this
site.
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
(In Millions, Except Per Share Amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
2001 2000 2001 2000
Gross Income
Revenues $ 346.1 $ 358.8 $1,488.6 $1,311.8
Share of affiliates'
(losses) earnings (.7) 16.2 34.5 79.0
Total Gross Income 345.4 375.0 1,523.1 1,390.8
Ownership Costs
Depreciation and
amortization 101.4 94.8 417.6 334.8
Interest, net 57.4 66.5 249.9 242.6
Operating lease expense 46.3 48.0 194.8 178.7
Total Ownership Costs 205.1 209.3 862.3 756.1
Other Costs and Expenses
Operating expenses 62.5 53.1 241.1 188.8
Selling, general and
administrative 51.0 62.4 229.7 209.2
Provision for possible
losses 36.5 9.1 98.4 17.7
Asset impairment charges 15.3 5.0 85.2 5.0
Provision (reversal)
for litigation charges - 160.5 (13.1) 160.5
Reduction in work
force charges 13.4 - 13.4 -
Fair value adjustments
for derivatives (1.8) - .5 -
Total Other Costs
and Expenses 176.9 290.1 655.2 581.2
(Loss) Income from
Continuing Operations
before Income Taxes (36.6) (124.4) 5.6 53.5
Income Tax (Benefit)
Provision (24.5) (47.6) (1.9) 22.7
(Loss) Income from
Continuing Operations (12.1) (76.8) 7.5 30.8
Discontinued Operations
Operating results,
net of taxes - 12.5 1.5 27.4
Gain on sale of portion
of segment, net of taxes - 3.7 163.9 8.4
Total Discontinued
Operations - 16.2 165.4 35.8
Net (Loss) Income $(12.1) $(60.6) $172.9 $66.6
Per Share Data
Basic:
(Loss) income from
continuing operations $(.25) $(1.61) $ .15 $.64
Income from
discontinued operations - .34 3.41 .75
Total $(.25) $(1.27) $3.56 $1.39
Average number of
common shares (in
thousands) 48,689 47,819 48,512 47,880
Diluted:
(Loss) income from
continuing operations $(.25) $(1.60) $ .15 $.63
Income from discontinued
operations - .33 3.36 .74
Total $(.25) $(1.27) $3.51 $1.37
Average number of
common shares and
common share equivalents
(in thousands) 48,689 47,819 49,202 48,753
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (UNAUDITED)
(In Millions)
December 31 December 31
2001 2000
Assets
Cash and Cash Equivalents $347.3 $173.6
Receivables
Trade accounts 66.3 93.7
Finance leases 868.3 878.3
Secured loans 557.4 538.0
Less - allowance for possible losses (94.2) (95.2)
1,397.8 1,414.8
Operating Lease Assets and Facilities, net 2,712.4 2,654.1
Progress Payments for Aircraft Purchases 260.0 11.5
2,972.4 2,665.6
Investments in Affiliated Companies 921.5 951.2
Other Assets 470.7 427.6
Net Assets of Discontinued Operations - 630.9
$ 6,109.7 $ 6,263.7
Liabilities, Deferred Items and Shareholders' Equity
Accounts Payable $293.6 $317.3
Accrued Expenses 36.8 127.4
Debt
Short-term 328.5 557.2
Long-term:
Recourse 2,897.3 3,093.9
Nonrecourse 728.2 494.2
Capital lease obligations 163.0 164.2
4,117.0 4,309.5
Deferred Items, including Income Taxes 780.5 720.0
Total Shareholders' Equity 881.8 789.5
$ 6,109.7 $ 6,263.7
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
(In Millions)
Three Months Ended Twelve Months Ended
December 31 December 31
2001 2000 2001 2000
Operating Activities
(Loss) income from
continuing operations $(12.1) $(76.8) $7.5 $30.8
Adjustments to reconcile
(loss) income from
continuing operations
to net cash provided by
continuing operations:
Realized gains on
remarketing of
leased equipment (12.7) (15.6) (79.9) (53.4)
Gains on sales of
securities (3.6) (17.9) (38.7) (52.3)
Depreciation and
amortization 101.4 94.8 417.6 334.8
Provision for possible
losses 36.5 9.1 98.4 17.7
Asset impairment charges 15.3 5.0 85.2 5.0
Deferred income taxes 13.4 (30.3) 126.9 26.8
Provision (reversal)
for litigation charges - 160.5 (13.1) 160.5
Payments related to
litigation settlement - (6.0) (141.0) (6.0)
Other, including working
capital (18.3) 4.7 (107.2) (66.1)
Net cash provided by
continuing operations 119.9 127.5 355.7 397.8
Investing Activities
Additions to equipment on
lease, net of nonrecourse
financing for leveraged
leases (85.0) (288.2) (672.2) (700.8)
Additions to operating
lease assets and facilities (23.9) (32.6) (168.8) (394.5)
Secured loans extended (51.8) (97.6) (305.5) (436.1)
Investments in affiliated
companies (31.9) (83.5) (284.2) (244.4)
Progress payments (116.8) (28.9) (245.0) (123.4)
Other investments (5.9) (10.2) (118.5) (29.2)
Portfolio investments
and capital additions (315.3) (541.0) (1,794.2) (1,928.4)
Portfolio proceeds 251.4 200.9 1,031.4 627.8
Proceeds from other asset
sales 4.4 6.7 207.1 304.3
Net cash used in investing
activities of continuing
operations (59.5) (333.4) (555.7) (996.3)
Financing Activities
Proceeds from issuance
of long-term debt 307.5 176.6 790.3 1,587.4
Repayment of long-term debt (231.0) (360.5) (1,018.8) (1,072.2)
Net increase (decrease)
in short-term debt 53.8 407.8 (228.7) 180.2
Increase (decrease) in
capital lease obligations 14.9 (1.0) (1.2) (15.7)
Issuance (repurchase) of
common stock and other 2.3 15.7 19.9 (20.1)
Cash dividends (15.1) (14.4) (60.2) (57.4)
Net cash provided by (used
in) financing activities
of continuing operations 132.4 224.2 (498.7) 602.2
Net Transfers (to) from
Discontinued Operations (1.4) 54.2 (30.7) 10.7
Net Increase (Decrease)
in Cash and Cash
Equivalents from Continuing
Operations 191.4 72.5 (729.4) 14.4
Proceeds from Sale of
Portion of Segment - - 1,185.0 74.7
Taxes Paid on Gain from
Sale of Segment (133.7) - (281.9) -
Net Increase (Decrease)
in Cash and Cash Equivalents
from Discontinued Operations .3 (4.4) (12.3) (5.5)
Net Increase in Cash and
Cash Equivalents $58.0 $68.1 $161.4 $83.6
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTARY DATA (UNAUDITED)
(In Millions, Except Per Share Amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
2001 2000 2001 2000
GATX Corporation
Basic:
(Loss) income from
continuing operations $(.25) $ (1.61) $.15 $ .64
Income from discontinued
operations - .34 3.41 .75
Total $(.25) $ (1.27) $3.56 $1.39
Diluted:
(Loss) income from
continuing operations $(.25) $ (1.60) $.15 $ .63
Income from discontinued
operations - .33 3.36 .74
Total $(.25) $ (1.27) $3.51 $1.37
Equity 881.8 789.5
Return on Average Equity(a) 4.6% 8.2%
Assets of Continuing Operations 5,992.4 5,629.5
Net Assets of Discontinued
Operations - 630.9
Intersegment and Other
Assets 117.3 3.3
Total Assets 6,109.7 6,263.7
Return on Average Total
Owned Assets(a) .6% 1.1%
GATX Rail
Revenues $147.5 $143.0 $588.8 $572.0
Share of affiliates' earnings .9 .4 1.5 3.0
Total Gross Income 148.4 143.4 590.3 575.0
Depreciation and amortization 25.5 26.0 100.2 100.5
Interest 8.4 11.3 43.9 52.8
Operating lease expense 36.8 35.2 149.2 131.9
Total Ownership Costs 70.7 72.5 293.3 285.2
Operating expenses 36.0 31.2 168.4 120.4
Selling, general and
administrative 15.0 16.1 69.3 61.9
Provision for possible losses .1 1.6 .3 1.6
Reduction in work force charges 5.3 - 5.3 -
Fair value adjustments
for derivatives - - .6 -
Total Other Costs
and Expenses 56.4 48.9 243.9 183.9
Income before Income Taxes 21.3 22.0 53.1 105.9
Income Taxes 1.0 8.6 14.4 40.2
Net Income $20.3 $13.4 $38.7 $65.7
Assets 1,653.2 1,669.6
Equity 365.8 359.7
North American Fleet
Fleet Additions 310 400 2,460 5,400
Total Fleet 91,100 91,600 91,100 91,600
Utilization 91% 93% 91% 93%
GATX CORPORATION AND SUBSIDIARIES
SUPPLEMENTARY DATA (UNAUDITED)
(In Millions, Except Per Share Amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
2001 2000 2001 2000
Financial Services
Revenues $198.6 $210.3 $902.9 $736.4
Share of affiliates'
(losses) earnings (1.6) 15.7 33.0 75.9
Total Gross Income 197.0 226.0 935.9 812.3
Depreciation and amortization 74.6 67.9 314.1 230.5
Interest 46.0 53.0 207.1 182.6
Operating lease expense 11.6 12.5 48.6 47.4
Total Ownership Costs 132.2 133.4 569.8 460.5
Operating expenses 26.5 20.7 72.2 66.8
Selling, general and
administrative 30.4 37.6 141.7 126.5
Provision for possible losses 36.4 7.5 98.1 16.1
Asset impairment charges 15.3 5.0 85.2 5.0
Provision (reversal) for
litigation charges - 160.5 (13.1) 160.5
Reduction in work force charges 5.6 - 5.6 -
Fair value adjustment for
derivatives (1.8) - (.1) -
Total Other Costs and
Expenses 112.4 231.3 389.6 374.9
Loss before Income Taxes (47.6) (138.7) (23.5) (23.1)
Income Tax Benefit (19.7) (54.9) (10.2) (9.4)
Net Loss $(27.9) $(83.8) $(13.3) $(13.7)
Net Investments 3,925.0 3,564.3
Other Assets(b) 414.2 395.6
Total Assets 4,339.2 3,959.9
Common Equity 554.1 367.2
GATX Capital only
New Investment Volume $287.4 $508.2 $ 1,781.8 $ 1,532.3
Portfolio Pre-Tax Spread
Finance lease income 22.1 22.6 125.9 82.4
Operating lease income 112.1 101.8 466.5 368.4
Interest income 15.9 17.9 71.6 60.1
Share of affiliates'
(losses) earnings (1.6) 15.7 33.0 75.9
Interest expense (44.4) (51.3) (201.5) (176.6)
Operating lease expense
and depreciation (81.8) (73.1) (343.3) (261.0)
Total Portfolio Pre-Tax
Spread 22.3 33.6 152.2 149.2
Total Portfolio Pre-Tax
Spread, Excluding Telco/Air 46.3 33.6 190.9 149.2
Annualized Pre-Tax Spread
as % of Average Net
Investments, Excluding
Telco/Air 4.6% 3.9% 4.8% 4.7%
Asset remarketing:
Disposition Gains on
Owned Assets 12.7 15.6 79.9 53.4
Residual Sharing Fees 1.2 2.1 19.1 3.8
Warrant Income 3.6 17.9 38.7 52.3
(a) Excludes 4Q00 litigation reserve and 1Q01 Terminals' gain
(b) Includes marine operating assets
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS - ADJUSTED FOR NON-COMPARABLE ITEMS
YEAR ENDED DECEMBER 31, 2001
(In Millions, Except Per Share Amounts)
Non-comparable Items
GAAP Airlog, Rail/East
Basis Telecom Air net Chicago
Gross Income
Revenues $1,488.60 4.6 (1.8) - -
Share of affiliates'
(losses) earnings 34.5 (35.6) (9.3) - -
Total Gross Income 1,523.1 (31.0) (11.1) - -
Ownership Costs
Depreciation and
amortization 417.6 - - - -
Interest, net 249.9 - - - -
Operating lease expense 194.8 - - - -
Total Ownership Costs 862.3 - - - -
Other Costs and Expenses
Operating expenses 241.1 - 2.0 - 24.5
Selling, general and
administrative 229.7 - - 5.7 -
Provision for possible
losses 98.4 8.0 1.1 - -
Asset impairment
charges 85.2 67.8 7.8 - -
Provision (reversal)
for litigation charges (13.1) - - (13.1) -
Reduction in work force
charges 13.4 - - - -
Fair value adjustments
for derivatives 0.5 - - - -
Total Other Costs and
Expenses 655.2 75.8 10.9 (7.4) 24.5
(Loss) Income from
Continuing Operations before
Income Taxes 5.6 (106.8) (22.0) 7.4 (24.5)
Income Tax (Benefit) Provision (1.9) (42.2) (8.7) 2.9 (8.3)
(Loss) Income from
Continuing Operations 7.5 (64.6) (13.3) 4.5 (16.2)
Discontinued Operations
Operating results, net
of taxes 1.5 - - - -
Gain on sale of portion
of segment, net of taxes 163.9 - - - -
Total Discontinued
Operations 165.4 - - - -
Net Income (Loss) $172.9 $(64.6) $(13.3) $4.5 $(16.2)
Diluted EPS $3.51 (1.31) (0.27) 0.09 (0.33)
GATX CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENT OF OPERATIONS - ADJUSTED FOR NON-COMPARABLE ITEMS
YEAR ENDED DECEMBER 31, 2001
(In Millions, Except Per Share Amounts)
Non-comparable Items
Net Adjusted
COLI/Tax RIF GTC Gain Basis
Gross Income
Revenues - - - $1,485.8
Share of affiliates' (losses)
earnings - - - 79.4
Total Gross Income - - - 1,565.2
Ownership Costs
Depreciation and amortization - - - 417.6
Interest, net - - - 249.9
Operating lease expense - - - 194.8
Total Ownership Costs - - - 862.3
Other Costs and Expenses
Operating expenses - - - 214.6
Selling, general and
administrative - 13.4 - 210.6
Provision for possible losses - - - 89.3
Asset impairment charges - - - 9.6
Provision (reversal) for
litigation charges - - - -
Reduction in work force charges - - - 13.4
Fair value adjustments for
derivatives - - - 0.5
Total Other Costs and Expenses - 13.4 - 538.0
(Loss) Income from Continuing
Operations
before Income Taxes - (13.4) - 164.9
Income Tax (Benefit) Provision (2.0) (4.9) - 61.3
(Loss) Income from Continuing
Operations (2.0) (8.5) - 103.6
Discontinued Operations
Operating results, net of taxes - - - 1.5
Gain on sale of portion of
segment, net of
taxes - - 159.3 4.6
Total Discontinued Operations - - 159.3 6.1
Net Income (Loss) $2.0 $(8.5) $159.3 $109.7
Diluted EPS 0.04 (0.17) 3.23 $2.23
SOURCE GATX Corporation
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CONTACT:
Analysts and Investors, Robert C. Lyons of
GATX Corporation, +1-312-621-6633
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