FreightCar America, Inc. (NASDAQ: RAIL) today reported results for the second quarter ended June 30, 2012, with revenues of $181.2 million and net income of $5.6 million, or $0.46 per diluted share. For the same quarter in 2011, the Company reported revenues of $97.6 million and net income of $0.2 million, or $0.02 per diluted share. Revenues were $219.1 million and net income was $9.7 million, or $0.81 per diluted share, in the first quarter of 2012.

The Company delivered 2,786 railcars to customers in the second quarter of 2012, of which 1,815 were new cars, 361 were used cars and 610 were leased cars. This compares to 1,309 railcars delivered in the second quarter of 2011 and 2,613 railcars delivered in the first quarter of 2012. There were 961 units ordered in the second quarter of 2012. This compares to 1,089 units ordered in the second quarter of 2011 and 1,244 units ordered in the first quarter of 2012. Total manufacturing backlog was 5,109 units at June 30, 2012 compared to 4,986 units at June 30, 2011 and 6,934 units at March 31, 2012.

“I am pleased to report solid results for the second quarter despite challenging macroeconomic and industry conditions,” said Ed Whalen, President and Chief Executive Officer. “We had another strong quarter of deliveries and revenues as we drew upon the backlog of orders taken in the second half of last year. Our product diversification efforts resulted in second quarter orders for railcars other than coal including hoppers, gondolas and flat cars. Coal demand continued to remain under pressure in the second quarter. However, coal export activity remains strong and we have also seen a modest rebound in coal demand related to above average power generation needs in the later weeks of the quarter due to higher than normal early summer temperatures. While an uncertain economic outlook persists, we remain focused on operating efficiently, expanding our product offerings, delivering quality products and services to our customers and producing positive returns for our shareholders,” Whalen concluded.

The Manufacturing segment had revenues of $171.8 million in the second quarter of 2012 compared to $88.3 million for the second quarter of 2011. Manufacturing segment revenues were $210.4 million in the first quarter of 2012. Operating income for the Manufacturing segment was $15.3 million in the second quarter of 2012 compared to $2.1 million in the second quarter of 2011 and $22.7 million in the first quarter of 2012.

Revenues for the Services segment were $9.4 million in the second quarter of 2012 compared to $9.3 million in the second quarter of 2011 and $8.6 million in the first quarter of 2012. Services segment operating income was $0.7 million for the second quarter of 2012 compared to $1.2 million in the second quarter of 2011 and $0.7 million in the first quarter of 2012.

Corporate costs were $6.6 million for the quarter ended June 30, 2012 compared to $5.2 million in the same quarter of 2011. Corporate costs were $7.4 million in the first quarter of 2012.

The Company’s effective tax rate was 39.3% in the first six months ended June 30, 2012. The effective tax rate was 81.1% in the first half of 2011.

Cash and cash equivalents and restricted cash as of June 30, 2012 were $124.4 million, compared to $144.6 million as of March 31, 2012. The decrease in cash is due to the addition of inventory on lease and reduction of payables during the quarter. The Company’s $30.0 million revolving credit facility remains undrawn.

Railcars under lease totaled $67.1 million at the end of the second quarter of 2012 compared to $44.4 million at the end of the first quarter of 2012 and $65.8 million at the end of the second quarter of 2011.

The Company will host a conference call and live webcast on Monday, August 6, 2012 at 11:00 a.m. (Eastern Daylight Time) to discuss the Company’s second quarter 2012 financial results. To participate in the conference call, please dial (800) 230-1766, Confirmation Number 255509. 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#: 255509

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 August 6, 2012 until 11:59 p.m. (Eastern Daylight Time) on September 6, 2012. To access the replay, please dial (800) 475-6701. The replay pass code is 255509. An audio replay of the call will be available on the Company’s website within two days following the earnings call.

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 at www.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.