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0000950144-06-004382.txt : 200605040000950144-06-004382.hdr.sgml : 2006050420060504125359ACCESSION NUMBER:0000950144-06-004382CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:89CONFORMED PERIOD OF REPORT:20060504ITEM INFORMATION:Regulation FD DisclosureITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20060504DATE AS OF CHANGE:20060504

FILER:

COMPANY DATA:COMPANY CONFORMED NAME:RAILAMERICA INC /DECENTRAL INDEX KEY:0000887637STANDARD INDUSTRIAL CLASSIFICATION:RAILROADS, LINE-HAUL OPERATING [4011]IRS NUMBER:650328006STATE OF INCORPORATION:DEFISCAL YEAR END:1231

FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:001-32579FILM NUMBER:06807185

BUSINESS ADDRESS:STREET 1:5300 BROKEN SOUND BLVD NWCITY:BOCA RATONSTATE:FLZIP:33487BUSINESS PHONE:5619946015

MAIL ADDRESS:STREET 1:5300 BROKEN SOUND BLVD NWCITY:BOCA RATONSTATE:FLZIP:33487

FORMER COMPANY:FORMER CONFORMED NAME:RAILAMERICA INCDATE OF NAME CHANGE:19920724

8-K1g01245e8vk.htmRAILAMERICA, INC.

RailAmerica, Inc.

Table of Contents

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of report (Date of earliest event reported) May4, 2006

RailAmerica, Inc.

(Exact Name of Registrant as Specified in Its Charter)

Delaware
(State or Other Jurisdiction of Incorporation)

001-32579

65-0328006

(Commission File Number)

(IRS Employer Identification No.)

5300 Broken Sound Boulevard, N.W., Boca Raton, Florida 33487

(Address of Principal Executive Offices) (Zip Code)

(561)994-6015
(Registrants Telephone Number, Including Area Code)

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy thefiling obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))

o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))

TABLE OF CONTENTS

Item7.01. RegulationFD DisclosureItem9.01. Financial Statements, Pro Forma Financial Information and ExhibitsSIGNATURESEx-99.1: Presentation to be given by the Company on May 4, 2006

Table of Contents

Item7.01. RegulationFD Disclosure

On May4, 2006, RailAmerica, Inc. (the Company) will be hosting an Analyst/Investor Workshopin Napa, California. At this workshop the Company will be giving a presentation which includesinformation regarding the Companys strategic and marketing initiatives as well as an operationaloverview. The purpose of this Form 8-K is to furnish such presentation. Attached as an exhibit tothis Form 8-K is the text of the presentation. This exhibit is incorporated herein by reference.

The attached presentation contains forward-looking statements regarding future events and theperformance of the Company that involve risks and uncertainties that could cause actual results andactions to differ materially, including, but not limited to, the Companys Process ImprovementProject, fuel costs, foreign currency risks, weather, casualties, ClassI congestion, failure tocomplete proposed acquisitions, failure to successfully integrate recent acquisitions, failure toservice debt, failure to complete asset sales, economic conditions, customer demand, increasedcompetition in the relevant market, tax benefits/credits and others. The Company assumes noobligation to update forward-looking information to reflect actual results, changes in assumptionsor changes in other factors affecting forward-looking information. If the Company does update anyforward-looking statement, no inference should be drawn that the Company will make additionalupdates with respect to that statement or any other forward-looking statements. We refer you to thedocuments that the Company files from time to time with the Securities and Exchange Commission,such as the Form 10-K, Form 10-Q and Form 8-K, which contain additional important factors thatcould cause its actual results to differ from its current expectations and from the forward-lookingstatements contained in the attached presentation.

The information in this Form 8-K and the exhibit attached hereto shall be deemed furnishedand not deemed filed for purposes of Section18 of the Securities Exchange Act of 1934, asamended, or otherwise subject to the liabilities of that section, nor shall it be deemedincorporated by reference in any Company filing under the Securities Act of 1933, as amended.

Item9.01. Financial Statements, Pro Forma Financial Information and Exhibits

(d)The following exhibit is being furnished herewith:

Exhibit No. Description

99.1

Presentation to be given by the Company on May4, 2006, atthe Analyst/Investor Workshop in Napa, California.

Table of Contents

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has dulycaused this report to be signed on its behalf by the undersigned hereunto duly authorized.

RAILAMERICA, INC.

Date: May4, 2006

By:

/s/

Michael J. Howe

Name:

Michael J. Howe

Title:

Executive Vice Presidentand Chief Financial Officer (PrincipalFinancial Officer)

EX-99.12g01245exv99w1.htmEX-99.1: PRESENTATION TO BE GIVEN BY THE COMPANY ON MAY 4, 2006

exv99w1

RailAmerica 2006 Analyst/Investor Workshop

RailAmerica 2006 Analyst/Investor Workshop

Napa, California

May 4 - 5, 2006

Forward-Looking

Statements and Forecasts

This presentation contains forward-looking statements, forecasts, and information regarding future events and the futureperformance of RailAmerica, Inc. ("RailAmerica" or the "Company") that involve risks and uncertainties that could cause actualresults and actions to differ materially, including, but not limited to, the Company's Process Improvement Project, Class Icongestion, fuel costs, tax benefits/credits, foreign currency risks, weather, casualties, failure to complete proposedacquisitions, failure to successfully integrate acquisitions, failure to service debt, failure to complete asset sales, economicconditions, customer demand, increased competition in the relevant market and others. The Company refers you to the on From10-K and 10-Q that it files from time to time with the Securities and Exchange Commission,, which contain additional importantfactors that could cause actual results to differ from its current expectations and from the forward-looking statements made inthis presentation. Statements about the Company's future expectations contained in this presentation other than statements ofhistorical facts, are forward-looking statements with-in the meaning of the federal securities laws.

The forecasts included in this presentation have been prepared by RailAmerica's management based upon estimates andassumptions that, while considered reasonable by the Company, are inherently subject to significant business, economic,competitive and regulatory uncertainties and contingencies, many of which are beyond the control of the Company, and arebased upon assumptions with respect to future business decisions that are subject to change. These forecasts are notnecessarily indicative of the Company's future results of operations.

The Company cautions against placing undue reliance on forward-looking statements or forecasts, which reflect the Company'scurrent beliefs and are based on information currently available to it as of the date a forward-looking statement or forecast ismade. The Company does not intend to update or otherwise revise these statements or forecasts to reflect circumstancesexisting after the date hereof or to reflect the occurrence of future events, even in the event the assumptions or estimatesunderlying them are shown to be in error. In the event that the Company does update any forward-looking statements orforecasts, no inference should be made that the Company will make additional updates with respect to that statement, relatedmatters, or any other forward-looking statements or forecasts.

Agenda

Biographies

CHARLES SWINBURN

Chief Executive Officer

Mr. Swinburn, has served as Chief Executive Officer of RailAmerica sinceAugust 1, 2004, and as a director of RailAmerica since February1995. Prior to joining RailAmerica as CEO, Mr. Swinburn was a litigatorwith the law firm Morgan, Lewis & Bockius, in Washington D.C. From 1990through 1993, Mr. Swinburn served as a consultant to private industry andthe government while attending law school. Prior to that time, Mr.Swinburn started up and ran Rollins Field Services, a nationwide hazardouswaste clean up firm.

Previously, Mr. Swinburn served in various capacities at the U.S.Department of Transportation, most recently as Deputy Assistant Secretaryfor Policy and International Affairs. While with the Department ofTransportation, he was instrumental in the Department's successful effortsto deregulate the railroad industry and to revitalize rail freight service inthe Northeast. He also served on Amtrak's Board of Directors and was amember of the management committee of the Alaska Railroad.

Mr. Swinburn received his B.A. degree from Princeton University in 1969,his M.B.A. from Harvard Business School in 1971 and his J.D. from theUniversity of Pennsylvania in 1993. During six years of service as anofficer in the United States Marine Corps, four of those as a pilot, Mr.Swinburn was awarded the Distinguished Flying Cross twice and the AirMedal 35 times, flying over 700 combat missions in the Vietnam war.

THOMAS L. SCHLOSSER

Senior Vice President

Western Corridor

Mr. Schlosser joined RailAmerica in the capacity of Senior VicePresident in January 2002 when RailAmerica purchased ParkSierraCorporation. From 1997 to 2002, he was President and ChiefOperating Officer of ParkSierra Rail Group. Prior to that, he wasemployed by California Northern Railroad Company, Grand TrunkWestern Railroad Company and Detroit, Toledo and IrontonRailroad where he held a variety of positions.

Mr. Schlosser is currently Vice Chairman of the American ShortLine and Regional Railroad Association's executive committee.

DONALD D. REDFEARN

President, Chief Administrative Officer and Secretary

Mr. Redfearn has served as RailAmerica's President since June2004, as Chief Administrative Officer since January 2000 andExecutive Vice President and Secretary since December 1994. Hehas served as an officer and director of the Company since itsformation in April 1992. Mr. Redfearn joined the Company on afull-time basis in January 1996. From September 1993 untilSeptember 1995, Mr. Redfearn served as President of JenexFinancial Services, Inc., a financial consulting firm. From 1984 untilSeptember 1993, Mr. Redfearn served in various capacities at BocaRaton Capital Corporation, a publicly traded venture capital firmand former stockholder of the Company, including Senior VicePresident, Assistant Secretary and Treasurer.

Mr. Redfearn received his B.A. degree in Business Administrationfrom the University of Miami and graduated from the School ofBanking of the South at Louisiana State University. Mr. Redfearnhas been a member of the United Way Leadership Circle since2000.

R. JOE CONKLIN

Executive Vice President

Chief Operating Officer

Mr. Conklin joined RailAmerica in March 2000 as Senior VicePresident - North America Rail Group after serving as VicePresident, Field Operations for RailTex, Inc. from August 1999 toMarch 2000.

Prior to joining RailAmerica, Mr. Conklin was employed byBurlington Northern Santa Fe Railway (BNSF) and its predecessorrailroads for 23 years. Mr. Conklin held a variety of positions withBNSF, including General Superintendent Transportation, DivisionSuperintendent and Assistant General Superintendent ofTransportation. Mr. Conklin began his railroad career in 1976 inBNSF's engineering department at Gillette, Wyoming.

RAY E. STEPHENS

Vice President, Service Design

Mr. Stephens joined RailAmerica in March 2005 from BurlingtonNorthern Sante Fe Railway where he served for over 20 years inpositions of increasing responsibility. Mr. Stephens held a varietyof positions, including Trainmaster, General SuperintendentTransportation, and Assistant Vice President Seattle region. From2001 to late 2004, Mr. Stephens was Assistant Vice PresidentOperations North Lines, where he was responsible for 10,000 routemiles, 250 transportation management employees, 4,000 uniontransportation employees and a $480 million annual operatingbudget.

Mr. Stephens received his B.S./B.A. degree in AdministrativeManagement from the University of Missouri-Columbia. Mr.Stephens, who was Academic All Big Eight Conference, playedvarsity football for four years.

RICHARD TIMMONS

President

American Short Line and Regional Railroad Association

Richard Timmons became President of American Short Line and Regional RailroadAssociation (ASLRRA) September 3, 2002. ASLRRA is a trade association thatrepresents 425 short line and regional railroads, which provide local rail service in allsections of the country. Mr. Timmons represents the interests of these railroadsbefore Congress, Federal, and State regulatory agencies and on the policy andtechnical committees of the U.S. railroad industry. The association also serves as aliaison between its member railroads and the large railroads of this nation.

Prior to joining ASLRRA, Mr. Timmons was employed with Norfolk Southern Railroadas the corporation's chief political liaison to the states of Pennsylvania and New York,representing the corporation's interests in the areas of legislative and regulatorypolicy. In addition, Mr. Timmons served for 32 years in the United States Army,retiring as a Lieutenant General. His career included a range of operational, politicaland staff assignments, including Commander of the Eighth Army in Korea, Chief ofStaff of the United Nations Command in Korea, Executive Officer to the Secretary ofthe Army and Army liaison officer to the U.S. Senate.

Mr. Timmons is a graduate of the U.S. Army War College and holds a bachelor'sdegree in history from Virginia Military Institute, a master's in personneladministration from Central Michigan University and a master's in journalism from theUniversity of Alabama. He has completed postgraduate work at the Yale School ofManagement, the John F. Kennedy School of Government at Harvard University andthe U.S. Army Command and General Staff College.

Richard F. Timmons, President of the American Short Line and Regional RailroadAssociation, has been named 2006 Railroader of the Year by railroad industry tradejournal Railway Age.

THOMAS C. OWEN

Senior Vice President, Marketing & Sales

Mr. Owen joined RailAmerica in September 2001 from CSXTransportation and its predecessor railroads where he served for16 years. Mr. Owen held a variety of positions, including AssistantVice President, Sales & Marketing - Agricultural Products. Mr.Owen was also CSXT's first participant to a one-year internationalExecutive Exchange Program where he served as the CommercialManager for British Steel in Wales, U.K.

Mr. Owen received his B.S. degree in Industrial Management fromthe Georgia Institute of Technology and his M.B.A. degree from theFuqua School of Business at Duke University.

KEVIN D. GOINS

National Director, Distribution Services

Mr. Goins joined RailAmerica in 2004 with over 15 years ofwarehouse operations and logistics experience. In his presentcapacity he oversees RailAmerica's North American Warehousingand transloading initiative for all 42 railroads. Prior to RailAmerica,Mr. Goins spent 4 years with CSX Transportation and 8 years withNucor Corporation in various operations and logistics roles. Mr.Goins has a high level of logistics and operations experience,including two Nucor mill startups, and overseeing CSXTransportation's MetalNet Warehouse network for the Eastern halfof the United States, Canada, and Mexico.

Mr. Goins served his country in the United States Marine Corps andholds a B.S. in Business Administration from St. Louis University.

KENDALL "KEN" F. KOFF

Vice President, Engineering

Ken Koff joined RailAmerica in March 2004. Mr. Koff currentlyserves as Vice President Engineering - RailAmerica OperationsSupport Group. In his role Mr. Koff is responsible for directing andoverseeing all maintenance and engineering activities forRailAmerica. Mr. Koff began his railroad career 30 years ago (1975)starting in the Engineering Department with the Chicago &Northwestern Transportation Company. Mr. Koff has advancedthrough a number of management positions during his careerincluding Roadmaster, Engineer Track & Structures, ProjectEngineer, Chief Engineer, Vice President Engineering, and VicePresident of Operations.

Mr. Koff is a contributor to railroad-related organizations andactively supports many of these groups. He previously served as amember of the Roadmasters' board of directors and is aRoadmasters' Association past president. Ken holds membership inthe American Association of Railroad Superintendents and theAmerican Railway and Maintenance of Way Association.

MICHAEL J. HOWE

Executive Vice President

Chief Financial Officer

Mr. Howe joined RailAmerica in May 2000 with over 30 years ofexperience in finance, operations and systems management,including 18 years in the transportation industry. Prior to joiningRailAmerica, Mr. Howe was Vice President & Chief Financial Officerat SurfAir, Inc., an international transportation services company.Prior to SurfAir, he was employed by Circle International and wasresponsible for Treasury and financial reporting. He was alsoemployed by CSX Corporation for seven years in various seniormanagement positions, including Chief Financial Officer at CSXLogistics Information Services and Senior Director at CSXCommercial Services.

Earlier in his career, Mr. Howe spent several years with theinternational accounting firm of Deloitte & Touche in both the taxand audit areas. Mr. Howe, a CPA, received both his B.B.A. andM.B.A. in Accounting from the University of North Florida.

RailAmerica's Five Year StrategicPlan

Charles Swinburn

Chief Executive Officer

RailAmerica's Vision

TO BE THE PREEMINENT PROVIDER OFNORTH AMERICAN SHORT LINE ANDREGIONAL RAILROAD SERVICES, AS SEEN BYOUR CUSTOMERS, EMPLOYEES, SUPPLIERS,SHAREHOLDERS AND CLASS I RAILROADPARTNERS

RailAmerica's Core Values & StrategicPriorities

Safety must always come ahead of production

Our Employees are individually and collectively important andare to be treated with respect and dignity

Superior Customer Service is essential to our growth andprofitability

Successful Local Management of our railroads is key to oursuccess as a corporation

Our Shareholders deserve our best efforts

Safety

Five Year Goals & Metrics

Maintain our personal injury frequency ratio below 2.0

Improve our casualty and insurance expenses to below 4% ofrevenue

Five Year Strategic Initiatives

Training

Risk based capital investment

Communication

Dedicated Safety Funds

Service

Five Year Goals & Metrics

Average at least 5% annual "same railroad" revenue growth

By 2010, achieve railcar performance measures consistent withthe rail industry (Class I's)

Five Year Strategic Initiatives

RADS

Shipper projects

Class I cooperation

Scheduled railroading

Superior customer service

Cost Control

Five Year Goals & Metrics

Improve the efficiency and cost-effectiveness of our railroadoperations

Reduce our operating ratio to 80% or less by 2010

Five Year Strategic Initiatives

Remote control

One man crews

Increased IT usage

Dashboard

Scheduled railroading

Improve car turn times

Asset Utilization

Five Year Goals & Metrics

Implement system-wide car performance measures by 2008

Average car days on-line

Car performance vs. plan

Achieve 93% locomotive availability

Five Year Strategic Initiatives

Improve car turn times

Maintain roads fit for purpose

Optimum efficiency plans

Right size locomotive fleets

Consider new high HP locomotives

Capital Structure

Five Year Goals & Metrics

Maintain net debt to capital at 55% or lower

Interest expense not to exceed 5% of revenue

By 2010, bring the leverage ratio to below 3.40

Five Year Strategic Initiatives

Increase revenue, profitability and cash flow through priorinitiatives

Pay down debt

State / community loans and grants

Maintain Liquidity

Five Year Goals & Metrics

Produce annual operating cash flow (EBITDA minus CapitalExpenditures) of at least 15% of revenue by 2010

Five Year Strategic Initiatives

Increase revenue, profitability and cash flow through priorinitiatives

Optimize capital program ROI

Process Improvement Project

Five Year Goals & Metrics

Enhance simplicity and effectiveness of our business processes

Implement strategic purchasing

Reduce our administrative costs

Enhance efficiency / effectiveness of our organizationalstructure

Track Maintenance Tax Credit Extension

Five Year Goals & Metrics

Obtain an extension of the track maintenance investment taxcredit for 2008 and future years

Five Year Strategic Initiatives

Support ASLRRA in legislative efforts

Individual railroad managers and employees communicate withelected representatives

Enlist support of our suppliers

Employees

Five Year Goals & Metrics

Fully develop our employees' talents

Continue to improve and implement our employeecommunication program

Obtain willing employee participation in achieving ourcorporate vision and goals

Five Year Strategic Initiatives

Training at all levels

Management Development Programs

Increased communication

Information Technology

Five Year Goals & Metrics

By 2007, fully integrate the use of IT into our operations andcorporate management to improve productivity

Five Year Strategic Initiatives

Implement Management Tools

Dashboard

Scorecard

Planning

Budgeting

Support Operating Improvements

Handhelds

Shipper Tools

Trackside Readers

Service Scheduling

Acquisitions/Dispositions

Five Year Goals & Metrics

Through acquisitions, average at least 5% annual revenuegrowth

Through dispositions of non-performing railroads, increaseprofitability of entire portfolio of railroads

Five Year Strategic Initiatives

Acquisition focus on:

Complementing existing railroads

Strong cash flow, solid customer base, low capital needs

Pricing freedom

Existing railroads:

Programs to turn around non-performers

Dispose of properties that cannot be turned around

Process Improvement Project (PIP)

Donald Redfearn

President

Case for Change

RailAmerica has grown through acquisitions

Many railroads had their own processes, proceduresand organization

Evolved into duplicative roles and functions

Have grown corporate staff to support acquired lines

Resulted in:

Complexity

Inefficiency

Increased SG&A

Diversified accountability

Five Year Plan

PIP as Strategic Initiative

Objective: Improve Efficiency and Profitability

Board of Directors approved plan in Q4 2005

Engaged iServiceX in late 2005

Analysis phase began in Q1 2006

Design phase in Q2 2006

Implementation planning in Q2 and Q3 2006

Implementation to commence in the second half of theyear

The Process

Formed 5 work groups to focus on specific areas

Teams consist of several cross functional members

The 5 work groups are

Organizational Effectiveness

Strategic Sourcing

Order to Cash

Purchase to Pay

Information Technology

Current Expectations

Currently projected to result in savings of $10 to $15million annually, to be realized beginning in 2007

Approximately 2/3 of the savings estimated to be realizedfrom reduction in operating costs

Approximately 1/3 of the savings estimated to be realizedfrom reduction of capital costs

Summary

The Process Improvement Project is projected toimprove efficiency and enhance shareholder value

Safety

Joe Conklin

Executive Vice President

Chief Operating Officer

Total Reportable Derailments and Injuries

2005

2006

2006

2005

25

16

16

7

First Quarter FRA Reportable TrainIncidents

First Quarter FRA ReportablePersonal Injuries

2005 2006 RA 3.49 1.51 Shortline 3.78 3.34 Industry 2.1 1.84

Per 200,000 person hours worked

First Quarter Personal Injury Frequency Ratio

Safety Training Improvements

Computer Based Training (CBT)

Engineer School - National Academy of RailroadScience

Ground School Program Enhancements

Derailment Prevention & Analysis Training

Focused Operations Testing

Railroad Security Training

Service Design

Ray Stephens

Vice President,

Service Design

Role of Service Design

Develop and implement performance and operationalmetrics to reduce costs, improve asset utilization andcustomer service

Develop and lead implementation of servicescheduling

Lead implementation of IT initiatives for theOperations Group in the areas of cost reduction andservice improvement

Performance / Operational Metrics

Daily Operations Dashboard

Web based with interactive drill down capability

Carloads / Revenue

Railcar inventories

Delayed cars

Cycle times

Value for all levels of the Company

Future development

Expense metrics

Real time data

Cycle Time vs. Car Hire

Car hire and cycle times have been trending down

RailAmerica car hire budget for 2006 = $22 million

Class I's are demanding reduced car cycles from the short lines

2005 average car cycle time = 8 days

2006 target is .5 day reduction in cycle time

2007 target is an additional .5 day reduction in cycle time

One day reduction in cycle time represents 12.5% decrease

All roads have cycle time reduction targets and are currentlybeing measured vs. these targets

Q1 2006 car hire 4.2% of revenue vs. 5.8% of revenue in Q12005

Cycle Time vs. Car Hire

August 2004 - March 2006

A Changing Environment for Railroad Services

Class I leaders acknowledge the dramatic change inthe demand for their services and are altering theirbehavior accordingly

"Today our company has more business demand than weare able to fulfill - a situation that I haven't seen during my45-year career." - Dick Davidson, Union Pacific

"We will price around those who do not understand the fulllogistics chain." - Rob Ritchie, Canadian Pacific

"The fundamental difference between the new managementand the old was that the new people saw themselves as assetmanagers rather than railroad operators." - Larry Kaufman,commenting on BNSF

Service Scheduling

Developing in-house with RailAmerica IT Department

Will measure each railroad's performance against apreset service plan

Each railroad will generate an on-plan percentage thatwill roll up to the RailAmerica level

RailAmerica will have the ability to publish daily,weekly, M-T-D and Y-T-D on-plan percentage reports

Service scheduling will eliminate the so called "blackhole"

Will provide the ability to refine cycle targets by road

Operations Group IT Initiatives

Train crew handheld event reporting

Shipper tools

AEI installations

One man crew operations

Remote control locomotive operations

Dashboard Demonstration

The RailAmerica dashboard was recentlydemonstrated for one of our Class I partners and asenior level executive from that railroad commented, "I wish we had something like this."

Marketing & Sales

Tom Owen

Senior Vice President

Marketing & Sales

It All Starts With The Customer

RailAmerica has roughly 1,700 activefreight paying customers

Top 10 = 29% of all carloads

Top 100 = 69%

No national accounts (only a fewcustomers have facilities on multipleRailAmerica roads)

The number of customers per roadvaries from as few as 6 up to 180

The Class I's are our customers inmany cases

2005 Top 10 Accounts

In 2005, RailAmerica Interchanged 1.2 Million Carloadswith the Class I roads

To Serve our Dispersed Customer Base, RailAmerica's SalesForce is Strategically Positioned Across North America

Marketing & Sales Managers

SDIY

VCRR

CFNR

SJVR

ARZC

CORP

PSAP

CSCD

OTVR

KYLE

MNA

AGR

DGNO

TNER

KRR

EARY

CPDR

SCRF

VSRR

NCVA

CA

TPW

ISRR

IORY

CIND

HESR

MSR

MMRR

GR

SOR

GEXR

OVR

NECR

CSO

CBNS

CERA

CFE

PCN

RSS

BXN

MSTR

Increased pricing freedom

Capital investment in customer projects

Industrial development progress

Expansion of RailAmerica Distribution Services

There Have Been Several Significant CommercialDevelopments in the Past Year that will Impact Growth

Improvement driven by:

Negotiation with Class I carrier

Disproportionate traffic growth on free pricing roads

We will be seeking to drive this figure even higher

Possible renegotiation of certain handling lineagreements

Acquisition growth to include pricing freedom

Prioritize industrial development growth on free pricingroads

The Percent of Total Traffic Where RailAmericaControls Pricing Increased From 27% to 34%

Created a pool of capital dollars to fund high ROI projectsspecifically tied to committed carload growth

Projects compete for the funds based on ROI and strategicvalue

In 2005, RailAmerica invested:

$4.4 MM in 9 major projects

....that will generate 24K carloads, $7.0 MM revenueannually

....with an average ROI well above our hurdle rate of15%

Investing Our Own Capital into Projects withCustomers has Successfully Grown Traffic

Our Industrial Development Focus is Gaining Tractionand Yielding Attractive Results

Since Q1 2005

Announcements on 14 major projects with annualizedtraffic of 39,000 cls, $15.0MM revenue

Includes both green field and expansion projects

Project pipeline looks strong

Online site database nearing completion

Placing additional resources on ID

Our Recent Wins Reflect Considerable DiversityAcross Commodities, Customers, and Geography

Our Project Pipeline Reflects an Increasing Intereston Roads with Access to Multiple Class I Railroads

Offer alternatives in the face of Class I service problems

Insure long term competitiveness of freight rates

Multiply the effective sourcing and shipping options

RailAmerica Distribution Services

Kevin Goins

National Director,

Distribution Services

RailAmerica Distribution Services (RADS)

Work with warehouses and transloaders to extendmarket reach for our customers

Call on National Accounts to generate newopportunities for RailAmerica properties

Provide logistic solutions for on- and off-linecustomers to better utilize rail

Lead effort for RailAmerica's industrial developmentgrowth

A Brief History

Began efforts in 2004

Inventoried all warehouses & transloaders

Initiated calls on national accounts

GE, Regal Beloit, Blue Linx, Nucor, Alcoa, 84Lumber, GM, Sysco Foods, etc.

Generated wealth of new leads; project pipeline grew

Succeeded in converting projects into new traffic

Added two Directors in Q4 2005 to manage growth

Projects Coming Online

MNA Springfield, MO

New 50,000 sq ft climate controlled warehouse

Q3 '06 1,000 new cls / yr

ARZC Phoenix, AZ

Attracted new traffic to existing transload

Q2 '06 1,200 new cls / yr

CFE Stark County, IN

Sysco Foods building new 600,000 sq ft D.C.

Q4 '07 1,200 new cls in the first year

Five year projection of 3,300 cls / yr

Projects in the Pipeline

CFE Remington, IN

New multi-commodity transload center to service the Chicago andsurrounding areas 1,125 cls/yr

New bulk terminal to service large chemical companies and autoindustry 800 cls/yr

KRR Durant, OK

New auto parts distribution center to service Dallas-Fort Worth area1,500 cls/yr

MNA Springfield, MO

Sugar processing plant to serve food manufacturers w/i 150 mileradius 1,000 cls/yr

AGR Mobile, AL

New 10 acre transload focused on MS/LA rebuilding

Q3 '06 1,350 cls/yr

Advantages For Customers

Large selection of North American warehouses

Access to multiple Class I's via RADS transloaders

Logistics help penetrating new markets

Site selection for new plants or new distribution

centers

New website allows shippers access to specific

information on all warehouses and transloaders

www.rads.railamerica.com

RADS - Right Product at the Right Time

Customers - Provides them alternatives for shippingby rail

Class I RR's - Better asset utilization and marketpenetration with less work

RailAmerica - Creates new ways to generaterevenue-short and long term

Engineering

Ken Koff

Vice President,

Engineering

Capital Investment in the Physical Plant

Our physical plant capital spending falls intothe three following categories:

Maintenance capital - Routine recurring capital investmentthat replaces track and structures to allow the physical plantto remain in constant safe state of repair.

Capital improvement - Investment in the physical plant of therailroad that results in an addition or a betterment/upgrade tothe physical plant.

Business Development - Investment in the assets of aRailAmerica company that result in a ROI of 15% or more.

Capital

What drives our capital spending?

Safety

Risk management

Fit for purpose

Achieving railroad optimum efficiency

Lease requirements

Standards of track quality required under terms of the lease

Investment in assets

Revenue enhancement high ROI projects

Regulatory requirements

Complying with FRA, EPA, State, and local laws and regulations

Capital Process & Timeline

May 15 - Capital request forms are available to local railroadmanagers

July 15 - Completed forms are submitted to the Regional ChiefEngineers

September 10 - joint inspection complete and prioritized,estimated and sent to Administrative Chief Engineer

October 1 - First draft estimates are complete and in review byVice President Engineering

Prior to November 1 - plan is revised and finalized in scope

November 15 - Final capital plan is complete

Capital Process & Timeline (cont.)

Approved Projects sheets are sent to Purchasing

Purchasing note time requirements, total material needs

Purchase requisition created by purchasing

Using RA's Standard Bidding Documents contractcapital is competitively bid and awarded

Safety - Risk Management

Development and review of the risk profile ofour Railroads

Safety trend/history

Commodities handled

Speed of operation

Rail condition

Geography

CAPITAL -- The RailAmerica Advantage

Chief Engineerdevelops plansand contracts

EmpowerLocal Mgmt

Develop &Monitor CapitalProgram

BetterCapitalUtilization

Moreunits forsame $

OptimizedCapital andRiskManagement

ProductivityImprovements

Capital Targeted SpecificallyToward Risk Mitigation

Targeted Capital Investment

Derailment Grid

Basic Criteria

High Frequency > 6 incidents

High Cost > $25,000per incident (average)

80/20 Rule & Trends

Focused Capital Investment

RailAmerica has achieved a reduction in track causedderailments. In part this is attributable to focused riskbased investment in our track structure

RESULTS

Comparing 2005 to 2006 - 1st quarter, RailAmerica hadachieved an improvement of 62.5% less track causedderailments

(same store comparison FRA reportable track caused derailments)

2006 - Assigning Capital

Capital Bucket

Rail Replacement

Ties installation

Track Surfacing

Bridge Repair

All other projects

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$100 $

$20.0 M

$18.3 M

$5.8 M

$3.2 M

$6.4 M

$53.7 M

Total 2006 Capx

To the Right places for the Right reasons

FY 2006 Capital Plan by

Major Work Items

Major Work ItemsMajor Work Items

Tie Replacement and Rail Installation accountfor approximately 71.4% of Capital Spend

Physical Plant Improvements

Recent Improvements.....

In 2004, 17.5% of RailAmerica's main-line wasbolted 100 lb. rail or lighter rail (rolled between 1900- - 1940)

In 2006, RailAmerica has reduced the total 100 lb. orlighter rail to approximately 14.5% of its system rail

Physical Plant Improvements

Future improvements .........

Strong emphasis on rail

2006 Rail program - This year we will lay 60.39 track miles- -- $20.0 million

Many railroads will benefit

OVRR is in year 2 of a 5 year program to replace 150 miles of 100lb. bolted rail

CORP is in year 2 of a 5 year program to replace over 40 miles of100 lb. bolted and curve rail

Other railroads benefiting - GEXR, NECR, KRR, SJVR. etc.

Capital Process - Now & Going Forward

Continue to focus on managing risk and ROI

Continue to update multi-year plans for railroads

Identifying material and services (contract labor) so as tobetter lever our acquisition position

Aggressively pursue procurement options

Material purchasing - Tie and Rail Strategy

Contract Labor Competitive Bidding

Long term contracts

Strategic alliances; other options

Aggressively pursue public/private partnerships usingFederal, State, and local programs

Improving the Operating Ratio and

Free Cash Flow

Mike Howe

Chief Financial Officer

2010 Operating Ratio and

Free Cash Flow Targets

An operating ratio of 80% or lower

Improve free cash flow from 3.75% to 10% ofrevenue*

Cash flow is defined as operating income plus depreciation & amortization and thebook value of sold assets, less cash interest, cash taxes and capital expenditures

Projected Operating Ratio Improvement

Operating Ratio Improvement - Revenue

Operating leverage from top line growth

Acquisitions

Target of 5% per year

Class I divestitures

Industrial companies

Stand alone short lines

Organic

Target of 5% per year

RADS

Industrial Development

Targeted capital investments

Increasing pricing freedom

Increased car velocity (dashboard)

Greater assessorial charges (i.e. demurrage)

Improved Processes (PIP)

Operating Ratio Improvement - Expenses

Labor - 30.9% of revenue

PIP

Organizational effectiveness

More efficient processes

Increased use of technology

Handhelds

Shipper tools

Service scheduling

Trackside readers

Equipment Rents - 12.1% of revenue

Car management

Locomotive maintenance

Service Design

Operating Ratio Improvement - Expenses(continued)

Purchased Services - 7.7% of revenue

PIP

Strategic sourcing

Diesel Fuel - 11.0% of revenue

Hedging

Operating practices

Strategic sourcing

Casualty and Insurance - 5.5% of revenue

Safety

Claim management best practices

Total cost of insurance

Materials - 2.4% of revenue

PIP

Strategic sourcing

Operating Ratio Improvement - Expenses(continued)

Joint Facilities - 2.9% of revenue

Operating practices

Other Expenses - 8.3% of revenue

PIP

Strategic sourcing of T&E

Improved process efficiency

Depreciation - 7.4% of revenue

PIP

Strategic sourcing

Locomotive Strategy

Risk Adjusted Capital Expenditures

Projected Cash Flow Improvement

Improved Operating Ratio at 80%

No Federal cash taxes in 2010 or before

Except some small amount of AMT

Reduced debt or interest rate equals reduced cash uses

Risk adjusted approach to allocating capital

Improved working capital management (PIP)

RailAmerica 2006 Analyst/Investor Workshop

Napa, California

May 4 - 5, 2006

May 4 - 5, 2006May 4 - 5, 2006

GRAPHIC3g01245g01245z0001.gifGRAPHIC

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