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FreightCar America , Inc. Reports Second Quarter 2021 Results Third consecutive quarter of positive gross margin and first quarter of manufacturing operating income since 2018 Company raises 2021 delivery outlook for second time and announces plan to add two additional production lines within a year EXHIBIT 99.1 CHICAGO , Aug. 16 , 2021 ( GLOBE NEWSWIRE ) -- FreightCar America , Inc. ( NASDAQ : RAIL ) today reported results for the second quarter ended June 30 , 2021 . Business Highlights • Second quarter revenue of $ 37.4 million , up 114 % year - over - year , on deliveries of 313 railcars • Gross margin of $ 3.6 million , positive for the third consecutive quarter Manufacturing operating income was $ 1.9 million , the first positive result in three years • Second quarter net loss of ( $ 2.6 ) million , or ( $ 0.13 ) per share , included $ 3.5 million non - cash income related to the change in fair market value of warrant liability Adjusted EBITDA loss was ( $ 1.5 ) million , which excludes the previously mentioned non - cash income • Quarter - end backlog totaled 2,200 railcars with an aggregate value of approximately $ 224 million 2021 delivery outlook raised to between 1,750 and 1,850 railcars , up from between 1,600 and 1,750 railcars Subsequent to quarter end , approved plans to build additional manufacturing lines , increasing Castaños plant capacity ● ● Subsequent to quarter end , entered into an amended financing agreement with current partner , opening up a $ 25 million line of credit to support working capital needs " We are pleased to have achieved the majority of our goals for the quarter , which included our third consecutive quarter of positive gross margin , positive operating income at the manufacturing level , and a solid mix of new business awarded , " said Jim Meyer , President and Chief Executive Officer of FreightCar America . " For the first half of fiscal 2021 , our Adjusted EBITDA loss decreased to $ 2.0 million compared to a loss of $ 23.2 million in the same period of 2020. This improvement , in the face of multiple supply chain constraints and significant raw material inflation , truly highlights the potential of our new footprint . " Meyer continued , " We remain encouraged by signs of an improving demand environment across our end - markets . Sales inquiries remain positive , and we have raised our 2021 outlook again for railcar deliveries . Additionally , we are thrilled to share that our Board of Directors has approved plans to add two more production lines at the Castaños manufacturing facility , which will double our capacity within a year . This planned expansion is an essential next step to driving incremental volumes and significantly improving our long - term earnings profile . " Meyer concluded , " We are also benefiting from the relationship with our financial partner , including the recently amended agreement which provides for a $ 25 million line of credit . This new line of credit , combined with cash and equivalents of $ 21 million , will support our working capital and growth needs for the foreseeable future . We still have much work to do but remain confident that we are on the right path to create significant value for all of our stakeholders . " Second Quarter Results • Consolidated revenues were $ 37.4 million in the second quarter of 2021 , compared to $ 32.4 million in the first quarter of 2021 and $ 17.5 million in the second quarter of 2020. The Company delivered 313 railcars in the second quarter of 2021 , compared to 309 railcars in the first quarter of 2021 and 100 railcars in the second quarter of 2020 .