We measure ourselves by our achievements and also by our potential.

We are pleased to report that 2008 was a year of strength in the face of adversity. FreightCar America faced many uphill battles, including volatile material costs and a progressively worsening economic landscape. Despite these challenges, our company posted comparatively solid financial results while expanding our product and service offerings and improving our cost structure. We ended strongly after a very difficult year, and we are beginning 2009 on sound financial footing.

Financially, we will focus on preserving our strong balance sheet, with an emphasis on liquidity and flexibility. We will continue to expand our product and service offerings, both domestically and internationally. In short, we fully intend to emerge from this economic recession in a position of strength.

We appreciate the active involvement and considered guidance from our Board of Directors. We are grateful for the support of our shareholders and understand that our commitment to continuous improvement is the source of this support. Our strength comes from the continuing dedication, talent and hard work of our entire team.