ARII American Railcar Industries, Inc. (delisted)

American Railcar Industries, Inc. (ARI or the Company) (NASDAQ: ARII) today reported its fourth quarter and year end 2008 financial results.

�We are pleased with the Company�s results for both the quarter and the year. ARI recorded its highest revenues ever in 2008 in spite of the reduced demand and increased competition in the railcar industry. We increased shipments in 2008 to 7,965 railcars, the highest shipment level in our Company�s history. The higher volumes were the result of increased capacity in 2008 compared to 2007. We continue to experience good efficiencies and controlled overhead spending,� said James J. Unger, President and CEO of ARI.��Offsetting the increased volume and operating efficiencies were decreased margins in 2008 compared to 2007 for some of our railcars due to competitive market conditions.�

For the three months ended December 31, 2008, revenues were $203.0 million and net earnings available to common shareholders were $7.6 million or $0.35 per diluted share. In comparison, for the three months ended December 31, 2007, revenues were $161.9 million and net earnings available to common shareholders were $7.9 million or $0.36 per diluted share. The decrease in earnings was primarily attributable to higher net interest expense that resulted primarily from lower interest rates for invested cash. Net interest expense was higher by $1.9 million, after-tax, or $0.09 per diluted share, which was partially offset by higher operating profit that increased by $1.3 million, after-tax, or $0.06 per diluted share.

Revenues were higher in the fourth quarter of 2008 compared to the same period of 2007, primarily due to an increase in the number of railcars shipped and higher railcar selling prices on most railcars due to increased costs for steel and other components, which were included in the selling price of the railcars. During the three months ended December 31, 2008, the Company shipped 1,870 railcars compared to 1,590 railcars in the same period of 2007. Railcar shipments were higher in 2008 primarily due to capacity expansion at our Marmaduke, Arkansas railcar manufacturing complex.

EBITDA was $20.5 million in the fourth quarter of 2008, a 21% increase when compared to EBITDA of $16.9 million in the fourth quarter of 2007. The increase in EBITDA resulted primarily from increased railcar shipments as mentioned above, good manufacturing efficiencies and cost control, partially offset by lower margins for certain railcar types due to competitive market conditions. A reconciliation of the Company�s net earnings to EBITDA (a non-GAAP financial measure) is set forth in the supplemental disclosure attached to this press release.

For the year ended December 31, 2008, our revenues were $808.8 million and net earnings available to common shareholders were $31.4 million or $1.47 per diluted share. In comparison, for the year ended December 31, 2007, the Company had revenues of $698.1 million and net earnings available to common shareholders of $37.3 million or $1.74 per diluted share. Earnings for 2008 reflected lower operating profit by $2.4 million, after-tax, or $0.11 per diluted share, and higher net interest expense by $5.8 million, after-tax, or $0.27 per diluted share, partially offset by other income of $2.3 million, after-tax, or $0.11 per diluted share, which was related to realized gains and dividends received from our investment activities.

Revenues increased for the year ended December 31, 2008, compared to 2007, primarily due to the increased railcar shipments and higher selling prices on most railcars due to increased costs for steel and other components, which were included in the selling price of the railcars. During the year ended December 31, 2008, the Company shipped 7,965 railcars compared to 7,055 railcars in 2007, a 13% increase. Railcar shipments were higher in 2008 due to the capacity expansion and shipment of railcars produced under the ACF manufacturing agreement, both mentioned above. The ACF manufacturing agreement has been terminated and we expect the final railcar under that agreement to be manufactured and shipped in the first quarter of 2009.

EBITDA was $82.4 million in the year ended December 31, 2008, representing a 7% increase compared to EBITDA of $76.7 million for the year ended December 31, 2007. The increase in EBITDA resulted primarily from increased railcar volume and other income realized from our investments, partially offset by a decrease in margins on certain railcars due to competitive market conditions.

Our backlog was 4,243 railcars as of December 31, 2008. We attribute the reduction in order activity to market uncertainty, driven primarily by a weak economy and a difficult credit environment. In response to this lower demand, we have slowed our production rates.

ARI will host a webcast and conference call on Thursday, March 5, 2009 at 10:00 am (Eastern Time) to discuss the Company�s fourth quarter and year end 2008 financial results. To participate in the webcast, please log on to ARI�s investor relations page through the ARI website at www.americanrailcar.com. To participate in the conference call, please dial 866-825-1692 and use participant code 66056749. Participants are asked to logon to the ARI website or dial in to the conference call approximately 10 to 15 minutes prior to the start time.

An audio replay of the call will also be available on the Company�s website promptly following the earnings call.

About American Railcar Industries, Inc.

American Railcar Industries, Inc. is a leading North American designer and manufacturer of hopper and tank railcars. ARI also repairs and refurbishes railcars, provides fleet management services and designs and manufactures certain railcar and industrial components. ARI provides its railcar customers with integrated solutions through a comprehensive set of high quality products and related services.

Forward Looking Statement Disclaimer

This press release contains statements relating to our expected financial performance and/or future business prospects, events and plans that are forward�looking statements. Forward-looking statements represent the Company�s estimates and assumptions only as of the date of this press release. Such statements include, without limitation, statements regarding future production rates and statements regarding any implication that the Company�s backlog may be indicative of future sales. These forward-looking statements are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from the results described in or anticipated by our forward-looking statements. Other potential risks and uncertainties include, among other things: the cyclical nature of the railcar manufacturing business; adverse economic and market conditions, including the recent financial turmoil and associated economic uncertainty; our reliance upon a small number of customers that represent a large percentage of our revenues; the highly competitive nature of the railcar manufacturing industry; fluctuating costs of raw materials, including steel and railcar components, and delays in the delivery of such raw materials and components; fluctuations in the supply of components and raw materials ARI uses in railcar manufacturing; ARI�s ability to maintain relationships with its suppliers of railcar components and raw materials; the risk of damage to our primary railcar manufacturing facilities or equipment; the variable purchase patterns of our customers and the timing of completion, customer acceptance and shipment of orders; the risks associated with our completion of capital expenditure projects; our dependence on key personnel; our ability to manage overhead and production slow downs; risks associated with potential acquisitions or joint ventures; 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.

CONSOLIDATED BALANCE SHEETS � (In thousands, except share amounts) As of December 31, December 31, � 2008 � � 2007 � Assets Current assets: Cash and cash equivalents $ 291,788 $ 303,882 Short-term investments - available for sale securities 2,565 - Accounts receivable, net 39,725 33,523 Accounts receivable, due from affiliates 10,283 17,175 Inventories, net 97,245 93,475 Prepaid expenses and other current assets 5,314 5,015 Deferred tax assets � 2,297 � � 1,610 � Total current assets 449,217 454,680 � Property, plant and equipment, net 206,936 175,166 Deferred debt issuance costs 3,204 3,977 Goodwill 7,169 7,169 Other assets 37 37 Investment in joint ventures � 13,091 � � 13,355 � Total assets $ 679,654 � $ 654,384 � � Liabilities and Stockholders' Equity Current liabilities: Current portion of long-term debt $ - $ 8 Accounts payable 42,201 47,903 Accounts payable, due to affiliates 5,193 2,867 Accrued expenses and taxes 7,758 5,866 Accrued compensation 10,413 10,379 Accrued interest expense 6,907 6,907 Accrued dividends � 639 � � 639 � Total current liabilities 73,111 74,569 � Senior unsecured notes 275,000 275,000 Deferred tax liability 4,683 5,690 Pension and post-retirement liabilities, less current portion 9,024 6,435 Other liabilities � 3,111 � � 1,702 � Total liabilities 364,929 363,396 � Commitments and contingencies - - � Stockholders' equity: Common stock, $0.01 par value, 50,000,000 shares authorized, 21,302,296 shares issued and outstanding at December 31, 2008 and 2007 213 213 Additional paid-in capital 239,617 239,621 Retained earnings 80,035 51,314 Accumulated other comprehensive loss � (5,140 ) � (160 ) Total stockholders' equity � 314,725 � � 290,988 � Total liabilities and stockholders' equity $ 679,654 � $ 654,384 � CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except per share amounts, unaudited) For the Three Months Ended December 31, � December 31, � 2008 � � 2007 � Revenues: Manufacturing operations (including revenues from affiliates of $46,626 and $46,606 for the three months ended December 31, 2008 and 2007, respectively) $ 190,751 $ 149,907 � Railcar services (including revenues from affiliates of $3,721 and $3,347 for the three months ended December 31, 2008 and 2007, respectively) � 12,276 � � 11,989 � Total revenues 203,027 161,896 � Cost of revenue: Manufacturing operations (170,931 ) (132,634 ) Railcar services � (10,194 ) � (9,842 ) Total cost of revenue (181,125 ) (142,476 ) � Gross profit 21,902 19,420 � Selling, administrative and other (including costs related to affiliates of $152 both for the three months ended December 31, 2008 and 2007) � (6,939 ) � (6,495 ) Earnings from operations 14,963 12,925 � Interest income (including interest income from affiliates of $6 and $13 for the three months ended December 31, 2008 and 2007, respectively) 1,880 3,783 Interest expense (5,190 ) (4,192 ) Other income 171 - Earnings (loss) from joint ventures � (191 ) � 150 � Earnings before income tax expense 11,633 12,666 Income tax expense � (4,058 ) � (4,801 ) Net earnings available to common shareholders $ 7,575 � $ 7,865 � � Net earnings per common share - basic $ 0.35 $ 0.36 Net earnings per common share - diluted $ 0.35 $ 0.36 Weighted average common shares outstanding - basic 21,302 21,302 Weighted average common shares outstanding - diluted 21,302 21,302 � Dividends declared per common share $ 0.03 $ 0.03 CONSOLIDATED STATEMENTS OF OPERATIONS (In thousands, except share and per share amounts) � � For the Years Ended December 31, � 2008 � � 2007 � Revenues: Manufacturing operations (including revenues from affiliates of $182,760 and $140,164 in 2008 and 2007, respectively) $ 757,505 $ 648,124 � Railcar services (including revenues from affiliates of $15,338 and $15,969 in 2008 and 2007, respectively) � 51,301 � � 50,003 � Total revenues 808,806 698,127 � Cost of revenue: Manufacturing operations (682,744 ) (568,023 ) Railcar services � (41,653 ) � (41,040 ) Total cost of revenue (724,397 ) (609,063 ) � Gross profit 84,409 89,064 � Selling, administrative and other (including costs from affiliates of $606 and $606 in 2008 and 2007, respectively) � (26,535 ) � (27,379 ) Earnings from operations 57,874 61,685 � Interest income (including interest income from affiliates of $34 and $57 in 2008 and 2007, respectively) 7,835 13,829 Interest expense (20,299 ) (17,027 ) Other income 3,657 - Earnings (loss) from joint ventures � 718 � � 881 � Earnings before income tax expense 49,785 59,368 Income tax expense � (18,403 ) � (22,104 ) Net earnings available to common shareholders $ 31,382 � $ 37,264 � � Net earnings per common share - basic $ 1.47 $ 1.75 Net earnings per common share - diluted $ 1.47 $ 1.74 Weighted average common shares outstanding - basic 21,302 21,274 Weighted average common shares outstanding - diluted 21,302 21,357 � Dividends declared per common share $ 0.12 $ 0.12 CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) � For the Years Ended December 31, � � � 2008 � � � 2007 � Operating activities: Net earnings $ 31,382 $ 37,264 Adjustments to reconcile net earnings to net cash (used in) provided by operating activities: Depreciation 20,148 14,085 Amortization of deferred costs 812 680 Loss on disposal of property, plant and equipment 308 385 Stock based compensation 473 1,927 Income related to reversal of stock based compensation for stock options (411 ) - Excess tax benefits from stock option exercises - (241 ) Change in joint venture investment as a result of (earnings) loss (718 ) (881 ) Unrealized gain on derivative assets (88 ) - Provision (benefit) for deferred income taxes 1,099 (370 ) Provision for losses on accounts receivable 695 196 Items reclassified as cash from investing activities: Realized gain on sale of short-term investments - available for sale securities (2,589 ) - Realized gain on derivative assets (684 ) - Dividends received from short-term investments - available for sale securities (297 ) - Changes in operating assets and liabilities: Accounts receivable, net (6,897 ) 1,149 Accounts receivable, due from affiliate 6,892 (7,543 )

Inventories, net

(3,770 ) 10,035 Prepaid expenses (211 ) 838 Accounts payable (5,702 ) (7,059 ) Accounts payable, due to affiliate 2,326 1,178 Accrued expenses and taxes 2,071 10,195 Other � (517 ) � (1,608 ) Net cash provided by operating activities 44,322 60,230 Investing activities: Purchases of property, plant and equipment (52,432 ) (59,367 ) Sale of property, plant and equipment 4 104 Purchases of short-term investments - available for sale securities (27,857 ) (100,596 ) Sales of short-term investments - available for sale securities 23,631 100,596 Dividends received from short-term investments - available for sale securities 297 - Realized gain on derivative assets 684 - Proceeds from repayment of note receivable from affiliate 658 329 Investments in joint ventures (672 ) (8,500 ) Sale of investment in joint venture � 1,875 � � - � Net cash used in investing activities (53,812 ) (67,434 ) � CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) � For the Years Ended December 31, � � � 2008 � � � 2007 � Financing activities: Common stock dividends (2,556 ) (2,551 ) Finance fees related to new credit facility (40 ) (109 ) Proceeds from stock option exercises - 1,985 Excess tax benefits from stock option exercises - 241 Proceeds from issuance of senior unsecured notes, gross - 275,000 Offering costs - senior unsecured notes issuances - (4,314 ) Repayment of debt � (8 ) � (88 ) Net cash (used in) provided by financing activities � (2,604 ) � 270,164 � (Decrease) increase in cash and cash equivalents (12,094 ) 262,960 Cash and cash equivalents at beginning of year � 303,882 � � 40,922 � Cash and cash equivalents at end of year $ 291,788 � $ 303,882 �

RECONCILIATION OF NET EARNINGS TO EBITDA AND ADJUSTED EBITDA

(In thousands, unaudited)

� � Three months ended Years Ended December 31, December 31, � 2008 � � � 2007 � � 2008 � � 2007 � � Net earnings $ 7,575 $ 7,865 $ 31,382 $ 37,264 Income tax expense 4,058 4,801 18,403 22,104 Interest expense 5,190 4,192 20,299 17,027 Interest income (1,880 ) (3,783 ) (7,835 ) (13,829 ) Depreciation � 5,534 � � 3,819 � � 20,148 � � 14,085 � EBITDA $ 20,477 � $ 16,894 � $ 82,397 � $ 76,651 � Expense related to stock option compensation 100 331 109 1,628 Expense (income) related to stock appreciation rights compensation 1 (217 ) (396 ) (47 ) 299 Other income � (171 ) � - � � (3,657 ) � - � Adjusted EBITDA $ 20,189 � $ 16,829 � $ 78,802 � $ 78,578 � � 1 SARs are cash settled at time of exercise

EBITDA represents net earnings before income tax expense, interest expense (income), net of depreciation of property, plant and equipment. We believe EBITDA is useful to investors in evaluating our operating performance compared to that of other companies in our industry. In addition, our management uses EBITDA to evaluate our operating performance. The calculation of EBITDA eliminates the effects of financing, income taxes and the accounting effects of capital spending. These items may vary for different companies for reasons unrelated to the overall operating performance of a company�s business. EBITDA is not a financial measure presented in accordance with U.S. generally accepted accounting principles, or U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider EBITDA in isolation or as a substitute for net earnings, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.

Adjusted EBITDA represents EBITDA before share based compensation expense related to stock options and stock appreciation rights (SARs), and before gains or losses on investments. We believe that Adjusted EBITDA is useful to investors evaluating our operating performance, and management also uses Adjusted EBITDA for that purpose. The charges related to our grants of stock options are non-cash charges that are excluded from our calculation of EBITDA under our unsecured senior notes. Our SARs (which settle in cash) are revalued each quarter based upon changes in our stock price. Management believes that eliminating the charges associated with our share based compensation and our investments allows us and our investors to understand better our operating results independent of financial changes caused by the fluctuating price of our common stock and our investments. Adjusted EBITDA is not a financial measure presented in accordance with U.S. GAAP. Accordingly, when analyzing our operating performance, investors should not consider Adjusted EBITDA in isolation or as a substitute for net earnings, cash flows from operating activities or other statements of operations or statements of cash flow data prepared in accordance with U.S. GAAP. Our calculation of Adjusted EBITDA is not necessarily comparable to that of other similarly titled measures reported by other companies.