May 14, 2010 (FinancialWire) — FreightCar America, Inc. (NASDAQ: RAIL) said that its board has decided not to authorize the payment of a cash dividend on the company’s common shares in the second quarter of 2010.

According to FreightCar, the decision reflects the company’s strategy to preserve cash in order to help maintain its balance sheet strength.

Ed Whalen, FreightCar’s president and CEO, said, “FreightCar America has a strong balance sheet and a strong market position. We are committed to taking the necessary steps to maintain both during this difficult market environment.”

Illinois-based FreightCar America manufactures railroad freight cars, with a particular focus on coal-carrying railcars.

In addition to coal cars, FreightCar America designs and builds bulk commodity cars, flat cars, mill gondola cars, intermodal cars, coil steel cars and motor vehicle carriers.

The firm has facilities in Danville, Illinois, Roanoke, Virginia and Johnstown, Pennsylvania.

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