Florida East Coast Industries, Inc. Announces a Quarterly Dividend

Business Wire, August 24, 1999

ST. AUGUSTINE, Fla.--(BUSINESS WIRE)--Aug. 24, 1999--

Florida East Coast Industries, Inc. (FECI) (NYSE:FLA) Board of Directors on August 23, 1999 declared a quarterly dividend of $.025 (2 1/2(cent)) per share on all issued and outstanding common stock, payable on September 24, 1999 to all shareholders of record as of September 10, 1999.

Florida East Coast Industries currently conducts operations through four wholly owned subsidiaries, Gran Central Corporation (GCC), Florida East Coast Railway Company (FECR), International Transit, Inc. (ITI) and FEC Telecom, Inc. GCC develops, leases and manages approximately 5.0 million square feet of office, service and warehouse space, including a number of industrial and commercial parks in Jacksonville, Orlando and Miami, and owns approximately 18,000 acres of real estate primarily along the east coast of Florida. FECR is a regional freight railroad with operations on 351 miles of main line track, from Jacksonville to Miami. ITI provides truckload service, intermodal drayage and transportation logistics and brokerage services throughout the mid-west and the southeastern United States. FEC Telecom is based in Orlando, Florida and will utilize and seek to expand Florida East Coast's "Florida Footprint" telecom assets. Florida East Coast controls 12,600 fiber miles of "dark fiber" fiber optic cable and telecommunications conduit assets comprising a 780-mile "telecommunication loop" that will reach 13 of Florida's 15 largest population centers.

This release contains "forward-looking statements" within the meaning of section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions, which are subject to risks and uncertainties, including, but not limited to, changes in general economic condition, and changing competition and technology which could cause actual results to differ materially from those indicated herein. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.