<PAGE> 1
------
FORM 4
------
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
[ ] Check box if no
longer subject to Filed pursuant to Section 16(a) of the Securities
Section 16. Form 4 Exchange Act of 1934, Section 17(a) of the
or Form 5 obligations Public Utility Holding Company Act of 1935
may continue. See or Section 30(f) of the Investment Company
Instruction 1(b). Act of 1940
<TABLE>
<S> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
| 1. Name and Address of Reporting Person* | 2. Issuer Name and Ticker or Trading Symbol |6. Relationship of Reporting Person to|
| Conser Jack F. | RailAmerica, Inc. (Nasdaq: RAIL) | Issuer (Check all applicable) |
|--------------------------------------------|----------------------------------------------| |
| (Last) (First) (Middle) | 3. IRS Identification | 4. Statement For | [ ] Director [ ] 10% Owner |
| | Number of Reporting | Month/Year | [X] Officer (give [ ] Other (Specify|
| | Person, if an Entity | | title below) |
| | (Voluntary) | | below) |
| 5300 Broken Sound Blvd., N.W. | | 9/00 |Senior Vice President - Transportation|
|--------------------------------------------| |--------------------|--------------------------------------|
| (Street) | | 5. If Amendment, |7. Individual or Joint/Group Filing |
| | | Date of Original| (Check applicable line) |
| | | (Month/Year) | [X] Form Filed by One |
| Boca Raton FL 33487 | | | Reporting Person |
|--------------------------------------------|----------------------------------------------| [ ] Form Filed by More Than |
| (City) (State) (Zip) | | One Reporting Person |
| | | |
|----------------------------------------------------------------------------------------------------------------------------------|
| TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED |
|----------------------------------------------------------------------------------------------------------------------------------|
|1. Title of Security |2. Transaction |3. Transac- |4. Securities Acquired (A) |5. Amount of Se- |6. Owner- |7. Nature |
| (Instr. 3) | Date | tion Code | or Disposed of (D) | curities Benefi-| ship | of In- |
| | (Month/Day/ | (Instr. 8) | | cially Owned at | Form: | direct |
| | Year) | | | End of Month | Direct | Benefi-|
| | | | (Instr. 3, 4 and 5) | (Instr. 3 and 4)| (D) or | cial |
| | |--------------|----------------------------| | Indirect | Owner- |
| | | Code | V | Amount | (A) or| Price | | (I) | ship |
| | | | | | (D) | | | (Instr. 4)| (Instr.|
| | | | | | | | | | 4) |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
|Common Stock, par | | | | | | | | | |
|value $.001 per share| 8/22/00 | M | | 16,800 | A |$3.50 | | | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
|Common Stock, par | | | | | | | | | |
|value $.001 per share| 8/22/00 | S | | 7,900 | D |$6.125 | | | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
|Common Stock, par | | | | | | | | | |
|value $.001 per share| 8/22/00 | S | | 5,000 | D |$6.00 | | | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
|Common Stock, par | | | | | | | | | |
|value $.001 per share| 8/22/00 | S | | 2,000 | D |$6.0625| | | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
|Common Stock, par | | | | | | | | | |
|value $.001 per share| 8/22/00 | S | | 1,400 | D |$6.3125| | | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
|Common Stock, par | | | | | | | | | |
|value $.001 per share| 8/22/00 | S | | 500 | D |$6.25 | 455 | D | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
| | | | | | | | | | |
|---------------------|-------------------|-------|------|------------|-------|-------|-------------------|-------------|----------|
| | | | | | | | | | |
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
FORM 4 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C> <C> <C>
------------------------------------------------------------------------------------------------------------------------------------
|1. Title of Derivative | 2. Conver- |3. Trans- |4. Trans- |5. Number of | 6. Date Exer- |7. Title and Amount |8. Price |
| Security | sion or | action | action | Derivative | cisable and | of Underlying | of |
| (Instr. 3) | Exercise | Date | Code | Securities | Expiration | Securities | Deriv- |
| | Price of | (Month/| (Instr.| Acquired (A) | Date | (Instr. 3 and 4) | ative |
| | Deriv- | Day/ | 8) | or Disposed | (Month/Day/ | | Secur- |
| | ative | Year) | | or (D) | Year) | | ity |
| | Security | | | (Instr. 3, | | | (Instr. 5)|
| | | | | 4, and 5) |-----------------|--------------------| |
| | | | | | Date |Expira- | | Amount or| |
| | | |----------|----------------| Exer- |tion | Title | Number of| |
| | | | Code| V | (A) | (D) | cisable|Date | | Shares | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|---------|----------|-------------|
|1992 Stock Option Plan | | | | | | | | |Common | | |
|Agreement | | | | | | | | |Stock, | | |
|(right to buy) | $3.50 | 8/22/00 | M | | | 6,800 |10/5/93 |10/5/03 |$.001 par| 6,800 | $3.50 |
| | | | | | | | | |value | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|---------|----------|-------------|
|1995 Stock Incentive | | | | | | | | |Common | | |
|Plan Options | | | | | | | | |Stock, | | |
|(right to buy) | $3.50 | 8/22/00 | M | | | 10,000 | 1/1/95 | 1/1/05 |$.001 par| 10,000 | $3.50 |
| | | | | | | | | |value | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|---------|----------|-------------|
|1995 Stock Incentive | | | | | | | | |Common | | |
|Plan Options | | | | | | | | |Stock, | | |
|(right to buy) | | | | | | | 1/1/96 | 1/1/06 |$.001 par| 10,000 | $3.625 |
| | | | | | | | | |value | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|---------|----------|-------------|
|1995 Stock Incentive | | | | | | | | |Common | | |
|Plan Options | | | | | | | | |Stock, | | |
|(right to buy) | | | | | | | 7/1/97 | 7/1/07 |$.001 par| 10,000 | $5.00 |
| | | | | | | | | |value | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|---------|----------|-------------|
|1998 Executive | | | | | | | | |Common | | |
|Incentive Compensation | | | | | | | | |Stock, | | |
|Plan Options | | | | | | |6/30/99 |6/30/08 |$.001 par| 8,000 | $6.125 |
|(right to buy) | | | | | | | (1) | |value | | |
|-----------------------|--------------|----------|-----|----|-------|--------|--------|--------|---------|----------|-------------|
|1998 Executive | | | | | | | | |Common | | |
|Incentive Compensation | | | | | | | | |Stock, | | |
|Plan Options | | | | | | | 4/8/00 | 4/8/09 |$.001 par| 8,000 | $8.75 |
|(right to buy) | | | | | | | (2) | |value | | |
------------------------------------------------------------------------------------------------------------------------------------
|1998 Executive | | | | | | | | |Common | | |
|Incentive Compensation | | | | | | | | |Stock, | | |
|Plan Options | | | | | | | 1/1/00 | 1/1/10 |$.001 par| 15,000 | $9.00 |
|(right to buy) | | | | | | | (3) | |value | | |
------------------------------------------------------------------------------------------------------------------------------------
<CAPTION>
<S> <C> <C>
------------------------------------------------------------------------------
| 9. Number of | 10. Ownership | 11. Nature of |
| Derivative | Form of | Indirect |
| Securities | Derivative | Beneficial |
| Beneficially | Security: | Ownership |
| Owned at End | Direct (D) | (Instr. 4) |
| of Month | or Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
|---------------------|-------------------------------|----------------------|
| | | |
------------------------------------------------------------------------------
| 51,000 | D | |
------------------------------------------------------------------------------
Explanation of Responses:
(1) Thirty three and one-third percent (33 1/3%) of such options became
exercisable on each of June 30, 1999 and June 30, 2000 and thirty three
and one-third percent (33 1/3%) of such options will become exercisable
on June 30, 2001.
(2) Thirty three and one-third percent (33 1/3%) of such options became
exercisable on each of April 8, 2000 and April 8, 2001 and thirty three
and one-third percent (33 1/3%) of such options will become exercisable
on April 8, 2002.
(3) Thirty three and one-third percent (33 1/3%) of such options became
exercisable on January 1, 2000 and thirty three and one-third percent
(33 1/3%) of such options will become exercisable on each of January 1,
2001 and January 1, 2002.
** Intentional misstatements or omissions of facts constitute Federal Criminal /s/ Jack Conser 9/8/00
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). -------------------------------- ----------
**Signature of Reporting Person Date
Jack Conser
Note. File three copies of this form, one of which must be manually signed. Page 2
If space provided is insufficient, see Instruction 6 for procedure.
(Print or Type Responses)
</TABLE>
