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Rail News: Financials

3Q: New York Regional Rail raises revenue, earns income

On Monday, New York Regional Rail Corp. (NYRR) reported third-quarter revenue of $1.6 million and net income of $33,800 compared with revenue totaling $1.5 million and a net loss of $164,000 in third-quarter 2003.

During the year's first nine months, the company increased revenue 57.4 percent to $6.8 million and reduced its net loss to $405,600 compared with last year.

"The company is moving steadily in the right direction — the influx of capital, reductions in debt, infrastructure and capital improvements, and cost-cutting efficiencies are helping our profit and loss, cash flow and balance sheets to continue to show improvement," said NYRR Chief Financial Officer Joel Marcus in a prepared statement.

Adds Chief Executive Officer Ronald Bridges: "We are also continuing the clean up of our existing legal and tax issues, as we feel it is of paramount importance for us in order to improve the company's standing."

NYRR owns and operates New York Cross Harbor Railroad and trucking firm JS Transportation.

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More News from 12/1/2004