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Rail News: Financials

New York Regional Rail: Revenue roll can't compensate for mounting costs

New York Regional Rail Corp. (NYRR) is taking in significantly more revenue this year compared with 2003, but rising expenses are eroding income. Yesterday, the company reported first-half revenue of $5.1 million, an 83 percent increase compared with first-half 2003. However, NYRR also reported a net loss of $439,449 compared with a $232,987 net loss last year.

"We are focused on increasing revenue and have commenced implementing some measures that should decrease expenses," said NYRR Chief Financial Officer Joel Marcus in a prepared statement. "Some of the recent cost-cutting policies have begun to reduce the cost of goods sold of our rail operation. We are evaluating and expect to implement additional measures to reduce our operating cost."

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

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More News from 8/27/2004