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Rail News: Financials

Providence and Worcester narrows net loss, increases revenue during traditionally weak first quarter

Yesterday, Providence and Worcester Railroad Co. (PWRR) reported a first-quarter net loss of $462,000 compared with a $506,000 net loss in first-quarter 2003.

Quarterly operating revenue of $5.1 million rose 4.3 percent or $208,000 compared with the same 2003 period. Revenue from coal and other commodities helped the 545-mile regional offset a container traffic decline.

Quarterly operating expenses of $5.9 million increased 1.9 percent or $107,000 compared with first-quarter 2003's expenses.

"Historically, the company has experienced its lowest levels of operating revenues and profits during the first quarter of each year, and we believe the company will generate profits from operations during the remainder of the year," said PWRR officials in a prepared statement.

Contact Progressive Railroading editorial staff.

More News from 5/13/2004