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Rail News: Financials

Providence & Worcester posts more income, less revenue

A drop in container traffic equaled a drop in revenue for Providence & Worcester Railroad Co. (PWRR) in the second quarter. The 545-mile regional’s revenue totaled $271,000, down 3.7 percent compared with second-quarter 2006.

However, a $187,000 decrease in operating expenses and $234,000 increase in other income more than offset the revenue decline, PWRR said. In addition, quarterly net income jumped from $259,000 a year ago to $347,000.

For 2007’s first six months, PWRR reported a net loss of $1.2 million compared with a net loss of $10,000 in the same 2006 period, primarily because of a large revenue decline in the first quarter. First-half operating revenue totaled $12.2 million, down 12 percent year over year.

Formed in 1973, PWRR operates lines in Massachusetts, Rhode Island, Connecticut and New York.

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More News from 8/16/2007