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Rail News Home Financials

8/17/2004



Rail News: Financials

Providence and Worcester's revenue on the rise, but so are expenses



Last week, Providence and Worcester Railroad Co. (PWRR) reported second-quarter operating revenue of $6.5 million, a 3.8 percent increase compared with second-quarter 2003. Officials at the 545-mile regional attribute the increase to additional coal and other commodity moves, which offset aggregate and container traffic declines.

However, the railroad's quarterly net income of $222,000 dropped 43 percent and operating expenses of $6.6 million rose 4.2 percent compared with similar 2003 data. The expenses include a $275,000 charge stemming from a lawsuit award, which PWRR is appealing.

During the year's first six months, the regional increased operating revenue 4 percent to $11.6 million. But PWRR also reported a $240,000 net loss compared with a $117,000 net loss during a similar 2003 period, and the road's first-half operating expenses rose 5 percent to $12.2 million.


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