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Pioneer Railcorp's 2002 financial performance sets all-time record

In 2002, Pioneer Railcorp recorded its best-ever financial figures. On March 27, the short-line holding company reported annual net income of $1.24 million (up $108,000), revenue of $14.9 million (up $549,000) and operating expenses of $12.1 million (down $953,000).

The company benefited from senior management restructuring in 2001,
successful marketing initiatives, the sale of 33 track miles in Alabama, refinancing of certain debt, and capital-improvement and cost-containment strategies, according to a prepared statement.

Pioneer Railcorp owns and operates 16 short lines in 10 states.

Contact Progressive Railroading editorial staff.

More News from 3/28/2003