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Pioneer Railcorp reports record-breaking first-quarter 2003 results


Pioneer Railcorp’s still on a roll. After reporting record-breaking earnings in 2002, the short-line holding company posted the highest first-quarter net income in its17-year history.

Compared with the same 2002 period, net income increased $433,000 (2.5 percent), revenue increased $191,000 (5 percent) and operating expenses increased $270,000 (10 percent), while operating income decreased $79,000 (9 percent).

New marketing initiatives, debt refinancing and benefits associated with capital improvements and cost-containment strategies contributed to the results, Pioneer officials said.

"Our first-quarter 2003 results are reflecting all the work that began in 2001 designed to make Pioneer Railcorp the most customer-focused short-line railroad in the United States," said President and Chief Executive Officer Guy Brenkman in a prepared statement.

Contact Progressive Railroading editorial staff.

More News from 5/15/2003