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Providence and Worcester Railroad Company Announces Second Quarter Results
Business Wire
Aug 13, 2009
Providence and Worcester Railroad Company (NASDAQ: PWX) today reported its results for the second quarter of 2009.
The Company had net income for the quarter of $322,000 compared to net income of $320,000 in the second quarter of 2008. Diluted income per common share was $0.07 for both quarters. Other income for the second quarter of 2009 includes $950,000 received from the settlement of certain legal proceedings and the granting of a permanent easement.
Operating revenues for the second quarter of 2009 decreased $2.0 million, or 24.5%, to $6.1 million from $8.1 million in the second quarter of 2008. This decrease is primarily attributable to declines in the volume of both conventional and container freight traffic.
As a result of national and international economic conditions, shipments of most commodities handled by the Company continued to decline during the quarter. This is consistent with the experience of the railroad industry in North America in general. While there have recently been some signs that traffic volumes may begin to improve, management cannot predict when and if economic conditions will improve sufficiently to enable the Company to return to profitable operations.
Operating expenses for the quarter decreased by $1.1 million, or 13.7%, from the second quarter of 2008. The reduced cost of diesel fuel accounts for $758,000 of this decrease.
During the six months ended June 30, 2009, the Company had a net loss of $1.1 million ($0.22 per common share) compared to a net loss of $605,000 ($0.13 per common share) during the first six months of 2008.
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Statement of Operations (Unaudited) |
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(Dollars in Thousands Except Per Share Amounts) |
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| For the Three Months | For the Six Months | ||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||
| 2009 | 2008 | 2009 | 2008 | ||||||||||||
| Operating Revenues | $ | 6,111 | $ | 8,094 | $ | 11,052 | $ | 14,090 | |||||||
| Other Income | 1,189 | 188 | 1,334 | 307 | |||||||||||
| Total Revenues | 7,300 | 8,282 | 12,386 | 14,397 | |||||||||||
| Operating Expenses | 6,733 | 7,802 | 13,881 | 15,289 | |||||||||||
| Income (Loss) before Income Taxes | 567 | 480 | (1,495 | ) | (892 | ) | |||||||||
| Provision for Income Taxes (Benefit) | 245 | 160 | (435 | ) | (290 | ) | |||||||||
| Net Income (Loss) | $ | 322 | $ | 320 | $ | (1,060 | ) | $ | (602 | ) | |||||
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Weighted Average Number of
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4,875,021 |
4,875,813 |
4,804,389 |
4,782,213 |
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| Diluted Income (Loss) Per Share | $ | .07 | $ | .07 | $ | (.22 | ) | $ | (.13 | ) | |||||
This release contains “forward-looking statements” within the meaning of section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements represent the Company’s present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic condition, and changing competition which could cause actual results to differ materially from those indicated herein. Further information on these risk factors is included in the Company’s filings with the Securities and Exchange Commission.
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