Providence and Worcester Railroad Co (PWX, Financial) filed Quarterly Report for the period ended 2010-09-30.
Providence And Worcester Railroad Co has a market cap of $61.7 million; its shares were traded at around $12.815 with and P/S ratio of 2.7. The dividend yield of Providence And Worcester Railroad Co stocks is 1.2%.PWX is in the portfolios of John Keeley of Keeley Fund Management, Mario Gabelli of GAMCO Investors.
Other income decreased by $0.8 million to $696,600 in the nine-month period ended September 30, 2010 from $1.5 million in 2009. In 2010, the Company realized a loss of $350,000 on the sale of 3 locomotives. This was offset, in part by a settlement agreement in the amount of $486,000. The Company received $950,000 during the second quarter of 2009 for the settlement of certain legal proceedings and the granting of a permanent easement which accounts for this increase.
Operating revenues increased $1.4 million, or 23%, to $7.5 million in the third quarter of 2010 from $6.1 million in the third quarter of 2009. The increase is the result of a $1.6 million (27.3%) increase in conventional freight revenues and a $41,000 (24.1%) increase in container freight revenues, offset by a $117,000 (68.5%) decrease in other freight-related revenues and a $181,000 (71.4%) decrease in other operating revenues.
Other income increased by $126,000 to $286,000 in the third quarter of 2010 from $160,000 in the third quarter 2009. A loss on the sale of three locomotives of $350,000 offset by a settlement agreement in the amount of $486,000 accounts for the majority of the increase.
During the nine months ended September 30, 2010, the Company generated $1.8 million of cash from operating activities. Changes in working capital increased cash flow from operating activities by $314,000. During the nine month period ending September 30 2010, note receivable increased by approximately $0.5 million due to a lawsuit settlement and trade receivable by $0.5 million, of which $0.4 million relates to monies due to the Company from its insurance carrier with respect to claims arising out of two derailments that occurred during the period. During the first nine months of 2009, the Company generated $2.9 million of cash from operating activities.
During the first nine months of 2010, the Company s cash flows from financing activities were $470,000. For 2010, the primary drivers of cash flows from financing activities were $1.0 million for borrowings under the Company s line of credit and payment of dividends of $582,000. During the first nine months of 2009, the Company s cash flows used in financing activities were $499,000. For 2009, the primary driver of cash flows used in financing activities was payment of dividends of $580,000.
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Providence And Worcester Railroad Co has a market cap of $61.7 million; its shares were traded at around $12.815 with and P/S ratio of 2.7. The dividend yield of Providence And Worcester Railroad Co stocks is 1.2%.PWX is in the portfolios of John Keeley of Keeley Fund Management, Mario Gabelli of GAMCO Investors.
Highlight of Business Operations:
Operating revenues increased $4.1 million, or 24.1%, to $21.2 million in the nine months ended September 30, 2010 from $17.1 million in 2009. This increase is the result of a $3.9 million (23.6%) increase in conventional freight revenues and a $197,000 (41.3%) increase in other operating revenues, offset by a $78,000 (13.1%) decrease in container freight revenues, a $55,000 (11.4%) decrease in other freight-related revenues.Other income decreased by $0.8 million to $696,600 in the nine-month period ended September 30, 2010 from $1.5 million in 2009. In 2010, the Company realized a loss of $350,000 on the sale of 3 locomotives. This was offset, in part by a settlement agreement in the amount of $486,000. The Company received $950,000 during the second quarter of 2009 for the settlement of certain legal proceedings and the granting of a permanent easement which accounts for this increase.
Operating revenues increased $1.4 million, or 23%, to $7.5 million in the third quarter of 2010 from $6.1 million in the third quarter of 2009. The increase is the result of a $1.6 million (27.3%) increase in conventional freight revenues and a $41,000 (24.1%) increase in container freight revenues, offset by a $117,000 (68.5%) decrease in other freight-related revenues and a $181,000 (71.4%) decrease in other operating revenues.
Other income increased by $126,000 to $286,000 in the third quarter of 2010 from $160,000 in the third quarter 2009. A loss on the sale of three locomotives of $350,000 offset by a settlement agreement in the amount of $486,000 accounts for the majority of the increase.
During the nine months ended September 30, 2010, the Company generated $1.8 million of cash from operating activities. Changes in working capital increased cash flow from operating activities by $314,000. During the nine month period ending September 30 2010, note receivable increased by approximately $0.5 million due to a lawsuit settlement and trade receivable by $0.5 million, of which $0.4 million relates to monies due to the Company from its insurance carrier with respect to claims arising out of two derailments that occurred during the period. During the first nine months of 2009, the Company generated $2.9 million of cash from operating activities.
During the first nine months of 2010, the Company s cash flows from financing activities were $470,000. For 2010, the primary drivers of cash flows from financing activities were $1.0 million for borrowings under the Company s line of credit and payment of dividends of $582,000. During the first nine months of 2009, the Company s cash flows used in financing activities were $499,000. For 2009, the primary driver of cash flows used in financing activities was payment of dividends of $580,000.
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