Providence and Worcester Railroad Co (PWX, Financial) filed Quarterly Report for the period ended 2009-06-30.
PROVIDENCE & WORCESTER RR CO. is an interstate freight carrier conducting railroad operations in Rhode Island Mass. and Conn. The Company presently operates over approx.470 miles of trackage of which it owns 170 miles. No regularly scheduled passenger service is provided by the Company. The Company interchanges freight traffic with Consolidated Rail Corp. at Worcester Mass. and at New Haven Connecticut; with the Springfield Terminal Railway Co. at Gardner Mass.; and with New England Central Railroad at New London Conn. Providence and Worcester Railroad Co has a market cap of $52.8 million; its shares were traded at around $11 with and P/S ratio of 1.8. The dividend yield of Providence and Worcester Railroad Co stocks is 1.4%.
- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Freight Revenues:
Conventional
carloads ...... $5,685 93.0% $7,477 92.4% $10,087 91.3% $12,756 90.5%
Containers ..... 171 2.8 351 4.3 426 3.9 720 5.1
Other freight
related ....... 128 2.1 182 2.3 315 2.8 417 3.0
Other Operating
Revenues ....... 127 2.1 84 1.0 224 2.0 197 1.4
- - - - - - - -
Total ........ $6,111 100.0% $8,094 100.0% $11,052 100.0% $14,090 100.0%
= = = = = = = =
Three Months Ended June 30, Six Months Ended June 30,
- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Salaries, wages,
payroll taxes and
employee benefits. $3,892 63.7% $3,863 47.7% $7,744 70.1% $7,800 55.3%
Casualties and
insurance ...... 315 5.2 222 2.7 536 4.8 447 3.2
Depreciation .... 772 12.6 719 8.9 1,507 13.6 1,438 10.2
Diesel fuel ..... 457 7.5 1,215 15.0 884 8.0 1,920 13.6
Car hire, net ... 153 2.5 229 2.8 304 2.8 431 3.0
Purchased
services,
including legal
and professional
fees ........... 566 9.3 461 5.7 1,051 9.5 969 6.9
Repair and
maintenance of
equipment ...... 394 6.4 338 4.2 966 8.7 646 4.6
Track and signal
materials ...... 364 6.0 271 3.3 646 5.9 545 3.9
Track usage fees. 130 2.1 177 2.2 258 2.3 275 2.0
Other materials
and supplies ... 211 3.5 280 3.5 501 4.5 577 4.1
Other ........... 425 6.9 499 6.2 923 8.4 975 6.9
- - - - - - - -
Total .......... 7,679 125.7 8,274 102.2 15,320 138.6 16,023 113.7
Less capitalized
and recovered
costs ......... 946 15.5 472 5.8 1,439 13.0 734 5.2
- - - - - - - -
Total ........ $6,733 110.2% $7,802 96.4% $13,881 125.6% $15,289 108.5%
= = = = = = = =
Operating revenues decreased $3.0 million, or 21.6%, to $11.1 million in the six
months ended June 30, 2009 from $14.1 million in 2008. This decrease is the
result of a $2.7 million (20.9%) decrease in conventional freight revenues, a
$294,000 (40.8%) decrease in container freight revenues and a $102,000 (24.5%),
decrease in other freight-related revenues offset, to a minor extent, by a
$27,000 (13.7%) increase in other operating revenues.
The decrease in container freight revenues is the result of a 47.1% decline in
traffic volume partially offset by an 11.9% increase in the average revenue
received per container. Container traffic volume decreased by 5,410 containers
to 6,069 containers in the first six months of 2009 from 11,479 containers in
2008. This significant decline in traffic volume continues a trend which began
in 2007 in which cross country container traffic to the East Coast has been
shifted from rail to all water routes. Current economic conditions have further
added to this decline in traffic. The increase in the average revenue received
per container is attributable to a change in the mix of traffic toward higher
rated containers as well as contractual rate adjustments based upon railroad
industry cost indices.
Operating revenues decreased $2.0 million, or 24.5%, to $6.1 million in the
second quarter of 2009 from $8.1 million in the second quarter of 2008. This
decrease is the result of $1.8 million (24.0%) decrease in conventional freight
revenues a, $180,000 (51.3%) decrease in container freight revenues and a
$54,000 (29.7%) decrease in other freight-related revenues offset, to a small
degree, by a $43,000 (51.2%) increase in other operating revenues.
The decrease in container freight revenues is the result of a 56.7% decline in
traffic volume partially offset by a 12.5% increase in the average revenue
received per container. Container traffic volume decreased by 3,143 containers
to 2,402 in the second quarter of 2009 from 5,545 in the second quarter of 2008.
The reasons for the decrease in traffic volume and the average revenue received
per container during the second quarter are as previously discussed.
Read the The complete ReportPWX is in the portfolios of John Keeley of Keeley Fund Management.
PROVIDENCE & WORCESTER RR CO. is an interstate freight carrier conducting railroad operations in Rhode Island Mass. and Conn. The Company presently operates over approx.470 miles of trackage of which it owns 170 miles. No regularly scheduled passenger service is provided by the Company. The Company interchanges freight traffic with Consolidated Rail Corp. at Worcester Mass. and at New Haven Connecticut; with the Springfield Terminal Railway Co. at Gardner Mass.; and with New England Central Railroad at New London Conn. Providence and Worcester Railroad Co has a market cap of $52.8 million; its shares were traded at around $11 with and P/S ratio of 1.8. The dividend yield of Providence and Worcester Railroad Co stocks is 1.4%.
Highlight of Business Operations:
Three Months Ended June 30, Six Months Ended June 30,- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Freight Revenues:
Conventional
carloads ...... $5,685 93.0% $7,477 92.4% $10,087 91.3% $12,756 90.5%
Containers ..... 171 2.8 351 4.3 426 3.9 720 5.1
Other freight
related ....... 128 2.1 182 2.3 315 2.8 417 3.0
Other Operating
Revenues ....... 127 2.1 84 1.0 224 2.0 197 1.4
- - - - - - - -
Total ........ $6,111 100.0% $8,094 100.0% $11,052 100.0% $14,090 100.0%
= = = = = = = =
Three Months Ended June 30, Six Months Ended June 30,
- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Salaries, wages,
payroll taxes and
employee benefits. $3,892 63.7% $3,863 47.7% $7,744 70.1% $7,800 55.3%
Casualties and
insurance ...... 315 5.2 222 2.7 536 4.8 447 3.2
Depreciation .... 772 12.6 719 8.9 1,507 13.6 1,438 10.2
Diesel fuel ..... 457 7.5 1,215 15.0 884 8.0 1,920 13.6
Car hire, net ... 153 2.5 229 2.8 304 2.8 431 3.0
Purchased
services,
including legal
and professional
fees ........... 566 9.3 461 5.7 1,051 9.5 969 6.9
Repair and
maintenance of
equipment ...... 394 6.4 338 4.2 966 8.7 646 4.6
Track and signal
materials ...... 364 6.0 271 3.3 646 5.9 545 3.9
Track usage fees. 130 2.1 177 2.2 258 2.3 275 2.0
Other materials
and supplies ... 211 3.5 280 3.5 501 4.5 577 4.1
Other ........... 425 6.9 499 6.2 923 8.4 975 6.9
- - - - - - - -
Total .......... 7,679 125.7 8,274 102.2 15,320 138.6 16,023 113.7
Less capitalized
and recovered
costs ......... 946 15.5 472 5.8 1,439 13.0 734 5.2
- - - - - - - -
Total ........ $6,733 110.2% $7,802 96.4% $13,881 125.6% $15,289 108.5%
= = = = = = = =
Operating revenues decreased $3.0 million, or 21.6%, to $11.1 million in the six
months ended June 30, 2009 from $14.1 million in 2008. This decrease is the
result of a $2.7 million (20.9%) decrease in conventional freight revenues, a
$294,000 (40.8%) decrease in container freight revenues and a $102,000 (24.5%),
decrease in other freight-related revenues offset, to a minor extent, by a
$27,000 (13.7%) increase in other operating revenues.
The decrease in container freight revenues is the result of a 47.1% decline in
traffic volume partially offset by an 11.9% increase in the average revenue
received per container. Container traffic volume decreased by 5,410 containers
to 6,069 containers in the first six months of 2009 from 11,479 containers in
2008. This significant decline in traffic volume continues a trend which began
in 2007 in which cross country container traffic to the East Coast has been
shifted from rail to all water routes. Current economic conditions have further
added to this decline in traffic. The increase in the average revenue received
per container is attributable to a change in the mix of traffic toward higher
rated containers as well as contractual rate adjustments based upon railroad
industry cost indices.
Operating revenues decreased $2.0 million, or 24.5%, to $6.1 million in the
second quarter of 2009 from $8.1 million in the second quarter of 2008. This
decrease is the result of $1.8 million (24.0%) decrease in conventional freight
revenues a, $180,000 (51.3%) decrease in container freight revenues and a
$54,000 (29.7%) decrease in other freight-related revenues offset, to a small
degree, by a $43,000 (51.2%) increase in other operating revenues.
The decrease in container freight revenues is the result of a 56.7% decline in
traffic volume partially offset by a 12.5% increase in the average revenue
received per container. Container traffic volume decreased by 3,143 containers
to 2,402 in the second quarter of 2009 from 5,545 in the second quarter of 2008.
The reasons for the decrease in traffic volume and the average revenue received
per container during the second quarter are as previously discussed.
Read the The complete ReportPWX is in the portfolios of John Keeley of Keeley Fund Management.
