Providence and Worcester Railroad Co (PWX, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $55.3 million; its shares were traded at around $11.5 with and P/S ratio of 1.9. 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 ...... $5,481 90.3% $7,487 92.0% $15,568 90.9% $20,243 91.1%
Containers ..... 167 2.7 351 4.3 593 3.5 1,071 4.8
Other freight-
related ....... 171 2.8 174 2.2 486 2.8 591 2.7
Other Operating
Revenues ....... 253 4.2 124 1.5 477 2.8% 321 1.4
- - - - - - - -
Total ........ $6,072 100.0% $8,136 100.0% $17,124 100.0% $22,226 100.0%
= = = = = = = =
Three Months Ended September 30,Nine Months Ended September 30,
- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Salaries, wages,
payroll taxes and
employee benefits.$3,928 64.7% $3,886 47.8% $11,672 68.2% $11,686 52.6%
Casualties and
insurance ....... 193 3.2 198 2.4 729 4.2 645 2.9
Depreciation ..... 730 12.0 720 8.8 2,237 13.1 2,158 9.7
Diesel fuel ...... 428 7.1 1,161 14.3 1,312 7.7 3,081 13.9
Car hire, net .... 184 3.0 374 4.6 488 2.8 805 3.6
Purchased
services,
including legal
and professional
fees ............ 594 9.8 496 6.1 1,645 9.6 1,465 6.6
Repair and
maintenance of
equipment ....... 412 6.8 537 6.6 1,378 8.0 1,183 5.3
Track and signal
materials ....... 602 9.9 846 10.4 1,248 7.3 1,391 6.3
Track usage fees . 114 1.9 195 2.4 372 2.2 470 2.1
Other materials
and supplies .... 201 3.3 317 3.9 702 4.1 894 4.0
Other ............ 396 6.5 423 5.2 1,319 7.7 1,398 6.3
- - - - - - - -
Total ........... 7,782 128.2 9,153 112.5 23,102 134.9 25,17 113.3
Less capitalized
and recovered
costs .......... 1,763 29.1 1,189 14.6 3,202 18.7 1,923 8.7
- - - - - - - -
Total ......... $6,019 99.1% $7,964 97.9% $19,900 116.2% $23,253 104.6%
= = = = = = = =
Operating revenues decreased $5.1 million, or 23.0%, to $17.1 million in the
nine months ended September 30, 2009 from $22.2 million in 2008. This decrease
is the result of a $4.7 million (23.1%) decrease in conventional freight
revenues, a $478,000 (44.6%) decrease in container freight revenues and a
$105,000 (17.8%) decrease in other freight-related revenues offset, to a small
extent, by a $156,000 (48.6%) increase in other operating revenues.
The decrease in conventional freight revenues results from a 20.4% decline in
traffic volume and a 3.4% reduction in the average revenue received per
conventional carloading. The Company's conventional carloadings decreased by
5,221 to 20,356 in the nine-month period ended September 30, 2009 from 25,577 in
2008.
Operating revenues decreased $2.1 million, or 25.4%, to $6.1 million in the
third quarter of 2009 from $8.2 million in the third quarter of 2008. This
decrease is the result of a $2.0 million (26.8%) decrease in conventional
freight revenues, a $184,000 (52.4%) decrease in container freight revenues and
a small $3,000 (1.7%) decrease in other freight-related revenues partially
offset by a $129,000 (104.0%) increase in other operating revenues.
The decrease in container freight revenues for the quarter is the result of a
52.9% decline in traffic volume offset, to a small extent, by a 1.0% increase in
the average revenue received per container. Container traffic volume decreased
by 2,837 containers to 2,525 in the third quarter of 2009 from 5,362 in the
third quarter of 2008. The reasons for the decrease in container traffic volume
are as previously discussed for the nine- month period ended September 30, 2009.
The small increase in the average revenue received per container result from the
fact that the results of changes in the mix of containers handled were very
nearly offset by decreases in contractual rates due to a decline in railroad
industry cost indices.
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 $55.3 million; its shares were traded at around $11.5 with and P/S ratio of 1.9. The dividend yield of Providence And Worcester Railroad Co stocks is 1.4%.
Highlight of Business Operations:
Three Months Ended September 30,Nine Months Ended September 30,- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Freight Revenues:
Conventional
carloads ...... $5,481 90.3% $7,487 92.0% $15,568 90.9% $20,243 91.1%
Containers ..... 167 2.7 351 4.3 593 3.5 1,071 4.8
Other freight-
related ....... 171 2.8 174 2.2 486 2.8 591 2.7
Other Operating
Revenues ....... 253 4.2 124 1.5 477 2.8% 321 1.4
- - - - - - - -
Total ........ $6,072 100.0% $8,136 100.0% $17,124 100.0% $22,226 100.0%
= = = = = = = =
Three Months Ended September 30,Nine Months Ended September 30,
- -
2009 2008 2009 2008
- - - -
(In thousands, except percentages)
Salaries, wages,
payroll taxes and
employee benefits.$3,928 64.7% $3,886 47.8% $11,672 68.2% $11,686 52.6%
Casualties and
insurance ....... 193 3.2 198 2.4 729 4.2 645 2.9
Depreciation ..... 730 12.0 720 8.8 2,237 13.1 2,158 9.7
Diesel fuel ...... 428 7.1 1,161 14.3 1,312 7.7 3,081 13.9
Car hire, net .... 184 3.0 374 4.6 488 2.8 805 3.6
Purchased
services,
including legal
and professional
fees ............ 594 9.8 496 6.1 1,645 9.6 1,465 6.6
Repair and
maintenance of
equipment ....... 412 6.8 537 6.6 1,378 8.0 1,183 5.3
Track and signal
materials ....... 602 9.9 846 10.4 1,248 7.3 1,391 6.3
Track usage fees . 114 1.9 195 2.4 372 2.2 470 2.1
Other materials
and supplies .... 201 3.3 317 3.9 702 4.1 894 4.0
Other ............ 396 6.5 423 5.2 1,319 7.7 1,398 6.3
- - - - - - - -
Total ........... 7,782 128.2 9,153 112.5 23,102 134.9 25,17 113.3
Less capitalized
and recovered
costs .......... 1,763 29.1 1,189 14.6 3,202 18.7 1,923 8.7
- - - - - - - -
Total ......... $6,019 99.1% $7,964 97.9% $19,900 116.2% $23,253 104.6%
= = = = = = = =
Operating revenues decreased $5.1 million, or 23.0%, to $17.1 million in the
nine months ended September 30, 2009 from $22.2 million in 2008. This decrease
is the result of a $4.7 million (23.1%) decrease in conventional freight
revenues, a $478,000 (44.6%) decrease in container freight revenues and a
$105,000 (17.8%) decrease in other freight-related revenues offset, to a small
extent, by a $156,000 (48.6%) increase in other operating revenues.
The decrease in conventional freight revenues results from a 20.4% decline in
traffic volume and a 3.4% reduction in the average revenue received per
conventional carloading. The Company's conventional carloadings decreased by
5,221 to 20,356 in the nine-month period ended September 30, 2009 from 25,577 in
2008.
Operating revenues decreased $2.1 million, or 25.4%, to $6.1 million in the
third quarter of 2009 from $8.2 million in the third quarter of 2008. This
decrease is the result of a $2.0 million (26.8%) decrease in conventional
freight revenues, a $184,000 (52.4%) decrease in container freight revenues and
a small $3,000 (1.7%) decrease in other freight-related revenues partially
offset by a $129,000 (104.0%) increase in other operating revenues.
The decrease in container freight revenues for the quarter is the result of a
52.9% decline in traffic volume offset, to a small extent, by a 1.0% increase in
the average revenue received per container. Container traffic volume decreased
by 2,837 containers to 2,525 in the third quarter of 2009 from 5,362 in the
third quarter of 2008. The reasons for the decrease in container traffic volume
are as previously discussed for the nine- month period ended September 30, 2009.
The small increase in the average revenue received per container result from the
fact that the results of changes in the mix of containers handled were very
nearly offset by decreases in contractual rates due to a decline in railroad
industry cost indices.
Read the The complete ReportPWX is in the portfolios of John Keeley of Keeley Fund Management.
