Providence and Worcester Railroad Co (PWX, Financial) filed Quarterly Report for the period ended 2010-03-31.
Providence And Worcester Railroad Co has a market cap of $60.1 million; its shares were traded at around $12.47 with and P/S ratio of 2.6. The dividend yield of Providence And Worcester Railroad Co stocks is 1.3%.PWX is in the portfolios of John Keeley of Keeley Fund Management.
Operating expenses for the first quarter of 2010 increased by $167,000, or 2.3%, to $ 7.3 million from $7.1 million in the first quarter of 2009. Approximately eighty percent of this increase consists of a $128,000 increase in the cost of diesel fuel due to increased usage due to the increased traffic volume. Decreases in other operating expenses were somewhat offset by increases in casualties and purchased services.
During first quarter 2010, the Company used $37,000 of cash from operating activities. Changes in working capital increased cash flow from operating activities by $597,000. During first quarter 2009, the Company generated $896,000 of cash from operating activities. Changes in working capital increased cash flow from operating activities by $2.0 million in 2009.
During first quarter 2010 and 2009, the Company s cash flows used in investing activities were $319,000 and $722,000, respectively. For 2010 and 2009, primary drivers of cash used in investing activities were capital expenditures.
During first quarter 2010, the Company s cash flows from financing activities were $821,000. For 2010, primary drivers of cash flows from financing activities were $1.0 million for borrowings under line of credit and payment of dividends of $196,000. During first quarter 2009, the Company s cash flows used in financing activities were $177,000. For 2009, primary drivers of the cash flows used in financing activities were $196,000 for the payment of dividends.
The Company has a $5.0 million dollar revolving line of credit with its principal bank that is due to expire on June 25, 2011 of which $4 million is still available as of March 31, 2010. If for some reason the Company should not be successful in renewing or replacing this credit line, management believes that cash generated from operations during the remainder of the year will be sufficient to fund its operations, capital additions and dividend requirements.
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Providence And Worcester Railroad Co has a market cap of $60.1 million; its shares were traded at around $12.47 with and P/S ratio of 2.6. The dividend yield of Providence And Worcester Railroad Co stocks is 1.3%.PWX is in the portfolios of John Keeley of Keeley Fund Management.
Highlight of Business Operations:
Operating revenues increased $1.3 million, or 24.9% to $6.2 million in the first quarter of 2010 from $4.9 million in the first quarter of 2009. This increase is a combined result of $1.2 million (28.3%) increase in conventional freight revenues, a $105,000 (41.2%) decrease in container freight revenues, a $55,000 (29.4%) decrease in other freight related revenues and a $143,000 (147.4%) increase in other operating revenues.Operating expenses for the first quarter of 2010 increased by $167,000, or 2.3%, to $ 7.3 million from $7.1 million in the first quarter of 2009. Approximately eighty percent of this increase consists of a $128,000 increase in the cost of diesel fuel due to increased usage due to the increased traffic volume. Decreases in other operating expenses were somewhat offset by increases in casualties and purchased services.
During first quarter 2010, the Company used $37,000 of cash from operating activities. Changes in working capital increased cash flow from operating activities by $597,000. During first quarter 2009, the Company generated $896,000 of cash from operating activities. Changes in working capital increased cash flow from operating activities by $2.0 million in 2009.
During first quarter 2010 and 2009, the Company s cash flows used in investing activities were $319,000 and $722,000, respectively. For 2010 and 2009, primary drivers of cash used in investing activities were capital expenditures.
During first quarter 2010, the Company s cash flows from financing activities were $821,000. For 2010, primary drivers of cash flows from financing activities were $1.0 million for borrowings under line of credit and payment of dividends of $196,000. During first quarter 2009, the Company s cash flows used in financing activities were $177,000. For 2009, primary drivers of the cash flows used in financing activities were $196,000 for the payment of dividends.
The Company has a $5.0 million dollar revolving line of credit with its principal bank that is due to expire on June 25, 2011 of which $4 million is still available as of March 31, 2010. If for some reason the Company should not be successful in renewing or replacing this credit line, management believes that cash generated from operations during the remainder of the year will be sufficient to fund its operations, capital additions and dividend requirements.
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