Providence and Worcester Railroad Co (PWX, Financial) filed Quarterly Report for the period ended 2010-06-30.
Providence And Worcester Railroad Co has a market cap of $58.1 million; its shares were traded at around $12.05 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 six months of 2010 increased by $968,000, or 6.3%, to $14.8 million from $13.9 million in 2009. Increases in the cost of diesel fuel due to higher prices of petroleum products as well as increased usage due to the increased traffic volume accounted for $387,000 of this increase. Increased operating costs were also due to an increase in maintenance charges and maintenance of way expenses as compared with the same period in 2009.
Operating revenues increased $1.5 million, or 24.5%, to $7.6 million in the second quarter of 2010 from $6.1 million in the second quarter of 2009. This increase is the result of a $1.2 million (20.39%) increase in conventional freight revenues, a $117,000 (91.4%) increase in other freight-related revenues, and a $234,000 (184.3%) increase in other operating revenues, offset by a $13,971 (8.2%) decrease in container freight revenues.
Operating expenses for the second quarter of 2010 increased by $801,000, or 10.59%, to $7.5 million from $6.7 million in the second quarter of 2009. The principal reasons for this overall increase were higher diesel fuel costs, in the amount of $258,000, increased traffic volume, higher maintenance charges and maintenance of way expenses as previously discussed.
During the six months ended June 30, 2010, the Company generated $316,000 of cash from operating activities. Changes in working capital decreased cash flow from operating activities by $514,000. During the six month period ending June 30 2010, accounts receivable increased by approximately $2.7 million. Of this increase, $2.3 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. Of the $1.4 million increase in accrued expenses for the same period, $1.3 million relate to costs incurred by the Company relating to the derailments. The Company is insured for the derailments and total costs incurred to date equal $2.5 million, of which the Company expects to be reimbursed $2.3 million by its insurance carrier. During the first six months of 2009, the Company generated $2.5 million of cash from operating activities.
During the first six months of 2010, the Company s cash flows from financing activities were $648,000. For 2010, the primary drivers of cash flows from financing activities were $1.0 million for borrowings under line of credit and payment of dividends of $388,000. During the first six months of 2009, the Company s cash flows used in financing activities were $351,000. For 2009, the primary driver of cash flows used in financing activities was payment of dividends of $351,000.
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Providence And Worcester Railroad Co has a market cap of $58.1 million; its shares were traded at around $12.05 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 $2.7 million, or 24.7%, to $13.8 million in the six months ended June 30, 2010 from $11.1 million in 2009. This increase is the result of a $2.4 million (23.8%) increase in conventional freight revenues, a $62,000 (19.7%) increase in other freight-related revenues, and a $377,000 (168.3%) increase in other operating revenues, offset by a $119,000 (27.9%) decrease in container freight revenues.Operating expenses for the first six months of 2010 increased by $968,000, or 6.3%, to $14.8 million from $13.9 million in 2009. Increases in the cost of diesel fuel due to higher prices of petroleum products as well as increased usage due to the increased traffic volume accounted for $387,000 of this increase. Increased operating costs were also due to an increase in maintenance charges and maintenance of way expenses as compared with the same period in 2009.
Operating revenues increased $1.5 million, or 24.5%, to $7.6 million in the second quarter of 2010 from $6.1 million in the second quarter of 2009. This increase is the result of a $1.2 million (20.39%) increase in conventional freight revenues, a $117,000 (91.4%) increase in other freight-related revenues, and a $234,000 (184.3%) increase in other operating revenues, offset by a $13,971 (8.2%) decrease in container freight revenues.
Operating expenses for the second quarter of 2010 increased by $801,000, or 10.59%, to $7.5 million from $6.7 million in the second quarter of 2009. The principal reasons for this overall increase were higher diesel fuel costs, in the amount of $258,000, increased traffic volume, higher maintenance charges and maintenance of way expenses as previously discussed.
During the six months ended June 30, 2010, the Company generated $316,000 of cash from operating activities. Changes in working capital decreased cash flow from operating activities by $514,000. During the six month period ending June 30 2010, accounts receivable increased by approximately $2.7 million. Of this increase, $2.3 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. Of the $1.4 million increase in accrued expenses for the same period, $1.3 million relate to costs incurred by the Company relating to the derailments. The Company is insured for the derailments and total costs incurred to date equal $2.5 million, of which the Company expects to be reimbursed $2.3 million by its insurance carrier. During the first six months of 2009, the Company generated $2.5 million of cash from operating activities.
During the first six months of 2010, the Company s cash flows from financing activities were $648,000. For 2010, the primary drivers of cash flows from financing activities were $1.0 million for borrowings under line of credit and payment of dividends of $388,000. During the first six months of 2009, the Company s cash flows used in financing activities were $351,000. For 2009, the primary driver of cash flows used in financing activities was payment of dividends of $351,000.
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