Providence and Worcester Railroad Co (PWX, Financial) filed Quarterly Report for the period ended 2009-03-31.
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 $59.4 million; its shares were traded at around $12.35 with a P/E ratio of 308.8 and P/S ratio of 2. The dividend yield of Providence and Worcester Railroad Co stocks is 1.3%.
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2009 2008
-
(In thousands, except percentages)
Freight Revenues:
Conventional carloads ....... $4,402 89.1% $5,279 88.0%
Containers .................. 255 5.2 369 6.2
Other freight related ....... 187 3.8 235 3.9
Other operating revenues ...... 97 1.9 113 1.9
- - - -
Total .................... $4,941 100.0% $5,996 100.0%
= = = =
Three Months Ended March 31,
-
2009 2008
-
(In thousands, except percentages)
Salaries, wages, payroll taxes
and employee benefits ........ $3,852 78.0% $3,937 65.7%
Casualties and insurance ...... 221 4.5 225 3.8
Depreciation .................. 735 14.9 719 12.0
Diesel fuel ................... 427 8.6 705 11.7
Car hire, net ................. 151 3.0 202 3.4
Purchased services, including
legal and professional fees .. 485 9.8 508 8.5
Repair and maintenance of
equipment .................... 572 11.6 308 5.1
Track and signal materials .... 282 5.7 274 4.6
Track usage fees .............. 128 2.6 98 1.6
Other materials and supplies .. 290 5.9 297 4.9
Other ......................... 498 10.1 476 7.9
- - - -
Total ....................... 7,641 154.7 7,749 129.2
Less capitalized and
recovered costs ............ 493 10.0 262 4.3
- - - -
Total .................... $7,148 144.7% $7,487 124.9%
= = = =
Operating revenues decreased $1.1 million, or 17.6%, to $4.9 million in the
first quarter of 2009 from $6.0 million in the first quarter of 2008. This
decrease is the combined result of an $877,000 (16.6%) decrease in conventional
freight revenues, a $114,000 (30.9%) decrease in container freight revenues, a
$48,000 (20.4%) decrease in other freight related revenues and a $16,000 (14.2%)
decrease in other operating revenues.
Operating expenses for the first quarter of 2009 decreased by $339,000, or 4.5%,
to $7.1 million from $7.5 million in the first quarter of 2008. More than eighty
percent of this decrease consists of a $278,000 decrease in the cost of diesel
fuel due to declining prices of petroleum products as well as decreased usage
due to the reduced traffic volume. Decreases in other operating expenses were
somewhat offset by increased locomotive repair and maintenance costs.
Read the The complete ReportPWX is in the portfolios of John Keeley of Keeley Fund Management, 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 $59.4 million; its shares were traded at around $12.35 with a P/E ratio of 308.8 and P/S ratio of 2. The dividend yield of Providence and Worcester Railroad Co stocks is 1.3%.
Highlight of Business Operations:
Three Months Ended March 31,-
2009 2008
-
(In thousands, except percentages)
Freight Revenues:
Conventional carloads ....... $4,402 89.1% $5,279 88.0%
Containers .................. 255 5.2 369 6.2
Other freight related ....... 187 3.8 235 3.9
Other operating revenues ...... 97 1.9 113 1.9
- - - -
Total .................... $4,941 100.0% $5,996 100.0%
= = = =
Three Months Ended March 31,
-
2009 2008
-
(In thousands, except percentages)
Salaries, wages, payroll taxes
and employee benefits ........ $3,852 78.0% $3,937 65.7%
Casualties and insurance ...... 221 4.5 225 3.8
Depreciation .................. 735 14.9 719 12.0
Diesel fuel ................... 427 8.6 705 11.7
Car hire, net ................. 151 3.0 202 3.4
Purchased services, including
legal and professional fees .. 485 9.8 508 8.5
Repair and maintenance of
equipment .................... 572 11.6 308 5.1
Track and signal materials .... 282 5.7 274 4.6
Track usage fees .............. 128 2.6 98 1.6
Other materials and supplies .. 290 5.9 297 4.9
Other ......................... 498 10.1 476 7.9
- - - -
Total ....................... 7,641 154.7 7,749 129.2
Less capitalized and
recovered costs ............ 493 10.0 262 4.3
- - - -
Total .................... $7,148 144.7% $7,487 124.9%
= = = =
Operating revenues decreased $1.1 million, or 17.6%, to $4.9 million in the
first quarter of 2009 from $6.0 million in the first quarter of 2008. This
decrease is the combined result of an $877,000 (16.6%) decrease in conventional
freight revenues, a $114,000 (30.9%) decrease in container freight revenues, a
$48,000 (20.4%) decrease in other freight related revenues and a $16,000 (14.2%)
decrease in other operating revenues.
Operating expenses for the first quarter of 2009 decreased by $339,000, or 4.5%,
to $7.1 million from $7.5 million in the first quarter of 2008. More than eighty
percent of this decrease consists of a $278,000 decrease in the cost of diesel
fuel due to declining prices of petroleum products as well as decreased usage
due to the reduced traffic volume. Decreases in other operating expenses were
somewhat offset by increased locomotive repair and maintenance costs.
Read the The complete ReportPWX is in the portfolios of John Keeley of Keeley Fund Management, John Keeley of Keeley Fund Management.
