Providence and Worcester Railroad Company Announces 2003 Results.Business Editors WORCESTER, Mass.--(BUSINESS WIRE)--March 26, 2004 Providence and Worcester Railroad The Providence and Worcester Railroad (AAR reporting marks PW) is a Class II railroad in the United States. The railroad connects from Gardner in central Massachusetts, south through its namesake cities of Worcester and Providence, Rhode Island, and west from Rhode Island Company (AMEX AMEX See: American Stock Exchange : PWX PWX Pro Wrestling Xtreme (gaming) PWX Providence and Worcester Railroad Company (stock symbol) ) today announced its results of operations for the year ended December 31, 2003. Net income for the year increased to $668,000 from $22,000 in 2002. Diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. income per share increased to $.15 in 2003 from less than $.01 in 2002. The Amtrak Amtrak, the National Railroad Passenger Corp., authorized to operate virtually all intercity passenger railroad routes in the United States. Amtrak was created by Congress in 1970 in response to more than two decades of continuous operating deficits by privately run rate arbitration arbitration Process of resolving a dispute or a grievance outside a court system by presenting it for decision to an impartial third party. Both sides in the dispute usually must agree in advance to the choice of arbitrator and certify that they will abide by the decision, which was rendered in June 2002, had the effect of increasing the Company's operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for that year by $1.1 million of track usage fees and siding maintenance costs applicable to years prior to 2002. Operating revenues operating revenue Revenue from any regular source. Revenue from sales is adjusted for discounts and returns when calculating operating revenue. Compare other revenue. for 2003 were $24.0 million compared to $22.9 million in 2002, an increase of $1.1 million, or 4.8%. This increase is comprised of a $676,000 (3.5%) increase in conventional freight revenues and a $547,000 (27.7%) increase in container freight revenues partially offset by a $130,000 (9.7%) decrease in revenues from transportation related services. The increase in conventional traffic revenues results from a 3.5% increase in the average revenue received per carloading. Conventional traffic volume was virtually unchanged between years. Increases in the shipments of coal and metal products were largely offset by a decrease in shipments of construction aggregates. The increase in container freight revenues results from a 10.3% increase in traffic volume and an 11.3% increase in the average revenue received per container. Operating expenses for 2003 were $23.6 million, a decrease of $144,000 (.6%) from 2002. Increases in profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of , maintenance and utility costs in 2003 were more than offset by the one year impact of the Amtrak arbitration decision on 2002 as previously discussed.
Years Ended December 31,
(in thousands, except per share amounts) 2003 2002 2001
Income Statement Data:
Operating Revenues $23,961 $22,868 $22,598
Other Income 661 877 1,003
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Total Revenues 24,622 23,745 23,601
Total Operating Expenses 23,554 23,698 22,245
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Income Before Income Taxes 1,068 47 1,356
Provision for Income Taxes 400 25 505
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Net Income $ 668 $ 22 $ 851
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Diluted Income Per Share $ .15 $ .00 $ .19
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Weighted Average Shares - Diluted 4,516 4,497 4,458
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December 31,
(in thousands) 2003 2002 2001
Balance Sheet Data:
Total assets $90,619 $90,500 $89,161
Shareholders' equity 68,691 68,641 69,073
This release contains "forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. " within the meaning of section 21E of the Securities and Exchange Act of 1934, as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic condition, and changing competition which could cause actual results to differ materially from those indicated herein. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission. |
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