Printer Friendly

WISCONSIN CENTRAL REPORTS RECORD SECOND QUARTER NET INCOME

 WISCONSIN CENTRAL REPORTS RECORD SECOND QUARTER NET INCOME
 Record Revenues and Operating Income Lead to
 37.7 Percent Increase in Net Income
 CHICAGO, July 27 /PRNewswire/ -- Wisconsin Central Transportation Corporation (NASDAQ: WCLX) (WCTC) today reported record second quarter net income of $2,876,000 for 1992, an increase of 37.7 percent from the prior year level of $2,088,000. The increase reflects a record quarter for both operating revenues and operating income.
 Earnings increased to 45 cents a share in the second quarter of 1992 from 43 cents in the year-earlier period. The company said the increase in net income overcame the effects of a 1,539,000 share or 31.6 percent increase in the average number of common shares outstanding due to WCTC's initial public offering in May 1991. The 1991 earnings per share reflect an extraordinary charge of $0.3 million, or seven cents per common share to recognize the write-off of deferred financing costs associated with the early retirement of debt in June 1991.
 Operating revenues for the second quarter of 1992 reached a record $31.3 million, an increase of $2.9 million or 10.0 percent from the same period in 1991. Edward Burkhardt, WCTC's president said, "Second quarter revenues helped by a new iron ore contract, which added $1.0 million to operating revenues." The company also experienced gains in shipments of chemicals, clay, paper, sand, stone and minerals. Additionally, the company's Ladysmith-Superior line, acquired in December 1991, added operating revenues of $1.4 million.
 The revenue increases, coupled with smaller increases in operating expenses, led to a record operating income of $7.0 million for the second quarter of 1992, an increase of $0.6 million from 1991. Operating expenses for the second quarter were $24.4 million, up $2.2 million, or 10.0 percent from the year-earlier period, largely as a result of the traffic increases. The company's operating ratio for the second quarter (operating expenses divided by operating revenues) was 77.8 percent, unchanged from the same period a year ago.
 Also contributing to the company's results was a decline in interest expense of $0.5 million, or 16.6 percent in the second quarter of 1992, compared with the same period in 1991. This decline was primarily due to a $36.2 million repayment of debt in June 1991, using the proceeds of the company's initial public offering. This was offset in part by a $20 million borrowing of senior secured notes in December 1991, to finance the Ladysmith-Superior acquisition. First half results
 WCTC reported record operating revenues, operating income, and net income for the six months ended June 30, 1991. Net income during the period rose $1,465,000 to $4,324,000, an increase of 51.2 percent. Operating revenues reached $60.0 million, an increase of $2.2 million or 3.7 percent, versus $57.8 million in the same period a year ago. Operating expenses for the six-month period increased by $1.0 million, or 2.2 percent to $48.5 million primarily due to the traffic increases. Operating income increased 10.8 percent or $1.1 million to a record $11.5 million.
 The company's operating ratio for the first six months declined to 80.8 percent from 82.1 percent in the year earlier period. This improvement is largely the result of increased revenues and decreases in joint facility and fuel expenses of $0.8 million and $0.4 million, respectively.
 Interest expense declined by $1.5 million, or 23.0 percent in the first six months of 1992 to $5.0 million, primarily due to the early retirement of debt.
 Earnings increased to 67 cents a share for the first six months of 1992 from 64 cents in the year-earlier period. WCTC said an increase in net income overcame a 44.5 percent increase in the number of common shares outstanding following last year's initial public offering. The 1991 earnings per share reflects an extraordinary charge of $0.3 million, or eight cents per common share to recognize the write-off of deferred financing costs associated with the early retirement of debt in June 1991.
 Wisconsin Central Transportation Corporation is publicly traded on NASDAQ under the ticker symbol WCLX. The company's principal subsidiary, Wisconsin Central Ltd., operates more than 2,000 miles of railroad serving Wisconsin, Illinois, Minnesota, Michigan's Upper Peninsula and Ontario.
 WISCONSIN CENTRAL TRANSPORTATION CORPORATION
 Quarter Ended Six Months Ended
 6/30/92 6/30/91 6/30/92 6/30/91
 Operating revenues $31,332,000 $28,475,000 $59,950,000 $57,803,000
 Income before
 extraordinary item 2,876,000 2,429,000 4,324,000 3,200,000
 Extraordinary item -- (341,000) -- (341,000)
 Net income $2,876,000 $2,088,000 $4,324,000 $2,859,000
 Average number of
 common shares 6,415,000 4,875,769 6,415,000 4,440,304
 Earnings per common share:
 Income before
 extraordinary item $.45 $.50 $.67 $.72
 Extraordinary item -- (.07) -- (.08)
 Net income $.45 $.43 $.67 $.64
 -0- 7/27/92
 /CONTACT: Tom Power of Wisconsin Central Transportation, 708-318-4602/
 (WCLX) CO: Wisconsin Central Transportation Corporation ST: Minnesota IN: TRN SU: ERN


DS -- MN001 -- 3384 07/27/92 09:40 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 27, 1992
Words:876
Previous Article:COMSHARE ENTERS MANAGERIAL APPLICATION SOFTWARE ARENA WITH NEW COMMANDER RELEASE
Next Article:VALUE MERCHANTS, INC. COMPLETES FINANCING INITIATIVES
Topics:


Related Articles
WISCONSIN CENTRAL REPORTS RECORD NET INCOME OF $8.3 MILLION
WISCONSIN CENTRAL REPORTS RECORD THIRD QUARTER NET INCOME; NET INCOME RISES 11.6 PERCENT ON HIGHER REVENUES, OPERATING INCOME
WISCONSIN CENTRAL FOURTH QUARTER NET INCOME RISES 34.2 PERCENT TO $3.2 MILLION
WISCONSIN CENTRAL REPORTS RECORD FIRST QUARTER OPERATING REVENUES, OPERATING INCOME AND INCOME BEFORE ONE-TIME CHARGES
WISCONSIN CENTRAL REPORTS RECORD SECOND QUARTER OPERATING REVENUES, OPERATING INCOME AND NET INCOME; RESULTS REFLECT RECORD TRAFFIC VOLUME
WISCONSIN CENTRAL REPORTS RECORD FINANCIAL RESULTS; RECORD FOURTH QUARTER COMPLETES A YEAR OF GROWTH AND EXPANSION
WISCONSIN CENTRAL REPORTS RECORD FIRST QUARTER RESULTS RECENT INVESTMENTS LEAD TO $8.5 MILLION INCREASE IN NET INCOME
WISCONSIN CENTRAL REPORTS RECORD FINANCIAL RESULTS
WISCONSIN CENTRAL REPORTS RECORD THIRD QUARTER OPERATING REVENUES AND OPERATING INCOME
WISCONSIN CENTRAL REPORTS RECORD FOURTH QUARTER AND ANNUAL RESULTS

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters