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First publish date: 05-15-2006
P&W Reports Net Loss for 1Q 2006
Providence and Worcester Railroad Company reported its results for the first quarter of 2006.

The Company had a net loss for the quarter of $252,000, compared with a net loss of $255,000 in 2005. The loss per common share was $.06 for both quarters.

Operating revenues for the first quarter of 2006 increased $967,000, or 17.1%, to $6.6 million from $5.6 million in the first quarter of 2005. These higher revenues are attributable to increases in both conventional and container freight. Significant increases in the volume of conventional freight carloadings was partially offset by a decrease in the average revenue received per carloading. A shift in the mix of commodities hauled toward lower rated items, such as coal and construction aggregates, accounts for the decrease in revenue per carloading. Container freight revenues increased as a result of contractual rate increases.

Operating expenses for the quarter increased by $957,000 (15.4%) from the first quarter of 2005. The most significant increases were in the cost of diesel fuel, which increased by $252,000 due to higher prices for petroleum products, and a $275,000 increase in employee health and welfare costs. Much of this increase results from one-time costs relating to changes in health insurance plans which were implemented during the quarter.

Historically, the Company has experienced its lowest levels of operating revenues and income during the first quarter of each year.
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