Providence & Worcester Railroad has reported net income for the second quarter of $322,000 compared to income of $320,000 in the second quarter of 2008. Diluted income per common share was 7 cents for both quarters. Other income for the second quarter of 2009 includes $950,000 received from the settlement of certain legal proceedings and the granting of a permanent easement.
Operating revenue for the quarter dropped $2.0 million, or 24.5%, to $6.1 million. Operating expenses declined by $1.1 million, or 13.7%, from the second quarter of 2008. The reduced cost of diesel fuel accounted for $758,000 of the decrease.
For the six months ended June 30, 2009, the company reported a net loss of $1.1 million (22 cents per common share) compared to a net loss of $605,000 (13 cents per common share) during the first six months of 2008.
"While there have recently been some signs that traffic volumes may begin to improve, management cannot predict when and if economic conditions will improve sufficiently to enable the Company to return to profitable operations," said the company in an earnings statement released Thursday.