Projo Biz Blog

Providence and Worcester Railroad Co. reported a 2008 profit of $166,000, or three cents a share, compared with its 2007 loss of $652,000, or 14 cents a share.

Revenue rose 14 percent last year to $30.79 million. Revenue was boosted $4.6 million by conventional freight shipments - led by increases in shipments of ethanol and automobiles. Container freight revenue declined by $1 million.

"The sharp decrease in container revenue resulted from a continuing decline in container traffic volume, which began midway through 2007," the Worcester-based company said.

Providence and Worcester (PWX:Nasdaq) last year saw its operating costs rise $2.63 million, or 9.44 percent, to $30.48 million. "Higher expenditures for diesel fuel accounted for $1.5 million of this increase," or about 55 percent, the company said.

The company's directors declared a regular common stock quarterly dividend of 9 cents per share. The board also declared a 10 percent noncumulative annual dividend of $5 per share on the company's outstanding preferred stock. Both dividends were payable Feb. 23 to shareholders of Feb. 9.

 Tags  Providence and Worcester Rairoad Co.

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