PROVIDENCE & WORCESTER RAILROAD CO/RI/

CIK:0000831968|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Operating Revenues	$ 8,600	$ 9,516	$ 15,823	$ 16,777
Operating Expenses:
Maintenance of way and structures	1,255	1,229	2,798	2,762
Maintenance of equipment	961	945	2,058	1,707
Transportation	2,314	2,659	4,605	5,451
General and administrative	1,238	1,108	2,606	2,489
Depreciation	1,046	880	2,005	1,757
Taxes, other than income taxes	783	830	1,589	1,563
Car hire, net	333	525	720	908
Employee retirement plans	57	56	113	113
Track usage fees	383	179	638	219
Total Operating Expenses	8,370	8,411	17,132	16,969
Income (loss) from operations	230	1,105	(1,309)	(192)
Other income	40	103	49	110
Interest expense	25		30
Income (loss) from operations prior to income taxes	245	1,208	(1,290)	(82)
Provision for income taxes	60	435	(476)	(12)
Net Income (Loss)	185	773	(814)	(70)
Preferred Stock Dividends			3	3
Net Income (Loss) Attributable to Common Shareholders	$ 185	$ 773	$ (817)	$ (73)
Net Income (Loss) Per Common Share
Basic	$ 0.04	$ 0.16	$ (0.17)	$ (0.01)
Diluted	$ 0.04	$ 0.16	$ (0.17)	$ (0.01)
Weighted-Average Common Shares Outstanding:
For basic	4,866,593	4,860,863	4,865,223	4,859,990
For diluted	4,988,889	4,935,190	4,865,223	4,859,990

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash Flows from Operating Activities:
Net Loss	$ (814)	$ (70)
Adjustments to reconcile the net loss to cash flows from operating activities:
Depreciation	2,005	1,757
Amortization of deferred grant and other income	(489)	(471)
Deferred grant and other income	398	445
Deferred income taxes	(476)	(12)
Share-based compensation	93	96
Increase (decrease) in cash from:
Accounts receivable	285	709
Materials and supplies	(297)	(91)
Prepaid expenses and other current assets	475	472
Accounts payable and accrued expenses	(153)	(400)
Net cash flows provided by operating activities	1,027	2,435
Cash Flows from Investing Activities:
Purchase of property and equipment	(2,326)	(1,128)
Net cash flows used in investing activities	(2,326)	(1,128)
Cash Flows from Financing Activities:
Dividends paid	(395)	(392)
Issuance of common shares for stock options exercised and employee stock purchases	30	32
Proceeds from long term debt	4,000
Repayments on long term debt	(10)
Net cash flows provided by (used in) financing activities	3,625	(360)
Increase in Cash and Cash Equivalents	2,326	947
Cash and Cash Equivalents, Beginning of Period	6,281	6,414
Cash and Cash Equivalents, End of Period	8,607	7,361
Supplemental Disclosures:
Cash paid for income taxes	310	448
Deferred grant income in accounts receivable	774
Property and equipment included in accounts payable	$ 2,097	$ 570

Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current Assets:
Cash and cash equivalents	$ 8,607	$ 6,281
Accounts receivable, net of allowance for doubtful accounts of $160 in 2016 and 2015	5,466	4,977
Materials and supplies	1,208	911
Prepaid expenses and other current assets	146	621
Total Current Assets	15,427	12,790
Property and Equipment, net	91,328	88,910
Land Held for Development	12,457	12,457
Total Assets	119,212	114,157
Current Liabilities:
Accounts payable	5,909	4,251
Current portion of long-term debt	162	20
Current portion of deferred grant and other income	433	319
Accrued expenses	1,939	1,653
Total Current Liabilities	8,443	6,243
Long-Term Debt, net of current portion	4,828	980
Deferred Income Taxes	13,126	13,602
Deferred Grant and Other Income	13,283	12,714
Shareholders’ Equity:
Preferred stock, 10% noncumulative, $50 par value; authorized, issued and outstanding 640 shares in 2016 and 2015	32	32
Common stock, $.50 par value; authorized 15,000,000 shares; issued and outstanding 4,866,593 shares in 2016 and 4,862,693 shares in 2015	2,433	2,432
Additional paid-in capital	38,172	38,050
Retained earnings	38,895	40,104
Total Shareholders’ Equity	79,532	80,618
Total Liabilities and Shareholders’ Equity	$ 119,212	$ 114,157