(Pioneer Railcorp issued the following press release on March 27.)
PEORIA, Ill. — Pioneer Railcorp announced today the Company’s 2002 earnings.
Pioneer Railcorp’s net income in 2002 increased 9.5% to $1,246,000, or $.28 per share, compared to $1,138,000, or $.25 per share in 2001. Revenue increased in 2002 by $549,000, or 4%, to $14,970,000 from $14,421,000 in the prior year. The railroad operations were the primary source for the increased revenues. Operating expense decreased in 2002 by $953,000, or 7%, to $12,133,000 from $13,086,000 in 2001. Net income was also positively affected by a $267,000 decrease in interest expense compared to the prior year.
When comparing 2002 and 2001 net income, it should be noted that all 2002 net income is attributable to normal, ongoing operations compared to 2001 net income which included a pre-tax gain of approximately $1,738,000 resulting from the sale of 33 miles of Alabama & Florida Railway Co. track from Georgiana to Andalusia, Alabama. Overall 2002 financial performance was positively impacted by many factors including, a senior management restructuring in early 2001, successful conclusion of various marketing initiatives, refinancing of certain Company debt, and the realization of benefits from certain 2001 capital improvements and cost containment strategies.
Guy L. Brenkman, Pioneer Railcorp President & Chief Executive Officer commented: “We are all pleased with Pioneer Railcorp’s 2002 financial results and operating performance, marking 2002 as the best year ever in the Company’s history. These record results are attributed to our growing customer base and all of the Company’s fine employees.”
Pioneer Railcorp is a shortline railroad holding company with 16 freight railroads operating in ten states with over 463 miles of track. For more information, visit the Company’s website http://www.pioneer-railcorp.com/ .