(VIA Rail issued the following press release on April 3.)
MONTRÉAL — Increased passenger ridership contributed to significantly higher revenues and improved financial results for VIA Rail Canada in 2002. These findings are the highlights in a series of success stories in the crown corporation’s 2002 Annual Report, issued today.
“2002 delivered the best performance results in VIA’s 25-year history,” stated Marc LeFrançois, President and Chief Executive Officer, VIA Rail Canada. “We moved more people and we did so more efficiently and effectively than ever before.”
Performance Achievements
More than 116,000 additional passengers travelled with VIA in 2002, marked by a 10 percent increase in ridership in the Québec City-Windsor corridor over 2001. In total, ridership has risen over half a million in the 12 years since 1990. In the same period, revenues have increased by 90 percent to the current total of $270.8 million. VIA’s strong customer satisfaction rating improved to a full 95 percent of those surveyed reporting that VIA met or exceeded their expectations.
“As a crown corporation, every Canadian is a VIA shareholder,” continued Marc LeFrançois. “We are delighted and proud to present these results and the continued strong return on investment these results represent to our shareholders. VIA has achieved this financial success because VIA employees at every level of our business are committed to customer service and effective stewardship of the corporation.”
Leadership in Corporate Governance
In 2002, VIA Rail asked the Public Policy Forum, an independent organization with proven expertise in governance issues, to review and evaluate the governance culture, structure and practices of VIA’s Board of Directors. The review concluded that VIA’s Board is functioning well, and gave it high ratings for its effectiveness and the strong relationship between the Board and VIA management.
2003 and Beyond
“As VIA looks forward to 2003 and beyond, we see a stronger role emerging for rail passenger services in the Canadian passenger transportation system” added Marc LeFrançois. “Congestion is gripping many roads. Environmental priorities require new approaches and stronger intermodal relationships within the transportation industry. But above all, people must be able to move quickly, efficiently and safely. Passenger rail will remain pivotal for travelers in Canada.”
“Everyone at VIA believes passionately in the potential of passenger rail. Under the proper operating conditions, and if called upon to do so, VIA is ready, willing and able to do more ensuring the best possible return in passenger rail, while responding effectively to the current and emerging needs of Canadians across our country,” concluded Jean Pelletier, Chairman of the Board, VIA Rail Canada.
VIA Rail Canada is the national passenger rail service, connecting some 450 communities from coast to coast. Demand for VIA services has grown dramatically in recent years, as more Canadians turn to train travel as a safe, comfortable, reliable and cost-efficient alternative.