• Providence and Worcester Railroad Company Announces Project

  • Topics relating to the operation of the P&W Railroad, which is a subsidiary of Genesee and Wyoming. Regional freight railroad based in Worcester and operating in Massachusetts, Rhode Island, Connecticut, and New York.
    Official Website
Topics relating to the operation of the P&W Railroad, which is a subsidiary of Genesee and Wyoming. Regional freight railroad based in Worcester and operating in Massachusetts, Rhode Island, Connecticut, and New York.
Official Website

Moderator: MEC407

  by bobbarbn
Providence and Worcester Railroad Company Announces Project Milestones
Wednesday July 26, 3:23 pm ET

WORCESTER, Mass.--(BUSINESS WIRE)--July 26, 2006--Providence and Worcester Railroad Company (AMEX: "PWX") today announced progress relating to the Company's South Quay property and the Freight Rail Improvement Project ("FRIP"), two projects that have been ongoing for a number of years.

Yesterday, a groundbreaking took place for the Warren Avenue extension in East Providence, Rhode Island, a Rhode Island Department of Transportation roadway improvement that will provide a direct link between I-195 and the Company's South Quay property. The South Quay consists of a total of forty-five acres in two parcels - a thirty-three acre parcel that was tide-flowed land filled by the Company and an existing twelve-acre parcel. The Company's fee simple title to the thirty-three acre parcel was confirmed by the Rhode Island Supreme Court in a landmark decision in 1999. The Rhode Island Superior Court confirmed the Company's fee simple title to the twelve-acre parcel in 2000. The property is located a half mile from Route I-195. The principal planner for the City of East Providence was recently quoted in a published article as saying that the link to the highway is believed to be "critical because, from the standpoint of developers, one of their greatest concerns is having direct access to the interstate." The project is anticipated to be substantially complete by 2007.

The FRIP was originally proposed by the State of Rhode Island in the mid-1990s to increase the capacity of the electrified Northeast Corridor along a twenty-two-mile corridor from Central Falls, Rhode Island, through Providence, to Quonset Point/ Davisville and to increase overhead clearances to allow for the movement of modern rail equipment, thereby enabling development of the State's Quonset Point/Davisville port facilities. The FRIP track consists of seventeen miles of dedicated freight track (ten miles of which are new track and seven miles of which were rehabilitated), while the balance of the route consists of shared use of two rehabilitated electrified main lines for five miles). Construction commenced in 2002 at a cost of $148 million to the State of Rhode Island and the federal government and is scheduled to be completed by the third quarter of 2006. As of now, the inaugural train on the FRIP track is tentatively scheduled for the end of August, with regular service to commence in September 2006.

In a letter to Company shareholders dated July 26, 2006, PWX President, P. Scott Conti, stated that, "The Company looks forward to the completion of the Warren Avenue extension and the inauguration of service on the FRIP track with great anticipation."

In addition, the Company announced that, at its regular quarterly meeting on July 26, 2006, the Board of Directors of the Company declared a dividend of $.04 per share on the outstanding Common Stock of the Company, payable August 21, 2006 to shareholders of record on August 7, 2006.

This release contains "forward-looking statements" within the meaning of section 21E of the Securities and Exchange Act of 1934, as amended. These forward-looking statements represent the Company's present expectations or beliefs concerning future events. The Company cautions that such statements are necessarily based on certain assumptions which are subject to risks and uncertainties, including, but not limited to, changes in general economic condition, and changing competition which could cause actual results to differ materially from those indicated herein. Further information on these risk factors is included in the Company's filings with the Securities and Exchange Commission.

  by Otto Vondrak
What was the source of this story? A press release?

  by ferroequinarchaeologist
May be clearing the decks for some of this type of activity

Press release June 2, 2006

Providence and Worcester Railroad Co., a regional freight railroad serving Rhode Island, said today it is ``exploring possible business opportunities'' with RailAmerica Inc., a national rail operator based in Florida.

Representatives of both companies declined to elaborate on what ``possible business opportunities'' might mean, but RailAmerica has acquired more than 60 railroads since its formation in 1986.

RailAmerica owns 42 regional and short line railroads in the United States and Canada. In New England, the Boca Raton-based company owns Connecticut Southern Railroad of East Hartford and New England Central Railroad of St. Albans, Vt.

Providence and Worcester Railroad announced its discussions with RailAmerica in a midday statement that said the two companies had signed a confidentiality agreement with respect to exploring ``business opportunities.''

``The Company stressed there is no agreement between the parties relating to any such business opportunities,'' the Providence and Worcester Railroad statement said. General counsel Mary A. Tanona declined further comment on the statement.

Susan Wright Greenfield, a spokeswoman for RailAmerica, said, ``On a regular basis, we do talk to a number of parties on joint marketing and business development opportunities.''

Shares of Providence and Worcester Railroad shot up in trading on the American Stock Exchange after the announcement, closing up 6.1 percent at $18 a share. RailAmerica's stock rose 10 cents today, closing at $11.35 on the New York Stock Exchange.

  by crij
As far as I can tell, through the other P&W & NECR groups, is that the `possible business opportunities' will be one or more of three things:

1. use of the line, by P&W from Willimantic to New London to get around the Thames River Bridge replacement project, when the rails are closed to change the bridge decks.

2. Re-establish the interchange in Willimantic.

3. Hash out the arrangements for the New England Gateway trains, and/or handling of the unit auto carrier trains and possible unit coal trains, to allow for expedited service.

Just my observations,

Rich C.

P.S. Otto, to answer your question about the source of the original post, look at the first line of the article, IFAIK `Business Wire' is the news source.
  by bwparker1
From Henry B. at P&W Yahoo Group:
http://finance.groups.yahoo.com/group/P ... rcesterRR/

Hello All, The P&W Will Be Running a Special Passenger Train This Tuesday. From Providence,RI. To St.Albans,VT. (NECR) its Going To Be a 2 Day Trip. Day 1, The Trip Starts Off In Providence,RI. & The Train Heads North, Up The Prov Main To Worcester, From Worc. The Pass Extra. Heads South On The Norwich Branch. & The Passenger Train Will Come To a Stop In Groton,CT. (End Of Day 1) (WED) 8-2. Day 2 Starts In Groton,CT...... & Makes It Way Over To The NECR At New London,CT. From New London,CT. The Passenger Train Then Heads North, All The Way Up To St.Albans,VT. (NECR) Dunno IF....? The P&W Power Will Be Staying On This Train Or Not...? This Train Will Have "Top Brass Official's" On This Train. I Don't Have The Starting Times, But Once I Find Out. I'll Post. It Could Be At 7:30 Am..... But, I'm Not Sure. P&W Washing & Cleaning (2) Units In Worcester. & The Pass Equipment Itself.
Last edited by bwparker1 on Thu Aug 03, 2006 7:37 am, edited 1 time in total.
  by bwparker1
From Henry B. at P&W Yahoo Group:
http://finance.groups.yahoo.com/group/P ... rcesterRR/

Hello All, I Found Out Today That Tomorrow's PX Will Depart Amtrak's Providence Union Station At Around 7:30- 8 AM, And Head North To The Valley Where The Train Will Stop To Tour The Office, Yard Etc! North To Worcester Where They Will Have Lunch And Depart Sometime After 12:30pm... Headed South To Groton, And New London. The Passenger Coaches Will Stay Overnight at The Amtrak New London Station, And The Next Day The NECR Will Provide a Locomotive To The Power Set (P&W Run Thru Power) The Extra North To St. Albans Departing At New London Around 7:30 AM, Arriving Palmer 11:30am, Onto Amherst, Where The Special Will Meet Amtrak's Southbound "Vermonter". The Special Will Make Stops at Bellows Falls, and White River Jct. Before Continuing On To St. Albans. I Believe The Coaches Will Return in NECR's Southbound Freight.......?

  by mental757
I've heard rumors that P&W could partner with RIDOT to provide commuter rail service between Woonsocket and Providence.