Providence and Worcester Railroad Company
SEC Info: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000831968&owner=include&count=40
Contact Listing: http://www.pwrr.com/contacts.html
About Providence and Worcester Railroad Company
P&W is a regional freight railroad operating in Massachusetts, Rhode Island, Connecticut and New York. The Company is the only interstate freight carrier serving the State of Rhode Island and possesses the exclusive and perpetual right to conduct freight operations over the Northeast Corridor between New Haven, Connecticut and the Massachusetts/Rhode Island border. Since commencing independent operations in 1973, the Company, through a series of acquisitions of connecting line, has grown from 45 miles of track to its current system of approximately 545 miles. P&W operates the largest double stack intermodal terminal facilities in New England in Worcester, Massachusetts, a strategic location for regional transportation and distribution enterprises.
In April 2004, the Company was one of two local companies selected by Worcester’s Better Business Bureau to receive its highest award for marketplace ethics, and in May 2004, The Boston Globe for the third year in a row, named the Company to the Globe 100, the newspaper’s annual list of top-performing publicly held companies in Massachusetts.
In 2004 the Company received a Bronze Harriman Award from the American Association of Railroads and a silver safety award from the American Short Line and Regional Railroad Association for its impressive safety record for the year. The Company also received an ASLRRA Marketing Award at the ASLRRA 2004 Annual Meeting in St. Louis, MO for developing the coal traffic that the Company has been moving in unit trains since 2000.
In September 2000, The American Shortline and Regional Railroad Association named the Company one of four winners in its Fifth Annual Marketing Awards Competition. The Company's winning entry, entitled "Growing Our Eastern Canadian Steel Traffic" , focused on the Company's delivery of consistent and economical service to three receivers, two of which are located on Amtrak's high-speed Northeast Corridor. Working with the Canadian National and the New England Central, the Company captured the business of transporting steel from several Canadian mills from origins less than 350 miles away, traffic that would otherwise have been handled by trucks.
In September 1999, P&W was named "Regional Railroad of the Year" by Railway Age magazine. P&W was chosen for this distinction for its innovative marketing initiatives and for the general excellence of its operations. Railway Age magazine is a trade publication servicing railways and rail transit industries since 1976. The award is presented at the Annual Meeting of the American Short Line and Regional Railroad Association.
The Company transports a wide variety of commodities for its customers, including automobiles, construction aggregate, iron and steel products, chemicals, coal, ethanol, lumber, scrap metals, plastic resins, cement, processed foods and edible food stuffs, such as frozen foods, corn syrup and animal and vegetable oils. Its customers include the Dow Chemical Company, Northeast Utilities, Exxon/Mobil, Frito-Lay, Inc., International Paper Company, Smurfit Stone Container Corp and Tilcon Connecticut, Inc. In 2007, P&W transported approximately 31,000 car loads of freight and approximately 40,500 intermodal containers. The Company also generates income through sales of properties, grants of easements and licenses and leases of land and tracks. As a result of two stock offerings in 1998, to the best of our knowledge, for the first time in 155 years of existence, the Company has retired all of its debt obligations.
P&W's connections to multiple Class I railroads, either directly or through connections with regional and short-line carriers, provide the Company with a competitive advantage by allowing it to offer creative pricing and routing alternatives to its customers. In addition, the Company's commitment to maintaining its track and equipment to high standards enables P&W to provide fast, reliable and efficient service.
Over the past decade, consumer product companies have increasingly turned to intermodal transportation, i.e., the shipment of containerized cargo via more than one mode of transportation. By using a hub-and-spoke approach to shipping, multiple double stacked containers can be moved by rail to and from an intermodal terminal and then either delivered to their final destinations by trucks or transferred to ships for export. Headquartered in a major population center in New England, the Company is well situated to capitalize on this trend.
There are a number of development projects underway in New England to increase port capacity along its extensive coastline and to improve the intermodal transportation and distribution infrastructure in the region. These projects include the Commonwealth of Massachusetts' $250 million highway reconstruction project to create a direct Worcester connection to the Massachusetts Turnpike and improve road connections to Worcester; the State of Connecticut's project to restore rail access to the Port of New Haven; and the State of Rhode Island's $120 million expansion and improvement of the Quonset Point/ Davisville port and industrial park located near the entrance to Narragansett Bay.
Robert H. Eder -- Chairman and Director
P. Scott Conti -- President and Director
Robert J. Easton -- Treasurer
Marie A. Angelini -- Secretary and General Counsel
David F. Fitzgerald -- Vice President
Frank K. Rogers --Vice President
Richard W. Anderson
President and Chief Investment Officer, Massachusetts Capital Resource Company
Frank W. Barrett
J. Joseph Garrahy
President, J. Joseph Garrahy & Associates
James C. Garvey
President and CEO, Flagship Bank & Trust Company
John J. Healy
Director, Manufacturing Advancement Center
Director of Operations, Massachusetts Manufacturing Extension Partnership
Charles M. McCollam, Jr.
President, Bertha M. McCollam, Inc. and
President, McCollam Associates
Craig M. Scott
Managing Partner, Duffy, Sweeney & Scott, Ltd.
Common stock, $.50 par value; authorized 15,000,000 shares; issued and outstanding 4,794,952 shares in 2008 and 4,552,557 shares in 2007.
* Ref: http://www.sec.gov/Archives/edgar/data/831968/000083196808000057/body10-q20080331.txt
Computershare Trust Company, N.A.
P.O. Box 43078
Providence, RI 02940-3078
Shareholder Inquires: 781-575-2879
Deloitte & Touche LLP
200 Berkeley Street
Boston, MA 02116-5022