Providence & Worcester Railroads (PWX)

[Soapy Bubbles]

Providence and Worcester Railroad Company Announces Dividend

WORCESTER, Mass., Apr 29, 2009 (BUSINESS WIRE) -- Providence and Worcester
Railroad Company (NASDAQ: "PWX") announced that, at its regular quarterly meeting
on April 29, 2009, the Board of Directors of the Company declared a dividend of
$.04 per share on the outstanding Common Stock of the Company, payable May 26,
2009 to shareholders of record on May 11, 2009.

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.

SOURCE: Providence and Worcester Railroad Company

P&WMarie A. Angelini, 508-755-4000 (x365)