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Tuesday August 17, 6:08 am Eastern Time
Company Press Release
NYRR Announces Profitability on EBITDA Basis
NEW YORK--(BUSINESS WIRE)--August 17, 1999--New York Regional Rail Corporation (OTC Bulletin board Symbol: ``NYRR') announced this morning that the Company's chief Financial Officer, Ira A. Levy, CPA, has completed the preparation of the Company's consolidated Balance Sheet and Statement of Operations for the period ended July 31, 1999.
The statements reflect that the Company's consolidated revenues for the month were approximately $600,000. Mr. Levy also reported that 'Earnings Before Interest, Taxes, Depreciation and Amortization' (EBITDA), were approximately $26,000 on a consolidated basis before minority interest allocation, and approximately $5,500 after minority interest allocation.
Mr. Levy said: ``Business has increased for all of New York Regional Rail's operating subsidiaries, and I expect this trend to continue for the foreseeable future.'
``I am naturally delighted by the results of the latest Statement of Operations. It confirms for me what I had already presumed was true, that New York Regional Rail, and all of its operating subsidiaries, are performing as we hoped they would, and in many ways, are exceeding our expectations,' said Robert Bentley, NYRR's President.
``I would also like to stress in particular, that NYRR's Cross Harbor Railroad subsidiary has continued to progress in its handling of ever-increasing volumes of rail-freight, and that we experienced an approximate 65% increase from June to July,' he continued.
``From our perspective, the transition from Conrail to the 'Post-Conrail Era,' has represented unprecedented, accelerated growth, as a result of the Railroad's strong relationships with Norfolk Southern Railway, CSX Transportation and the Canadian Pacific Railway, all of which we consider industry partners,' he concluded.
It is my understanding that this is the first time in the Company's recent history that we have been able to report positive EBITDA on NYRR``s overall operations. We have certainly come a long way in a relatively short period of time,' said Mr. Levy.
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Contact:
New York Regional Rail Corp.
Gregory C. Kisloff
718/788-3690
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