Tuesday September 15, 6:30 am Eastern Time
Company Press Release
SOURCE: New York Regional Rail
New York Regional Rail Announces 1998 Six-Month Income Improvement Over 1997
NEW YORK, Sept. 15 /PRNewswire/ -- New York Regional Rail President, Robert R. Crawford announced this morning that New York Regional Rail Corporation (OTC Bulletin Board: NYRR - news), improved its 1998 six-month operating performance by posting a 67% reduction of $342,000, in its overall net loss to $172,000.
Railroad operating revenues increased by 23% over 1997 levels to $700,000 through June 30, 1998. Total NYRR revenues were included in a joint statement issued by Mr. Crawford, along with New York Cross Harbor Railroad's president, W. Robert Bentley. The two emphasized that revenues benefited from a growth in general freight for the first time in 5 years. Much of this growth was attributed to a 300% increase in cocoa shipments over the previous year. The transportation of waste remained level at approximately $350,000.
''We are extremely pleased by this most recent upturn in rail-freight business. We consider it a harbinger of things to come, especially in the context of the recently approved Conrail merger, and the beginning of the Post-Conrail era. We intend to work closely with the Norfolk Southern Railroad, CSX Transportation and the Canadian Pacific Railway to revitalize this Port District's economy by facilitating a marked increase in regional rail-freight and intermodal commerce,'' said Messrs. Crawford and Bentley in their joint statement.''
''We are continuing in our efforts to upgrade and rehabilitate our physical plant. In this context, NYRR has invested over $250,000 to install new track in our New York and New Jersey rail yards. In addition, NYRR has consolidated its equity ownership of the NYCH and its affiliate CH Proprietary, Inc. to 91% and 95%, respectively. We are continuing in our efforts to reach out to all governmental stakeholders in the region for much needed support and appropriate levels of capital investment. We believe these investments and other initiatives will be critically important to our success in increasing our capacities to service the regional rail freight growth anticipated in this deep water port, in the near and sustained future.''
The Railroad transports rail-freight cars via tug-propelled barges, known as car-floats, between its Greenville Railroad Yard in Jersey City, N.J. and the Brooklyn Waterfront. This unique system takes just 35 to 45 minutes to cross the Harbor, and just 20 minutes of loading/unloading on either side of the operation. Today it is said to represent the shortest, fastest and most direct conduit for freight to reach the New York City and Long Island Marketplaces. In addition, management believes this service is the most cost-effective and efficient railcar shipping system in this region.
The only rail-freight marine operation in the Northeast, NYRR's Cross Harbor Railroad is often called the ''Direct Link to the National Rail-Freight Network'' for the NY/NJ/LI metropolitan area.
New York Regional Rail Corporation is the operator of the New York Cross Harbor Railroad, and is actively traded an the OTC Bulletin Board under the symbol ''NYRR.''
SOURCE: New York Regional Rail
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