Amtrak has issued a news release touting the FY2014 financial results which, despite weak ridership for many corridor services and bad year for delays for the LD trains, had the lowest net operating loss in 41 years at $227 million. We saw the basic numbers in the September, 2014 monthly report, but the news release provides the (unaudited) FY14 vs FY13 profit and lost results and the balance sheet. And, yes, the FY2013 financial report is still missing.
Amtrak Delivers Strong FY 2014 Financial Results.
Excerpt of the first few paragraphs:
Amtrak Delivers Strong FY 2014 Financial Results.
Excerpt of the first few paragraphs:
BTW, the FY14 ridership totals for each station are now listed on the Great American Stations website. NYP passed a threshold with 10,024,474 passengers in FY14. However, WAS, PHL, CHI all saw slight declines in passenger totals.Five consecutive years of revenue growth, higher operating cost recovery; More investment needed to meet future passenger demand.
Fiscal Year 2014 Highlights:
WASHINGTON – Today, Amtrak reported unaudited record revenue totaling approximately $3.2 billion for the fiscal year ending Sept. 30, 2014, representing the fifth consecutive year of revenue growth, and the eighth out of the past nine years.
- Record revenue of approximately $3.2 billion
- Operating cost recovery rises to 93 percent
- Lowest federally funded operating loss in 41 years
- Moody’s confirms long-term debt rating at A1/Stable
In FY 2014, America’s Railroad® covered 93 percent of its operating costs with ticket sales and other revenues, up from 89 percent the year before. In addition, Amtrak’s unaudited federally funded operating loss of approximately $227 million was the lowest level since 1973, representing a 37 percent decrease from the prior year and 52 percent lower than in FY 2007.
As a result of the company’s strong operating performance, long-term debt reductions of approximately 61 percent over the past seven years to $1.3 billion, and other contributing factors, Moody’s Investor Service confirmed Amtrak’s A1/Stable debt rating on Nov. 12, 2014.
“Our financial performance over the past year is the clearest indication yet that Amtrak’s investments, operating efficiencies and focus on its customers is paying off,” said Amtrak Chairman of the Board Tony Coscia. “Under the leadership of Amtrak’s Board and management, the company is transforming how it does business. We are delighted with our latest financial results and committed to making further progress in the years ahead. As we continue to make improvements in our operating and financial performance, we call upon the federal government and our stakeholders to support the capital investments necessary to keep moving Amtrak forward.”