Download amtrak ridership and ticket revenue steady in fiscal year 2015

FOR IMMEDIATE RELEASE
Dec. 2, 2015
ATK-15-066
Contact: Christina Leeds
202-906-3860
[email protected]
AMTRAK RIDERSHIP AND TICKET REVENUE
STEADY IN FISCAL YEAR 2015
Investment in infrastructure critical for future growth of passenger rail
WASHINGTON – Amtrak ridership and ticket revenue remained steady in its Fiscal
Year ended Sept. 30, 2015, reflecting continued demand for passenger rail; however, significant
and predictable investment is needed to ensure that intercity passenger rail will continue to
deliver nationwide benefits including providing safe and reliable mobility and advancing
America’s economy.
For Fiscal Year 2015, unaudited ticket revenues reached $2.185 billion, 0.1 percent
below the prior year and ridership was more than 30.8 million, also 0.1 percent below the
previous year, primarily due to service disruptions on the Northeast Corridor, significant weather
events and lower gas prices.
Unaudited total revenue for the company was approximately $3.2 billion for Fiscal Year
2015, 1 percent below the previous year. Operating cost recovery remained strong; Amtrak
covered 91.1 percent of operating costs with ticket sales and other revenues.
In addition, Amtrak’s unaudited adjusted operating loss was at $306.5 million which was
higher than the previous year.
“We continue to make smart investments and advancements to critical infrastructure and
significant improvements to the passenger experience so that the company can continue
providing mobility to more passengers and make the best use of our limited resources,” said
Amtrak Chairman of the Board Tony Coscia. “This year’s financial results show the resiliency
of a company that faced a range of challenges and underscored the loyalty of our customers even
during a period of low gas prices. Amtrak’s Board and management remain committed to
moving the company forward and providing vital transportation for the country’s future.”
- more -
-2-
ATK-15-066
“This past year we continued to take America to where it needs to go, providing
transportation to more than 30.8 million customers, which reflects continued strong demand and
the value of our services,” said Amtrak President & CEO Joe Boardman. “We have now carried
more than 30 million passengers for five straight years, which is a testament to the value we
bring to intercity travelers. However, critical investment is needed to ensure future growth of
intercity passenger rail.”
With ridership of 11.7 million, the Northeast Corridor (NEC) had its highest ridership
year ever in Fiscal Year 2015, up 0.5 percent from the prior year, led by Northeast Regional
service that saw a 1.5 percent increase and set a new ridership record with more than 8.2 million
trips.
To ensure continued reliable transportation on the Northeast Corridor, Amtrak, in
partnership with New York, New Jersey and the Port Authority is looking forward to forming the
Gateway Development Corporation to start work on the critical Gateway Program.
In addition, Amtrak formed the Blue Ribbon Panel to address the Chicago rail gridlock
that is causing major delays for passengers and for freight shipments.
About Amtrak®
Amtrak – America’s Railroad® – is dedicated to safe and reliable mobility as the nation’s intercity passenger rail
service provider and its high-speed rail operator. With our state and commuter partners, we move people, the
economy and the nation forward, carrying more than 30 million Amtrak passengers for each of the past five years.
Formally known as the National Railroad Passenger Corporation, Amtrak is governed by a nine member board of
directors appointed by the President of the United States and confirmed by the U.S. Senate. Anthony R. Coscia is
board chairman and Jeffrey R. Moreland is vice chairman. Amtrak operates more than 300 trains daily – at speeds
up to 150 mph (241 kph) – connecting more than 500 destinations in 46 states, the District of Columbia and three
Canadian Provinces. Learn more at Amtrak.com or call 800-USA-RAIL for schedules, fares and other information.
Check us out at blog.Amtrak.com, Like us on Facebook.com and Follow us on Twitter @Amtrak.
# attachments #
National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Preliminary Consolidated Statements of Operations
Year Ended
September 30,
2015
2014
(unaudited)
(In Thousands of Dollars)
Revenues:
Passenger related ......................................................................................
Commuter ..................................................................................................
Other ..........................................................................................................
$
2,478,740
122,671
608,395
$
2,508,165
119,032
608,389
Total revenues ..........................................................................................
3,209,806
3,235,586
Expenses:
Salaries, wages, and benefits ....................................................................
Train operations .........................................................................................
Fuel, power, and utilities ............................................................................
Materials .....................................................................................................
Facility, communication, and office related ................................................
Advertising and sales .................................................................................
Casualty and other claims ..........................................................................
Depreciation and amortization....................................................................
Other ..........................................................................................................
Indirect cost capitalized to property and equipment ...................................
2,136,304
251,855
283,320
185,378
198,998
95,214
88,943
755,742
485,704
(139,353)
2,105,766
223,880
362,971
203,232
190,629
96,381
58,653
759,023
416,205
(133,191)
Total expenses .........................................................................................
4,342,105
4,283,549
Net loss before other (income) and expense .........................................
1,132,299
1,047,963
Other Expense:
Interest income ..........................................................................................
Interest expense .........................................................................................
Other income, net ......................................................................................
(2,121)
65,554
(1,751)
(2,045)
60,989
(24,295)
Other expense, net ...................................................................................
61,682
34,649
Net loss .....................................................................................................
1,193,981
1,082,612
760,577
126,876
887,453
764,677
87,870
852,547
Adjustments to Net Loss
Depreciation…………………………………………………………………..
Other…………………………………………………………………………….
Total Adjustments…………………………………………………………………
Adjusted Operating Loss……………………………………….
$
Adjusted Cost Recovery
306,528
$
230,065
91.1%
Adjusted Operating Loss is defined as Total Operating Revenue minus Total Operating Expenses less Depreciation,
OPEB's, OIG, Project related costs (PRJ), Interest and Superstorm Sandy Insurance Recoveries. This calculation does
not include State Capital Payments or Project related revenue (PRJ) in Total Revenue.
Unaudited Consolidated Financial Statements, Subject to Change
93.2%
National Railroad Passenger Corporation and Subsidiaries (Amtrak)
Preliminary Consolidated Balance Sheets
September 30,
2015
2014
(unaudited)
(In Thousands of Dollars, Except Share Data)
Assets:
Current assets:
Cash and cash equivalents ........................................................................
Restricted cash and cash equivalents .......................................................
Accounts receivable, net of allowances of $5,067 and $4,429
at September 30, 2015 and 2014, respectively ......................................
Materials and supplies, net of allowances of $27,782 and $46,074
at September 30, 2015 and 2014, respectively ......................................
Prepaid expenses ......................................................................................
Other current assets ..................................................................................
Total current assets .................................................................................
$
522,981
4,978
$
424,041
5,149
307,536
307,917
271,018
26,247
28,716
1,161,476
268,410
15,396
44,219
1,065,132
Property and equipment:
Locomotives ...............................................................................................
Passenger cars and other rolling stock.......................................................
Right-of-way and other properties ..............................................................
Construction in progress ............................................................................
Leasehold improvements ...........................................................................
Property and equipment, gross ..............................................................
Less - Accumulated depreciation and amortization ...................................
1,952,452
3,176,372
12,109,109
1,387,852
555,440
19,181,225
(7,513,810)
1,709,439
2,992,737
11,733,797
1,311,304
527,439
18,274,716
(7,016,382)
Total property and equipment, net .........................................................
11,667,415
11,258,334
Total other assets, deposits, and deferred charges .............................
Total assets ..............................................................................................
$
312,916
13,141,807
Liabilities and capitalization
Current liabilities:
Accounts payable........................................................................................ $
Accrued expenses and other current liabilities .........................................
Deferred ticket revenue ..............................................................................
Current maturities of long-term debt and capital lease obligations ............
368,496
602,459
146,197
122,421
130,460
12,453,926
$
$
337,478
560,935
133,733
106,291
Total current liabilities .............................................................................
Total long-term debt and capital lease obligations ...............................
1,239,573
1,125,622
1,138,437
1,164,298
Other liabilities and deferred credits:
Deferred state capital payments ...............................................................
Casualty reserves ......................................................................................
Postretirement employee benefits obligation .............................................
Other liabilities............................................................................................
1,323,819
342,132
861,233
216,540
1,190,592
150,748
1,232,671
175,576
Total other liabilities and deferred credits .............................................
2,743,724
2,749,587
Total liabilities ..........................................................................................
5,108,919
5,052,322
10,939,699
10,939,699
93,857
29,672,867
(32,546,152)
(127,383)
8,032,888
93,857
28,209,068
(31,352,171)
(488,849)
7,401,604
Commitments and contingencies
Capitalization:
Preferred stock - $100 par, 109,396,994 shares authorized,
issued and outstanding at September 30, 2015 and 2014 .....................
Common stock - $10 par, 10,000,000 shares authorized, 9,385,694 ........
issued and outstanding at September 30, 2015 and 2014…………..
Other paid-in capital …………………………………………………………….
Accumulated deficit………………………………………………………………
Accumulated other comprehensive loss………………………………………
Total capitalization………..……………………………………….……………
Total liabilities and capitalization…………………………………………
$
13,141,807
Unaudited Consolidated Financial Statements, Subject to Change
$
12,453,926