United States
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report: July 27, 2006
PROVIDENCE AND WORCESTER RAILROAD COMPANY
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(Exact name of registrant as specified in its charter
Rhode Island 0-16704 05-0344399
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(State of incorporation (Commission (IRS Employer Iden-
or organization) File Number) tification No.)
75 Hammond Street, Worcester, Massachusetts 01610
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(address of principal executive offices) (Zip Code)
Registrant's telephone number: 508-755-4000
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N/A
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(Former name or former address, if changed since last report)
Item 8.01 Other Events
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By press release dated July 26, 2006 the Registrant reported to the
general public progress relating to the Company's South Quay property
and the Freight Rail Improvement Project, two projects that have been
ongoing for a number of years.
A description of the foregoing is contained in the press release
referred to above, a copy of which is attached hereto as Exhibit 20
and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits
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The following exhibit is filed with this report:
Exhibit 20 - Press Release dated July 26, 2006
Signature
Pursuant to the requirements of the Securities and Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereto duly authorized.
Providence and Worcester
Railroad Company
By: /s/ Robert J. Easton
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Robert J. Easton, Treasurer and
Chief Financial Officer
Date: July 27, 2006
2
Exhibit 20
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Providence and Worcester Railroad Company
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Contact: Mary A. Tanona
75 Hammond Street
Worcester, MA 01610
Phone (508) 755-4000, ext. 365
Fax (508) 795-0748
Press Release
Providence and Worcester Railroad Company
Announces Project Milestones
Worcester, MA, July 26, 2006. Providence and Worcester Railroad Company
(AMEX: "PWX") today announced progress relating to the Company's South Quay
property and the Freight Rail Improvement Project ("FRIP"), two projects that
have been ongoing for a number of years.
Yesterday, a groundbreaking took place for the Warren Avenue extension in
East Providence, Rhode Island, a Rhode Island Department of Transportation
roadway improvement that will provide a direct link between I-195 and the
Company's South Quay property. The South Quay consists of a total of forty-five
acres in two parcels - a thirty-three acre parcel that was tide-flowed land
filled by the Company and an existing twelve-acre parcel. The Company's fee
simple title to the thirty-three acre parcel was confirmed by the Rhode Island
Supreme Court in a landmark decision in 1999. The Rhode Island Superior Court
confirmed the Company's fee simple title to the twelve-acre parcel in 2000. The
property is located a half mile from Route I-195. The principal planner for the
City of East Providence was recently quoted in a published article as saying
that the link to the highway is believed to be "critical because, from the
standpoint of developers, one of their greatest concerns is having direct access
to the interstate." The project is anticipated to be substantially complete by
2007.
The FRIP was originally proposed by the State of Rhode Island in the
mid-1990s to increase the capacity of the electrified Northeast Corridor along a
twenty-two-mile corridor from Central Falls, Rhode Island, through Providence,
to Quonset Point/ Davisville and to increase overhead clearances to allow for
the movement of modern rail equipment, thereby enabling development of the
State's Quonset Point/Davisville port facilities. The FRIP track consists of
seventeen miles of dedicated freight track (ten miles of which are new track and
seven miles of which were rehabilitated), while the balance of the route
consists of shared use of two rehabilitated electrified main lines for five
miles). Construction commenced in 2002 at a cost of $148 million to the State of
Rhode Island and the federal government and is scheduled to be completed by the
third quarter of 2006. As of now, the inaugural train on the FRIP track is
tentatively scheduled for the end of August, with regular service to commence in
September 2006.
In a letter to Company shareholders dated July 26, 2006, PWX President, P.
Scott Conti, stated that, "The Company looks forward to the completion of the
Warren Avenue extension and the inauguration of service on the FRIP track with
great anticipation."
In addition, the Company announced that, at its regular quarterly meeting
on July 26, 2006, the Board of Directors of the Company declared a dividend of
$.04 per share on the outstanding Common Stock of the Company, payable August
21, 2006 to shareholders of record on August 7, 2006.
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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.
Contact Person: P&W: Mary A. Tanona
(508) 755-4000 (x365)