July Amtrak Report

I have read the July Report and these are the items that I find interesting:

1) The report is dated August 29, 2014 which is earlier than normal.

2) Ridership continues to lag behind last year's record total and is losing ground each month. The Deficit in riders is now 669,013. With only two months left in the fiscal year, that deficit is not likely to exceed 800,000, nor is it likely that it will shrink below the current level by September 30,2014.

3) While ridership is down, Amtrak has been able improve on its revenue and expense goals. At the end of July, Amtrak was $160.8 million better than budget with a GAAP loss of $803.4 million. Net Interest is $25.7 million better than budget. For the full fiscal year, Amtrak is now forecasting a cash loss of $200.8 million. This is an improvement of $32.5 million over the previous month's annual forecast.

Cost Recovery is 97% and Food and Beverage Recovery is 50.8%.

On a GAAP basis, the year to date is $203.7 million improved over the same period last year.

4) The number of product lines with operating surpluses is now 9:

Acela:                                                          $264.1 million

Northeast Regionals :                                $151.8 million

Washington-Newport News:                      $    4.9 million

Washington-Lynchburg                              $    3.3 million

Carolinian                                                    $    2.2 million

Washington-Norfolk                                    $   1.3 million

Vermonter                                                   $   0.8 million

Maple Leaf                                                  $   0.6 million

Adirondack                                                  $   0.3 million

5) Two product lines still have increases over last year in excess of 10%:

Special NEC Trains                            98.1%

Washington-Norfolk                            23.2%

6) Amtrak's Long Term Debt decreased by $25.168 million in July, of which $29.742 million was a decrease in Capital Leases and $0.253 million was a decrease in Equipment and other debt offset by an increase of $4.827 million in the RRIF Loan for the new electric locomotives. Current Maturities decreased by $13.627 million. Total Debt is now $1.366 billion.

7) The Chief Engineer's report show 1 turnout, and 0.3 miles of catenary hardware renewed.

8) In July the Mechanical Department overhauled 15 Amfleet, 12 Superliners (one of which came out of the wreck fleet), 2 Horizons and 1 View Liner.

9) The capital budget increased authorized spending by $11.260 million. Spending on the new Viewliner Order is now forecast to be $23.707 less for this fiscal year. Forecast spending for the entire year is decreased by $60.768 million.

Bridgeport Station coal plant in Bridgeport, CT

Amtrak has spent $898.795 million so far this year on Capital Spending. Of that $104.725 has been spent on the concrete shell under the Hudson Yards, and $5.252 million on the Viewliner Order. ADA expenditures have been $20.3 million. The Viewliner Car Order is definitely behind schedule. Obviously the money that was to be paid to CAF for new cars will be paid next year because of the lack of delivery of expected cars.

10) Employment at Amtrak decreased by 57 to 20,303 employees.

11) No further movement on Amtrak appropriations. Congress is due to return next week. The House is preparing a continuous resolution appropriating money at the same rate as 2014 through the November elections.

New ACS 64 Sprinters continue to be shipped east, as #620 has left the factory. This means that 21 out of the 70 contracted are either in service or on their way to the Northeast Corridor.

The Englewood Flyover in Chicago is nearing completion. This would be of some help with lateness on the Capitol and Lake Shore Ltd.

STEVE MUSEN

State Representative from the State of Rhode Island and to the National Association of Railroad Passengers' Council of Representatives