Alaska Railroad releases 2009 Annual Report

Written by jrood

The Alaska Railroad Corporation (ARRC) released its 2009 Annual Report today, with audited financial statements showing earnings of $13.9 million on total revenues of $169.4 million.

"Despite the economic
challenges of 2009, the Alaska Railroad Corporation has remained financially
solid," noted ARRC Board of Directors Chairman, John Binkley. "We are poised to
weather any further economic downturn or to take advantage of any major Alaska
project in the future."

The theme of this year’s
report is What We’re Made Of
, which
recognizes the strength and resiliency of the Alaska Railroad’s people and
infrastructure. Continued financial uncertainty spurred a downsized workforce
to maximize efficiency and work smarter than ever. As another challenging year
unfolded, railroad employees proved what they were made of by making tough
decisions and implementing resourceful, innovative solutions.

The recession triggered
substantial changes to address unsustainable revenue losses in ARRC’s core
train business. The result is a leaner, more focused organization. The balance
sheet shows the asset base grew by $7 million to total $861 million. The
railroad took delivery of a commuter-style self-propelled bi-level railcar
called a diesel multiple unit, or DMU. Federal stimulus money began funding
shovel-ready Historic Anchorage Depot improvements, new restroom facilities in
Seward and Talkeetna, and additional passenger track infrastructure in
Fairbanks.

The long-anticipated
Northern Rail Extension project (North Pole to Delta Junction) completed the
environmental impact study phase and got the green light to proceed with next
steps. Later phases of the collision avoidance system (positive train control)
were also funded, as were critical track rehabilitation and bridge repair and
replacement projects.

The Alaska Railroad
Corporation is a self-sustaining, state-owned corporation that operates
profitably without state appropriations. The ARRC generates revenue through
year-round passenger and freight train service to communities from Seward to
Fairbanks-North Pole, and real estate leases.

Tags: