SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
________________________________
For the Quarter ended June 30, 1999 Commission File Number 1-5447
PITTSBURGH & WEST VIRGINIA RAILROAD
Pennsylvania 25-6002536
(State of Organization) (I.R.S. Employer Identification No.)
Telephone -(304)926-1124*
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period
that the registrant was required to file such reports), and (2) has been
subject to such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the period covered by this
report.
1,510,000 shares of beneficial interest, without par value.
___________________________
* Notices and communications from the Securities and Exchange Commission
for the registrant may be sent to Robert A. Hamstead, Secretary and
Treasurer, #2 Port Amherst Drive, Charleston, WV 25306.
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
<TABLE>
PART I. FINANCIAL INFORMATION
<CAPTION>
STATEMENT OF INCOME
(Dollars in Thousands Except Per Share Amounts)
Unaudited Unaudited
3 Months Ended 6 Months Ended
June 30 June 30
1999 1998 1999 1998
INCOME AVAILABLE FOR DISTRIBUTION:
<S> <C> <C> <C> <C>
Cash Rental $229 $229 $457 $458
Interest - - - -
229 229 457 458
Less general and
administrative expenses 22 25 39 45
NET INCOME $207 $204 $418 $413
Per Share:
(1,510,000 average shares outstanding)
Net Income $ .14 $ .14 $ .28 $ .27
Cash Dividends .14 .14 .27 .27
</TABLE>
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
<TABLE>
<CAPTION>
BALANCE SHEET
(Dollars in Thousands)
June 30 December 31
1999 1998
ASSETS
<S> <C> <C>
Rentals receivable under capital lease $9,150 $9,150
Cash 46 42
$9,196 $9,192
LIABILITIES and SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable and
accrued liabilities $ 16 $ 23
Shareholder's equity:
Shares of beneficial interest, at
no par value, 1,510,000 shares
issued and outstanding 9,145 9,145
Income retained in business 35 24
Total Shareholders' Equity 9,180 9,169
Total Liabilities and
Shareholders' Equity $9,196 $9,192
</TABLE>
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
<TABLE>
<CAPTION>
CHANGES IN FINANCIAL POSITION
(Dollars in Thousands)
Unaudited
Six months ended
June 30
1999 1998
<S> <C> <C>
Source of Cash:
Net income $418 $413
Decrease in accounts payable (6) (6)
Cash provided from operations $412 $407
Use of Cash:
Dividends paid 408 408
Increase (decrease) in cash $ 4 $ (1)
</TABLE>
Notes:
(1) The foregoing interim financial statements are unaudited but,
in the opinion of management, reflect all adjustments
necessary for a fair presentation of the results of operations
for the interim periods.
(2) Registrant has elected to be treated for tax purposes as a
real estate investment trust. As such, the Trust is exempt
from paying federal corporate income tax on any income that is
distributed to shareholders. It has been Registrant's policy
to distribute annually all of its ordinary taxable income.
Consequently, no provision has been made for federal income
tax.
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
MANAGEMENT ANALYSIS
All of Registrant's railroad properties are on long-term lease
to Norfolk and Western Railway Company for the fixed, unvarying amount
of $915,000 cash rental per year. The lease also requires that
additional, large amounts be recorded as non-cash rent income.
With fixed revenue and expenses relatively constant, there is
very little fluctuation in operating results between periods. In
comparing the second quarter of 1999 with the preceding first quarter
1999 and the second quarter of 1998, revenues totaled $229,000, $229,000
and $229,000, respectively. Net income and income available for
distribution was $207,000, $211,000 and $204,000, respectively.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the Registrant has duly caused this report to be signed on its
behalf by the undersigned thereunto duly authorized.
PITTSBURGH & WEST VIRGINIA RAILROAD
08/06/99 Herbert E. Jones, Jr.
Date (Signature)
Chairman of the Board
08/06/99 Robert A. Hamstead
Date (Signature)
Secretary and Treasurer
August 06, 1999
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-END> JUN-30-1999
<CASH> 46
<SECURITIES> 0
<RECEIVABLES> 9150
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 9196
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 9196
<CURRENT-LIABILITIES> 16
<BONDS> 0
0
0
<COMMON> 9145
<OTHER-SE> 35
<TOTAL-LIABILITY-AND-EQUITY> 9196
<SALES> 457
<TOTAL-REVENUES> 457
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 39
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 0
<INCOME-TAX> 0
<INCOME-CONTINUING> 418
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 418
<EPS-BASIC> .28
<EPS-DILUTED> .28
</TABLE>
