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: April 30, 1999
PROVIDENCE AND WORCESTER RAILROAD COMPANY
(Exact name of registrant as specified in its charter
Rhode Island 0-16704 05-0344399
(State of incorporation (Commission (IRS Employer Iden-
or organization) File Number) tification No.)
75 Hammond Street, Worcester, Massachusetts 01610
(address of principal executive offices) (zip Code)
Registrant's telephone number: 508-755-4000
N/A
(Former name or former address, if changed since last report)
<PAGE>
Item 5. Other Events
(a.) By press release dated April 23, 1999 the Registrant advised the general
public of a decision of the Rhode Island Supreme Court confirming the
Registrant's fee simple absolute title to the approximate 35 acre waterfront
property located in East Providence, Rhode Island and known
as the South Quay.
A description of the foregoing is contained in the press release referred to
above, a copy of which is attached hereto as Exhibit 20 (a) and is incorporated
herein by this reference.
(b.) By press release dated April 28, 1999 the Registrant advised the general
public of the action of its Board of Directors increasing the quarterly dividend
on its outstanding Common Stock from $.03 per share to $.04 per share.
A description of the foregoing is contained in the press release referred to
above, a copy of which is attached hereto as Exhibit 20 (b) and is incorporated
herein by this reference.
Item 7. Financial Statements and Exhibits
The exhibits which are filed with this report are set forth in the Exhibit
Index which appears at page 3 of this report.
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
Robert J. Easton, Treasurer
(Principal financial officer and
Principal accounting officer)
Date: April 30, 1999
<PAGE>
EXHIBIT INDEX
The following exhibits are filed herewith:
Exhibit:
20(a) Press Release dated April 23, 1999
20(b) Press Release dated April 28, 1999
<PAGE>
Exhibit 20(a)
Providence and Worcester Railroad Company
Contact: Deborah E. Sedares
75 Hammond Street
Worcester, MA 01610
Phone (508) 755-4000, ext. 365
Fax (508) 795-0748
Press Release
April 23, 1999
Providence and Worcester Railroad Company
Announces Supreme Court Decision on
East Providence Waterfront Property
Worcester, MA - Providence and Worcester Railroad Company (AMEX: PWX)
announced that the Rhode Island Supreme Court has today confirmed the Company's
fee simple absolute title to the approximate 35 acre waterfront property known
as the South Quay. This property was created on formerly tide flowed land by the
Company to capitalize on the growth of intermodal transportation. The facility
is located 1/2 mile from interstate 195 and 1-1/2 miles from downtown
Providence, has direct rail access and is adjacent to a 12 acre site also owned
by the Company. Confirming the Company's fee simple absolute title permits the
Company to explore all development opportunities for this waterfront site
including both rail and non-rail related uses.
By way of background, following a series of transactions involving
properties on the Providence River in East Providence, Rhode Island, the Company
sought and obtained necessary federal and state permits to fill and reclaim tide
flowed land south of and abutting the Wilkesbarre Pier in East Providence and to
dredge a -40 mean low water (MLW) ship berth area (South Quay).
In 1979, the Company commenced the engineering and design of a berm for the
containment basin in which the dredged material would be deposited to create the
land area. The berm construction was completed in 1984. For a number of reasons,
including general economic conditions and competing demand for resources, the
Company was unable to complete the construction of the South Quay within the
time allowed under its permits. The Company applied for and was granted
extensions of time from Coastal Resources Management Council (Coastal Council)
and Corp of Engineers to complete the project.
<PAGE>
In 1988 and early 1989, the Company filled in the southeast and southwest
corners of the Quay to provide sufficient radii for future track construction
and to prepare the site for dredging. In 1990, the Company conducted a series of
engineering and design studies related to the next phases of the development.
In 1991 and 1992, the Company completed earthwork necessary to prepare the
site for dredging and completed dredging a ship berth approximately 135 feet in
width by 1900 feet in length with a depth of approximately -40 feet MLW.
The next phase of construction included filling the containment basin
with the Company depositing over 500,000 cubic yards of clean upland fill. Slope
protection for the south face of the berm to protect against erosion and storm
damage as well as paving of an access road have also been completed.
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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 Companys 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 Companys filings with the Securities and Exchange
Commission.
Contact Person: P&W: Deborah E. Sedares
(508) 755-4000 (x365)
<PAGE>
Exhibit 20(b)
Providence and Worcester Railroad Company
Contact: Deborah E. Sedares
75 Hammond Street
Worcester, MA 01610
Phone (508) 755-4000, ext. 365
Fax (508) 795-0748
Press Release
April 28, 1999
Providence and Worcester Railroad Company
Announces Dividends
Worcester, MA., At its regular quarterly meeting on April 28, 1999, the
Board of Directors of the Providence and Worcester Railroad Company (AMEX: PWX)
declared a dividend of $.04 per share on the outstanding Common Stock of the
Company, payable May 27, 1999 to shareholders of record on May 13, 1999. This
amount is a 33% increase over the previous declared dividend of $.03 per share
paid on February 25, 1999.
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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 Companys 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 Companys filings with the Securities and Exchange
Commission.
Contact Person: P&W: Deborah E. Sedares
(508) 755-4000 (x365)
