FLORIDA EAST COAST 3RD-QUARTER NET INCOME DOWN 5%

FLORIDA EAST COAST 3RD-QUARTER NET INCOME DOWN 5%

   Florida East Coast Industries Inc., the St. Augustine, Fla.-based company whose subsidiaries include Florida East Coast Railway, said third-quarter net income fell 5 percent to $2.0 million.

   Operating revenue rose 7 percent to $74.9 million, while operating profit slid 9 percent to $4.2 million.

   Florida East Coast Railway’s operating revenues were off 2.3 percent at $39.1 million. Operating profit fell 18 percent to $8.6 million.

   “We remain optimistic that the commitments we have made to our customers will continue to provide us increasing opportunities to serve their freight service needs,” said John D. McPherson, president of Florida East Coast Railway.

   Net income for the nine months ended Sept. 30 fell 62 percent to $7.7 million. Operating revenues jumped 11 percent to $223 million, while operating profit was $12.3 million, down 55 percent.