WORCESTER – The Providence and Worcester Railroad Co. (AMEX: PWX) will transfer its common stock from the American Stock Exchange to The Nasdaq Stock Market LLC effective May 14. After the shift, the company will continue to trade under the symbol PWX.
“We believe that Nasdaq’s electronic multiple-market-maker structure will provide our company with enhanced exposure and liquidity,” P&W President P. Scott Conti said in announcing the decision, which was approved last week by the company’s board of directors. “As the world’s largest electronic stock market, Nasdaq attracts leading growth companies from a diverse group of sectors,” Conti said. “We are proud to be a part of The Nasdaq Stock Market.”
A regional freight railroad operating in Rhode Island, Massachusetts, Connecticut and New York, P&W transports a wide variety of commodities, from automobiles, construction supplies and processed foods to coal, iron, steel, scrap metal and demolition debris, among other materials and products.
The company also operates two custom-bonded intermodal yards in Worcester – by agreement with a private operator – which are used mostly for container traffic bound from the Far East to destinations across New England.
(For last year, P&W posted a loss of $652,000 or 14 cents per diluted common share, citing a decline in container-traffic volume that began in the 2007 second quarter. READ MORE)
To learn more about Providence and Worcester Railroad Co. (AMEX: PWX), visit www.pwrr.com.
