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Last year, Alaska Railroad Corp. (ARRC) earned record net income of $15.4 million and posted total revenue of $129.5 million, a 1 percent increase compared with 2003, according to the 490-mile regional’s recently released 2004 annual report.

ARRC’s annual operating revenue exceeded operating expenses by $10.1 million, yielding an operating ratio of 91. In 2003, the railroad’s operating revenue exceeded operating expenses by $12.1 million, yielding an operating ratio of 89. Total annual operating costs of $105.9 million rose 4 percent compared with 2003, when total operating costs of $102.2 million increased 11 percent compared with 2002.

Last year, the railroad also nearly equaled 2003’s best-ever safety record, lowering its reportable injury and train accident rates below national averages, the report states.

"We topped our 2003 record-level earnings, and we did it by increasing our revenue and keeping our expenses under control,” said Chairman John Binkley in a prepared statement.

To review the annual report online, log onto www.AlaskaRailroad.com/corporate/annual_reports.html. The state-owned ARRC provides freight- and passenger-rail service between Seward and Fairbanks, and manages real estate holdings along its rights of way.