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On Friday, Providence and Worcester Railroad Co. announced it incurred a net loss of $957,000 in 2009 compared to net income of $166,000 in 2008. The diluted loss per common share totaled 20 cents vs. diluted income per common share of three cents in ’08.

Annual operating revenue declined 21.8 percent to $23.3 million as conventional freight revenue tumbled 18.6 percent. Reduced shipments of coal and ethanol were primary factors, while container volume plunged 50 percent and accounted for $632,000 of the revenue drop-off.

Annual operating expenses fell 13.4 percent primarily because fuel usage and costs declined year over year.

The 545-mile Providence and Worcester operates lines in Connecticut, Massachusetts, New York and Rhode Island.