Railfanning.org News Wire – Page 317

STB to Hold Public Hearing

August 1, 2008 Railfanning.org News Wire

WASHINGTON — The Surface Transportation Board announced that it will hold a public field hearing on Aug. 21, 2008, in Eugene, Ore., to hear public testimony related to two railroad proceedings currently before the Board. One proceeding involves an application by the Central Oregon & Pacific Railroad Inc. to abandon and discontinue railroad service over portions of a railroad line known as the Coos Bay Subdivision. The other proceeding concerns a separate application by the Oregon International Port of Coos Bay that instead would force CORP to sell those same portions of the line, as well as an additional line

Portec Rail Products, Inc. Reports 2008 Second Quarter and Six Month Operating Results

August 1, 2008 Railfanning.org News Wire

PITTSBURGH — Portec Rail Products Inc. announced record unaudited net income of $2,403,000 or $0.25 per share for the three months ended June 30, 2008, a 27 percent increase over second quarter 2007 net income of $1,887,000 or $0.20 per share. Average basic and diluted shares outstanding were 9.6 million for both periods. Net sales for the second quarter 2008 totaled $30.2 million, a 4 percent increase over second quarter 2007 net sales of $29.1 million. Net income for the six months ended June 30, 2008 grew to $3,747,000 or $0.39 per share, a 21 percent increase over net income

Congressional Leaders Introduce Bill Directing STB to Consider Public Interest in Proposed Rail Transactions

August 1, 2008 Railfanning.org News Wire

WASHINGTON — The Surface Transportation Board (STB) would be required to take into account the safety and environmental effects on local communities when considering a merger or acquisition proposal by a railroad, under legislation introduced last night by Rep. James L. Oberstar, D-Minn., Chairman of the Committee on Transportation and Infrastructure. The Taking Responsible Action for Community Safety Act clarifies that, prior to approval of a merger or acquisition proposal by a Class I railroad of a Class II or Class III railroad, the STB must consider factors such as public safety, emergency response time, and noise impacts. The legislation

Union Pacific Reports 24 Percent Earnings Growth

July 30, 2008 Railfanning.org News Wire

OMAHA, Neb. — Union Pacific Corporation reported record 2008 second quarter net income of $531 million, or $1.02 per diluted share, compared to $446 million, or $.82 per diluted share in the second quarter of 2007. “We achieved a record second quarter in the face of rising fuel costs and an estimated 5 cents earning reduction associated with Midwest flooding,” said Jim Young, Chairman and Chief Executive Officer. “We demonstrated the resiliency of our network by quickly restoring service to our customers, which provided us with a strong finish to the quarter, driving solid revenue growth and continued productivity improvements.”

U.S. Transportation Peters Unveils Bush Administration’s New Approach for America’s Transportation Future

July 30, 2008 Railfanning.org News Wire

ATLANTA – A clean and historic break with the past is needed to encourage the future vitality of our country’s transportation network, said U.S. Transportation Secretary Mary E. Peters, who unveiled the Bush Administration’s new plan to refocus, reform and renew the national approach to highway and transit systems in America. “Without a doubt, our federal approach to transportation is broken. And no amount of tweaking, adjusting or adding new layers on top will make things better,” Peters said. “It is time for a new, a different and a better approach.” Peters said the plan sets a course for reforming

CSXT Appoints Mike Smith, Vice President – Network Operations

July 28, 2008 Railfanning.org News Wire

JACKSONVILLE, Fla. — CSX Transportation announced that Mike Smith, assistant vice president — crew management, has been appointed vice president — network operations, replacing Jim Snyder, who officially retires Aug. 1. “This change recognizes the significant contributions that Mike has made to our Operations team and the leadership he has provided,” said Tony Ingram, executive vice president and chief operating officer, CSX Corporation. “This change in leadership in the CSXT Network Operations team is designed to build on the consistent, continuous improvements underway in safety and service.” Smith’s areas of responsibility will include network, train dispatching, coal, bulk and locomotive

Seven States Share $5.6 million in Grant Funding for Grade Crossing Safety in High-Speed Rail Corridors

July 26, 2008 Railfanning.org News Wire

WASHINGTON — Five federally-designated high-speed rail corridors in California, Louisiana, Minnesota, Mississippi, North Carolina, Texas, and Wisconsin will share $5,640,174 in federal grant funding to make safety improvements at approximately 25 highway-rail grade crossings. The funds will support the installation of grade crossing warning lights and gates, the closure of crossings, and other engineering solutions to help prevent motor vehicle-train collisions along rail lines where high-speed passenger trains are intended to operate in the future. The grants are jointly managed by the Federal Highway Administration (FHWA) and the Federal Railroad Administration (FRA) and complement the significant investments and ongoing efforts

FRA Grant Supports New Technology to Increase Reliability of Rail Flaw Detection

July 26, 2008 Railfanning.org News Wire

WASHINGTON — The Federal Railroad Administration (FRA) has awarded a grant totaling $231,802 to the University of California at San Diego to refine hardware and software for new technology that uses laser ultrasonic probes to detect certain internal rail defects. The improvements will permit an on-track vehicle carrying the system to operate at speeds up to 40 mph, increasing the efficiency of track inspections as well as providing higher reliability of rail defect detection than is currently available. FRA previously provided funding for development of a prototype system which has been built and tested. Grant funds also will be used

NS: NTSB Determination Concerning 2006 Train Accident is Faulty

July 25, 2008 Railfanning.org News Wire

NORFOLK, Va. — Norfolk Southern Railway Co. says it strongly disagrees with the National Transportation Safety Board’s determination of probable cause contained in its Accident Report released today for the New Brighton, Pa., derailment. The NTSB found that an Oct. 20, 2006, derailment was caused by an “inadequate rail inspection and maintenance program,” and contributing to the accident was the Federal Railroad Administration’s inadequate oversight of the internal rail inspection process and its insufficient requirements for internal rail inspection. But, Norfolk Southern said its rail inspection and maintenance program complies with all applicable regulations, and even the NTSB concedes that

CSX Board Invites Three New Members to Join Immediately and Pursues Prompt Completion of Director Elections

July 25, 2008 Railfanning.org News Wire

JACKSONVILLE, Fla. — CSX Corp. announced that its Board of Directors has invited John D. McPherson and TCI Group nominees Gilbert H. Lamphere and Alexandre Behring to join the Board immediately. These individuals would replace Southwood J. Morcott, Robert D. Kunisch and Elizabeth E. Bailey, each of whom has resigned effective upon his or her replacement taking office. The announcement was made today at the Company’s reconvened 2008 annual meeting. “We look forward to welcoming the new Board members and working together to continue delivering record performance for all shareholders,” said Michael J. Ward, Chairman of the Board of CSX