SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
___________________________
FORM 10-Q
Quarterly Report Under Section 13 or 15(d)
of the Securities Exchange Act of 1934
________________________________
For the Quarter ended June 30, 2002 Commission File Number 1-5447
PITTSBURGH & WEST VIRGINIA RAILROAD
Pennsylvania 25-6002536
(State of Organization) (I.R.S. Employer Identification No.)
Telephone -(304)926-1124*
Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes X No
Indicate the number of shares outstanding of each of the issuer's classes of
common stock, as of the close of the period covered by this report.
1,510,000 shares of beneficial interest, without par value.
___________________________
* Notices and communications from the Securities and Exchange Commission for
the registrant may be sent to Robert A. Hamstead, Secretary and Treasurer, #2
Port Amherst Drive, Charleston, WV 25306.
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
PART I. FINANCIAL INFORMATION
STATEMENT OF INCOME
(Dollars in Thousands Except Per Share Amounts)
Unaudited Unaudited
3 Months Ended 6 Months Ended
June 30 June 30
2002 2001 2002 2001
INCOME AVAILABLE FOR DISTRIBUTION:
Cash Rental $229 $229 $458 $458
Interest - - - -
229 229 458 458
Less general and
administrative expenses 33 30 54 48
NET INCOME $196 $199 $404 $410
Per Share:
(1,510,000 average shares outstanding)
Net Income $ .13 $ .13 $ .27 $ .27
Cash Dividends .14 .14 .27 .27
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
BALANCE SHEET
(Dollars in Thousands)
June 30 December 31
2002 2001
ASSETS
Rentals receivable under capital lease $9,150 $9,150
Cash 35 50
$9,185 $9,200
LIABILITIES and SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable and
accrued liabilities $ 12 $ 23
Shareholder's equity:
Shares of beneficial interest, at
no par value, 1,510,000 shares
issued and outstanding 9,145 9,145
Income retained in business 28 32
Total Shareholders' Equity 9,173 9,177
Total Liabilities and
Shareholders' Equity $ 9,185 $9,200
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
CHANGES IN FINANCIAL POSITION
(Dollars in Thousands)
Unaudited
Six months ended
June 30
2002 2001
Source of Cash:
Net income $404 $410
Decrease in accounts payable (11) (7)
Cash provided from operations $393 $403
Use of Cash:
Dividends paid 408 408
Increase (decrease) in cash $(15) $ (5)
Notes:
(1) The foregoing interim financial statements are unaudited but, in the
opinion of management, reflect all adjustments necessary for a fair
presentation of the results of operations for the interim periods.
(2) Registrant has elected to be treated for tax purposes as a
real estate investment trust. As such, the Trust is exempt from paying
federal corporate income tax on any income that is distributed to
shareholders. It has been Registrant's policy to distribute annually
all of its ordinary taxable income. Consequently, no provision has
been made for federal income tax.
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
MANAGEMENT ANALYSIS
All of Registrant's railroad properties are on long-term lease to
Norfolk and Western Railway Company for the fixed, unvarying amount of
$915,000 cash rental per year. The lease also requires that additional, large
amounts be recorded as non-cash rent income.
With fixed revenue and expenses relatively constant, there is very
little fluctuation in operating results between periods. In comparing the
second quarter of 2002 with the preceding first quarter 2002 and the second
quarter of 2001, revenues totaled $229,000, $229,000 and $229,000,
respectively. Net income and income available for distribution was $196,000,
$208,000 and $199,000, respectively.
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
None
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
PITTSBURGH & WEST VIRGINIA RAILROAD
August 8, 2002 /s/ Herbert E. Jones, Jr.
Date Herbert E. Jones, Jr.
Chairman of the Board
August 8, 2002 /s/ Robert A. Hamstead
Date Robert A. Hamstead
Secretary and Treasurer
Date: August 8, 2002