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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 September 30,2003 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 9 Months Ended
September 30 September 30
2003 2002 2003 2002
INCOME AVAILABLE FOR DISTRIBUTION:
Cash Rental $229 $229 $686 $686
Interest - - - -
229 229 686 686
Less general and
administrative expenses 27 21 91 74
NET INCOME $202 $208 $595 $612
Per Share:
(1,510,000 average shares outstanding)
Net Income $.13 $.14 $.39 $.41
Cash Dividends .13 .14 .40 .41
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
BALANCE SHEET
(Dollars in Thousands)
September 30 December 31
2003 2002
ASSETS
Rentals receivable under capital lease $9,150 $9,150
Cash 25 40
$9,175 $9,190
LIABILITIES and SHAREHOLDERS' EQUITY
Liabilities:
Accounts payable and
accrued liabilities $ 17 $ 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 13 22
Total Shareholders' Equity 9,158 9,167
Total Liabilities and
Shareholders' Equity $9,175 $9,190
PITTSBURGH & WEST VIRGINIA RAILROAD
FORM 10-Q
CHANGES IN FINANCIAL POSITION
(Dollars in Thousands)
Unaudited
Nine months ended
September 30
2003 2002
Source of Cash:
Net income $595 $612
Decrease in accounts payable (6) (6)
Cash provided from operations $589 $606
Use of Cash:
Dividends paid 604 619
Increase (decrease) in cash $(15) $(13)
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
third quarter of 2003 with the preceding second quarter 2003 and the third
quarter of 2002, revenues totaled $229,000, $229,000 and $229,000,
respectively. Net income and income available for distribution was $202,000,
$187,000 and $208,000, 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
/s/ Herbert E. Jones, Jr.
Herbert E. Jones, Jr.
Chairman of the Board
/s/ Robert A. Hamstead
Robert A. Hamstead
Secretary and Treasurer
Date: November 07, 2003
CERTIFICATION:
I, Herbert E. Jones, Jr, Chairman of the Board, certify that;
1. I have reviewed this quarterly report on Form 10-Q of The Pittsburgh &
West Virginia Railroad;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under
which such statements were made, not misleading with respect to the
period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures ( as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and we
have:
a) designed such disclosure controls and procedures to ensure
that material information relating to the registrant, including
its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which
this quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and the
audit committee of registrant's board of directors (or persons
performing the equivalent function):
a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6) The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.
Date: November 7, 2003
/s/ Herbert E. Jones, Jr.
Herbert E. Jones, Jr.
Chairman of the Board
CERTIFICATION:
I, Charles T. Jones, President, certify that;
1. I have reviewed this quarterly report on Form 10-Q of The Pittsburgh
& West Virginia Railroad;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and
cash flows of the registrant as of, and for, the periods presented in
this quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures ( as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant
and we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within
those entities, particularly during the period in which this
quarterly report is being prepared;
b) evaluated the effectiveness of the registrant's disclosure
controls and procedures as of a date within 90 days prior to the
filing date of this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and
the audit committee of registrant's board of directors (or persons
performing the equivalent function):
a) all significant deficiencies in the design or operation of
internal controls which could adversely affect the registrant's
ability to record, process, summarize and report financial data
and have identified for the registrant's auditors any material
weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6) The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant deficiencies
and material weaknesses.
Date: November 7, 2003
/s/ Charles T. Jones
Charles T. Jones
President
CERTIFICATION:
I, Robert A. Hamstead, Vice President, Secretary and Treasurer, certify
that;
1. I have reviewed this quarterly report on Form 10-Q of The Pittsburgh
& West Virginia Railroad;
2. Based on my knowledge, this quarterly report does not contain any
untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances
under which such statements were made, not misleading with respect to
the period covered by this quarterly report;
3. Based on my knowledge, the financial statements, and other financial
information included in this quarterly report, fairly present in all
material respects the financial condition, results of operations and cash
flows of the registrant as of, and for, the periods presented in this
quarterly report;
4. The registrant's other certifying officers and I are responsible for
establishing and maintaining disclosure controls and procedures ( as
defined in Exchange Act Rules 13a-14 and 15d-14) for the registrant and
we have:
a) designed such disclosure controls and procedures to ensure that
material information relating to the registrant, including its
consolidated subsidiaries, is made known to us by others within those
entities, particularly during the period in which this quarterly report
is being prepared;
b) evaluated the effectiveness of the registrant's disclosure controls
and procedures as of a date within 90 days prior to the filing date of
this quarterly report (the "Evaluation Date"); and
c) presented in this quarterly report our conclusions about the
effectiveness of the disclosure controls and procedures based on
our evaluation as of the Evaluation Date;
5. The registrant's other certifying officers and I have disclosed,
based on our most recent evaluation, to the registrant's auditors and the
audit committee of registrant's board of directors (or persons performing
the equivalent function):
a) all significant deficiencies in the design or operation of internal
controls which could adversely affect the registrant's ability to record,
process, summarize and report financial data and have identified for the
registrant's auditors any material weaknesses in internal controls; and
b) any fraud, whether or not material, that involves management or
other employees who have a significant role in the registrant's
internal controls; and
6) The registrant's other certifying officers and I have indicated in
this quarterly report whether or not there were significant changes in
internal controls or in other factors that could significantly affect
internal controls subsequent to the date of our most recent evaluation,
including any corrective actions with regard to significant
deficiencies and material weaknesses.
Date: November 7,2003
/s/ Robert A. Hamstead
Robert A. Hamstead
Vice President, Secretary
And Treasurer