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Semiannual Report on Amtrak's Financial and Operating Performance and Savings from Reform

File Attachment

On May 17, 2010 as mandated by the fiscal year 2010 Consolidated Appropriations Act, we issued our semiannual report to the House and Senate Appropriations Committees on Amtrak’s savings from operational reforms and year–to–date financial performance. The report also includes an update on Amtrak’s use of its recently implemented Key Performance Indicators (KPIs) to gauge company performance and the success of its reform initiatives.

In the first 6 months of fiscal year 2010, Amtrak’s operating loss of $263.3 million was $71.4 million, or 21.3 percent, better than budgeted. However, this is $12.2 million more than its operating loss for the first 6 months of fiscal year 2009. The lower than budgeted operating loss was due to a combination of higher than expected revenues and lower than expected expenses. Much of the savings achieved in the first half of the year is expected to erode in the second half as Amtrak forecasts a year-end operating loss of $552.1 million, just $10.9 million or 1.9 percent better than budget, but $94.2 million more than fiscal year 2009. While Amtrak no longer focuses on measuring savings from reform initiatives, its new focus on KPIs appears to be an efficient approach for management to monitor operating and financial performance to budget.