Copyright © 2001 by the Trustees of the University of Virginia Darden School Foundation.Revised: December 2, 2005

This spreadsheet supports STUDENT analysis of the case, "AMTRAK: Acela Financing" (Case 37)

Exhibit 2

Income Statement(in millions of dollars)

Fiscal Year Ending September 301994 1995 1996

Revenues Passenger related and other $1,152 $1,177 $1,213 Commuter 184 213 234 Reimbursable 77 107 108 Federal payments - - - Total revenues $1,413 $1,497 $1,555

Expenses Salaries, wages, and benefits $1,330 $1,241 $1,236 Train operations 358 321 321 Facility and office related 153 172 181 Maintenance-of-way goods and services 45 73 59 Advertising and sales 91 90 109 Interest 185 144 149 Depreciation and amortization 245 230 238 Other 83 34 25 One-time charges/(gains) (244) - - Total expenses 2,246 2,305 2,318

Operating income/(loss) ($833) ($808) ($763)

Exclude federal payments and related interest

Operating loss restated ($833) ($808) ($763)

Federal Grants: Federal operating grant $352 $392 $285 Excess railroad retirement taxes 150 150 120 Federal capital - interest - - - Federal capital - progressive overhaul and other - - 36 Total federal grants $502 $542 $441

Net loss ($331) ($266) ($322)

Source of data: Amtrak annual report.

Amtrak: Acela Financing

Exhibit 2

Income Statement(in millions of dollars)

Fiscal Year Ending September 301997 1998

$1,341 $1,392 242 260 91 91 - 542

$1,674 $2,285

$1,299 $1,448 365 356 187 190 46 52 98 102 160 181 242 294 39 15 - - 2,436 2,638

($762) ($353)

577

($762) ($930)

$223 $202 142 142 42 - 37 82

$444 $426

($318) ($504)

Exhibit 3

Balance Sheet(in millions of dollars)

FY EndingASSETS Sept. 30, 1998

Current assets Cash and equivalents $274.7 Temporary cash investments 409.7 Accounts receivable, net 88.7 Materials and supplies 91.6 Other current assets 3.4 Total current assets 868.1

Property, plant, and equipment 9,456.4 Less accumulated depreciation (3,106.9)Net property, plant, and equipment 6,349.5

Other assets and deferred charges 87.6

Total assets $7,305.3

LIABILITIES AND CAPITALIZATION

Current liabilities Accounts payable $270.8 Accrued expenses and other current liabilities 186.7 Deferred ticket revenue 61.4 Current maturities of long-term debt and capital-lease obligations 102.2 Total current liabilities 621.1

Long-term debt and capital lease obligations Capital-lease obligations 1,213.1 Equipment and other debt 322.5

1,535.6

Other liabilities and deferred credit Deferred federal payments 457.0 Casualty reserves 136.2 Postretirement employee-benefits obligation 118.4 Environmental reserve 35.4 Advances from railroads and commuter agencies 20.6 Other 1.5

769.1

Amtrak: Acela Financing

Total liabilities 2,925.8

Capitalization Preferred stock 10,939.7 Common stock 93.9 Other paid-in capital 6,471.3 Accumulated comprehensive loss (13,125.4)

4,379.5

Total liabilities and capitalization $7,305.3

LesseeAmtrak

Owner TrusteeWilmington Trust

Equity InvestorBNY Capital Funding,

LLC

Equipment Lease Payments

LenderExport Development Corporation (EDC) of

Canada

Equity investors put up $53.6 million (20% of equipment value) in exchange for lease payments after debt service.

LenderExport Development Corporation (EDC) of

Canada

Lenders advance $214.3 million (80% of equipment value) in exchange for first claim on lease payments on locomotives and trainsets.

Exhibit 5

BNY Capital Funding LLC’s Proposed Lease Payment Schedule(In dollars)

Date Due Amount1999 June $ -

Dec. 200,102 2000 June 3,761,228

Dec. 7,965,652 2001 June 10,022,594

Dec. 10,316,948 2002 June 8,617,634

Dec. 10,360,645 2003 June 9,828,570

Dec. 10,367,985 2004 June 8,607,823

Dec. 10,418,573 2005 June 9,683,063

Dec. 10,435,186 2006 June 8,580,151

Dec. 11,599,993 2007 June 7,338,339

Dec. 11,468,211 2008 June 9,475,208

Dec. 15,792,709 2009 June 7,765,741

Dec. 20,224,322 2010 June 5,067,035

Dec. 15,872,556 2011 June 4,121,823

Dec. 22,807,129 2012 June 3,336,587

Dec. 23,645,133 2013 June 2,662,913

Dec. 24,055,367 2014 June 1,957,919

Dec. 20,017,608 2015 June 6,067,613

Dec. 6,287,652

Amtrak: Acela Financing

2016 June 12,292,315 Dec. 21,394,788

2017 June 6,551,924 Dec. 18,107,167

2018 June 8,612,133 Dec. 13,469,295

2019 June 8,864,543 Dec. 6,654,238

2020 June 2,035,748 Dec. 1

Exhibit 6Amtrak: Acela Financing7-Year MACRS Schedule

(figures in percent of depreciable investment)

Year % Depreciated1 14.292 24.493 17.494 12.495 8.936 8.937 8.938 4.45