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Amtrak's losses at lowest level since '70s

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JOAN LOWY, Associated Press

WASHINGTON (AP) — Amtrak's president and CEO says operating losses last year were the lowest in nearly 38 years.

Joe Boardman told reporters on a conference call Thursday that Amtrak's losses were $361 million for the fiscal year ending Sept. 30.

But Boardman calls it progress -- the last time the number was lower was 1975. The 2012 losses were down 19 percent from the previous year.

Boardman also laid out an agenda that includes delivery of the first of 70 new electric locomotives and 130 long-distance passenger cars, expansion of the Acela Express high-speed service -- with an additional New York-Washington round trip -- and beginning the work necessary to acquire new high-speed trains.