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Amtrak's net loss from operations in FY11 was $1.3 billion.  This number consists of cash and non-cash items. It includes depreciation, which is a non-cash item.  It reflects reflects the amortization of past cash outflows for capital items that flowing through the income statement.   A commercial enterprise must account for its total costs.  It cannot just focus on operating costs or operating margins, although they are an indicator of how operations are being managed. Even if the operating margins are improving, there is no denying that Amtrak could not survive without significant government support.  Or the fact that it has accumulated losses in excess of $28 billion.   The net cash operating loss for FY11 is shown in the September 2011 Monthly Operating Report.  The numbers have not been audited.  Assuming it is a good number, which I am not challenging, it is a loss that has to be made up with taxpayer funds. Interestingly, for FY11 Greyhound, which is owned by FirstGroup pic, had an operating profit of $35.9 million Euros (5.66%).  And FirstGroup's UK Rail operations generated a FY11 operating profit of $52.1 million Euros (2.3%).  Maybe Amtrak's Board of Directors should look into hiring Greyhound's CEO.  It gets no government support, and has to compete with Amtrak, discount airlines, and personal vehicles to survive.
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