Brightline financial documents reveal first quarter ridership, revenue

Lisa Broadt | Treasure Coast Newspapers

Show Caption Hide Caption Video: Brightline train travels through Boynton This Brightline train travels through the intersection of SE 4th Street and East Ocean Avenue in Boynton Beach in the area of where a man was killed trying to cross the tracks on a bicycle Jan. 18, 2018.

Brightline carried 74,780 riders and collected $663,700 in ticket revenue in its first 2½ months of operation, according to financial documents released Friday.

The documents — which offered one of the first public glimpses into the private company's financials — revealed that ridership "exceeded expectations," according to Brightline, despite recent controversies over safety and use of public funding.

Ridership grew each month as a result of increased “awareness and demand for the company’s service," Brightline said in its quarterly unaudited financial statement provided to the Municipal Securities Rulemaking Board.

Month-by-month ridership and revenue from Jan 19, when initial service began between West Palm Beach and Fort Lauderdale, to March 31, the end of the first quarter, was:

January: 17,800 passengers, $146,500

17,800 passengers, $146,500 February: 24,100 passengers, $220,000

24,100 passengers, $220,000 March: 32,900 passengers, $297,300

The financial documents — required by a continuing disclosure agreement associated with Brightline's $600 million private-activity bond offering — revealed the less-expensive Smart service ticket was more popular than the more-expensive Select ticket, but not by much. The documents also showed Select generated significantly more revenue than Smart:

Select: 34,200 passengers, $388,600

34,200 passengers, $388,600 Smart: 40,600 passengers, $275,000

Ticket prices vary, but a typical West Palm Beach-Fort Lauderdale Smart ticket costs $10-$15 and a Select ticket about $20. Between West Palm and Miami, ticket prices increase to about $20 for Smart and $30 for Select, Brightline's website shows.

The financial documents released Friday also addressed Brightline's preparations to extend service from West Palm Beach, through the Treasure and Space coasts, and on to Orlando International Airport.

“We have obtained necessary approvals to extend our network to Orlando and are evaluating plans to commence construction," Brightline said in the documents, noting that it intends to pursue an extension from Orlando to Tampa.

More: Brightline makes official bid for Orlando-to-Tampa extension along I-4 corridor

More: Martin, Indian River counties file new lawsuit in attempt to block Brightline expansion

The company's apparent financial success comes despite eight fatalities since the railroad began test runs last year, including, most recently, a man killed in Boynton Beach in a suspected suicide June 20.

Federal and state lawmakers, including Sen. Marco Rubio and Rep. Brian Mast, R-Palm City, have voiced concerns about the railroad's safety record, and earlier this year called for the U.S. Department of Transportation to investigate.

Both lawmakers also have expressed concerns about Brightline's use of private-activity bonds, which, they contend may have been improperly approved by the U.S. Department of Transportation.

More: With 76 train deaths in 3 years, Florida East Coast railroad is more dangerous than reported

Brightline expanded service to Miami May 19 and company officials have estimated full Miami-to-Orlando service would begin in January 2021.