Amtrak 2013 Annual Report Download - page 41

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1411-1359280 2
Opinion
In our opinion, the financial statements referred to above present fairly, in all material respects,
the consolidated financial position of National Railroad Passenger Corporation and subsidiaries
at September 30, 2013 and 2012, and the consolidated results of their operations and their cash
flows for the years then ended in conformity with U.S. generally accepted accounting principles.
Federal Government Funding
As explained in Notes 1 and 3 in the accompanying consolidated financial statements, the
Company has a history of operating losses and is dependent upon substantial Federal
Government subsidies to sustain its operations and maintain its underlying infrastructure. As
further explained in Note 3 to the consolidated financial statements, the Company is receiving
Federal Government funding under Congressional continuing resolutions through December 11,
2014. The Company expects to receive additional interim Federal Government funding under
continuing resolutions until the fiscal year 2015 formal appropriations bill is signed into law.
There are currently no Federal Government subsidies appropriated by law for any period
subsequent to December 11, 2014. Without the receipt of Federal Government funding, the
Company will not be able to continue in its current form and significant operating changes,
restructurings, or bankruptcy might occur. Our opinion is not modified with respect to this
matter.

November 25, 2014
A member firm of Ernst & Young Global Limited