I assume your figure of $2M Revenue, means Gross, not Net profit, so that is indeed a meager amount.
I would venture a guess that the only reason this place hung on so long was due to the bigger picture of the Rio Grande being profitable, and the lack of other means of transportation in the area, thus making it harder to abandon. In retrospect the pipe boom saved the railroad for today, but made more of a deficit for the Rio Grande in the final years.
Sounds a little like the current situation in some respects doesn't it.
Greg