Kansas City Southern Reports Second Quarter 2005 Results; Sets the Groundwork for the Integrated Operation of KCSR, Tex Mex and TFM.KANSAS CITY Kansas City, two adjacent cities of the same name, one (1990 pop. 149,767), seat of Wyandotte co., NE Kansas (inc. 1859), the other (1990 pop. 435,146), Clay, Jackson, and Platte counties, NW Mo. (inc. 1850). , Mo. -- Kansas City Southern (NYSE NYSE See: New York Stock Exchange : KSU (Key Service Unit) The cabinet that contains the electronics for a key telephone system. See key telephone system. ) Second Quarter Highlights --Substantial progress made in integrating TFM TFM Traffic Flow Management TFM TeX Font Metrics TFM Transportacion Ferroviaria Mexicana TFM Trusted Facility Manual TFM Testicular Feminization TFM Total Facility Management TFM Tentative Final Monograph TFM Transaction Flow Manager TFM Thermally Fused Melamine , S.A. de C.V. (TFM) into Kansas City Southern (KCS KCS keratoconjunctivitis sicca. ) and creating a single rail network connecting the commercial and industrial heartlands of U.S. and Mexico Mexico, city, Mexico Mexico or Mexico City, Span. Ciudad de México (Méjico), city (1990 pop. 8,236,960; 1991 met. area est. 20,899,000), central Mexico, capital and largest city of Mexico. . --Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. (GTFM GTFM Generalized Tamed Frequency Modulation ) financial results consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: under KCS as of April 1, 2005. GTFM is the holding company for TFM, the railroad railroad or railway, form of transportation most commonly consisting of steel rails, called tracks, on which freight cars, passenger cars, and other rolling stock are drawn by one locomotive or more. operating company operating company A business that engages in transactions with outsiders. in Mexico. --KCS consolidated second quarter revenues increased 12.5% to $381.1 million over the pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma second quarter 2004 combined revenues of $338.8 million, principally from its three rail operating companies: The Kansas City Southern Railway The Kansas City Southern Railway (AAR reporting marks KCS) is a United States-based Class I railroad operating over 3,130 track miles in 12 central and southeastern states. Founded in 1887, the railroad provides the shortest route from Kansas City to the Gulf of Mexico. (KCSR KCSR Kansas City Southern Railway Company KCSR Kansas City Street Racing ), The Texas Mexican Railway The Texas Mexican Railway Company is a Class II railroad (formerly a Class I railroad) that operates as a subsidiary of Kansas City Southern Railway in Texas.[1] It is often referred to as the Tex-Mex, or TexMex, Railway. (Tex Mex TEX MEX Texas Mexican Railway ) and TFM. --KCSR revenues rose 16.8% to $178.6 million; ninth consecutive quarter of substantial quarter-over-quarter growth. --KCSR operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. improved 12.1% to $25.9 million. --GTFM revenues increased 8.7% to $184.1 million from $169.3 million, but the quarter's financial result was adversely impacted by tax rulings, purchase accounting and other costs. --TFM refinanced $443.5 million of 11.75% Senior Discount Debentures saving $10.5 million of interest annually going forward. --Tex Mex was granted a $50 million, 25-year loan under the Federal Railroad Administration's RRIF RRIF Registered Retirement Income Fund RRIF Regulation Reduction Incentive Fund (Australian government) RRIF Registered Retirement Investment Fund (Canada) program. The loan will be used to enhance Tex Mex as a rail link between the U.S. and Mexico. Second Quarter 2005 Kansas City Southern (KCS or Company) (NYSE: KSU) today reported second quarter 2005 financial results, which included the consolidation of TFM's results following the acquisition of control on April 1, 2005. For the second quarter 2005, KCS consolidated revenues were $381.1 million versus $153.9 million in 2004. On a same rail system comparative basis, KCS consolidated second quarter revenues grew 12.5% over the 2004 pro forma combined revenues of the Company. In connection with the April 1, 2005, acquisition of an additional 48.5% interest in GTFM, KCS consolidated operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. for the second quarter of 2005 were adversely impacted by a non-cash, pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge of $35.6 million related to a series of Mexican Mexican named after or originating in Mexico. Mexican axolotl see ambystomamexicanum. Mexican beaded lizard (Heloderma horridum Supreme Court rulings, which eliminated TFM's ability to use net operating losses Net operating losses Losses that a firm can take advantage of to reduce taxes. to offset future employer statutory profit sharing profit sharing, arrangement by which employees receive, in addition to their wages, a share of the net profits of a business. The purpose is to give them an incentive to increase their output through enhanced morale, less wasteful use of materials, better care of contributions. In addition, consolidated pre-tax operating expenses were adversely impacted by $4.1 million related to the reduction of the carrying values Carrying Value Also know as "book value," it is a company's total assets minus intangible assets and liabilities, such as debt. Notes: This is different than market value, as it can be higher or lower depending on the circumstances. of certain GTFM assets to reflect KCS' revised plans relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc future use; $3.6 million in depreciation relating to the preliminary allocation The apportionment or designation of an item for a specific purpose or to a particular place. In the law of trusts, the allocation of cash dividends earned by a stock that makes up the principal of a trust for a beneficiary usually means that the dividends will be treated as of the purchase price; $4.9 million associated with disputed withholding tax The amount legally deducted from an employee's wages or salary by the employer, who uses it to prepay the charges imposed by the government on the employee's yearly earnings. receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed with the Mexican government, and $3.2 million associated with the higher bad debt and claims costs experienced by GTFM. After factoring in the impact of these pre-tax charges, KCS consolidated operating expenses were $386.4 million for the second quarter of 2005 versus $134.4 million in 2004, which is not comparable due to the consolidation of GTFM commencing in the second quarter of 2005. Primarily as a result of the above described charges related to GTFM, KCS recorded a net loss of $25.8 million, or $(0.32) diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of , for the second quarter of 2005, compared with $7.0 million of net income available to common shareholders, $0.11 diluted earnings per share, for the second quarter of 2004. Year-to-Date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. 2005 Highlights --Consolidated revenues of $579.3 million, which excludes first quarter 2005 revenues of GTFM. --KCSR revenues increased 19.4% to $357.9 million. --KCSR operating income improved 19.1% to $55.6 million. --GTFM revenues increased to $354.2 million, or 9.7% on a separate company basis. --Cross border KCSR-TFM revenues increased 25.9%. Comments from the Chairman "During the second quarter, KCS began the essential steps of consolidating its North American operations North American operation Surgical oncology Radical surgery of a 'frozen pelvis', consisting of radical en bloc resection of the uterus and urinary bladder. See 'Frozen pelvis.'. Cf 'All-American' and 'South American' operations. following the acquisition of the 48.5% additional interest in GTFM," stated Chairman, President and Chief Executive Officer Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. R. Haverty. "The progress made in growing the franchise was encouraging, especially as a great deal of attention was directed toward re-organizing the operations and marketing functions of KCSR, Tex Mex, and TFM, and strengthening the balance sheet at TFM. "KCSR streamlined its rail operations into three divisions in order to sharpen sharp·en tr. & intr.v. sharp·ened, sharp·en·ing, sharp·ens To make or become sharp or sharper. sharp focus on strategic points along its system. Being able to focus on key traffic and interchange An interchange is a location where two things meet, usually perform some kind of exchange, and possibly go on their ways again. It is most commonly used in four contexts:
(2) (Microsoft Consulting Services) The consulting arm of Microsoft which offers support for installation and maintenance of Microsoft applications and operating systems. in the first quarter of 2006. "We were very pleased that Francisco Francisco may refer to:
v. e·lect·ed, e·lect·ing, e·lects v.tr. 1. To select by vote for an office or for membership. 2. To pick out; select: elect an art course. to join TFM as chief executive officer. Highly respected within the Mexican and international business communities, he joins TFM with 30 years' experience in the transportation industry, most recently serving as president of the Rail Control Solutions Division of Bombardier Transportation Bombardier Transportation is the rail equipment division of the Bombardier group. Bombardier Transportation is the world’s largest company in the rail equipment manufacturing and servicing industry. Its headquarters are in Berlin. in the UK. Prior to that he served as Bombardier's president and managing director in Mexico City Mexico City Spanish Ciudad de México City (pop., 2000: city, 8,605,239; 2003 metro. area est., 18,660,000), capital of Mexico. Located at an elevation of 7,350 ft (2,240 m), it is officially coterminous with the Federal District, which occupies 571 sq mi . We are confident that Javier will help take TFM to a new level of service performance and profitability. We look forward to investors and the financial community having the opportunity to get to know Javier in the near future. "He replaces Vicente Corta, who had served as interim chief executive officer since April 2005. Vicente remains a partner in the law firm of White & Case, S.C., and will continue to serve as counsel to TFM in Mexico. We are grateful to Vicente for his valuable leadership through this critical time of transition, and look forward to continuing our close association. "The second quarter was a period of transition for TFM. Several major efforts were undertaken in the finance area such as the refinancing Refinancing An extension and/or increase in amount of existing debt. of high interest rate debt, re-evaluation of the balance sheet as required by purchase accounting, and a review of TFM's accounting operations and procedures. In addition, the decision was made to invest in SAP sap, fluid in plants consisting of water and dissolved substances. Cell sap refers to this fluid present in the large vacuole, or cell cavity, that occupies most of the central portion of mature plant cells. R-5 to be installed for use in 2007, following its installation for use by KCS' U.S. operations in 2006. "Also of note during the quarter was the progress of the Panama Canal Panama Canal, waterway across the Isthmus of Panama, connecting the Atlantic (by way of the Caribbean Sea) and Pacific oceans, built by the United States (1904–14) on territory leased from the republic of Panama. Railway Company (PCRC PCRC Panama Canal Railway Co PCRC Parallel Compiler Runtime Consortium PCRC ProChoice Resource Center (Cambridge, MA) Pcrc Pipeline Compressor Research Council (former name of GMRC, Gas Machinery Research Council) ), which in June June: see month. had its first $1 million freight The price or compensation paid for the transportation of goods by a carrier. Freight is also applied to the goods transported by such carriers. The liability of a carrier for freight damaged, lost, or destroyed during shipment is determined by contract, statute, or revenue month. During the month, average weekly container (1) Software that acts as a parent program to hold and execute a set of commands or to run other software routines. (2) A data structure that holds one or more different types of data. See metafile and OLE. volumes approached 1,900 compared with about 700 a year ago. The progress made in the second quarter is indicative indicative: see mood. of growth we expect to continue in the future. "Favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. progress has been made in a short time period in transforming KCS into a significantly larger transportation company. With every passing day, we identify new opportunities which serve to confirm our long-held belief that putting this system together will be of great benefit to North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. shippers, as well as to our shareholders. Given the complexities of the transition everyone should be encouraged by how rapidly and smoothly the process has gone and can look forward to KCS being uniquely positioned to take advantage of newly emerging international traffic patterns." Headquartered in Kansas City, Mo., KCS is a transportation holding company that has railroad investments in the U.S., Mexico and Panama Panama, country, Central America Panama (păn`əmä'), Span. Panamá, officially Republic of Panama, republic (2005 est. pop. . Its primary U.S. holdings include The Kansas City Southern Railway Company, founded in 1887, and The Texas Mexican Railway Company, founded in 1885, serving the central and south central U.S. Its international holdings include a controlling interest controlling interest The ownership of a quantity of outstanding corporate stock sufficient to control the actions of the firm. Controlling interest often involves ownership of significantly less than 51% of a firm's outstanding stock because many owners fail in TFM, S.A. de C.V., serving northeastern north·east n. 1. Abbr. NE The direction or point on the mariner's compass halfway between due north and due east, or 45° east of due north. 2. An area or region lying in the northeast. 3. and central Mexico and the port cities of Lazaro Cardenas Cár·de·nas A city of northern Cuba on the Bay of Cárdenas, an inlet of the Straits of Florida. Cárdenas is a processing and shipping center. Population: 93,900. , Tampico Tampico (tämpē`kō), city (1990 pop. 272,690), Tamaulipas state, E Mexico, on the Pánuco River, a few miles inland from the Gulf of Mexico. and Veracruz Veracruz, city, Mexico Veracruz, city (1990 pop. 303,152), Veracruz state, E central Mexico, on the Gulf of Mexico. Rivaling Tampico as the country's main port, it is also the commercial and industrial center of an important oil region, as well as a major , and a 50% interest in The Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. KCS' North American rail holdings and strategic alliances are primary components of a NAFTA NAFTA in full North American Free Trade Agreement Trade pact signed by Canada, the U.S., and Mexico in 1992, which took effect in 1994. Inspired by the success of the European Community in reducing trade barriers among its members, NAFTA created the world's Railway system, linking the commercial and industrial centers of the U.S., Canada Canada (kăn`ədə), independent nation (2001 pop. 30,007,094), 3,851,787 sq mi (9,976,128 sq km), N North America. Canada occupies all of North America N of the United States (and E of Alaska) except for Greenland and the French islands of and Mexico. Visit www.kcsi.com for more information. This press release includes statements concerning potential future events involving the Company, which could materially differ from the events that actually occur. The differences could be caused by a number of factors including those factors identified in the "Risk Factors" and the "Cautionary Information" sections of the Company's Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December December: see month. 31, 2004, filed by the Company with the Securities and Exchange Commission (SEC) (Commission file no. 1-4717). The Company will not update any forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. in this press release to reflect future events or developments.
KANSAS CITY SOUTHERN
CONSOLIDATED STATEMENTS OF INCOME
(Dollars in millions, except share and per share data)
(Unaudited)
Three Months Six Months
Ended June 30, Ended June 30,
2005 2004 2005 2004
------- ------- ------- -------
Revenues $381.1 $153.9 $579.3 $301.7
Operating expenses
Compensation and benefits 93.4 52.2 154.7 103.0
Fuel 56.5 14.6 83.0 29.4
Purchased services 56.6 15.4 76.4 31.0
Equipment costs 41.0 11.6 58.2 24.6
Depreciation and amortization 40.4 13.1 54.7 25.9
Deferred profit sharing 35.7 - 35.7 -
Casualties and insurance 22.0 10.9 34.7 16.6
Other 40.8 16.6 62.4 34.3
------- ------- ------- -------
Total operating expenses 386.4 134.4 559.8 264.8
------- ------- ------- -------
Operating income (5.3) 19.5 19.5 36.9
Equity in net earnings (loss) of
unconsolidated affiliates:
Grupo Transportacion Ferroviaria
Mexicana, S.A. de C.V. - 2.9 (1.0) 4.2
Other 1.5 0.3 0.4 0.4
Interest expense (38.7) (10.9) (51.0) (21.7)
Debt retirement costs ( 3.9) - ( 3.9) (4.2)
Exchange gain (loss) 4.3 - 4.3 -
Other income 3.8 1.7 7.1 3.2
------- ------- ------- -------
Income before income taxes and minority
interest (38.3) 13.5 (24.6) 18.8
Income tax provision 2.5 4.3 8.1 6.2
------- ------- ------- -------
Income before minority interest (40.8) 9.2 (32.7) 12.6
Minority interest (17.2) (17.2)
------- ------- ------- -------
Net income (23.6) 9.2 (15.5) 12.6
Preferred stock dividends 2.2 2.2 4.4 4.4
------- ------- ------- -------
Net income available to common
shareholders $(25.8) $7.0 $(19.9) $8.2
======= ======= ======= =======
Per Share Data
Earnings per Common share - basic $(0.32) $0.11 $(0.27) $0.13
======= ======= ======= =======
Earnings per Common share - diluted $(0.32) $0.11 $(0.27) $0.13
======= ======= ======= =======
Weighted average Common shares
outstanding (in thousands)
Basic 81,707 62,655 72,604 62,570
Potential dilutive Common shares - 1,175 - 1,242
------- ------- ------- -------
Diluted 81,707 63,830 72,604 63,812
======= ======= ======= =======
KANSAS CITY SOUTHERN
CARLOADINGS BY COMMODITY - SECOND QUARTER, 2005
Dollars in Thousands
(Preliminary)
Carloadings Revenue
Second Quarter % Second Quarter %
2005 2004 Change 2005 2004 Change
-------- -------- -------- --------- --------- -------
Coal
51,032 47,128 8.3% Unit Coal $26,651 $22,902 16.4%
746 556 34.2% Other Coal 348 344 1.2%
-------- -------- --------- ---------
51,778 47,684 8.6% Total 26,999 23,246 16.1%
-------- -------- --------- ---------
Chemical &
Petroleum
Products
3,395 1,520 123.4% Agri Chemicals 3,055 1,005 204.0%
25,062 16,834 48.9% Other 26,998 16,578 62.9%
26,834 14,561 84.3% Petroleum 21,422 10,808 98.3%
12,519 4,679 167.6% Plastics 17,519 5,404 224.2%
-------- -------- --------- ---------
67,810 37,594 80.4% Total 68,994 33,795 104.2%
-------- -------- --------- ---------
Agriculture and
Minerals
48,785 17,942 171.9% Grain 51,984 15,489 235.6%
17,109 7,588 125.5% Food Products 20,216 6,882 193.8%
Ores and
16,496 6,718 145.5% Minerals 11,415 4,091 178.9%
Stone, Clay &
21,321 4,334 391.9% Glass 15,731 3,555 342.5%
-------- -------- --------- ---------
103,711 36,582 183.5% Total 99,346 30,017 231.0%
-------- -------- --------- ---------
Paper & Forest
Products
36,775 23,915 53.8% Pulp/Paper 33,492 19,400 72.6%
8,000 1,931 314.3% Scrap Paper 7,322 1,355 440.4%
Pulpwood/Logs/
8,384 6,239 34.4% Chips 5,478 2,993 83.0%
8,846 8,459 4.6% Lumber/Plywood 10,063 8,700 15.7%
30,784 4,377 603.3% Metal/Scrap 25,885 3,830 575.8%
Military/Other
19,639 1,547 1169.5% Carloads 19,623 1,978 892.1%
-------- -------- --------- ---------
112,428 46,468 141.9% Total 101,863 38,256 166.3%
-------- -------- --------- ---------
Intermodal &
Automotive
33,488 1,429 2243.5% Automotive 33,796 1,159 2816.0%
146,481 85,639 71.0% Intermodal 34,011 15,369 121.3%
-------- -------- --------- ---------
179,969 87,068 106.7% Total 67,807 16,528 310.3%
-------- -------- --------- ---------
TOTAL FOR
515,696 255,396 101.9% BUSINESS UNITS 365,009 141,842 157.3%
Other Freight
(138) 4,202 (103.3)% Revenue 4,212 2,653 58.8%
Other Revenue 11,927 9,421 33.8%
-------- -------- --------- ---------
515,558 259,598 98.6% TOTAL $381,148 $153,916 147.6%
======== ======== ========= =========
KANSAS CITY SOUTHERN
CARLOADINGS BY COMMODITY - YEAR TO DATE JUNE 30, 2005
Dollars in Thousands
(Preliminary)
Carloadings Revenue
Year to Date % Year to Date %
2005 2004 Change 2005 2004 Change
-------- -------- -------- --------- --------- -------
Coal
110,747 94,985 16.6% Unit Coal $57,045 $44,459 28.3%
1,465 1,238 18.3% Other Coal 666 708 (5.9)%
-------- -------- --------- ---------
112,212 96,223 16.6% Total 57,711 45,167 27.8%
-------- -------- --------- ---------
Chemical &
Petroleum
Products
5,135 2,975 72.6% Agri Chemicals 4,339 1,916 126.5%
42,717 32,945 29.7% Other 45,522 32,341 40.8%
42,904 28,164 52.3% Petroleum 33,915 20,758 63.4%
19,515 9,190 112.4% Plastics 24,451 10,731 127.9%
-------- -------- --------- ---------
110,271 73,274 50.5% Total 108,227 65,746 64.6%
-------- -------- --------- ---------
Agriculture and
Minerals
78,037 37,907 105.9% Grain 77,320 32,939 134.7%
26,545 14,687 80.7% Food Products 28,765 12,934 122.4%
Ores and
26,931 13,627 97.6% Minerals 17,901 8,085 121.4%
Stone, Clay &
26,523 8,363 217.1% Glass 20,875 6,786 207.6%
-------- -------- --------- ---------
158,036 74,584 111.9% Total 144,861 60,744 138.5%
-------- -------- --------- ---------
Paper & Forest
Products
66,272 47,199 40.4% Pulp/Paper 58,862 38,191 54.1%
10,452 3,757 178.2% Scrap Paper 9,298 2,497 272.4%
Pulpwood/Logs/
16,779 12,781 31.3% Chips 10,830 5,915 83.1%
17,267 16,564 4.2% Lumber/Plywood 19,552 16,639 17.5%
38,271 8,742 337.8% Metal/Scrap 32,807 7,418 342.3%
Military/Other
21,165 3,676 475.8% Carloads 22,033 4,312 411.0%
-------- -------- --------- ---------
170,206 92,719 83.6% Total 153,382 74,972 104.6%
-------- -------- --------- ---------
Intermodal &
Automotive
35,369 2,508 1310.2% Automotive 35,273 2,030 1637.6%
227,503 165,200 37.7% Intermodal 50,387 29,125 73.0%
-------- -------- --------- ---------
262,872 167,708 56.7% Total 85,660 31,155 174.9%
-------- -------- --------- ---------
TOTAL FOR
813,597 504,508 61.3% BUSINESS UNITS 549,841 277,784 97.9%
Other Freight
(534) 7,964 (106.7)% Revenue 4,582 5,298 (13.5)%
Other Revenue 24,921 18,628 26.6%
-------- -------- --------- ---------
813,063 512,472 58.7% TOTAL $579,344 $301,710 92.0%
======== ======== ========= =========
KANSAS CITY SOUTHERN RAILWAY
Operating Statements
Dollars in Millions
(Preliminary)
Second Second Year to Year to
Quarter Quarter Date Date
2005 2004 2005 2004
---------- -------- ---------- -----------
Revenues
Chemical and Petroleum $36.0 $33.8 $72.3 $65.7
Paper and Forest 50.5 38.3 98.1 75.0
Agricultural and Mineral 36.4 30.0 74.5 60.7
Intermodal and Automotive
Revenue 18.3 16.5 34.9 31.2
Unit Coal Revenue 26.9 22.9 57.5 44.5
Haulage Revenue 0.3 2.7 0.7 5.3
Other Revenue 10.2 8.7 19.9 17.5
---------- -------- ---------- -----------
Total Revenues 178.6 152.9 357.9 299.9
---------- -------- ---------- -----------
Operating Expenses
Compensation and
Benefits 55.5 50.9 110.7 100.6
Purchased Services 14.8 14.4 28.1 28.3
Fuel 25.7 14.4 49.8 29.4
Equipment Costs 11.5 11.6 25.6 24.6
Casualties & Insurance 12.8 9.8 22.8 14.3
Material and Supplies 8.5 6.4 17.5 11.9
Other 4.0 2.8 7.6 5.5
---------- -------- ---------- -----------
Variable Operating
Expenses 132.8 110.3 262.1 214.6
---------- -------- ---------- -----------
Fixed Expenses
Other Lease 2.6 2.9 5.6 5.7
Depreciation 13.5 12.9 27.1 25.5
Taxes (Other Than
Income) 3.8 3.7 7.5 7.4
---------- -------- ---------- -----------
Fixed Operating
Expenses 19.9 19.5 40.2 38.6
---------- -------- ---------- -----------
Total Operating Expenses 152.7 129.8 302.3 253.2
---------- -------- ---------- -----------
Operating Income $25.9 $23.1 $55.6 $46.7
========== ======== ========== ===========
Operating Ratio 85.5% 84.9% 84.5% 84.4 %
KANSAS CITY SOUTHERN RAILWAY
CARLOADINGS BY COMMODITY - SECOND QUARTER, 2005
Dollars in Thousands
(Preliminary)
Carloadings Revenue
Second Quarter % Second Quarter %
2005 2004 Change 2005 2004 Change
-------- -------- -------- --------- --------- -------
Coal
51,032 47,128 8.3% Unit Coal $26,651 $22,902 16.4%
587 556 5.6% Other Coal 273 344 (20.6)%
-------- -------- --------- ---------
51,619 47,684 8.3% Total 26,924 23,246 15.8%
-------- -------- --------- ---------
Chemical &
Petroleum
Products
1,691 1,520 11.3% Agri Chemicals 1,296 1,005 29.0%
17,567 16,834 4.4% Other 17,363 16,578 4.7%
14,472 14,561 (0.6)% Petroleum 11,514 10,808 6.6%
4,650 4,679 (0.6)% Plastics 5,864 5,404 8.5%
-------- -------- --------- ---------
38,380 37,594 2.1% Total 36,037 33,795 6.6%
-------- -------- --------- ---------
Agriculture and
Minerals
16,346 17,942 (8.9)% Grain 17,036 15,489 10.0%
7,572 7,588 (0.2)% Food Products 7,946 6,882 15.5%
Ores and
9,353 6,718 39.2% Minerals 6,120 4,091 49.5%
Stone, Clay &
5,251 4,334 21.2% Glass 5,295 3,555 48.9%
-------- -------- --------- ---------
38,522 36,582 5.3% Total 36,397 30,017 21.3%
-------- -------- --------- ---------
Paper & Forest
Products
26,154 23,915 9.4% Pulp/Paper 23,151 19,400 19.3%
1,845 1,931 (4.5)% Scrap Paper 1,540 1,355 13.7%
Pulpwood/Logs/
7,128 6,239 14.2% Chips 4,628 2,993 54.6%
8,681 8,459 2.6% Lumber/Plywood 9,910 8,700 13.9%
5,336 4,377 21.9% Metal/Scrap 5,529 3,830 44.4%
Military/Other
4,008 1,547 159.1% Carloads 5,766 1,978 191.5%
-------- -------- --------- ---------
53,152 46,468 14.4% Total 50,524 38,256 32.1%
-------- -------- --------- ---------
Intermodal &
Automotive
1,650 1,429 15.5% Automotive 1,371 1,159 18.3%
83,640 85,639 (2.3)% Intermodal 16,892 15,369 9.9%
-------- -------- --------- ---------
85,290 87,068 (2.0)% Total 18,263 16,528 10.5%
-------- -------- --------- ---------
TOTAL FOR
266,963 255,396 4.5% BUSINESS UNITS 168,145 141,842 18.5%
Other Freight
(12) 4,202 (100.3)% Revenue 336 2,653 (87.3)%
Other Revenue 10,116 8,378 20.7%
-------- -------- --------- ---------
266,951 259,598 2.8% TOTAL $178,597 $152,873 16.8%
======== ======== ========= =========
KANSAS CITY SOUTHERN RAILWAY
CARLOADINGS BY COMMODITY - YEAR TO DATE JUNE 30, 2005
Dollars in Thousands
(Preliminary)
Carloadings Revenue
Year to Date % Year to Date %
2005 2004 Change 2005 2004 Change
-------- -------- -------- --------- --------- -------
Coal
110,747 94,985 16.6% Unit Coal $57,045 $44,459 28.3%
1,115 1,238 (9.9)% Other Coal 497 708 (29.8)%
-------- -------- --------- ---------
111,862 96,223 16.3% Total 57,542 45,167 27.4%
-------- -------- --------- ---------
Chemical &
Petroleum
Products
3,387 2,975 13.8% Agri Chemicals 2,548 1,916 33.0%
34,809 32,945 5.7% Other 35,586 32,341 10.0%
28,572 28,164 1.4% Petroleum 22,663 20,758 9.2%
9,181 9,190 (0.1)% Plastics 11,489 10,731 7.1%
-------- -------- --------- ---------
75,949 73,274 3.7% Total 72,286 65,746 9.9%
-------- -------- --------- ---------
Agriculture and
Minerals
35,182 37,907 (7.2)% Grain 36,710 32,939 11.4%
15,261 14,687 3.9% Food Products 15,579 12,934 20.4%
Ores and
18,085 13,627 32.7% Minerals 11,978 8,085 48.2%
Stone, Clay &
10,160 8,363 21.5% Glass 10,213 6,786 50.5%
-------- -------- --------- ---------
78,688 74,584 5.5% Total 74,480 60,744 22.6%
-------- -------- --------- ---------
Paper & Forest
Products
52,653 47,199 11.6% Pulp/Paper 46,125 38,191 20.8%
3,836 3,757 2.1% Scrap Paper 3,252 2,497 30.2%
Pulpwood/Logs/
15,523 12,781 21.5% Chips 9,980 5,915 68.7%
16,985 16,564 2.5% Lumber/Plywood 19,296 16,639 16.0%
11,391 8,742 30.3% Metal/Scrap 11,451 7,418 54.4%
Military/Other
5,312 3,676 44.5% Carloads 7,999 4,312 85.5%
-------- -------- --------- ---------
105,700 92,719 14.0% Total 98,103 74,972 30.9%
-------- -------- --------- ---------
Intermodal &
Automotive
3,146 2,508 25.4% Automotive 2,608 2,030 28.5%
161,501 165,200 (2.2)% Intermodal 32,323 29,125 11.0%
-------- -------- --------- ---------
164,647 167,708 (1.8)% Total 34,931 31,155 12.1%
-------- -------- --------- ---------
TOTAL FOR
536,846 504,508 6.4% BUSINESS UNITS 337,342 277,784 21.4%
Other Freight
(408) 7,964 (105.1)% Revenue 706 5,298 (86.7)%
Other Revenue 19,886 16,769 18.6%
-------- -------- --------- ---------
536,438 512,472 4.7% TOTAL $357,934 $299,851 19.4%
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