-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, fwjwsialPkoT2bZkBR84O8HTjm6fGQuV/d7PTzWsOhoHXhSQMpEm/DlwnSfEVQJo JVer0Y1xt+U2SZbtaCKHqg== 0000277948-95-000007.txt : 19950503 0000277948-95-000007.hdr.sgml : 19950503 ACCESSION NUMBER: 0000277948-95-000007 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 19950331 FILED AS OF DATE: 19950502 SROS: NONE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CSX CORP CENTRAL INDEX KEY: 0000277948 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 621051971 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 002-63273 FILM NUMBER: 95533923 BUSINESS ADDRESS: STREET 1: ONE JAMES CNTR STREET 2: 901 E CARY ST CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8047821400 10-Q 1 CSX CORP 1ST QTR 10Q PAGE 1 FORM 10-Q SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 (X) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarter ended March 31, 1995 OR ( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to ----------------- ---------------- Commission File Number 1-8022 CSX CORPORATION (Exact name of registrant as specified in its charter) Virginia 62-1051971 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 901 East Cary Street, Richmond, Virginia 23219-4031 (Address of principal executive offices) (Zip Code) (804) 782-1400 (Registrant's telephone number, including area code) No Change (Former name, former address and former fiscal year, if changed since last report.) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes (X) No ( ) Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of March 31, 1995: 105,121,307 shares. - 1 - PAGE 2 CSX CORPORATION FORM 10-Q FOR THE QUARTERLY PERIOD ENDED MARCH 31, 1995 INDEX PART I. FINANCIAL INFORMATION Page Number Item 1: Financial Statements 1. Consolidated Statement of Earnings- Quarters Ended March 31, 1995 and April 1, 1994 3 2. Consolidated Statement of Cash Flows- Quarters Ended March 31, 1995 and April 1, 1994 4 3. Consolidated Statement of Financial Position- At March 31, 1995 and December 30, 1994 5 Notes to Consolidated Financial Statements 6 Item 2: Management's Discussion and Analysis of Results of Operations and Financial Condition 10 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K 15 Signature 15 - 2 - PAGE 3 CSX CORPORATION AND SUBSIDIARIES Consolidated Statement of Earnings (Millions of Dollars, Except Per Share Amounts) Quarter Ended ----------------------- March 31, April 1, 1995 1994 -------- --------- Operating Revenue Transportation $ 2,446 $ 2,211 Non-Transportation 22 16 ------- ------- Total 2,468 2,227 ------- ------- Operating Expense Transportation 2,171 2,015 Non-Transportation 26 26 ------- ------- Total 2,197 2,041 ------- ------- Operating Income 271 186 Other Income (Expense) (7) (1) Interest Expense 67 67 ------- ------- Earnings before Income Taxes 197 118 Income Tax Expense 76 44 ------- ------- Net Earnings $ 121 $ 74 ======= ======= Earnings Per Share $ 1.15 $ .71 ======= ======= Average Common Shares Outstanding (Thousands) 104,943 104,452 ======= ======= Common Shares Outstanding (Thousands) 105,121 104,684 ======= ======= Cash Dividends Paid Per Common Share $ .44 $ .44 ======= ======= See accompanying Notes to Consolidated Financial Statements. - 3 - PAGE 4 CSX CORPORATION AND SUBSIDIARIES Consolidated Statement of Cash Flows (Millions of Dollars) Quarter Ended ----------------------- March 31, April 1, 1995 1994 -------- --------- OPERATING ACTIVITIES Net Earnings $ 121 $ 74 Adjustments to Reconcile Net Earnings to Cash Provided (Used) Depreciation 149 143 Deferred Income Taxes 15 22 Productivity/Restructuring Charge -- Payments (17) (34) Other Operating Activities 16 18 Changes in Operating Assets and Liabilities Accounts Receivable (52) (33) Materials and Supplies (23) (14) Other Current Assets (12) (3) Accounts Payable and Other Current Liabilities (2) (180) ----- ----- Cash Provided (Used) by Operating Activities 195 (7) ----- ----- INVESTING ACTIVITIES Property Additions (235) (143) Short-Term Investments - Net 10 80 Long-Term Marketable Securities - Net 2 (11) Proceeds from Property Dispositions 12 7 Other Investing Activities 30 (12) ----- ----- Cash Used by Investing Activities (181) (79) ----- ----- FINANCING ACTIVITIES Short-Term Debt - Net 59 242 Long-Term Debt Issued 58 53 Long-Term Debt Repaid (52) (85) Dividends Paid (46) (47) Other Financing Activities 2 (9) ----- ----- Cash Provided by Financing Activities 21 154 ----- ----- CASH, CASH EQUIVALENTS AND SHORT-TERM INVESTMENTS Increase in Cash and Cash Equivalents 35 68 Cash and Cash Equivalents at Beginning of Period 265 298 ----- ----- Cash and Cash Equivalents at End of Period 300 366 Short-Term Investments at End of Period 260 130 ----- ----- Cash, Cash Equivalents and Short-Term Investments at End of Period $ 560 $ 496 ===== ===== See accompanying Notes to Consolidated Financial Statements. -4- PAGE 5 CSX CORPORATION AND SUBSIDIARIES Consolidated Statement of Financial Position (Millions of Dollars) March 31, December 30, 1995 1994 -------- ----------- ASSETS Current Assets Cash, Cash Equivalents and Short-Term Investments $ 560 $ 535 Accounts Receivable 777 706 Materials and Supplies 234 211 Deferred Income Taxes 130 151 Other Current Assets 74 62 ------- ------- Total Current Assets 1,775 1,665 ------- ------- Properties and Other Assets Properties 16,424 16,315 Less Accumulated Depreciation 5,325 5,271 ------- ------- Properties - Net 11,099 11,044 Affiliates and Other Companies 291 302 Other Assets 706 713 ------- ------- Total Properties and Other Assets 12,096 12,059 ------- ------- Total Assets $13,871 $13,724 ======= ======= LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities Accounts Payable and Other Current Liabilities $ 1,990 $ 1,992 Current Maturities of Long-Term Debt 390 312 Short-Term Debt 261 201 ------- ------- Total Current Liabilities 2,641 2,505 ------- ------- Long-Term Debt 2,546 2,618 ------- ------- Deferred Income Taxes 2,567 2,570 ------- ------- Long-Term Liabilities and Deferred Gains 2,280 2,300 ------- ------- Shareholders' Equity Common Stock 105 105 Other Capital 1,397 1,368 Retained Earnings 2,468 2,391 Minimum Pension Liability Adjustment (133) (133) ------- ------- Total Shareholders' Equity 3,837 3,731 ------- ------- Total Liabilities and Shareholders' Equity $13,871 $13,724 ======= ======= See accompanying Notes to Consolidated Financial Statements. - 5 - PAGE 6 CSX CORPORATION AND SUBSIDIARIES -------------------------------- Notes to Consolidated Financial Statements (All Tables in Millions of Dollars, Except Per Share Amounts) NOTE 1. BASIS OF PRESENTATION In the opinion of management, the accompanying consolidated financial statements contain all adjustments necessary to present fairly the company's financial position as of March 31, 1995 and December 30, 1994, and its results of operations and cash flows for the quarters ended March 31, 1995 and April 1, 1994, such adjustments being of a normal recurring nature. Earnings per share are based on the weighted average of common shares outstanding for the quarters ended March 31, 1995 and April 1, 1994. Dilution for these periods, which could result if all outstanding common stock equivalents were exercised, is not significant. While the company believes that the disclosures presented are adequate to make the information not misleading, it is suggested that these financial statements be read in conjunction with the financial statements and the notes included in the company's latest Annual Report and Form 10-K. Certain prior-year data have been reclassified to conform to the 1995 presentation. NOTE 2. FISCAL REPORTING PERIODS The company's fiscal year is composed of 52 weeks ending on the last Friday in December. The financial statements presented are for the 13-week quarters ended March 31, 1995 and April 1, 1994, and the fiscal year ended December 30, 1994. NOTE 3. ACCOUNTS RECEIVABLE During 1993, the company issued $200 million of Trade Receivable Participation Certificates ("Certificates"), at 5.05%, due September 1998. The Certificates are collateralized by $243 million of accounts receivable held in a master trust. The proceeds from the issuance of the Certificates were used to reduce the amount of accounts receivable sold under a previous agreement. In addition, the company has a five-year revolving agreement with a financial institution to sell with recourse on a monthly basis an undivided percentage ownership interest in designated pools of accounts receivable up to a maximum of $200 million. CSX has retained the collection and servicing responsibility with respect to accounts receivable held in trust or sold. At March 31, 1995 and December 30, 1994, accounts receivable have been reduced by $372 million, representing Certificates and accounts receivable sold. - 6 - PAGE 7 CSX CORPORATION AND SUBSIDIARIES -------------------------------- Notes to Consolidated Financial Statements, Continued (All Tables in Millions of Dollars, Except Per Share Amounts) NOTE 4. OPERATING EXPENSE Quarter Ended ----------------------- March 31, April 1, 1995 1994 -------- --------- Labor and Fringe Benefits $ 813 $ 783 Materials, Supplies and Other 603 544 Building and Equipment Rent 287 280 Inland Transportation 227 190 Depreciation 149 143 Fuel 118 101 ------ ------ Total $2,197 $2,041 ====== ====== NOTE 5. OTHER INCOME (EXPENSE) Quarter Ended ----------------------- March 31, April 1, 1995 1994 -------- --------- Interest Income $ 14 $ 12 Net Costs for Accounts Receivable Sold (8) (7) Minority Interest (5) (4) Foreign Currency Gain (Loss) (5) 2 Equity Earnings (Losses) of Other Affiliates (3) (3) Miscellaneous -- (1) ------ ------ Total Expense $ (7) $ (1) ====== ====== NOTE 6. ACCOUNTS PAYABLE AND OTHER CURRENT LIABILITIES March 31, December 30, 1995 1994 --------- ------------ Trade Accounts Payable $ 998 $ 926 Labor and Fringe Benefits 487 543 Income Taxes and Other 322 337 Casualty Reserves 183 186 ------ ------ Total $1,990 $1,992 ====== ====== - 7 - PAGE 8 CSX CORPORATION AND SUBSIDIARIES -------------------------------- Notes to Consolidated Financial Statements, Continued (All Tables in Millions of Dollars, Except Per Share Amounts) NOTE 7. COMMITMENTS AND CONTINGENCIES Although the company obtains substantial amounts of commercial insurance for potential losses for third-party liability and property damage, reasonable levels of risk are retained on a self-insurance basis. A substantial portion of the insurance coverage, up to $100 million per occurrence from rail and certain other operations, is provided by companies owned or partially owned by CSX. CSX Transportation, Inc. ("CSXT") is a party to various proceedings brought both by private parties and regulatory agencies related to environmental issues. CSXT has been identified as a potentially responsible party in a number of governmental investigations and actions relating to environmentally impaired sites that are or may be subject to remedial action under the Federal Superfund statute ("Superfund") or corresponding state statutes. The majority of these proceedings are based on allegations that CSXT, or its railroad predecessors, sent hazardous substances to the facilities in question for disposal. Such proceedings arising under Superfund typically involve numerous other waste generators and disposal companies and seek to allocate or recover costs associated with site investigation and cleanup, which could be substantial. The assessment of the required response and remedial costs associated with these sites is extremely complex. Cost estimates are based on information available for each site, financial viability of other potentially responsible parties, and existing technology, laws and regulations. CSXT frequently reviews its role, if any, with respect to each such location, giving consideration to the nature of CSXT's alleged connection to the location (e.g., generator, owner or operator), the extent of CSXT's alleged connection (e.g., volume of waste sent to the location and other relevant factors), the accuracy and strength of evidence connecting CSXT to the location, and the number, connection and financial position of other named and unnamed potentially responsible parties at the location. Further, CSXT periodically reviews its exposure in all non-Superfund environmental proceedings with which it is involved. Based upon such reviews and updates of the sites with which it is involved, CSXT has recorded, and periodically reviews for adequacy, reserves to cover estimated contingent future environmental costs with respect to such sites. The recorded liabilities for estimated future environmental costs at March 31, 1995, and December 30, 1994, were $141 million and $140 million, respectively. The liability has been accrued for future costs for all sites where the company's obligation is probable and where such costs can be reasonably estimated. The liability includes future costs for remediation and restoration of sites as well as for ongoing monitoring costs, but excludes any anticipated insurance recoveries. The majority of the March 31, 1995 environmental liability is expected to be paid out over the next five years, funded by cash generated from operations. - 8 - PAGE 9 CSX CORPORATION AND SUBSIDIARIES -------------------------------- Notes to Consolidated Financial Statements, Continued (All Tables in Millions of Dollars, Except Per Share Amounts) NOTE 7. COMMITMENTS AND CONTINGENCIES, Continued The company does not currently possess sufficient information to reasonably estimate the amounts of additional liabilities, if any, on some sites until completion of future environmental studies. Based upon information currently available, however, the company believes that its environmental reserves are adequate to accomplish remedial actions to comply with present laws and regulations. The company believes that the ultimate liability for these matters will not materially affect its overall results of operations and financial condition. A number of legal actions, other than environmental, are pending against CSX and certain subsidiaries in which claims are made in substantial amounts. While the ultimate results of environmental investigations, lawsuits and claims involving the company cannot be predicted with certainty, management does not currently expect that these matters will have a material adverse effect on the consolidated financial position, results of operations and cash flows of the company. - 9 - PAGE 10 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION RESULTS OF OPERATIONS - --------------------- First-Quarter 1995 Compared With 1994 - ------------------------------------- The company reported net earnings for the quarter ended March 31, 1995, of $121 million, $1.15 per share, versus net earnings of $74 million, 71 cents per share, for the same period in 1994. Net earnings for 1995 rose 64 percent above the 1994 first quarter results, which were impacted by severe winter weather conditions. Operating revenue for the first quarter of 1995 was $2.5 billion, 11 percent above the prior-year quarter of $2.2 billion, resulting primarily from the strength of rail and container shipping traffic. Operating expense was $2.2 billion for the first quarter of 1995, 8 percent higher than the $2 billion reported for the first quarter of 1994. Operating income was $271 million for the first quarter of 1995, up $85 million from 1994's first quarter. Rail Unit Results - ----------------- Operating income at the rail unit rose $66 million, or 37 percent, to $246 million for the first quarter of 1995, from $180 million in the weather- impacted prior-year quarter. The results were driven by significant traffic gains in most commodity groups and continued success of the rail unit's cost- control and expense-reduction programs. Despite the traffic increase, rail operating expense was held nearly flat at $948 million for the first quarter of 1995, just $8 million, or less than 1 percent, over the 1994 level. Rail operating revenue increased 7 percent to $1.2 billion for the first quarter of 1995. Merchandise traffic grew 8 percent versus 1994's first quarter on the strength of export markets and solid traffic in the domestic industrial sector. Phosphates and fertilizer carloads rose 20 percent due to increased global demand, while significant gains also were recorded in the food and consumer, agricultural products, chemicals and metals commodity groups. Automotive and forest products traffic were nearly flat when compared with the prior-year quarter. Export coal volume rose 35 percent to 5.8 million tons as foreign coal requirements surged during the first quarter of 1995, reflecting increased economic activity abroad and favorable exchange rates. Strong growth in industrial and metallurgical coal traffic offset lower utility demand resulting from mild 1995 winter weather. As a result, domestic tonnage rose 3 percent to 32.6 million tons, from 31.7 million tons in 1994's first quarter. - 10 - PAGE 11 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED RESULTS OF OPERATIONS, Continued - -------------------------------- Rail Unit Results, Continued - ---------------------------- RAIL OPERATING RESULTS (Millions of Dollars) ------------------------------ Quarter Ended -------------------- March 31, April 1, Percent 1995 1994 Change -------- --------- ------- Operating Revenue Merchandise $ 799 $ 758 5% Coal 366 339 8% Other 29 23 26% ------ ------ Total 1,194 1,120 7% Operating Expense 948 940 1% ------ ------ Operating Income $ 246 $ 180 37% ====== ====== Operating Ratio 79.4% 83.9% ====== ====== Container Shipping Unit Results - ------------------------------- Even with the devastating January 1995 earthquake that disrupted operations at its Kobe, Japan port, CSX's container-shipping unit delivered one of its best first quarters. Operating income, on the strength of a 15 percent increase in traffic, climbed 32 percent to $25 million from $19 million in 1994's first quarter. Strong international demand, combined with increased U.S. trade with Latin America and Southeast Asia, drove traffic increases of 24 percent in the Americas, 17 percent in Asia/Middle East/Europe, 16 percent in the Atlantic and 12 percent in the Pacific. Operating revenue for 1995 rose 12 percent to $899 million, compared with $800 million in the first quarter of 1994. Operating expense increased to $874 million in the first quarter of 1995 versus $781 million in the first quarter of 1994 as a result of the higher volume, bunker fuel prices and the impact of foreign exchange. - 11 - PAGE 12 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED RESULTS OF OPERATIONS, Continued - -------------------------------- Intermodal Unit Results - ----------------------- CSX's intermodal unit reported that operating income for the first quarter of 1995 grew 11 percent to $10 million, from $9 million in 1994's first quarter. Strong international traffic pushed total volume up 5 percent for the first quarter of 1995, more than offsetting the effect of lower consumer spending and terminal congestion, which reduced domestic volume. A favorable rate and mix environment also contributed to the unit's operating income gain for the 1995 first quarter. Barge Unit Results - ------------------ The company's barge unit reported operating income of $15 million, compared with $2 million in the winter weather-impacted 1994 quarter. Performance at the barge unit was exceptionally strong, reflecting robust demand and favorable operating conditions on the inland waterways. Tonnage hauled surged 15 percent in the 1995 first quarter, led by gains in coal, grain and northbound steel movements. Operating revenue for the unit was $128 million, 39 percent better than the prior year's quarter. FINANCIAL CONDITION - ------------------- Cash, cash equivalents and short-term investments totaled $560 million at March 31, 1995, an increase of $25 million since December 30, 1994. Primary sources of cash and cash equivalents during the quarter were operations and the issuance of short-term and long-term debt. Primary uses of cash and cash equivalents were property additions, repayment of long-term debt, and payment of dividends. During the first quarter of 1995, net investing activities consumed $181 million of cash and cash equivalents compared with $79 million consumed in the first quarter of 1994. The changes in investing activities were primarily due to increased property additions and a decrease in proceeds from net short-term investment activity compared to the quarter ended April 1, 1994. Financing activities provided $21 million of cash and cash equivalents for the quarter ended March 31, 1995, a $133 million decrease from 1994's first quarter. The change was primarily due to a reduction in proceeds from net short-term borrowings, offset by reductions in scheduled debt repayments. The working capital deficit increased $26 million during the quarter ended March 31, 1995. The increase was primarily due to higher short-term debt levels and current maturities of long-term debt, partially offset by - 12 - PAGE 13 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED FINANCIAL CONDITION, Continued - ------------------------------ increased customer accounts receivable resulting from increased revenue during the first quarter of 1995. A working capital deficit is not unusual for CSX and does not indicate a lack of liquidity. CSX continues to maintain adequate current assets to satisfy current liabilities when they are due and has sufficient liquidity and financial resources to manage its day-to-day cash needs. FINANCIAL DATA - -------------- (Millions of Dollars) ----------------------------- March 31, December 30, 1995 1994 --------- ------------ Cash, Cash Equivalents and Short-Term Investments $ 560 $ 535 Commercial Paper Outstanding - Short-Term $ 261 $ 201 Commercial Paper Outstanding - Long-Term $ 300 $ 300 Working Capital (Deficit) $(866) $(840) Current Ratio .67 .66 Debt Ratio 39% 41% Ratio of Earnings to Fixed Charges 2.8x 3.1x OUTLOOK - ------- In the second quarter and remainder of 1995, each of CSX's transportation units continues to anticipate favorable revenue levels compared with 1994. The higher revenue levels are expected to result from strong export demand and a stable domestic economy. The company also plans to continue the intense focus on productivity improvements and expense control throughout its transportation units. Entering the second quarter of 1995, CSXT is experiencing solid demand for export coal shipments as U.S. producers take advantage of increased economic activity abroad and favorable exchange rates. CSXT merchandise traffic is expected to increase in the second quarter of 1995 over near-record 1994 levels. CSXT continues to monitor and be actively involved in on-going industrywide labor contract negotiations. These negotiations have traditionally taken place over a number of months and have not resulted in any extended work stoppages. Sea-Land anticipates traffic flows in the second quarter of 1995 in all of its trade lanes to surpass prior-year second quarter levels, which were impacted by the nationwide Teamster's strike. Strong demand for ocean transportation should allow Sea-Land to select higher-rated traffic. - 13 - PAGE 14 ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL CONDITION, CONTINUED OUTLOOK, Continued - ------------------ CSX Intermodal expects sustained levels of shipments and revenue during the second quarter. The unit continues to benefit from market share gains. American Commercial Lines anticipates continued strong demand for its services and, with this demand, solid barge rates. OTHER MATTERS - ------------- The company expects its operating results for the second quarter of 1995 to include a pretax restructuring charge estimated to be between $200 million and $250 million. The charge will result from a decision by CSXT to obtain state-of-the-art technology, equipment and telecommunications services from AT&T Solutions, the global integration program underway at Sea-Land and the reflagging of five Sea-Land vessels from U.S. to foreign registration. The charge will principally relate to the AT&T agreement, with the balance attributable to the Sea-Land initiatives. A ten year agreement was executed on May 2, 1995, by CSXT and AT&T. The agreement calls for AT&T to design and manage a new, network-centered telecommunications system that is expected to greatly enhance CSXT's operations and customer service. Implementation of the new technology will result in employee separation costs and the write down of certain telecommunication assets. Sea-Land's global integration program was announced in the fourth quarter of 1994 and includes the relocation of its corporate headquarters from Liberty Corner, N.J. to Charlotte, N.C, as well as integration of certain of its information technology requirements in Charlotte and Dallas, The portion of the restructuring charge relating to this activity will include labor separation and facility exit costs. In addition, Sea-Land will incur normal operating expense related to employee relocation, recruiting and training costs. The remaining portion of the restructuring charge will relate to labor separation costs associated with Sea-Land's reflagging of five U.S.-flag vessels to the registry of the Marshall Islands in accordance with approval received from the Federal Maritime Administration. These initiatives will enable the company to leverage technological enhancements, streamline administration, increase customer responsiveness and to reduce operating expense. - 14 - PAGE 15 PART II. OTHER INFORMATION Item 6. Exhibits and Reports on Form 8-K (b) Reports on Form 8-K 1. None. Signature --------- Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CSX CORPORATION (Registrant) By: GREGORY R. WEBER ------------------------------ Gregory R. Weber Vice President, Controller and Treasurer (Principal Accounting Officer) Dated: May 2, 1995 - 15 - EX-27 2
5 EPS are based on the weighted average of common shares outstanding for the three months ended March 31, 1995. 1,000,000 3-MOS DEC-29-1995 MAR-31-1995 300 260 777 0 234 1,775 16,424 5,325 13,871 2,641 2,546 105 0 0 3,732 13,871 0 2,468 0 0 2,197 0 67 197 76 121 0 0 0 121 1.15 0
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