-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, PT7vFj1pQ3Fmixi8ULhNMn4dS6Ywvu3X/UCT2kIYIwKACRgJlyRNT90M49FI14xC Qu8NKm1JFUKppVHElTlH1g== 0000950123-09-054780.txt : 20091029 0000950123-09-054780.hdr.sgml : 20091029 20091029145409 ACCESSION NUMBER: 0000950123-09-054780 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20091029 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20091029 DATE AS OF CHANGE: 20091029 FILER: COMPANY DATA: COMPANY CONFORMED NAME: KANSAS CITY SOUTHERN CENTRAL INDEX KEY: 0000054480 STANDARD INDUSTRIAL CLASSIFICATION: RAILROADS, LINE-HAUL OPERATING [4011] IRS NUMBER: 440663509 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-04717 FILM NUMBER: 091144315 BUSINESS ADDRESS: STREET 1: 427 W 12TH STREET CITY: KANSAS CITY STATE: MO ZIP: 64105 BUSINESS PHONE: 8169831303 MAIL ADDRESS: STREET 1: PO BOX 219335 CITY: KANSAS CITY STATE: MO ZIP: 64121 FORMER COMPANY: FORMER CONFORMED NAME: KANSAS CITY SOUTHERN INDUSTRIES INC DATE OF NAME CHANGE: 19920703 8-K 1 c54170e8vk.htm FORM 8-K e8vk
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 29, 2009
 
KANSAS CITY SOUTHERN
 
(Exact name of company as specified in its charter)
         
DELAWARE   1-4717   44-0663509
         
(State or other jurisdiction
of incorporation) 		  (Commission file number)   (IRS Employer
Identification Number)
427 West 12th Street, Kansas City, Missouri 64105
 
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code:
 
(816) 983 - 1303
Not Applicable
(Former name or former address if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 

 

Item 2.02 Results of Operations and Financial Condition.
Kansas City Southern (the “Company”, “KCS”) is furnishing under Item 2.02 of this Current Report on Form 8-K, the information included as Exhibit 99.1 to this report. Exhibit 99.1 is the Company’s press release, dated October 29, 2009, announcing the Company’s quarter and year to date ending September 30, 2009 operating results. Included in Exhibit 99.1 are schedules regarding certain financial information discussed during the Company’s quarter and year to date ending September 30, 2009 analyst presentation and conference call.
The information included in this Item 2.02, and Exhibit 99.1 to this Current Report on Form 8-K, shall not be deemed “filed” for the purposes of or otherwise subject to the liabilities under Section 18 of the Securities Exchange Act of 1934 as amended (the “Exchange Act”). Unless expressly incorporated into a filing of KCS under the Securities Act of 1933, or the Exchange Act made after the date hereof, the information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be incorporated by reference into any filing of KCS, whether made before or after the date hereof, regardless of any general incorporation language in such filing.
Item 9.01 Financial Statements and Exhibits.
(d)
Press Release dated October 29, 2009 issued by Kansas City Southern entitled “Kansas City Southern Reports Third Quarter 2009 Earnings per Share of $0.27 on Recovering Volumes and Cost Controls; Operating Income Nearly Doubles from Previous Quarter”.

-2-

 

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 hereunto duly authorized.
         
  Kansas City Southern 

  
October 29, 2009  By:   /s/ Mary K. Stadler    
    Name:   Mary K. Stadler   
    Title:   Senior Vice President & Chief Accounting Officer (Principal Accounting Officer)   
 

-3-

EX-99.1 2 c54170exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(LETTERHEAD)
Date: October 29, 2009
         
Media Contact:
  William H. Galligan
bgalligan@kcsouthern.com 		  Phone: 816/983-1551
Kansas City Southern Reports Third Quarter 2009 Earnings per Share
of $0.27 on Recovering Volumes and Cost Controls; Operating Income
Nearly Doubles from Previous Quarter
Third Quarter Highlights
  •   EPS of $0.27 compared to $0.07 in second quarter 2009
 
  •   Operating expenses of $301.7 million, a modest increase over second quarter 2009
 
  •   Operating income of $84.4 million almost double that of second quarter 2009
 
  •   Operating ratio of 78.1%, compared with 87.3% in second quarter 2009
Kansas City, MO. Kansas City Southern (KCS) (NYSE:KSU) reported third quarter 2009 revenues of $386.1 million compared with $491.5 million in the third quarter of 2008. While all commodity groups experienced revenue declines in the third quarter compared to a year ago, every commodity group recorded higher revenues on a sequential basis from the second quarter, reflecting a gradually improving business environment. Third quarter revenues were up 13% from second quarter 2009 and carloadings were up 12% over the same time period.
Continued emphasis on controlling costs contributed to the improved profitability as volumes rebounded in the third quarter over second quarter. Overall operating costs were down 21% in the third quarter of 2009 compared with the same period in 2008. Compensation and benefits expense declined 10% in the third quarter compared to third quarter 2008. Purchased services declined 29% in the quarter primarily due to the partial cancellation of a contract which resulted in recognition of a one-time $6 million deferred credit, and the renegotiation of other contracts which will provide recurring savings. Fuel expense was down 45% as a result of a large drop in fuel prices year over year as well as reduced consumption. Casualties and insurance experienced a decrease of 48% compared to third quarter 2008 due to fewer accidents and higher expense in 2008 related to hurricane damage. Equipment costs and materials & other each decreased 6%. Due to growth in the capital base, depreciation and amortization expense increased 5%.
Operating income for the third quarter of 2009 was $84.4 million, compared with $111.0 million in 2008. The third quarter operating ratio was 78.1%, compared with 77.4% in the third quarter of 2008. Second quarter 2009 operating ratio was 87.3%.
KCS recorded net income of $25.8 million, or $0.27 per diluted share for the third quarter of 2009, compared with net income of $48.9 million, or $0.52 per share in the third quarter of 2008.

 

 

Comments from the Chairman
“KCS’s third quarter results confirmed comments made by management during the second quarter earnings call that the company believed it was beginning to experience a gradually improving business environment. That KCS recorded sequential volume improvement of 12% and revenue growth of 13% provide reason to believe that at least we are seeing some signs of a modest recovery.
“The impact of a gradually improving business environment was further strengthened by consistently strong operations and across-the-board expense controls. Sequentially, as volumes and revenues improved, operating expenses increased only slightly. As a result, operating income nearly doubled in the third quarter and the operating ratio improved over nine points from the preceding quarter.
“As encouraging as KCS’ third quarter results are, management recognizes there is much work yet to be done to get the company’s revenues and earnings back to pre-recession levels. However, the company’s mix of new and expanded business opportunities, coupled with a continued commitment to efficient operations and cost controls, provides KCS with the resources to build upon the operational and financial leverage achieved in the third quarter and to bring back volumes at a rate above our historical experience.”
Headquartered in Kansas City, MO, Kansas City Southern is a transportation holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de Mexico, S.A. de C.V., serving northeastern and central Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along the Panama Canal. Kansas City Southern’s North American rail holdings and strategic alliances are primary components of a NAFTA Railway system, linking the commercial and industrial centers of the U.S., Mexico and Canada.
This press release may include statements concerning potential future events involving KCS and its subsidiaries, 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 KCS’ Form 10-K for the most recently ended fiscal year, filed by KCS with the Securities and Exchange Commission (SEC) (Commission file no. 1-04717). KCS will not update any forward-looking statements in this press release to reflect future events or developments.

 

 

Kansas City Southern
Statements of Operations
(In millions, except share and per share amounts)
(Unaudited)
                                 
    Three Months     Nine Months  
    Ended September 30,     Ended September 30,  
    2009     2008     2009     2008  
Revenues
   $ 386.1     $ 491.5     $ 1,073.4     $ 1,428.3  
 
                                
Operating expenses:
                                
Compensation and benefits
     83.4       93.1       240.5       291.3  
Purchased services
     36.4       51.0       126.9       155.7  
Fuel
     49.7       90.1       133.2       259.0  
Equipment costs
     41.8       44.6       122.1       135.4  
Depreciation and amortization
     44.8       42.7       139.5       123.2  
Casualties and insurance
     12.0       23.3       32.2       60.5  
Materials and other
     33.6       35.7       102.7       104.2  
 
                        
 
                                
Total operating expenses
     301.7       380.5       897.1       1,129.3  
 
                        
 
                                
Operating income
     84.4       111.0       176.3       299.0  
 
                                
Equity in net earnings of unconsolidated affiliates
     1.9       5.0       4.9       13.8  
Interest expense
     (41.2 )     (35.5 )     (128.4 )     (102.7 )
Debt retirement costs
     —       —       (5.9 )     (5.6 )
Foreign exchange gain (loss)
     (1.5 )     (7.5 )     (0.6 )     0.7  
Other income, net
     0.3       3.8       4.7       7.0  
 
                        
 
                                
Income before income taxes and noncontrolling interest
     43.9       76.8       51.0       212.2  
Income tax expense
     14.9       25.1       16.9       67.2  
 
                        
 
                                
Net income
     29.0       51.7       34.1       145.0  
Noncontrolling interest
     0.4       0.1       0.8       0.3  
 
                        
 
                                
Net income attributable to Kansas City Southern and subsidiaries
     28.6       51.6       33.3       144.7  
Preferred stock dividends
     2.8       2.7       8.3       12.4  
 
                        
 
                                
Net income available to common shareholders
   $ 25.8     $ 48.9     $ 25.0     $ 132.3  
 
                        
 
                                
Earnings per share:
                                
Basic earnings per share
   $ 0.27     $ 0.55     $ 0.27     $ 1.62  
 
                        
 
Diluted earnings per share
   $ 0.27     $ 0.52     $ 0.27     $ 1.46  
 
                        
 
                                
Average shares outstanding (in thousands):
                                
Basic
     94,683       88,400       92,462       81,618  
Potentially dilutive common shares
     560       10,518       496       17,375  
 
                        
Diluted
     95,243       98,918       92,958       98,993  
 
                        

 

 

Kansas City Southern
Revenues & Carloads/Units By Commodity — Third Quarter 2009 and 2008
                                                                         
                                                    Revenue per        
    Revenues             Carloads and Units             Carload/Unit        
    (in millions)             (in thousands)                    
    Third Quarter     %   Third Quarter     %   Third Quarter     %
    2009     2008     Change   2009     2008     Change   2009     2008     Change  
Chemical & Petroleum
                                                                        
Agri Chemicals
   $ 5.9     $ 6.5       (9 %)     4.6       4.7       (2 %)   $ 1,283     $ 1,383       (7 %)
Other Chemicals
     38.8       41.2       (6 %)     25.5       25.7       (1 %)     1,522       1,603       (5 %)
Petroleum
     22.3       24.3       (8 %)     18.3       14.8       24 %     1,219       1,642       (26 %)
Plastics
     21.6       20.3       6 %     16.3       14.6       12 %     1,325       1,390       (5 %)
 
                                                      
Total
     88.6       92.3       (4 %)     64.7       59.8       8 %     1,369       1,543       (11 %)
 
                                                      
 
                                                                        
Industrial & Consumer Products
                                                                        
Forest Products
     44.4       63.3       (30 %)     30.2       40.3       (25 %)     1,470       1,571       (6 %)
Metals & Scrap
     22.9       48.2       (52 %)     15.9       29.7       (46 %)     1,440       1,623       (11 %)
Other
     19.1       27.0       (29 %)     20.5       24.5       (16 %)     932       1,102       (15 %)
 
                                                      
Total
     86.4       138.5       (38 %)     66.6       94.5       (30 %)     1,297       1,466       (12 %)
 
                                                      
 
                                                                        
Agriculture & Minerals
                                                                        
Grain
     49.9       66.9       (25 %)     31.0       38.2       (19 %)     1,610       1,751       (8 %)
Food Products
     27.4       26.1       5 %     14.8       15.1       (2 %)     1,851       1,728       7 %
Ores & Minerals
     11.1       15.2       (27 %)     11.0       14.6       (25 %)     1,009       1,041       (3 %)
Stone, Clay & Glass
     5.4       7.6       (29 %)     3.9       4.9       (20 %)     1,385       1,551       (11 %)
 
                                                      
Total
     93.8       115.8       (19 %)     60.7       72.8       (17 %)     1,545       1,591       (3 %)
 
                                                      
 
                                                                        
Coal
                                                                        
Unit Coal
     42.8       46.1       (7 %)     71.2       67.0       6 %     601       688       (13 %)
Other Coal
     6.4       11.2       (43 %)     9.5       13.3       (29 %)     674       842       (20 %)
 
                                                      
Total
     49.2       57.3       (14 %)     80.7       80.3       —       610       714       (15 %)
 
                                                      
 
                                                                        
Intermodal
     38.3       43.3       (12 %)     135.8       136.8       (1 %)     282       317       (11 %)
 
                                                      
 
                                                                        
Automotive
     14.2       25.1       (43 %)     14.0       21.5       (35 %)     1,014       1,167       (13 %)
 
                                                      
 
                                                                        
TOTAL FOR COMMODITY GROUPS
     370.5       472.3       (22 %)     422.5       465.7       (9 %)   $ 877     $ 1,014       (14 %)
 
                                                            
Other Revenue
     15.6       19.2       (19 %)                                                
 
                                                                  
 
                                                                        
TOTAL
   $ 386.1     $ 491.5       (21 %)                                                
 
                                                                  

 

 

Kansas City Southern
Revenues & Carloads/Units By Commodity — Year to Date September 30, 2009 and 2008
                                                                         
                                                    Revenue per        
    Revenues             Carloads and Units             Carload/Unit        
    (in millions)             (in thousands)                    
    Year to Date     %   Year to Date     %   Year to Date     %
    2009     2008     Change   2009     2008     Change   2009     2008     Change
Chemical & Petroleum
                                                                        
Agri Chemicals
   $ 16.3     $ 18.7       (13 %)     12.9       13.8       (7 %)   $ 1,264     $ 1,355       (7 %)
Other Chemicals
     104.2       117.8       (12 %)     69.9       78.7       (11 %)     1,491       1,497       —  
Petroleum
     60.7       73.4       (17 %)     49.9       47.8       4 %     1,216       1,536       (21 %)
Plastics
     58.1       63.0       (8 %)     46.2       45.7       1 %     1,258       1,379       (9 %)
 
                                                
Total
     239.3       272.9       (12 %)     178.9       186.0       (4 %)     1,338       1,467       (9 %)
 
                                                
 
                                                                        
Industrial & Consumer Products
                                                                        
Forest Products
     124.0       183.0       (32 %)     87.9       124.2       (29 %)     1,411       1,473       (4 %)
Metals & Scrap
     70.5       135.2       (48 %)     51.2       88.0       (42 %)     1,377       1,536       (10 %)
Other
     57.2       84.2       (32 %)     58.4       78.4       (26 %)     979       1,074       (9 %)
 
                                                
Total
     251.7       402.4       (37 %)     197.5       290.6       (32 %)     1,274       1,385       (8 %)
 
                                                
 
                                                                        
Agriculture & Minerals
                                                                        
Grain
     139.9       201.9       (31 %)     95.8       118.7       (19 %)     1,460       1,701       (14 %)
Food Products
     72.5       74.8       (3 %)     42.2       44.5       (5 %)     1,718       1,681       2 %
Ores & Minerals
     30.4       44.5       (32 %)     33.6       42.9       (22 %)     905       1,037       (13 %)
Stone, Clay & Glass
     15.0       21.1       (29 %)     10.6       14.1       (25 %)     1,415       1,496       (5 %)
 
                                                
Total
     257.8       342.3       (25 %)     182.2       220.2       (17 %)     1,415       1,554       (9 %)
 
                                                
 
                                                                        
Coal
                                                                        
Unit Coal
     118.6       121.3       (2 %)     196.9       182.2       8 %     602       666       (10 %)
Other Coal
     20.7       31.1       (33 %)     29.7       39.6       (25 %)     697       785       (11 %)
 
                                                
Total
     139.3       152.4       (9 %)     226.6       221.8       2 %     615       687       (10 %)
 
                                                
 
                                                                        
Intermodal
     101.1       119.4       (15 %)     366.7       388.4       (6 %)     276       307       (10 %)
 
                                                
 
                                                                        
Automotive
     32.7       85.5       (62 %)     32.5       76.3       (57 %)     1,006       1,121       (10 %)
 
                                                
 
                                                                        
TOTAL FOR COMMODITY GROUPS
     1,021.9       1,374.9       (26 %)     1,184.4       1,383.3       (14 %)   $ 863     $ 994       (13 %)
 
                                                        
Other Revenue
     51.5       53.4       (4 %)                                                
 
                                                                
 
                                                                        
TOTAL
   $ 1,073.4     $ 1,428.3       (25 %)                                                
 
                                                                

 

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