-----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, H/LERn0b22t3/4YxAyIPvN/zLWJ7SGULzwBICKnlhbyrdr0UT5xy3iQ1aEtvFbmv x5EutqZg7uGQcYLo1KlmmA== 0000950123-10-038630.txt : 20100427 0000950123-10-038630.hdr.sgml : 20100427 20100427112508 ACCESSION NUMBER: 0000950123-10-038630 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 3 CONFORMED PERIOD OF REPORT: 20100427 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100427 DATE AS OF CHANGE: 20100427 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: 10772324 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 c57666e8vk.htm CURRENT REPORT 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): April 27, 2010
 
KANSAS CITY SOUTHERN
(Exact name of company as specified in its charter)
         
DELAWARE   1-4717   44-0663509
         
(State or other jurisdiction   (Commission file number)   (IRS Employer
of incorporation)       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 April 27, 2010, announcing the Company’s first quarter earnings and operating results. Included in Exhibit 99.1 are schedules regarding certain financial information discussed during the Company’s first quarter 2010 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 April 27, 2010 issued by Kansas City Southern entitled “Kansas City Southern Reports First Quarter Revenue Increase of 26% on Volume Increases of 15%; Record Operating Ratio of 75.2%” is attached herto as Exhibit 99.1.

-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
 
 
April 27, 2010  By:   /s/ Mary K. Stadler    
    Name:   Mary K. Stadler   
    Title:   Senior Vice President & Chief Accounting Officer (Principal Accounting Officer)   
 

-3-


 

Exhibit Index
     
Exhibit No.   Description
99.1
  Press Release dated April 27, 2010 issued by Kansas City Southern entitled “Kansas City Southern Reports First Quarter Revenue Increase of 26% on Volume Increase of 15%; Record Operating Ratio of 75.2%”.

EX-99.1 2 c57666exv99w1.htm EX-99.1 exv99w1
Exhibit 99.1
(LETTERHEAD)
Date: April 27, 2010
         
Media Contact:
  William H. Galligan
bgalligan@kcsouthern.com
  Phone: 816/983-1551
Kansas City Southern Reports First Quarter Revenue Increase of 26% on Volume
Increases of 15%; Record Operating Ratio of 75.2%
First Quarter 2010 Results
     
  Adjusted diluted earnings per share, which excludes debt retirement costs, is $0.44 for first quarter 2010 up from a $0.05 loss in the first quarter 2009
  Revenues of $436.3 million, a 26% increase from prior year
  Operating income of $108.2 million, an increase of 127% from a year ago
  Operating ratio of 75.2%, compared with 86.2% in first quarter 2009, the best operating ratio since the acquisition of Kansas City Southern de Mexico, S.A. de C.V. (“KCSM”) in 2005
Kansas City, MO. Kansas City Southern (KCS) (NYSE:KSU) reported first quarter 2010 revenues of $436.3 million, a 26% increase compared to the corresponding 2009 period. Double digit revenue improvements were experienced in each of the reported commodity groups led by Automotive with 76% improvement in revenues from a year ago. The other revenue improvements were 39% for Intermodal, 28% for Agriculture & Minerals, 25% for Chemical & Petroleum, 25% for Coal, and 22% for Industrial & Consumer Products. Overall, volumes improved 15% from a year ago and 2% from fourth quarter 2009.
Operating income for the first quarter was more than double last year’s level at $108.2 million compared with $47.6 million last year, a 127% increase. The first quarter 2010 operating ratio was 75.2% compared with 86.2% a year ago. Operating expenses for the first quarter 2010 were $328.1 million.
Net income available to common shareholders in the first quarter totaled $32.6 million, or $0.34 per diluted share, compared to a loss of $8.1 million, or $(0.09) per diluted share in first quarter 2009. First quarter 2010 results include a $0.10 reduction per share from debt retirement costs and a $0.04 reduction per share in first quarter 2009. Excluding these debt retirement charges from each quarter, adjusted diluted earnings per share was $0.44 in first quarter 2010 compared to $(0.05) in first quarter 2009. (See table below for reconciliation of adjusted items to reported numbers.)

 


 

Comments from the Chairman
“In the first quarter, KCS reported increased traffic volumes in five of its six commodity groups and double digit revenue growth in all six groups. Driven by an upswing in manufacturing, KCS reported a 15% volume increase over the first quarter of last year, as well as a fourth quarter to first quarter sequential improvement in volumes of 2% which is highly unusual as historically first quarter carloadings lag the fourth quarter on our railroad.
“Organic volume strength and continued solid pricing, bolstered by the emergence of increasing cross-border business opportunities, contributed to KCS attaining a 26% increase in revenues. We also continued to experience positive pricing in many areas of our business reflecting the value of rail as an efficient transportation alternative, and specifically the high quality of KCS’s service levels. The impact of increased revenues on profitability was enhanced by continued cost controls and tightly managed rail operations in both the U.S. and Mexico. The result was a record first quarter operating ratio of 75.2%.
“KCS management has repeatedly stated that strengthening the company’s balance sheet and improving its capital structure are primary corporate goals. Indicative of this commitment, we refinanced $290 million of 9.375% KCSM debt which was due to mature in 2012 with KCSM 8.0% notes due in 2018.
“The widespread volume gains KCS achieved in the first quarter are certainly encouraging signs for the remainder of 2010. In addition, a number of key economic indicators are showing improving strength in the North American economies. That being said, we are still taking a cautious view of near-term business growth and investors can be confident that KCS will, first and foremost, focus on maximizing profitability through efficient operations and stringent cost controls.”
GAAP RECONCILIATION
                 
    First Quarter  
    2010     2009  
Diluted earnings (loss) per share
  $ 0.34     $ (0.09 )
Adjustment for debt retirement costs
    0.10       0.04  
             
Adjusted diluted earnings (loss) per share
  $ 0.44     $ (0.05 )
GAAP Reconciliation
KCS reports its financial results in accordance with generally accepted accounting principles (“GAAP”). However, management believes that certain non-GAAP financial measures used to review and in certain cases manage the Company’s business that fall within the meaning of Regulation G (Disclosure of non-GAAP financial measures) may provide its users of the financial information with additional meaningful comparison when reviewing the Company’s results.

 


 

In press releases and presentation slides for analysts, KCS has provided financial information adjusted for certain items, which are non-GAAP financial measures. KCS management uses non-GAAP information in its planning and forecasting processes and to further analyze its own financial trends and operational performance, as well as making financial comparisons to prior periods presented on a similar basis. The Company also uses some of these measures internally as part of its incentive compensation plans for management employees. Management believes investors and users of the Company’s financial information should consider all of the above factors when evaluating KCS’s results.
A reconciliation between GAAP and the non-GAAP measure is provided above. These non-GAAP measures should not be considered a substitute for GAAP measures. Some of KCS’s non-GAAP measures may differ from similar measures used by other companies, even if similar terms are used to identify such measures.
CHANGE IN ACCOUNTING PRINCIPLE
Certain prior year amounts have been adjusted for the retrospective change in accounting principle for rail grinding.
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’s 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.

 


 

Statements of Operations
(In millions, except share and per share amounts)
(Unaudited)
                 
    Three Months  
    Ended March 31,  
    2010     2009  
Revenues
  $ 436.3     $ 346.0  
 
           
 
               
Operating expenses:
               
Compensation and benefits
    90.7       78.0  
Purchased services
    44.9       45.6  
Fuel
    60.8       43.3  
Equipment costs
    38.7       39.1  
Depreciation and amortization
    45.8       46.9  
Casualties and insurance
    11.9       12.5  
Materials and other
    35.3       33.0  
 
           
 
               
Total operating expenses
    328.1       298.4  
 
           
 
               
Operating income
    108.2       47.6  
 
Equity in net earnings of unconsolidated affiliates
    6.4       1.0  
Interest expense
    (44.4 )     (41.8 )
Debt retirement costs
    (14.9 )     (5.9 )
Foreign exchange gain (loss)
    2.6       (5.1 )
Other income, net
    0.5       1.5  
 
           
 
               
Income (loss) before income taxes and noncontrolling interest
    58.4       (2.7 )
Income tax expense
    24.2       0.1  
 
           
 
               
Net income (loss)
    34.2       (2.8 )
Noncontrolling interest
    (1.1 )     (0.1 )
 
           
 
               
Net income (loss) attributable to Kansas City Southern and subsidiaries
    35.3       (2.7 )
Preferred stock dividends
    2.7       5.4  
 
           
 
               
Net income (loss) available to common shareholders
  $ 32.6     $ (8.1 )
 
           
 
               
Earnings (loss) per share:
               
Basic earnings (loss) per share
  $ 0.34     $ (0.09 )
 
           
 
               
Diluted earnings (loss) per share
  $ 0.34     $ (0.09 )
 
           
 
               
Average shares outstanding (in thousands):
               
Basic
    95,890       90,743  
Potentially dilutive common shares
    568        
 
           
Diluted
    96,458       90,743  
 
           

 


 

Kansas City Southern
Revenues & Carloads/Units By Commodity – First Quarter 2010 and 2009
                                                                         
    Revenues             Carloads and Units             Revenue per        
    (in millions)             (in thousands)             Carload/Unit        
    First Quarter     %   First Quarter     %   First Quarter     %
    2010     2009     Change   2010     2009     Change   2010     2009     Change
Chemical & Petroleum
                                                                       
Agri Chemicals
  $ 6.2     $ 5.7       9 %     4.1       4.6       (11 %)   $ 1,512     $ 1,239       22 %
Other Chemicals
    36.7       31.2       18 %     24.0       21.8       10 %     1,529       1,431       7 %
Petroleum
    25.2       18.0       40 %     18.9       15.2       24 %     1,333       1,184       13 %
Plastics
    21.5       16.6       30 %     15.2       13.9       9 %     1,414       1,194       18 %
 
                                               
Total
    89.6       71.5       25 %     62.2       55.5       12 %     1,441       1,288       12 %
 
                                               
 
                                                                       
Industrial & Consumer Products
                                                                       
Forest Products
    46.8       40.3       16 %     30.6       29.4       4 %     1,529       1,371       12 %
Metals & Scrap
    36.3       23.3       56 %     25.0       18.3       37 %     1,452       1,273       14 %
Other
    16.7       18.4       (9 %)     17.8       18.4       (3 %)     938       1,000       (6 %)
 
                                               
Total
    99.8       82.0       22 %     73.4       66.1       11 %     1,360       1,241       10 %
 
                                             
 
                                                                       
Agriculture & Minerals
                                                                       
Grain
    56.0       45.9       22 %     35.1       33.0       6 %     1,595       1,391       15 %
Food Products
    32.5       21.9       48 %     17.5       13.3       32 %     1,857       1,647       13 %
Ores & Minerals
    12.4       10.0       24 %     11.4       12.5       (9 %)     1,088       800       36 %
Stone, Clay & Glass
    5.1       4.8       6 %     3.3       3.4       (3 %)     1,545       1,412       9 %
 
                                               
Total
    106.0       82.6       28 %     67.3       62.2       8 %     1,575       1,328       19 %
 
                                               
 
                                                                       
Coal
                                                                       
Unit Coal
    51.7       40.1       29 %     61.4       65.0       (6 %)     842       617       36 %
Other Coal
    7.3       7.2       1 %     10.6       10.0       6 %     689       720       (4 %)
 
                                               
Total
    59.0       47.3       25 %     72.0       75.0       (4 %)     819       631       30 %
 
                                               
 
                                                                       
Intermodal
    42.6       30.6       39 %     150.5       114.6       31 %     283       267       6 %
 
                                               
 
                                                                       
Automotive
    21.7       12.3       76 %     17.8       10.6       68 %     1,219       1,160       5 %
 
                                               
 
                                                                       
TOTAL FOR COMMODITY GROUPS
    418.7       326.3       28 %     443.2       384.0       15 %   $ 945     $ 850       11 %
 
                                                   
Other Revenue
    17.6       19.7       (11 %)                                                
 
                                                               
 
                                                                       
TOTAL
  $ 436.3     $ 346.0       26 %                                                
 
                                                               

 

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-----END PRIVACY-ENHANCED MESSAGE-----