DELAWARE | 1-4717 | 44-0663509 |
(State or other jurisdiction | (Commission | (IRS Employer |
of incorporation) | file number) | Identification Number) |
By: | /s/ Mary K. Stadler |
Name: Mary K. Stadler | |
Title: Senior Vice President & Chief Accounting Officer | |
(Principal Accounting Officer) |
Exhibit No | Description | ||
99.1 | Press Release dated January 23, 2012 issued by Kansas City Southern entitled “Kansas City Southern Reports Record Fourth Quarter and Full-Year 2011 Revenues, Carloads and Operating Income”. |
![]() |
• | Revenue of $530 million, an increase of 11% over fourth quarter 2010. |
• | Operating income of $150 million, 11% higher than a year ago. |
• | Operating ratio of 71.6%, compared with 71.8% in fourth quarter 2010. |
• | Diluted earnings per share for fourth quarter 2011 was $0.87 compared with diluted earnings per share of $0.50 in fourth quarter 2010. Excluding debt retirement costs, adjusted diluted earnings per share for fourth quarter 2011 was $1.01 compared to $0.62 in 2010. |
GAAP RECONCILIATION | |||||||
Reconciliation of Diluted Earnings per Share to Adjusted Diluted Earnings per Share | Three Months Ended December 31, | ||||||
2011 | 2010 | ||||||
Diluted earnings per share | $ | 0.87 | $ | 0.50 | |||
Adjustment for debt retirement costs | 0.14 | 0.12 | |||||
Adjusted diluted earnings per share - see (a) below | $ | 1.01 | $ | 0.62 |
(a) | The Company believes adjusted diluted earnings per share is meaningful as it allows investors to evaluate the Company's performance for different periods on a more comparable basis by excluding items that do not relate to the ongoing operations of the Company. |
Kansas City Southern | |||||||||||||||
Consolidated Statements of Income | |||||||||||||||
(In millions, except share and per share amounts) | |||||||||||||||
(Unaudited) | |||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2011 | 2010 | 2011 | 2010 | ||||||||||||
Revenues | $ | 530.3 | $ | 478.6 | $ | 2,098.3 | $ | 1,814.8 | |||||||
Operating expenses: | |||||||||||||||
Compensation and benefits | 109.7 | 97.6 | 423.8 | 369.3 | |||||||||||
Purchased services | 51.3 | 48.2 | 204.8 | 189.1 | |||||||||||
Fuel | 88.5 | 71.9 | 346.5 | 263.6 | |||||||||||
Equipment costs | 41.6 | 39.9 | 167.1 | 157.4 | |||||||||||
Depreciation and amortization | 47.1 | 46.1 | 186.2 | 184.9 | |||||||||||
Materials and other | 41.7 | 39.8 | 183.9 | 164.0 | |||||||||||
Gain on insurance recoveries related to hurricane damage | — | — | (25.6 | ) | — | ||||||||||
Total operating expenses | 379.9 | 343.5 | 1,486.7 | 1,328.3 | |||||||||||
Operating income | 150.4 | 135.1 | 611.6 | 486.5 | |||||||||||
Equity in net earnings of unconsolidated affiliates | 4.6 | 3.5 | 18.2 | 19.7 | |||||||||||
Interest expense | (31.4 | ) | (35.6 | ) | (129.1 | ) | (158.1 | ) | |||||||
Debt retirement costs | (24.5 | ) | (19.0 | ) | (38.7 | ) | (68.3 | ) | |||||||
Foreign exchange gain (loss) | (2.3 | ) | 1.5 | (9.2 | ) | 4.7 | |||||||||
Other income (expense), net | (0.1 | ) | 0.8 | 2.2 | 4.7 | ||||||||||
Income before income taxes | 96.7 | 86.3 | 455.0 | 289.2 | |||||||||||
Income tax expense | 0.7 | 30.7 | 123.1 | 109.2 | |||||||||||
Net income | 96.0 | 55.6 | 331.9 | 180.0 | |||||||||||
Less: Net income (loss) attributable to noncontrolling interest | 0.3 | 1.0 | 1.6 | (0.2 | ) | ||||||||||
Net income attributable to Kansas City Southern and subsidiaries | 95.7 | 54.6 | 330.3 | 180.2 | |||||||||||
Preferred stock dividends | 0.1 | 2.8 | 1.6 | 11.0 | |||||||||||
Net income available to common stockholders | $ | 95.6 | $ | 51.8 | $ | 328.7 | $ | 169.2 | |||||||
Earnings per share: | |||||||||||||||
Basic earnings per share | $ | 0.87 | $ | 0.51 | $ | 3.04 | $ | 1.69 | |||||||
Diluted earnings per share | $ | 0.87 | $ | 0.50 | $ | 3.00 | $ | 1.67 | |||||||
Average shares outstanding (in thousands): | |||||||||||||||
Basic | 109,566 | 102,175 | 108,208 | 100,054 | |||||||||||
Potentially dilutive common shares | 346 | 7,463 | 1,622 | 7,480 | |||||||||||
Diluted | 109,912 | 109,638 | 109,830 | 107,534 |
Kansas City Southern | ||||||||||||||||||||||||||||||
Revenue & Carloads/Units by Commodity - Fourth Quarter 2011 and 2010 | ||||||||||||||||||||||||||||||
Revenues | Carloads and Units | Revenue per | ||||||||||||||||||||||||||||
(in millions) | (in thousands) | Carload/Unit | ||||||||||||||||||||||||||||
Fourth Quarter | % | Fourth Quarter | % | Fourth Quarter | % | |||||||||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||
Chemical & Petroleum | ||||||||||||||||||||||||||||||
Agri Chemicals | $ | 4.4 | $ | 6.1 | (28 | %) | 2.6 | 3.8 | (32 | %) | $ | 1,692 | $ | 1,605 | 5 | % | ||||||||||||||
Other Chemicals | 39.7 | 38.0 | 4 | % | 23.7 | 25.1 | (6 | %) | 1,675 | 1,514 | 11 | % | ||||||||||||||||||
Petroleum | 24.4 | 27.3 | (11 | %) | 17.3 | 17.8 | (3 | %) | 1,410 | 1,534 | (8 | %) | ||||||||||||||||||
Plastics | 23.9 | 22.0 | 9 | % | 15.8 | 15.2 | 4 | % | 1,513 | 1,447 | 5 | % | ||||||||||||||||||
Total | 92.4 | 93.4 | (1 | %) | 59.4 | 61.9 | (4 | %) | 1,556 | 1,509 | 3 | % | ||||||||||||||||||
Industrial & Consumer Products | ||||||||||||||||||||||||||||||
Forest Products | 59.0 | 54.2 | 9 | % | 32.0 | 33.3 | (4 | %) | 1,844 | 1,628 | 13 | % | ||||||||||||||||||
Metals & Scrap | 46.2 | 43.3 | 7 | % | 26.7 | 29.4 | (9 | %) | 1,730 | 1,473 | 17 | % | ||||||||||||||||||
Other | 18.1 | 16.3 | 11 | % | 18.4 | 20.5 | (10 | %) | 984 | 795 | 24 | % | ||||||||||||||||||
Total | 123.3 | 113.8 | 8 | % | 77.1 | 83.2 | (7 | %) | 1,599 | 1,368 | 17 | % | ||||||||||||||||||
Agriculture & Minerals | ||||||||||||||||||||||||||||||
Grain | 54.0 | 54.7 | (1 | %) | 33.3 | 34.1 | (2 | %) | 1,622 | 1,604 | 1 | % | ||||||||||||||||||
Food Products | 36.7 | 36.0 | 2 | % | 16.8 | 18.5 | (9 | %) | 2,185 | 1,946 | 12 | % | ||||||||||||||||||
Ores & Minerals | 15.4 | 13.9 | 11 | % | 11.4 | 11.6 | (2 | %) | 1,351 | 1,198 | 13 | % | ||||||||||||||||||
Stone, Clay & Glass | 6.6 | 5.4 | 22 | % | 3.1 | 3.0 | 3 | % | 2,129 | 1,800 | 18 | % | ||||||||||||||||||
Total | 112.7 | 110.0 | 2 | % | 64.6 | 67.2 | (4 | %) | 1,745 | 1,637 | 7 | % | ||||||||||||||||||
Coal | ||||||||||||||||||||||||||||||
Unit Coal | 66.9 | 55.2 | 21 | % | 66.7 | 60.9 | 10 | % | 1,003 | 906 | 11 | % | ||||||||||||||||||
Other Coal | 8.1 | 7.5 | 8 | % | 10.1 | 10.3 | (2 | %) | 802 | 728 | 10 | % | ||||||||||||||||||
Total | 75.0 | 62.7 | 20 | % | 76.8 | 71.2 | 8 | % | 977 | 881 | 11 | % | ||||||||||||||||||
Intermodal | 69.9 | 54.3 | 29 | % | 220.3 | 186.0 | 18 | % | 317 | 292 | 9 | % | ||||||||||||||||||
Automotive | 37.0 | 28.4 | 30 | % | 23.6 | 19.3 | 22 | % | 1,568 | 1,472 | 7 | % | ||||||||||||||||||
TOTAL FOR COMMODITY GROUPS | 510.3 | 462.6 | 10 | % | 521.8 | 488.8 | 7 | % | $ | 978 | $ | 946 | 3 | % | ||||||||||||||||
Other Revenue | 20.0 | 16.0 | 25 | % | ||||||||||||||||||||||||||
TOTAL | $ | 530.3 | $ | 478.6 | 11 | % |
Kansas City Southern | ||||||||||||||||||||||||||||||
Revenue & Carloads/Units by Commodity - Years Ended December 31, 2011 and 2010 | ||||||||||||||||||||||||||||||
Revenues | Carloads and Units | Revenue per | ||||||||||||||||||||||||||||
(in millions) | (in thousands) | Carload/Unit | ||||||||||||||||||||||||||||
Years Ended | Years Ended | Years Ended | ||||||||||||||||||||||||||||
December 31, | % | December 31, | % | December 31, | % | |||||||||||||||||||||||||
2011 | 2010 | Change | 2011 | 2010 | Change | 2011 | 2010 | Change | ||||||||||||||||||||||
Chemical & Petroleum | ||||||||||||||||||||||||||||||
Agri Chemicals | $ | 20.9 | $ | 23.5 | (11 | %) | 13.6 | 14.9 | (9 | %) | $ | 1,537 | $ | 1,577 | (3 | %) | ||||||||||||||
Other Chemicals | 171.1 | 152.2 | 12 | % | 101.9 | 100.6 | 1 | % | 1,679 | 1,513 | 11 | % | ||||||||||||||||||
Petroleum | 110.4 | 102.9 | 7 | % | 74.7 | 72.8 | 3 | % | 1,478 | 1,413 | 5 | % | ||||||||||||||||||
Plastics | 97.5 | 84.6 | 15 | % | 64.5 | 61.1 | 6 | % | 1,512 | 1,385 | 9 | % | ||||||||||||||||||
Total | 399.9 | 363.2 | 10 | % | 254.7 | 249.4 | 2 | % | 1,570 | 1,456 | 8 | % | ||||||||||||||||||
Industrial & Consumer Products | ||||||||||||||||||||||||||||||
Forest Products | 233.0 | 202.6 | 15 | % | 128.8 | 129.1 | — | 1,809 | 1,569 | 15 | % | |||||||||||||||||||
Metals & Scrap | 195.3 | 158.3 | 23 | % | 117.1 | 106.1 | 10 | % | 1,668 | 1,492 | 12 | % | ||||||||||||||||||
Other | 75.3 | 65.8 | 14 | % | 80.7 | 74.7 | 8 | % | 933 | 881 | 6 | % | ||||||||||||||||||
Total | 503.6 | 426.7 | 18 | % | 326.6 | 309.9 | 5 | % | 1,542 | 1,377 | 12 | % | ||||||||||||||||||
Agriculture & Minerals | ||||||||||||||||||||||||||||||
Grain | 212.1 | 219.6 | (3 | %) | 128.3 | 136.6 | (6 | %) | 1,653 | 1,608 | 3 | % | ||||||||||||||||||
Food Products | 150.3 | 134.7 | 12 | % | 69.8 | 71.0 | (2 | %) | 2,153 | 1,897 | 13 | % | ||||||||||||||||||
Ores & Minerals | 59.3 | 53.6 | 11 | % | 48.4 | 47.7 | 1 | % | 1,225 | 1,124 | 9 | % | ||||||||||||||||||
Stone, Clay & Glass | 25.7 | 21.2 | 21 | % | 13.4 | 12.8 | 5 | % | 1,918 | 1,656 | 16 | % | ||||||||||||||||||
Total | 447.4 | 429.1 | 4 | % | 259.9 | 268.1 | (3 | %) | 1,721 | 1,601 | 7 | % | ||||||||||||||||||
Coal | ||||||||||||||||||||||||||||||
Unit Coal | 245.5 | 207.8 | 18 | % | 245.8 | 241.5 | 2 | % | 999 | 860 | 16 | % | ||||||||||||||||||
Other Coal | 36.5 | 30.8 | 19 | % | 42.3 | 41.0 | 3 | % | 863 | 751 | 15 | % | ||||||||||||||||||
Total | 282.0 | 238.6 | 18 | % | 288.1 | 282.5 | 2 | % | 979 | 845 | 16 | % | ||||||||||||||||||
Intermodal | 251.8 | 194.2 | 30 | % | 798.8 | 678.4 | 18 | % | 315 | 286 | 10 | % | ||||||||||||||||||
Automotive | 139.2 | 97.7 | 42 | % | 85.6 | 71.1 | 20 | % | 1,626 | 1,374 | 18 | % | ||||||||||||||||||
TOTAL FOR COMMODITY GROUPS | 2,023.9 | 1,749.5 | 16 | % | 2,013.7 | 1,859.4 | 8 | % | $ | 1,005 | $ | 941 | 7 | % | ||||||||||||||||
Other Revenue | 74.4 | 65.3 | 14 | % | ||||||||||||||||||||||||||
TOTAL | $ | 2,098.3 | $ | 1,814.8 | 16 | % |
'0`````0V]P>7)I9VAT(#(P,#<@07!P;&4@26YC+BP@
M86QL(')I9VAT O
MID6E>9%:-.QA1O[+/S!,X!^9N<=SZU]8^$K'X?1?M%?%75/#6IB[\;WKZ )_^",'PV?Q'<3WC
M:9=W^EZ;/,26:S@N76%<]U09B7T6,#M7R=XM_9E_X*'_`+:NJZ/HW[47B7P+
M\"_A+;7JW-[X7\-31W$D[*>&6.&6=96P/E,]R5C+!@A.17Z[^#/!/A[X*?LQ
MZ#X%^'?A?4;OP]X8TM;72M&L9H?M5P%Z_//)'&978L[,[J"S,2>:`/QV_P""
MKGPP\*_"3QY\.OVOOAQXLM/AW\ :I/I5_I^CR0Z)
M)`L33/J,P,5JL:RHZ,?-9"=R.H56)4@$5^=G_!.W]KCX\>//VOO'?P2_:L\3
M:Q-X_N/#]EK/A&PU#1-/TT"!HOM$B[;:WB9I'@G@F`9CA$?Y5(.<+]M[Q?X^
M_:._X*?>!?VUN[OH?KQ\._B]\/?BQ!JDW
M@#79M>@TYD6\E_LRZMD1G#%5#31H&.%)PI)'&<9&?3*\*_9P^'7_``K']D'P
MGX?N(%@UBXA_M#5ACYOM$^'96]T79'_VS%>ZUZ>"G6G0C*JDI-:V_+J?$<38
M?+L/FN(HY?*4J,)-1NC\/?M-?`?Q1
M?QVNE?$O04GDE\M$U%9;# HM(WZI.W*O-\B[\QB:+^P=\'[3P%;Z?K=YXEUG71`RW&JPW?V?,C+C>D6
M&50IY56W?[1;I7Q_X[^`_P`;?V8_B!+XX\`ZIJ>I>'K8%DU[2(_GABQDK>6_
M("<$DU
M23^&*4Y)66VB6GFW+XM3A:***^'/ZC/TB_X)V?\`(Z?%/_KRL?\`T.>OU'+*
MHRQ"C(&2?4X%?EQ_P3L_Y'3XI_\`7E8_^ASU]H?M+>)]2\%_L:^)?%FDMLU'
M2+_2[N`$\,4U.T;:?]E@"I]B:_5^':ZHY.JCVBI/[FV?P!XQY94S'Q'J8.F[
M2JRHP7K*$$OS-3]H/PYK7BS]C'XB:%X?N;FWU:?2'>%8/OW`C(D:#_MHJ-'_
M`,#KYY_8B\+7UG^P5K^I6$T6GZOXAU2[>PO7C+",)&L$;$9&0LJ2'`/<\U]G
M^&]?T_Q5\/M#\3:3)YVF:I8Q7EJWG77T,O#K"9AG>7U^%:35.4JL*DG)*ZC'W:FCMS--0:C?6TMC[N^*GA
M'4KGP[\!=0U.ZBU37/#7C?1SJ.H*A03[_P#1Y7`))`>5HVQDX]3UKV"TUW1?
M$'Q'\0^%Y8D?5/#LUI
%(!-?4/[2?\`R==^
MRK_V.C_^A6U<3\59YF_X+C?`NW::0V\?AS>D1<[59FU$,P'0$A5!/?:/2NB>
M2X&C5J*4')*<4M6M))?E?U\SR<+XF<59E@,).EB53E+#UZDGR1E>5*4TFD]$
MVHI/[.K?+M;P?1/V!_%4_CG5-+\4^/M!\-6"W30Z)'P"\C
M0_\`@E3X7N;:#,<'AJ\NS%O/S.SSRORWA3_K]OO_`$JDK\>_BA_R
X#+'
M.78&**084$DD5[Q!!:Z=I4-O;Q06=C;1!(XT4)'%&HP`!T``&,=L5^9'Q-_;
M\UBW\;ZAIGPM\.:'+H]O*T4>K:RLLK7>"1YD<:.FQ3U&XL2,$@9P/U*I'"Y5
M@HT:U5V=U:RUOOT\S^#\'7SWCWB2MF.7X&'M(N,N9RFE#ELH7?.ES>ZMHZM-
MVM<^RT>Z^!OPK\416/A>]UCX?Z)'=:K8?9+V%7L+0(9YK;;*P9MCB8ICC8R+
M_#7YR_M3?%?0/C9X;\(ZGI'P\\?>']
)+NVFEO=5U1XO*6YNYFW2,B9.R,8"J"2<*"
M3DF@#\1_C$GQ1_X)1?M^^*?$7PBM;75O@K\3=*N_[#TV_=FM[2Y128XWZGS+
M26973/\`K87*%MQ9D_47]@7]EK5?@I\&]7^*GQ6DO-9_:)^)#?VIXQU#4"'N
M;)97,HL]W9MQWRXX,G'(C0UXU_P53_9L^./[2/@OX-Z5\%_`,WC.;0KW4;C5
M)/[9L+%+=94MUC7_`$F>,L28V^Z"!CDBOUCM9I+C3+:XFM;BQFEB5WMIRADA
M)&2C%&92PZ':Q&1P2.:`/PT_X*@>!])^)W_!6/\`8K^'6NO/'HWB>Z;2;UX&
MQ(D=Q?V\3,O^T`Q(]Q7+_LG?M:2?L2_#+]H?]F7]H.X8ZS\+&N]0\$1LY7^V
M%>08LH,CA99)8KB,G)V7$K'`CKZS_;%^!'QI^)'_``5H_9&^*'@#X/OC3XYU#4HX7!5(K"/[.87522561I7V*>%BCAQPU?
MTR_MV_\`*'O]HC_L3+K^0KY%_P""F/[,WQA^.'A'X`>'?@3\,G\2Z=X/O+J6
M\2WU;3K""S@*6R0Q(MS<1$D"$X"@J`!SVK[9_:Q\(>,/B7_P3+^+?@CP1X9O
M=;\8^(_#4EEIVD?:[6"3S9-ORO)+*L*[>0QO-N0!-CI@"ORS^(/\`P2F\)_!SX/ZI\0?!G[8^
MK?#"RATZ62?4-:MT@MM0Q'YL40N(+F(JIV,>%E+<%5^7#>S_`/!.3XH_&3]I
M_P#X)/\`QY\!_$3Q1J?B?4[2&[\/:#XEU:5I+MQ>6#CRYISEI3$[JV]RSXD`
M)("X`//K3]H/]L3_`(*"?M&>,_#_`.RQXEMO@7\`?#MR;:;Q=/$T=[>Y!",T
M@1I1-(N9%AA\ORU*[WSM+=EXH_9'_P""AOP-\)WGCKX,_MJ>-?CAK6GQ?:+C
MPOXLAG
)O'7BO39_/TS4?%^HI=?8Y`05D2&&**'>N,JS1EE/
M(.0"/T&HH`^?OCI^R[\#OVCO"2:7\6/`FFZ[<0G=::M`3;:C:GC_`%=Q'A]O
M`RA)0X&5.!7PYHW_``1J_9+TSQ3'J%_K7QE\26BDDZ9J/B&U2W<'H"8+2*7`
M[8D'XU^LE%`'&?#_`.'G@GX5?"32/`GP[\-:9X2\(Z7&4L=-L(RL<>6+,Q))
M9W9B69V)9F)))))KLZ**`"BBB@`HHHH`****`"O"OVFO^3#/BA_V!6_]#6O=
M:\*_::_Y,,^*'_8%;_T-:X\Q_P!UJ_X7^1])P=_R/\#_`-?:?_I:/3O!/_)&
M?"/_`&!;7_T2E=/7,>"?^2,^$?\`L"VO_HE*Z>NBC\$?0\?,?]ZJ_P")_F%?
M"G[3_P#P3Z^#'[67QLT?Q[\1?$?Q)T36M-T9=*@7PW>V-O$\"RR2KO\`.M)7
M9@TLG\6!G@"ONNBM#C/)OAY\'/#'PS_8[T/X)>'[O5KCPII6A-H]O