EX-99.2 3 qfr-q22009.htm Q2 2009 QUARTERLY FINANCIAL REPORT qfr-q22009.htm
Exhibit 99.2

 


 
CSX Announces Second Quarter Results
 
 
Second Quarter Highlights:

• Earnings per share at 78 cents; 72 cents from continuing operations
 
• Productivity and cost cutting efforts continue
 
• Operating income at $582 million and operating ratio at 73.4%
 
• Safety levels strong, contributing to favorable casualty reserve adjustment
 

JACKSONVILLE, Fla., (July 13, 2009) – CSX Corporation [NYSE: CSX] today announced second quarter earnings of $308 million, or 78 cents a share, versus $385 million, or 93 cents a share, last year. Excluding the impact of discontinued operations related to The Greenbrier resort, earnings per share from continuing operations declined 24 percent from 95 cents to 72 cents.

Second quarter revenues of $2.2 billion were down 25 percent from the prior year, primarily due to a 21 percent decline in volume and lower fuel surcharge recovery. Volumes continued to decline across the board, although the rate of decline in the coal market accelerated in the second quarter.

“While the economy continues to significantly impact our business, there are some signs that we may be seeing the bottom in many markets,” said Michael Ward, president, chairman and CEO.  “Even in this difficult business environment, we are still strengthening our operations, optimizing our resources and making the right investments to prepare our network for the future.”

CSX continued to improve its safety performance, contributing to a further reduction in its casualty reserves of $70 million compared to last year. Combined with the company’s cost management efforts and increased network efficiency, operating expenses declined 27%, allowing the company to produce operating income of $582 million and an operating ratio of 73.4 percent for the quarter.

“By improving safety, reducing costs and increasing productivity we lessened the impact of the struggling global economy on our business,” said Tony Ingram, executive vice president and chief operating officer. “We remained aggressive in right-sizing our train network while still providing reliable service for our customers.”



Table of Contents
The accompanying unaudited
CSX CORPORATION
CONTACTS:
 
financial information should be
500 Water Street, C900
  
 
read in conjunction with the
Jacksonville, FL
INVESTOR RELATIONS
Company’s most recent
32202
David Baggs
Annual Report on Form 10-K,
http://www.csx.com
(904) 359-4812
Quarterly Reports on Form
  
MEDIA
10-Q, and any Current
  
Garrick Francis
 
Reports on Form 8-K.
  
(877) 835-5279

 
1
 


 
CSX Corporation, based in Jacksonville, Fla., is a leading transportation company providing rail, intermodal and rail-to-truck transload services. The company’s transportation network spans approximately 21,000 miles with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports.

This earnings announcement, as well as a package of detailed financial information, is contained in the CSX Quarterly Financial Report available on the company's website at http://investors.csx.com in the Investors section and on Form 8-K with the Securities and Exchange Commission (“SEC”).

CSX executives will conduct a quarterly earnings conference call with the investment community on July 14, 2009 at 8:30 a.m. ET. Investors, media and the public may listen to the conference call by dialing 888-327-6279 (888-EARN-CSX) and asking for the CSX earnings call. (Callers outside the U.S., dial 773-756-0199). Participants should dial in 10 minutes prior to the call. In conjunction with the call, a live webcast will be accessible and presentation materials will be posted on the company’s website at http://investors.csx.com. Following the earnings call, an internet replay of the presentation will be archived on the company website.

##

Forward-looking statements

This information and other statements by the company contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to, among other items: projections and estimates of earnings, revenues, cost-savings, expenses, or other financial items; statements of management’s plans, strategies and objectives for future operation, and management’s expectations as to future performance and operations and the time by which objectives will be achieved; statements concerning proposed new products and services; and statements regarding future economic, industry or market conditions or performance. Forward-looking statements are typically identified by words or phrases such as “believe,” “expect,” “anticipate,” “project,” “estimate,” “preliminary” and similar expressions. Forward-looking statements speak only as of the date they are made, and the company undertakes no obligation to update or revise any forward-looking statement. If the company does update any forward-looking statement, no inference should be drawn that the company will make additional updates with respect to that statement or any other forward-looking statements.

Forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by these forward-looking statements. Factors that may cause actual results to differ materially from those contemplated by these forward-looking statements include, among others; (i) the company’s success in implementing its financial and operational initiatives; (ii) changes in domestic or international economic or business conditions, including those affecting the rail industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; and (v) the outcome of claims and litigation involving or affecting the company.

Other important assumptions and factors that could cause actual results to differ materially from those in the forward-looking statements are specified in the company’s SEC reports, accessible on the SEC’s website at www.sec.gov and the company’s website at www.csx.com.

 
2
 


CONSOLIDATED INCOME STATEMENTS (Unaudited)
(Dollars in Millions, Except Per Share Amounts)
               
 
Quarters Ended
  
Six Months Ended
 
Jun. 26,
Jun. 27,
    
Jun. 26,
Jun. 27,
  
 
2009
2008
$ Change
  
2009
2008
$ Change
Revenue
 $2,185
 $2,907
 $(722)
  
 $4,432
 $5,620
 $(1,188)
Expense
              
Labor and Fringe
 654
 733
 79
  
 1,316
 1,478
 162
Materials, Supplies and Other
 368
513
 145
  
 845
 1,018
 173
Fuel
 185
537
 352
  
 376
978
 602
Depreciation
 229
227
 (2)
  
 453
449
 (4)
Equipment and Other Rents
 98
112
 14
  
 211
223
 12
Inland Transportation
 69
68
 (1)
  
 127
131
 4
Total Expense
 1,603
 2,190
 587
  
 3,328
 4,277
 949
               
Operating Income
 582
 717
 (135)
  
 1,104
 1,343
 (239)
               
Interest Expense
 (139)
 (133)
 (6)
  
 (280)
 (252)
 (28)
Other Income - Net
 10
 17
 (7)
  
 13
 89
 (76)
Earnings From Continuing Operations
              
Before Income Taxes
 453
 601
 (148)
  
 837
 1,180
 (343)
               
Income Tax Expense (a)
 (168)
 (209)
 41
  
 (298)
 (426)
 128
Earnings from Continuing Operations
 285
 392
 (107)
  
 539
 754
 (215)
               
Discontinued Operations (b)
 23
 (7)
 30
  
 15
 (18)
 33
Net Earnings
 $308
 $385
 $(77)
  
 $554
 $736
 $(182)
               
Per Common Share
              
Net Earnings Per Share, Assuming Dilution
              
Continuing Operations
 $0.72
 $0.95
 $(0.23)
  
 $1.36
 $1.82
 $(0.46)
Discontinued Operations
 0.06
 (0.02)
 0.08
  
 0.04
 (0.04)
 0.08
Net Earnings
 $0.78
 $0.93
 $(0.15)
  
 $1.40
 $1.78
 $(0.38)
               
Average Shares Outstanding,
              
Assuming Dilution (Thousands)
 395,370
 415,112
    
 394,735
 415,161
  
               
Cash Dividends Paid Per Common Share
 $0.22
 $0.18
    
 $0.44
 $0.33
  


 
3
 


CSX Corporation
CONSOLIDATED BALANCE SHEETS
(Dollars in Millions)
 
(Unaudited)
  
 
Jun. 26,
Dec. 26,
 
2009
2008
ASSETS
     
Current Assets
    
Cash and Cash Equivalents
 $1,108
 $669
Short-term Investments
 70
 76
Accounts Receivable - Net
 885
 1,107
Materials and Supplies
 254
 217
Deferred Income Taxes
 159
 203
Other Current Assets
 160
 119
Total Current Assets
 2,636
 2,391
     
Properties
 30,584
 30,208
Accumulated Depreciation
 (7,697)
 (7,520)
Properties - Net
 22,887
 22,688
     
Investment in Conrail
 622
 609
Affiliates and Other Companies
 405
 406
Other Long-term Assets
 185
 194
Total Assets
 $26,735
 $26,288
     
LIABILITIES AND SHAREHOLDERS' EQUITY
     
Current Liabilities
    
Accounts Payable
 $904
 $973
Labor and Fringe Benefits Payable
 349
 465
Casualty, Environmental and Other Reserves
 181
 236
Current Maturities of Long-term Debt
 318
 319
Income and Other Taxes Payable
 110
 125
Other Current Liabilities
 99
 286
Total Current Liabilities
 1,961
 2,404
     
Casualty, Environmental and Other Reserves
 579
 643
Long-term Debt
 7,933
 7,512
Deferred Income Taxes
 6,417
 6,235
Other Long-term Liabilities
 1,389
 1,426
 Total Liabilities
 18,279
 18,220
     
Common Stock, $1 Par Value
 392
 391
Other Capital
 29
 -
Retained Earnings
 8,757
 8,398
Accumulated Other Comprehensive Loss
 (735)
 (741)
Noncontrolling Minority Interest
 13
 20
Total Shareholders' Equity
 8,456
 8,068
Total Liabilities and Shareholders' Equity
 $26,735
 $26,288


 
4
 


 
CSX Corporation
CONSOLIDATED CASH FLOW STATEMENTS (Unaudited)
(Dollars in Millions)
     
 
Six Months Ended
 
Jun. 26,
Jun. 27,
 
2009
2008
OPERATING ACTIVITIES
    
Net Earnings
 $554
 $736
Adjustments to Reconcile Net Earnings to Net Cash Provided
    
by Operating Activities:
    
Depreciation
 454
 456
Deferred Income Taxes
 212
 201
Other Operating Activities
 (172)
 (30)
Changes in Operating Assets and Liabilities:
    
Accounts Receivable
 202
 (44)
Other Current Assets
 (83)
 (16)
Accounts Payable
 (56)
 35
Income and Other Taxes Payable
 (13)
 9
Other Current Liabilities
 (117)
 (4)
Net Cash Provided by Operating Activities
 981
 1,343
     
INVESTING ACTIVITIES
    
Property Additions
 (667)
 (912)
Purchases of Short-term Investments
 -
 (25)
Proceeds from Sales of Short-term Investments
 -
 280
Other Investing Activities
 49
 (1)
Net Cash Used in Investing Activities
 (618)
 (658)
     
FINANCING ACTIVITIES
    
Long-term Debt Issued
 500
 1,000
Long-term Debt Repaid
 (83)
 (176)
Dividends Paid
 (176)
 (134)
Stock Options Exercised
 12
 65
Shares Repurchased
 -
 (453)
Other Financing Activities
 (177)
 43
Net Cash Provided by Financing Activities
 76
 345
     
Net Increase in Cash and Cash Equivalents
 439
 1,030
     
CASH AND CASH EQUIVALENTS
    
Cash and Cash Equivalents at Beginning of Period
 669
 368
Cash and Cash Equivalents at End of Period
 $1,108
 $1,398


 
5
 

CSX Corporation

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)


(a) Income Tax Expense: In the second quarter of 2008, CSX recognized a tax benefit of $18 million, or $0.04 per share, principally related to the settlement of federal income tax audits and certain other tax matters.

(b) Discontinued Operations: In May 2009, CSX sold the Company’s resort, The Greenbrier, and recognized a gain of $25 million after tax (also included in the second quarter amount is $2 million of losses from operations). Previously, all amounts associated with the operations of The Greenbrier were included in Other Income.  Because of the sale, The Greenbrier’s results of operations and the second quarter 2009 gain will be reported as Discontinued Operations in the Company’s Consolidated Income Statements.  All prior periods have been reclassified to reflect this change.





OTHER INCOME - NET (Unaudited)
 (Dollars in Millions)
               
 
Quarters Ended
  
Six Months Ended
 
Jun. 26,
Jun. 27,
    
Jun. 26,
Jun. 27,
  
 
2009
2008
$ Change
  
2009
2008
$ Change
Interest Income (a)
 $3
 $13
 $(10)
  
 $7
 $21
 $(14)
Income from Real Estate Operations (b)
 6
 3
 3
  
 7
 33
 (26)
Miscellaneous (c)
 1
 1
 -
  
 (1)
 35
 (36)
Total Other Income - Net
 $10
 $17
 $(7)
  
 $13
 $89
 $(76)


Note: In May 2009, CSX sold the stock of The Greenbrier Hotel Corporation, owner of The Greenbrier resort. The results of The Greenbrier’s operations are presented in discontinued operations on the consolidated income statements and all prior periods have been reclassified.

(a)  
Interest income fluctuates as a result of interest rates and balances that earn interest based on CSX’s cash, cash equivalents and short-term investments.

(b)  
Income from real estate includes the results of operations of the Company’s non-operating real estate sales, leasing, acquisition and management and development activities.  Income may fluctuate as a function of timing of real estate sales.

(c)  
Miscellaneous income includes a number of items which can be income or expense.  Examples of these items are equity earnings and/or losses, noncontrolling minority interest expense, investment gains and losses and other non-operating activities.  In first quarter 2008, CSX recorded additional income of $30 million for an adjustment to correct equity earnings from a non-consolidated subsidiary.


 
6
 



RESULTS OF OPERATIONS (Unaudited)
(Dollars in Millions)
                   
Quarters Ended June 26, 2009 and June 27, 2008
                   
       
CSX
      
 
Rail (a)
Intermodal
Consolidated
      
 
2009
2008
2009
2008
2009
2008
$ Change
% Change
Revenue
 $1,894
 $2,522
 $291
 $385
 $2,185
 $2,907
 $(722)
 (25)
%
Expense
                  
Labor and Fringe
 638
 714
 16
 19
 654
 733
 79
 11
  
Materials, Supplies and Other
 324
 462
 44
 51
 368
 513
 145
 28
  
Fuel
 184
 536
 1
 1
 185
 537
 352
 66
  
Depreciation
 222
 220
 7
 7
 229
 227
 (2)
 (1)
  
Equipment and Other Rents
 74
 86
 24
 26
 98
 112
 14
 13
  
Inland Transportation
 (94)
 (137)
 163
 205
 69
 68
 (1)
 (1)
  
Total Expense
 1,348
 1,881
 255
 309
 1,603
 2,190
 587
 27
  
Operating Income
 $546
 $641
 $36
 $76
 $582
 $717
 $(135)
 (19)
%
                   
Operating Ratio
71.2%
74.6%
87.6%
80.3%
73.4%
75.3%
      
                   
                   
Six Months Ended June 26, 2009 and June 27, 2008
                   
       
CSX
      
 
Rail (a)
Intermodal
Consolidated
      
 
2009
2008
2009
2008
2009
2008
$ Change
% Change
Revenue
 $3,871
 $4,887
 $561
 $733
 $4,432
 $5,620
 $(1,188)
 (21)
%
Expense
                  
Labor and Fringe
 1,282
 1,440
 34
 38
 1,316
 1,478
 162
 11
  
Materials, Supplies and Other
 756
 918
 89
 100
 845
 1,018
 173
 17
  
Fuel
 374
 975
 2
 3
 376
 978
 602
 62
  
Depreciation
 440
 437
 13
 12
 453
 449
 (4)
 (1)
  
Equipment and Other Rents
 162
 170
 49
 53
 211
 223
 12
 5
  
Inland Transportation
 (187)
 (259)
 314
 390
 127
 131
 4
 3
  
Total Expense
 2,827
 3,681
 501
 596
 3,328
 4,277
 949
 22
  
Operating Income
 $1,044
 $1,206
 $60
 $137
 $1,104
 $1,343
 $(239)
 (18)
%
                   
Operating Ratio
73.0%
75.3%
89.3%
81.3%
75.1%
76.1%
      

(a)  
  In addition to CSX Transportation, Inc., the Rail segment includes non-railroad subsidiaries such as Total Distribution Services, Inc., Transflo Terminal Services, Inc., CSX Technology, Inc. and other subsidiaries.

 
7
 


 
VOLUME AND REVENUE (Unaudited)
Volume (Thousands of Units); Revenue (Dollars in Millions); Revenue Per Unit (Dollars)
                             
Quarters Ended June 26, 2009 and June 27, 2008
                             
 
Volume
  
Revenue
  
Revenue Per Unit
 
2009
2008
% Change
  
2009
2008
% Change
  
2009
2008
% Change
Chemicals
 105
 131
 (20)
%
  
 $308
 $381
 (19)
 %
  
 $2,933
 $2,908
 1
%
Emerging Markets
 106
 133
 (20)
    
 147
 191
 (23)
    
 1,387
 1,436
 (3)
  
Forest Products
 64
 90
 (29)
    
 133
 205
 (35)
    
 2,078
 2,278
 (9)
  
Agricultural Products
 106
 108
 (2)
    
 233
 246
 (5)
    
 2,198
 2,278
 (4)
  
Metals
 45
 96
 (53)
    
 87
 211
 (59)
    
 1,933
 2,198
 (12)
  
Phosphates and Fertilizers
 74
 90
 (18)
    
 94
 128
 (27)
    
 1,270
 1,422
 (11)
  
Food and Consumer
 25
 28
 (11)
    
 59
 70
 (16)
    
 2,360
 2,500
 (6)
  
Total Merchandise
 525
 676
 (22)
    
 1,061
 1,432
 (26)
    
 2,021
 2,118
 (5)
  
                             
Coal
 361
 450
 (20)
    
 639
 777
 (18)
    
 1,770
 1,727
 2
  
Coke and Iron Ore
 14
 27
 (48)
    
 23
 47
 (51)
    
 1,643
 1,741
 (6)
  
Total Coal
 375
 477
 (21)
    
 662
 824
 (20)
    
 1,765
 1,727
 2
  
                             
Automotive
 54
 92
 (41)
    
 113
 205
 (45)
    
 2,093
 2,228
 (6)
  
                             
Other
 -
 -
 -
    
 58
 61
 (5)
    
 -
 -
 -
  
Total Rail
 954
 1,245
 (23)
    
 1,894
 2,522
 (25)
    
 1,985
 2,026
 (2)
  
                             
International
 183
 262
 (30)
    
 81
 137
 (41)
    
 443
 523
 (15)
  
Domestic
 274
 268
 2
    
 204
 242
 (16)
    
 745
 903
 (17)
  
Other
 -
 -
 -
    
 6
 6
 -
    
 -
 -
 -
  
Total Intermodal
 457
 530
 (14)
    
 291
 385
 (24)
    
 637
 726
 (12)
  
                             
Total
 1,411
 1,775
 (21)
%
  
 $2,185
 $2,907
 (25)
 %
  
 $1,549
 $1,638
 (5)
 %
                             
Six Months Ended June 26, 2009 and June 27, 2008
                             
 
Volume
  
Revenue
  
Revenue Per Unit
 
2009
2008
% Change
  
2009
2008
% Change
  
2009
2008
% Change
Chemicals
 210
 260
 (19)
%
  
 $616
 $743
 (17)
 %
  
 $2,933
 $2,858
 3
%
Emerging Markets
 197
 248
 (21)
    
 281
 352
 (20)
    
 1,426
 1,419
 -
  
Forest Products
 129
 177
 (27)
    
 273
 397
 (31)
    
 2,116
 2,243
 (6)
  
Agricultural Products
 215
 217
 (1)
    
 482
 481
 -
    
 2,242
 2,217
 1
  
Metals
 93
 188
 (51)
    
 184
 408
 (55)
    
 1,978
 2,170
 (9)
  
Phosphates and Fertilizers
 134
 181
 (26)
    
 181
 258
 (30)
    
 1,351
 1,425
 (5)
  
Food and Consumer
 50
 55
 (9)
    
 119
 135
 (12)
    
 2,380
 2,455
 (3)
  
Total Merchandise
 1,028
 1,326
 (22)
    
 2,136
 2,774
 (23)
    
 2,078
 2,092
 (1)
  
                             
Coal
 776
 890
 (13)
    
 1,352
 1,497
 (10)
    
 1,742
 1,682
 4
  
Coke and Iron Ore
 30
 50
 (40)
    
 54
 89
 (39)
    
 1,800
 1,780
 1
  
Total Coal
 806
 940
 (14)
    
 1,406
 1,586
 (11)
    
 1,744
 1,687
 3
  
                             
Automotive
 99
 188
 (47)
    
 208
 407
 (49)
    
 2,101
 2,165
 (3)
  
                             
Other
 -
 -
 -
    
 121
 120
 1
    
 -
 -
 -
  
Total Rail
 1,933
 2,454
 (21)
    
 3,871
 4,887
 (21)
    
 2,003
 1,991
 1
  
                             
International
 369
 515
 (28)
    
 164
 260
 (37)
    
 444
 505
 (12)
  
Domestic
 528
 523
 1
    
 388
 460
 (16)
    
 735
 880
 (16)
  
Other
 -
 -
 -
    
 9
 13
 (31)
    
 -
 -
 -
  
Total Intermodal
 897
 1,038
 (14)
    
 561
 733
 (23)
    
 625
 706
 (11)
  
                             
Total 2,830  3,492  (19) %    $4,432  $5,620  (21)  %   $1,566  $1,609  (3)  %


Certain data within Merchandise categories have been reclassified to conform to the current year presentation.

 
8
 

CSX Corporation

REVENUE

CSX experienced significant year-over-year volume and revenue declines caused by the broad-based weakness in the economy. The greatest impacts were felt in coal, automotive, construction and consumer-related markets.  Lower fuel recovery associated with the sharp decline in fuel prices more than offset the Company’s ongoing yield management initiatives.

Rail

Merchandise

Chemicals – Continued weakness in the housing, automotive and consumer goods markets has significantly reduced demand for chemical products related to those markets.

Emerging Markets – Aggregates (which include crushed stone, sand and gravel) volume declined due to continued softness in residential construction.

Forest Products – A weak housing market has driven the continued decline in lumber and building products. Paper volume continued to be soft due to electronic media substitution and less packaging being used as a result of lower consumer spending.

Agricultural Products – Volume was down slightly as the continuing growth in ethanol was more than offset by lower consumption of poultry and fewer east coast grain exports due to a stronger global supply.
 
Metals – Volume declines were driven by weak global and domestic steel demand in the automotive and construction industries. This weak demand caused steel producers to continue idling capacity in an attempt to balance supply with demand.

Phosphates and Fertilizers – Phosphate production was down due to weak international and domestic demand.  Additionally, farmers are continuing to cut back on levels of phosphate and potash application in reaction to lower commodity prices.

Food and Consumer – Weakness in residential construction caused reduced shipments of appliances and other consumer goods.  Yet, basic needs markets such as food products were less severely impacted by the current economic conditions.

Coal
 
Volume declines were driven by a weaker export market and lower demand from electric utilities.  The export market decline is a result of both lower steel production in Europe reducing the need for metallurgical coal (coal used to produce steel), and cheaper alternative global sources for European utilities.  The demand for domestic electrical generation from coal was down because of low natural gas prices and lower industrial production.

Automotive

Revenue and volume were down as lower consumer demands, inventory corrections, and bankruptcy filings within the auto industry reduced new car production.

Intermodal

International – Volume continues to be down significantly on weak imports and exports due to the global economic recession. Revenue-per-unit was lower on significantly decreased fuel recovery, partially offset by long-term contract price increases.

Domestic – Volume was up slightly as truckload conversion and expanded service offerings helped offset the decline in other segments of the domestic market.  Revenue-per-unit was lower on decreased fuel recovery and a competitive truck pricing environment.


 
9
 

CSX Corporation

 
EXPENSE

Expenses decreased $587 million from last year’s quarter.  Significant variances are described below.

Labor and Fringe expense decreased $79 million. This decrease was primarily driven by labor productivity initiatives, such as employee furloughs and reduced crew overtime, and lower incentive compensation.  These decreases were partially offset by inflation.

Materials, Supplies and Other expense decreased $145 million due to several items including a year over year change in casualty reserves of $70 million. Casualty reserves are reviewed by management and an outside party twice a year. As safety trends have continued to improve, benefits were taken in both years’ second quarters - $85 million in 2009 and $15 million in the prior year quarter.  These benefits were a result of the continuing downward trend in the number and the severity of injuries.  Additionally, there were volume-related expense decreases, prior year proxy-related items (not repeated in the current year) and other items.

Fuel expense decreased $352 million due to lower fuel prices and lower volume.

 
 
____________________________________________________________________________________________________________________________________________

EMPLOYEE COUNTS (Estimated)
                   
       
2009
      
2008
  
 
Apr
May
Jun
Q2
Apr
May
Jun
Q2
Average
 
2009
2009
2009
Average
2008
2008
2008
Average
Change
Rail
 28,755
 28,149
 28,134
 28,346
 31,432
 31,626
 31,470
 31,509
 (3,163)
Intermodal
 935
 922
 917
 925
 970
 960
 953
 961
 (36)
Technology, Corporate, and Other
 611
 610
 600
 607
 610
 613
 612
 612
 (5)
Total
 30,301
 29,681
 29,651
 29,878
 33,012
 33,199
 33,035
 33,082
 (3,204)
               
          NOTE: Employee counts for The Greenbrier are no longer included due to the sale.



FUEL STATISTICS
               
 
Quarters Ended
  
Six Months Ended
 
Jun. 26,
Jun. 27,
    
Jun. 26,
Jun. 27,
  
 
2009
2008
Change
  
2009
2008
Change
Estimated Locomotive Fuel Consumption (Millions of gallons)
 106.3
 137.6
 31.3
  
 225.9
 281.2
 55.3
Price Per Gallon (Dollars)
 $1.56
 $3.62
 $2.06
  
 $1.47
 $3.21
 $1.74
Total Locomotive Fuel Expense (Dollars in millions)
 $166
 $498
 $332
  
 $332
 $903
 $571
Total Non-Locomotive Fuel Expense (Dollars in millions)
 19
 39
 20
  
 44
 75
 31
Total Fuel Expense (Dollars in millions)
 $185
 $537
 $352
  
 $376
 $978
 $602

 
10
 


                     
RAIL OPERATING STATISTICS (Estimated)
                     
 
Quarters Ended
  
Six Months Ended
  
 
Jun. 26,
Jun. 27,
Improvement
  
Jun. 26,
Jun. 27,
Improvement
  
Coal (Millions of Tons)
2009
2008
(Decline) %
  
2009
2008
(Decline) %
  
Domestic
                    
Utility
 32.6
 36.5
 (11)
%
  
 69.6
 73.2
 (5)
%
  
Other
 3.0
 4.6
 (35)
    
 5.7
 8.5
 (33)
    
Total Domestic
 35.6
 41.1
 (13)
    
 75.3
 81.7
 (8)
    
Export
 4.8
 8.4
 (43)
    
 10.9
 16.0
 (32)
    
Total Coal
 40.4
 49.5
 (18)
    
 86.2
 97.7
 (12)
    
Coke and Iron Ore
 1.3
 2.3
 (43)
    
 2.5
 4.2
 (40)
    
Total Coal, Coke and Iron Ore
 41.7
 51.8
 (19)
    
 88.7
 101.9
 (13)
    
                     
Revenue Ton-Miles (Billions)
                    
Merchandise
 28.2
 34.9
 (19)
    
 56.0
 69.2
 (19)
    
Coal
 18.5
 22.9
 (19)
    
 39.0
 45.0
 (13)
    
Automotive
 1.0
 1.5
 (33)
    
 1.8
 3.2
 (44)
    
Intermodal
 4.3
 4.9
 (12)
    
 8.3
 9.5
 (13)
    
Total
 52.0
 64.2
 (19)
    
 105.1
 126.9
 (17)
    
                     
Gross Ton-Miles (Billions)
                    
Total Gross Ton-Miles
 94.3
 116.2
 (19)
    
 190.1
 229.8
 (17)
    
(Excludes locomotive gross ton-miles)
                    
                     
Safety and Service Measurements
                    
FRA Personal Injuries Frequency Index
 1.22
 1.30
 6
    
 1.26
 1.19
 (6)
    
Number of FRA-reportable injuries per 200,000 man-hours
                    
FRA Train Accident Rate
 2.22
 2.63
 16
    
 2.60
 2.83
 8
    
Number of FRA-reportable train accidents per million train miles
                  
                     
On-Time Train Originations
83%
75%
 11
    
83%
77%
 8
    
On-Time Destination Arrivals
81%
65%
 25
    
80%
67%
 19
    
                     
Dwell (Hours)
 24.1
 23.3
 (3)
    
 24.1
 23.0
 (5)
    
Cars-On-Line
 218,313
 224,460
 3
    
 218,586
 222,826
 2
    
                     
System Train Velocity (Miles per hour)
 21.7
 20.0
 9
    
 21.7
 20.4
 6
    
                     
     
Increase
          
Resources
    
(Decrease) %
          
Route Miles
 21,190
 21,224
 -
              
Locomotives (Owned and long-term leased)
 4,108
 4,098
 -
              
Freight Cars (Owned and long-term leased)
 86,300
 92,083
 (6)
%
            


 
11
 


 
 
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