CSX (CSX) 8-K CSX Reports Strong Second Quarter 2005 Earnings

Exhibit 99.2

CSX REPORTS STRONG SECOND QUARTER 2005 EARNINGS

     JACKSONVILLE, Fla., July 27, 2005 — CSX Corporation (NYSE: CSX) today reported its financial results for the second quarter of 2005.

· Net earnings were $165 million, or $.73 per share, a 38 percent increase in per-share earnings from the quarter a year ago. The 2005 results included after-tax debt repurchase expenses of $123 million, or $.54 per share, partially offset by a state income tax benefit of $71 million, or $.31 per share, for a net decrease of $.23 per share in the quarter.

· Surface Transportation revenue increased more than 8 percent to $2.2 billion, producing the 13^th consecutive quarter of year-over-year growth.

· Surface Transportation produced record operating income of $422 million, an increase of $142 million over last year’s quarter.

           “This was our sixth consecutive quarter of core earnings growth,” said Michael J. Ward, CSX Corporation chairman, president and chief executive officer. “It was also the second consecutive quarter of record operating income in Surface Transportation, reflecting overall strength in our markets and an increased focus on productivity.
      “In the foreseeable future, we expect a continuation of favorable economic conditions, industry growth and a strong pricing environment. At the same time, CSX is taking the necessary steps to improve service for our customers and drive long-term growth for our shareholders.”
      Surface Transportation revenue was $2.2 billion, increasing $169 million from the same quarter last year. This improvement was led by strength in the coal and merchandise markets, which produced 22 percent and 7 percent year- over-year revenue gains, respectively. Revenue also included $17 million from a rate case settlement.
      Surface Transportation operating income of $422 million compares to $280 million in the second quarter of 2004, a period that included a $15 million management restructuring charge. On a comparable basis, Surface Transportation operating income increased by $127 million, up 43 percent.
      Also in the quarter, CSX repurchased $1 billion of its debt, which strengthened the company’s balance sheet, reduced its interest expense going forward, and improved its credit profile. This resulted in a $123 million after-tax expense, primarily reflecting the increase in current market value of the repurchased debt above the original issue value.
      The State of Ohio enacted legislation to repeal its Corporate Franchise Tax, which was based on federal taxable income. This resulted in an income tax benefit of $71 million in the quarter. In addition, other income was up $25 million versus the prior year due to higher real estate sales and interest income.
      CSX’s detailed financial information is contained in its Quarterly Flash document, which will be posted onwww.csx.com, and filed on Form 8-K with the Securities and Exchange Commission.
      CSX executives will provide additional perspective on the company and future opportunities at its previously announced Investors and Financial Analysts Conference at the New York Stock Exchange on August 11, 2005. For more information on this event, visitwww.csx.com. and click on “Investors”.
      CSX Corporation, based in Jacksonville, Fla., owns companies providing rail, intermodal and rail-to-truck transload services that are among the nation’s leading transportation

companies, connecting 70 river, ocean and lake ports, as well as more than 230 shortline railroads. Its principal operating company, CSX Transportation Inc., operates the largest railroad in the eastern United States with a 22,000-mile rail network linking commercial markets in 23 states, the District of Columbia, and two Canadian provinces. CSX Intermodal Inc. is a stand-alone integrated intermodal company serving customers with its own truck and terminal operations plus a dedicated domestic container fleet. More information about CSX Corporation and its subsidiaries is available at the company’s website,www.csx.com.

     This press release 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,” 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 atwww.sec.gov and the Company’s website atwww.csx.com.

500 Water Street
15th Floor, C900
Jacksonville, FL 32202
http://www.csx.com

Contact:

Investor Relations
   David Baggs
   (904 359-4812

Media
   Misty Skipper
   (904) 366-2949

Table of Contents

	Page
Consolidated Financial Statements		2
Business Segments		5
Surface Transportation Operating Results		6
Other Information		10

The accompanying unaudited financial information should be read in conjunction with the Company’s 2004 Annual Report on Form 10-K, 2005 Quarterly Reports on Form 10-Q, and any Current Reports on Form 8-K.

CSX Corporation and Subsidiaries QuarterlyFlash

CONSOLIDATED STATEMENT OF EARNINGS

(Millions of Dollars, Except Per Share Amounts)

		(Unaudited)
		Quarters Ended								Six Months Ended
		July 1,			June 25,		$ Change			July 1,			June 25,		$ Change
		2005			2004		Incr (Decr)			2005			2004		Incr (Decr)
Revenue	Surface Transportation Revenue	$	2,166		$	1,997	$	169		$	4,274		$	3,917	$	357
and Expense	Surface Transportation Expense
	Labor and Fringe		706			664		42			1,400			1,341		59
	Materials, Supplies and Other		439			434		5			909			858		51
	Depreciation		203			157		46			406			317		89
	Fuel		176			151		25			355			305		50
	Building and Equipment Rent		137			144		(7	)		272			284		(12	)
	Inland Transportation		64			70		(6	)		120			144		(24	)
	Conrail Rents, Fees and Services		19			82		(63	)		39			169		(130	)
	Restructuring Charge (Note a)		—			15		(15	)		—			68		(68	)
	Total Surface Transportation Expense		1,744			1,717		27			3,501			3,486		15
	Surface Transportation Operating Income		422			280		142			773			431		342
	Other Operating Income		9			2		7			12			3		9
	Consolidated Operating Income		431			282		149			785			434		351
	Other Income		30			5		25			28			1		27
	Debt Repurchase Expense (Note b)		(192	)		—		192			(192	)		—		192
	Interest Expense		110			109		1			224			217		7
	Earnings From Continuing Operations Before Income Taxes		159			178		(19	)		397			218		179
	Income Tax (Benefit) Expense (Note c)		(6	)		60		(66	)		78			73		5
	Earnings From Continuing Operations		165			118		47			319			145		174
	Discontinued Operations — Net of Tax (Note d)		—			1		(1	)		425			4		421
	Net Earnings	$	165		$	119	$	46		$	744		$	149	$	595
Per Common	Earnings Per Share, Assuming Dilution:
Share	Earnings From Continuing Operations	$	0.73		$	0.53	$	0.20		$	1.41		$	0.66	$	0.75
	Discontinued Operations		—			—		—			1.88			0.01		1.87
	Net Earnings	$	0.73		$	0.53	$	0.20		$	3.29		$	0.67	$	2.62
	Average Diluted Common Shares Outstanding(Thousands)		227,453			224,877					226,850			224,879
	Cash Dividends Paid Per Common Share	$	0.10		$	0.10				$	0.20		$	0.20

See accompanying Notes to Consolidated Financial Statements on page 4.

2

CSX Corporation and Subsidiaries QuarterlyFlash

CONSOLIDATED BALANCE SHEETS

(Dollars in Millions)

		(Unaudited)
		July 1,		Dec. 31,
		2005		2004
Assets	Cash, Cash Equivalents and Short-term Investments	$	513	$	859
	Current Assets		1,691		1,485
	International Terminals Assets Held for Sale		—		643
	Properties — Net		19,881		19,945
	Affiliates and Other Companies		893		870
	Other Long-term Assets		772		804
	Total Assets	$	23,750	$	24,606
Liabilities and	Current Maturities of Long-term Debt		618	$	983
Shareholders’ Equity	Other Current Liabilities		1,891		1,948
	International Terminals Liabilities Held for Sale		—		386
	Long-term Debt		5,399		6,234
	Deferred Income Taxes		6,006		5,979
	Other Long-term Liabilities		2,219		2,265
	Shareholders’ Equity		7,617		6,811
	Total Liabilities and Shareholders’ Equity	$	23,750	$	24,606

CONSOLIDATED CASH FLOW STATEMENTS

(Dollars in Millions)

		(Unaudited)
		Six Months Ended
		July 1,			June 25,
		2005			2004
Operating Activities	Net Earnings	$	744		$	149
	Adjustments to Reconcile Net Earnings to Net Cash Provided:
	Depreciation		418			332
	Deferred Income Taxes		(51	)		67
	Gain on Sale of International Terminals — Net of Tax (Note d)		(428	)		—
	Restructuring Charge		—			74
	Working Capital and Other Operating Activities		(354	)		(103	)
	Net Cash Provided by Operating Activities		329			519
Investing Activities	Property Additions		(381	)		(484	)
	Net Proceeds from Sale of International Terminals		1,000			—
	Short-term Investments — Net		103			(75	)
	Other Investing Activities		1			(37	)
	Net Cash Provided by (Used by) Investing Activities		723			(596	)
Financing Activities	Debt — Net		(1,284	)		385
	Dividends Paid		(44	)		(43	)
	Other Financing Activities		55			3
	Net Cash (Used by) Provided by Financing Activities		(1,273	)		345
Cash, Cash Equivalents and Short-term Investments	Net (Decrease) Increase in Cash and Cash Equivalents		(221	)		268
	Cash and Cash Equivalents at Beginning of Period		522			296
	Cash and Cash Equivalents at End of Period		301			564
	Short-term Investments at End of Period		212			164
	Cash, Cash Equivalents and Short-term Investments at End of Period	$	513		$	728

See accompanying Notes to Consolidated Financial Statements on page 4.

3

CSX Corporation and Subsidiaries QuarterlyFlash

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

Prior periods have been reclassified to conform to the current year presentation.

The Consolidated Balance Sheets and Cash Flow Statements have been summarized for this presentation. All statements should be read in conjunction with the Company’s Quarterly Report to be filed on Form 10-Q.

(a) In the second quarter and six months of 2004, the Company recorded $15 million pretax and $68 million pretax, respectively, for separation expenses related to the management restructuring announced in November 2003 at the Company’s Surface Transportation units. Earnings per share was negatively impacted in the second quarter and six months of 2004 by $.04 and $.19, respectively.

(b) In the second quarter of 2005, CSX repurchased $1 billion of outstanding debt. CSX recognized $192 million of costs to repurchase the debt, which primarily reflects the increase in current market value above original issue value. Earnings per share decreased $.54 as a result of this transaction.

(c) In the second quarter of 2005, Ohio enacted legislation to gradually eliminate its corporate franchise tax. This legislative change resulted in an income tax benefit of $71 million and an earnings per share increase of $.31 associated with eliminating deferred income tax liabilities.

(d) In the first quarter of 2005, CSX sold its International Terminals business for closing cash consideration of $1.142 billion, subject to final working capital and long-term debt adjustments that have yet to be determined. CSX recognized income of $683 million pretax, $428 million after tax, as a result of the sale. Also included in Discontinued Operations is the after-tax loss on operations of the International Terminals business of $3 million for the first quarter of 2005. Earnings per share increased $1.88 as a result of this transaction.

4

CSX Corporation and Subsidiaries QuarterlyFlash

BUSINESS SEGMENTS (Unaudited) (a)

(Dollars in Millions)

Quarters Ended July 1, 2005, and June 25, 2004

													Surface
	Rail						Intermodal						Transportation						Other(b)						Total
	2005			2004			2005			2004			2005			2004			2005			2004			2005			2004
Operating Revenue	$	1,836		$	1,672		$	330		$	325		$	2,166		$	1,997		$	—		$	—		$	2,166		$	1,997
Operating Expense
Labor and Fringe		687			646			19			18			706			664			1			1			707			665
Materials, Supplies and Other		394			382			45			52			439			434			(1	)		1			438			435
Depreciation		193			148			10			9			203			157			2			2			205			159
Fuel		176			151			—			—			176			151			—			—			176			151
Building and Equipment Rent		104			103			33			41			137			144			(10	)		(4	)		127			140
Inland Transportation		(104	)		(103	)		168			173			64			70			—			—			64			70
Conrail Rents, Fees and Services		19			82			—			—			19			82			—			—			19			82
Restructuring Charge		—			14			—			1			—			15			—			—			—			15
Miscellaneous		—			—			—			—			—			—			(1	)		(2	)		(1	)		(2	)
Total Operating Expense		1,469			1,423			275			294			1,744			1,717			(9	)		(2	)		1,735			1,715
Operating Income	$	367		$	249		$	55		$	31		$	422		$	280		$	9		$	2		$	431		$	282
Operating Ratio		80.0	%		85.1	%		83.3	%		90.5	%		80.5	%		86.0	%

Six Months Ended July 1, 2005, and June 25, 2004

													Surface
	Rail						Intermodal						Transportation						Other(b)						Total
	2005			2004			2005			2004			2005			2004			2005			2004			2005			2004
Operating Revenue	$	3,615		$	3,277		$	659		$	640		$	4,274		$	3,917		$	—		$	—		$	4,274		$	3,917
Operating Expense
Labor and Fringe		1,361			1,304			39			37			1,400			1,341			3			2			1,403			1,343
Materials, Supplies and Other		812			755			97			103			909			858			(2	)		1			907			859
Depreciation		386			298			20			19			406			317			4			4			410			321
Fuel		355			305			—			—			355			305			—			—			355			305
Building and Equipment Rent		205			205			67			79			272			284			(13	)		(7	)		259			277
Inland Transportation		(209	)		(204	)		329			348			120			144			—			—			120			144
Conrail Rents, Fees and Services		39			169			—			—			39			169			—			—			39			169
Restructuring Charge		—			64			—			4			—			68			—			—			—			68
Miscellaneous		—			—			—			—			—			—			(4	)		(3	)		(4	)		(3	)
Total Operating Expense		2,949			2,896			552			590			3,501			3,486			(12	)		(3	)		3,489			3,483
Operating Income	$	666		$	381		$	107		$	50		$	773		$	431		$	12		$	3		$	785		$	434
Operating Ratio		81.6	%		88.4	%		83.8	%		92.2	%		81.9	%		89.0	%

(a)	Prior periods have been reclassified to conform to the current year presentation.
(b)	Other includes the gain amortization on the CSX Lines conveyance, net sub-lease income from assets formerly included in the Marine Services segment, and other items.

5

CSX Corporation and Subsidiaries QuarterlyFlash

SURFACE TRANSPORTATION TRAFFIC AND REVENUE

Loads (Thousands); Revenue (Dollars in Millions)

	Second Quarter Loads							Second Quarter Revenue
	2005		2004		% Change			2005		2004		% Change
Merchandise
Phosphates and Fertilizers		117		121		(3	)%	$	91	$	88		3	%
Metals		92		95		(3	)		140		125		12
Forest Products		113		115		(2	)		181		166		9
Food and Consumer		63		61		3			109		92		18
Agricultural Products		87		89		(2	)		133		127		5
Chemicals		135		140		(4	)		270		264		2
Emerging Markets		136		134		1			137		129		6
Total Merchandise		743		755		(2	)		1,061		991		7
Automotive		124		135		(8	)		211		220		(4	)
Coal, Coke and Iron Ore
Coal		438		410		7			519		426		22
Coke and Iron Ore		21		17		24			22		16		38
Total Coal, Coke and Iron Ore		459		427		7			541		442		22
Other		—		—		—			23		19		21
Total Rail		1,326		1,317		1			1,836		1,672		10
Intermodal
Domestic		223		267		(16	)		185		199		(7	)
International		320		322		(1	)		124		124		-
Other		—		—		—			21		2	NM
Total Intermodal		543		589		(8	)		330		325		2
Total Surface Transportation		1,869		1,906		(2	)%	$	2,166	$	1,997		8	%

	Six Months Loads							Six Months Revenue
	2005		2004		% Change			2005		2004		% Change
Merchandise
Phosphates and Fertilizers		234		241		(3	)%	$	181	$	177		2	%
Metals		185		189		(2	)		278		244		14
Forest Products		226		229		(1	)		357		325		10
Food and Consumer		126		120		5			213		179		19
Agricultural Products		179		181		(1	)		270		258		5
Chemicals		275		279		(1	)		546		520		5
Emerging Markets		251		246		2			254		246		3
Total Merchandise		1,476		1,485		(1	)		2,099		1,949		8
Automotive		249		260		(4	)		419		422		(1	)
Coal, Coke and Iron Ore
Coal		875		813		8			1,001		831		20
Coke and Iron Ore		42		34		24			46		33		39
Total Coal, Coke and Iron Ore		917		847		8			1,047		864		21
Other		—		—		—			50		42		19
Total Rail		2,642		2,592		2			3,615		3,277		10
Intermodal
Domestic		435		521		(17	)		352		391		(10	)
International		636		617		3			247		241		2
Other		—		—		—			60		8	NM
Total Intermodal		1,071		1,138		(6	)		659		640		3
Total Surface Transportation		3,713		3,730		—	%	$	4,274	$	3,917		9	%

NM — not meaningful

6

CSX Corporation and Subsidiaries QuarterlyFlash

SURFACE TRANSPORTATION OPERATING RESULTS

REVENUE

Merchandise
Second quarter 2005 results represent the 13^th consecutive quarter of year-over-year merchandise revenue growth, as well as record revenue-per-car results. All markets experienced quarter-over-quarter revenue and revenue-per-car gains as a result of continued yield management and fuel surcharge. Efforts to increase price and fuel surcharge customer coverage continue across all lines of business. CSX experienced slight volume declines in five of seven markets. However emerging markets and food and consumer, both of which include new business opportunities, delivered quarter-over-quarter volume growth.

• Phosphates and Fertilizers— Volume fell as a result of lower rail shipments of export and domestic phosphate and potash. Reduced fertilizer application lowered domestic phosphate demand by nearly 10%. International phosphate producer inventories were at a 10-year high at the end of March, which led to lower export phosphate shipments in April and early May.

• Metals— Overall demand was unfavorable quarter over quarter due to weakness in scrap and sheet metal resulting from high inventories in both markets. Volume was favorable quarter over quarter in semi-finished products and structural steel. Price increases coupled with asset prioritization focus resulted in revenue-per-car increases of 16%.

• Forest Products— A quarter-over-quarter drop in newsprint demand, from conversion to electronic media and the use of lighter papers, more than offset the favorable impact from the continued strong housing market.

• Food and Consumer— Volume was favorable quarter over quarter due to strength in the movement of transportation equipment, such as new freight cars, alcoholic beverages and canned goods. Aggressive yield management resulted in significant revenue per car increases.

• Agricultural Products— The large corn crop harvested in 2004 continues to allow feed mills in the east to draw on local supplies, resulting in reduced traffic. Agriculture exports and ethanol shipments continued to show quarter-over-quarter strength.

• Chemicals— Unfavorable quarter-over-quarter volume was driven by high raw materials inventories and energy prices. Reduced automotive production has unfavorably impacted raw material shipments for tires, specialty plastic and automotive glass.

• Emerging Markets— Volume was favorable quarter over quarter due to strong demand for shipments in lime, waste and aggregates lines of business. Military shipments were down quarter over quarter due to fewer military equipment deployments.

Automotive
Volume was down 8% as vehicle production by traditional domestic manufacturers was unfavorable by 10% quarter over quarter. Overall, North American light vehicle production was unfavorable by 1% quarter over quarter. Field inventory levels were down 14 days quarter over quarter to 58 days, which remains at or slightly above target levels. Volume declines from GM permanently closing three plants served by CSX, were partially offset by rail shipments beginning at the CSX-served Montgomery, AL, Hyundai plant.

Coal, Coke and Iron Ore
Record revenue and revenue-per-car levels were achieved for the quarter. Strong demand continues across coal sub-markets, with a mild softening noted only in steel related traffic. Utility inventories remain below target levels intensifying the demand for coal shipments. The Company reached a settlement agreement in a rate case, that resulted in an additional $17 million of revenue in the second quarter of 2005.

Intermodal

• Domestic —The Network Simplification Initiative (NSI) reduced train starts and, therefore, had an unfavorable impact on volume. Implemented in the third quarter of 2004, NSI will no longer unfavorably impact quarter over quarter comparisons of volume and revenue. Continued re-pricing and improved cargo selection coupled with tight capacity across all modes of transportation partially offset volume reduction.

• International —Second quarter volumes remained essentially flat due to sustained focus on eliminating less profitable traffic. Price increases were offset by unfavorable traffic mix changes.

• Other —Higher fuel surcharge rates and increased customer coverage, terminal storage charge increases and a reduction in volume refund incentives drove favorable quarter over quarter revenue comparisons.

7

CSX Corporation and Subsidiaries QuarterlyFlash

SURFACE TRANSPORTATION OPERATING RESULTS, Continued

EXPENSE

Labor and Fringeexpenses increased $42 million in the second quarter of 2005 versus the prior year quarter. Higher incentive compensation costs are the primary driver of the higher expense as well as the effects of inflation.

Materials, Supplies and Otherexpenses increased $5 million quarter over quarter. The change is primarily due to inflation and increased legal fees which were mostly offset by a supplier cost reimbursement.

Depreciationincreased $46 million for the second quarter of 2005, which is mainly attributable to the Conrail spin-off transaction completed in the third quarter of 2004, as assets previously leased from Conrail are now owned directly by CSX, as well as higher expenses resulting from an increase in the asset base.

Fuelincreased $25 million for the quarter versus the prior year due to higher fuel prices, net of hedging benefits. Also, recoveries from last year associated with foreign line fuel billing settlements were not repeated. This was partially offset by lower volume and efficiency gains.

Building and Equipment Rentdecreased $7 million for the quarter primarily due to decreased overall volume.

Inland Transportationdecreased $6 million primarily due to decreased Intermodal volume related to the Network Simplification Initiative, which reduced train starts beginning in the third quarter of 2004.

Conrail Rents, Fees and Servicesdecreased $63 million for the quarter primarily due to the Conrail spin-off transaction completed in the third quarter of 2004. This transaction decreased rents paid to Conrail, as assets previously leased from Conrail are now owned directly by CSX.

Restructuring Chargeof $15 million represents the 2004 charge for separation expenses related to the management restructuring announced in November 2003 at the Company’s Surface Transportation units.

8

CSX Corporation and Subsidiaries QuarterlyFlash

RAIL OPERATING STATISTICS^(a)

		Second Quarter									Six Months
		2005			2004			% Change			2005			2004			% Change
Coal	Domestic:
(Millions of Tons)	Utility		36.5			34.6			5	%		73.3			66.5			10	%
	Other		6.7			5.0			34			12.4			12.5			(1	)
	Total Domestic		43.2			39.6			9			85.7			79.0			8
	Export		3.4			4.0			(15	)		7.2			7.3			(1	)
	Total		46.6			43.6			7			92.9			86.3			8
Revenue Ton-Miles	Merchandise		34.4			34.9			(1	)		68.6			69.3			(1	)
(Billions)	Automotive		2.2			2.3			(4	)		4.4			4.4			-
	Coal		20.5			19.1			7			41.4			37.7			10
	Intermodal		5.1			5.8			(12	)		10.2			11.2			(9	)
	Total		62.2			62.1			—			124.6			122.6			2
Gross Ton-Miles(b)	Total Gross Ton-Miles		117.0			117.9			(1	)		233.7			232.9			-
(Billions)
Service Measurements	FRA Personal Injury Frequency Index (Per 200,000 Man Hours)		1.86			2.22			16			1.75			2.27			23
	FRA Train Accidents Frequency (Per Million Train Miles)		3.20			4.53			29			3.98			4.78			17
	Average Velocity, All Trains (Miles Per Hour)		19.1			19.5			(2	)		19.3			20.2			(4	)
	Average System Dwell Time (Hours)		30.4			29.3			(4	)		30.2			28.3			(7	)
	Average Total Cars-On-Line		235,819			235,688			—			235,019			233,217			(1	)
	On -Time Originations		47.7	%		39.3	%		21			48.8	%		46.1	%		6
	On -Time Arrivals		36.2	%		34.1	%		6			36.9	%		40.9	%		(10	)
	Average Recrews (Per Day)		67			73			8	%		66			66			-	%

(a)	Amounts are estimated.
(b)	Amounts exclude locomotive gross ton-miles.

SURFACE TRANSPORTATION FUEL STATISTICS

	Second Quarter					Six Months
	2005			2004		2005			2004
Diesel No. 2:
Estimated Fuel Consumption (Millions of Gallons)		147.7			151.7		305.0			310.4
Price Per Gallon (Dollars)	$	1.1905		$	1.0410	$	1.1643		$	1.0290
Impact of Year-to-Year Price Variance on Operating Expense (Dollars in Millions)	$	(22.1	)			$	(41.3	)

9

CSX Corporation and Subsidiaries QuarterlyFlash

OTHER INCOME (EXPENSE) (Unaudited)

	Quarters Ended						Six Months Ended
	July 1,			June 25,			July 1,			June 25,
	2005			2004			2005			2004
Interest Income	$	15		$	5		$	22		$	8
Income (Loss) from Real Estate and Resort Operations		24			5			16			(2	)
Minority Interest		(7	)		(4	)		(10	)		(7	)
Miscellaneous		(2	)		(1	)		—			2
Total	$	30		$	5		$	28		$	1

Prior periods have been reclassified to conform to the current year presentation.

EMPLOYEE COUNTS BY SEGMENT — ESTIMATED

	2005				2004
	May		Feb.		Nov.		Aug.		May		Feb.
Surface Transportation
Rail		32,005		31,243		31,967		32,123		32,184		32,022
Intermodal		1,076		1,061		1,077		1,079		1,087		1,126
Technology and Corporate		549		555		547		547		550		697
Total Surface Transportation		33,630		32,859		33,591		33,749		33,821		33,845
International Terminals		—		—		631		643		778		874
Other		1,546		1,060		1,310		1,633		1,417		1,095
Total		35,176		33,919		35,532		36,025		36,016		35,814

10