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CSX REPORTS HIGHER FOURTH-QUARTER EARNINGS
RICHMOND, Va., Jan. 30, 2003—CSX Corporation (NYSE: CSX) today reported fourth quarter net income of $137 million, or 64 cents per share, up from $65 million, or 31 cents a year ago. Fourth quarter 2001 earnings included a litigation provision, which reduced earnings by $37 million, or 17 cents per share.
Stronger operating results from surface transportation, which includes CSX’s rail and intermodal units, account for much of the year-over-year quarterly improvement. Surface transportation operating income was $281 million compared to $186 million in 2001, which included the $60 million litigation provision. Adjusting for this provision, operating income would have been $246 million in 2001. The 2002 fourth-quarter operating income has $11 million of net benefits primarily from state and local tax adjustments.
In the fourth quarter, solid merchandise, automotive and intermodal revenue gains more than offset an 8% year-to-year decline in coal revenues. Labor expenses were flat compared to a year ago, while lower material and supply costs and Conrail expenses for the quarter more than offset higher depreciation and fuel expenses. Purchased inland transportation costs increased in proportion with the continued success of CSX’s truck to rail modal conversion program.
Michael J. Ward, CSX president, noted: “The company regained earnings momentum in the fourth quarter. Our people are providing customers with better service, productivity is rising and costs are lower, and employee safety continues to improve.
“We are looking for solid gains in 2003. Our productivity gains and cost reduction efforts throughout the company will continue,” Ward said. “With our pricing programs and modal conversion initiatives, we are looking for revenue gains even in a flat economy. Here in the first quarter, fuel and weather are challenges, but I am confident that we can lessen their impact.”
On a consolidated basis, CSX fourth-quarter operating income totaled $318 million versus $221 million, including the litigation provision. Revenues were $2.06 billion compared to $2.01 billion in 2001. These results include CSX Lines, which is being conveyed to the Carlyle Group, and CSX World Terminals.
For the full year 2002, CSX net income was $424 million, or $1.99 per share, compared to $293 million, or $1.38 per share in the prior year. 2002 results include the cumulative effect of adopting Statement of Financial Accounting Standards No. 142, “Goodwill and Other Intangible Assets,” in the first quarter which reduced net earnings by $43 million, or 20 cents per share. 2001 results include the litigation provision taken in the fourth quarter, which lowered net earnings by $37 million, or 17 cents per share.
CSX Corporation, based in Richmond, Va., operates one of the largest rail networks in the United States and also provides intermodal, container-shipping and international terminal management services.More information about the company is available at its Internet address: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; and (iv) 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.
CSX CORPORATION AND SUBSIDIARIES | ||
CONSOLIDATED STATEMENT OF EARNINGS | Quarterly Flash | |
(Millions of Dollars, Except Per Share Amounts) |
Quarters Ended | Years Ended | |||||||||||||
Dec. 27, 2002 | Dec. 28, 2001 | Dec. 27, 2002 | Dec. 28, 2001 | |||||||||||
(Unaudited) | ||||||||||||||
Revenue and Expense | ||||||||||||||
Operating Revenue | $ | 2,060 | $ | 2,009 | $ | 8,152 | $ | 8,110 | ||||||
Operating Expense | 1,742 | 1,728 | 7,025 | 7,093 | ||||||||||
New Orleans Litigation Provision | — | 60 | — | 60 | ||||||||||
Total Operating Expense | 1,742 | 1,788 | 7,025 | 7,153 | ||||||||||
Operating Income | 318 | 221 | 1,127 | 957 | ||||||||||
Other Income (Expense) | — | (3 | ) | 41 | 9 | |||||||||
Interest Expense | 107 | 121 | 445 | 518 | ||||||||||
Earnings | ||||||||||||||
Earnings Before Income Taxes and Cumulative Effect of Accounting Change | 211 | 97 | 723 | 448 | ||||||||||
Income Tax Expense | 74 | 32 | 256 | 155 | ||||||||||
Earnings Before Cumulative Effect of Accounting Change | 137 | 65 | 467 | 293 | ||||||||||
Cumulative Effect of Accounting Change—Net of Tax | — | — | (43 | ) | — | |||||||||
Net Earnings | $ | 137 | $ | 65 | $ | 424 | $ | 293 | ||||||
Per Common Share | ||||||||||||||
Earnings Per Share, Assuming Dilution: | ||||||||||||||
Before Cumulative Effect of Accounting Change | $ | 0.64 | $ | 0.31 | $ | 2.19 | $ | 1.38 | ||||||
Cumulative Effect of Accounting Change | — | — | (0.20 | ) | — | |||||||||
Net Earnings | $ | 0.64 | $ | 0.31 | $ | 1.99 | $ | 1.38 | ||||||
Average Diluted Common Shares Outstanding (Thousands) | 213,690 | 212,699 | 213,512 | 212,409 | ||||||||||
Cash Dividends Paid Per Common Share | $ | 0.10 | $ | 0.10 | $ | 0.40 | $ | 0.80 | ||||||
Notes to Consolidated Financial Statements
(1) | In 2001, Statement of Financial Accounting Standard No. 142 (SFAS 142), “Goodwill and Other Intangible Assets” was issued. Under the provisions of SFAS 142, goodwill and other indefinite lived intangible assets are no longer amortized but are reviewed for impairment on a periodic basis. The Company adopted this standard in the first quarter of 2002 and incurred a charge of $83 million, $43 million after tax and consideration of minority interest, 20 cents per share, as a cumulative effect of an accounting change, which represents the difference between book value and the fair value of indefinite lived intangible assets. The indefinite lived intangible assets are permits and licenses that the company holds relating to a proposed pipeline to transfer natural gas from Alaska’s north slope to the port in Valdez, Alaska. Adoption of SFAS 142 will not have a material effect on future earnings. |
(2) | CSX recorded a provision in the fourth quarter of 2001 to account for the settlement of the 1987 New Orleans tank car fire litigation. This charge reduced earnings by $60 million, $37 million after tax, 17 cents per share. |
(3) | On Dec. 17, 2002, CSX announced that it had reached an agreement to convey its domestic container-shipping subsidiary, CSX Lines, LLC, to a venture for $300 million ($240 million of cash and $60 million of securities). CSX expects this transaction to close in the first quarter of 2003. The assets and liabilities of CSX Lines, LLC, that are to be conveyed under this agreement are classified as domestic container assets and liabilities held for disposition on the statement of financial position as of Dec. 27, 2002, in accordance with the provisions of SFAS 144, “Accounting for the Impairment or Disposal of Long-Lived Assets.” |
2
CSX CORPORATION AND SUBSIDIARIES | ||
CONSOLIDATED STATEMENT OF CASH FLOWS | Quarterly Flash | |
(Millions of Dollars) |
Years Ended | ||||||||
Dec. 27, 2002 | Dec. 28, 2001 | |||||||
(Unaudited) | ||||||||
Operating Activities | ||||||||
Net Earnings | $ | 424 | $ | 293 | ||||
Adjustments to Reconcile Net Earnings to Net Cash Provided: | ||||||||
Depreciation | 649 | 622 | ||||||
Deferred Income Taxes | 172 | 197 | ||||||
Cumulative Effect of Accounting Change—Net of Tax | 43 | — | ||||||
Equity in Conrail Earnings—Net | (23 | ) | (17 | ) | ||||
Other Operating Activities | (85 | ) | 4 | |||||
Changes in Operating Assets and Liabilities: | ||||||||
Accounts Receivable | 30 | 7 | ||||||
Other Current Assets | 23 | (17 | ) | |||||
Accounts Payable | (83 | ) | (51 | ) | ||||
Other Current Liabilities | (23 | ) | (211 | ) | ||||
Net Cash Provided by Operating Activities | 1,127 | 827 | ||||||
Investing Activities | ||||||||
Property Additions | (1,080 | ) | (930 | ) | ||||
Short-term Investments—Net | 350 | (51 | ) | |||||
Other Investing Activities | (45 | ) | 16 | |||||
Net Cash Used by Investing Activities | (775 | ) | (965 | ) | ||||
Financing Activities | ||||||||
Short-term Debt—Net | 140 | (524 | ) | |||||
Long-term Debt Issued | 748 | 962 | ||||||
Long-term Debt Repaid | (1,159 | ) | (266 | ) | ||||
Dividends Paid | (86 | ) | (171 | ) | ||||
Other Financing Activities | (5 | ) | 14 | |||||
Net Cash (Used) Provided by Financing Activities | (362 | ) | 15 | |||||
Cash, Cash Equivalents and Short-Term Investments | ||||||||
Net Decrease in Cash and Cash Equivalents | (10 | ) | (123 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 137 | 260 | ||||||
Cash and Cash Equivalents at End of Period | 127 | 137 | ||||||
Short-Term Investments at End of Period | 137 | 481 | ||||||
Cash, Cash Equivalents and Short-Term Investments at End of Period | $ | 264 | $ | 618 | ||||
3
CSX CORPORATION AND SUBSIDIARIES | ||
CONSOLIDATED STATEMENT OF FINANCIAL POSITION | Quarterly Flash | |
(Millions of Dollars) |
Dec. 27, 2002 | Dec. 28, 2001 | |||||||
(Unaudited) | ||||||||
Assets | ||||||||
Current Assets | ||||||||
Cash, Cash Equivalents and Short-term Investments | $ | 264 | $ | 618 | ||||
Accounts Receivable, Net | 799 | 871 | ||||||
Materials and Supplies | 180 | 191 | ||||||
Deferred Income Taxes | 128 | 162 | ||||||
Other Current Assets | 155 | 198 | ||||||
Domestic Container Assets Held for Disposition | 263 | 244 | ||||||
Total Current Assets | 1,789 | 2,284 | ||||||
Properties—Net | 13,286 | 12,847 | ||||||
Investment in Conrail | 4,653 | 4,655 | ||||||
Affiliates and Other Companies | 381 | 297 | ||||||
Other Long-term Assets | 842 | 718 | ||||||
Total Assets | $ | 20,951 | $ | 20,801 | ||||
Liabilities | ||||||||
Current Liabilities | ||||||||
Accounts Payable | $ | 802 | $ | 905 | ||||
Labor and Fringe Benefits Payable | 457 | 409 | ||||||
Casualty, Environmental and Other Reserves | 246 | 248 | ||||||
Current Maturities of Long-term Debt | 391 | 1,044 | ||||||
Short-term Debt | 143 | 225 | ||||||
Income and Other Taxes Payable | 144 | 100 | ||||||
Other Current Liabilities | 167 | 284 | ||||||
Domestic Container Liabilities Held for Disposition | 104 | 92 | ||||||
Total Current Liabilities | 2,454 | 3,307 | ||||||
Casualty, Environmental and Other Reserves | 604 | 687 | ||||||
Long-term Debt | 6,519 | 5,839 | ||||||
Deferred Income Taxes | 3,567 | 3,621 | ||||||
Other Long-term Liabilities | 1,566 | 1,227 | ||||||
Total Liabilities | 14,710 | 14,681 | ||||||
Shareholders’ Equity | ||||||||
Common Stock, $1 Par Value | 215 | 214 | ||||||
Other Capital | 1,547 | 1,492 | ||||||
Retained Earnings | 4,797 | 4,459 | ||||||
Accumulated Other Comprehensive Loss | (318 | ) | (45 | ) | ||||
Total Shareholders’ Equity | 6,241 | 6,120 | ||||||
Total Liabilities and Shareholders’ Equity | $ | 20,951 | $ | 20,801 | ||||
4
CSX CORPORATION AND SUBSIDIARIES | ||
CONSOLIDATED FINANCIAL HIGHLIGHTS FROM CONTINUING OPERATIONS (Unaudited) | Quarterly Flash | |
(Millions of Dollars, Except Per Share Amounts) (All Per Share Amounts Assume Dilution) |
Revenue | Operating Income | Earnings Per Share | |||||||||||||||||||||||||
2002 | 2001 | 2000 | 2002 | 2001(2) | 2000 | 2002(1) | 2001(2) | 2000 | |||||||||||||||||||
First Quarter | $ | 1,964 | $ | 2,025 | $ | 2,034 | $ | 212 | $ | 189 | $ | 174 | $ | .12 | $ | .10 | $ | .12 | |||||||||
Second Quarter | 2,073 | 2,057 | 2,071 | 321 | 265 | 189 | .63 | .51 | .23 | ||||||||||||||||||
Third Quarter | 2,055 | 2,019 | 2,039 | 276 | 282 | 224 | .60 | .47 | .28 | ||||||||||||||||||
Fourth Quarter | 2,060 | 2,009 | 2,047 | 318 | 221 | 218 | .64 | .31 | .26 | ||||||||||||||||||
Year | $ | 8,152 | $ | 8,110 | $ | 8,191 | $ | 1,127 | $ | 957 | $ | 805 | $ | 1.99 | $ | 1.38 | $ | 0.88 | |||||||||
(1) | First quarter 2002 includes a reduction of $43 million after tax, 20 cents per share, as a result of the cumulative effect of an accounting change for indefinite lived intangible assets. |
(2) | Fourth quarter 2001 includes a charge of $60 million, $37 million after tax, 17 cents per share, for the settlement of the New Orleans litigation. |
EBITDA FROM CONTINUING OPERATIONS(1) (Unaudited)
(Millions of Dollars)
This computation of Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) is presented because management believes it is a widely accepted financial indicator used by investors and analysts to evaluate companies on the basis of operating performance. This is not considered to be better information than is available in the Company’s publicly available reports filed with the SEC and does not conform with generally accepted accounting principles. CSX owns a 42% undivided interest in Conrail, Inc., and operates over a portion of the Conrail territory under the terms of an operating agreement. Conrail loans its excess cash to its owners under loan agreements at market interest rates. The calculation of EBITDA combines CSX and Conrail financial data for analytical purposes only and is not intended to suggest that CSX has control over Conrail’s operations.
CSX Consolidated | Conrail (42%) | Purchase Price Amortization, Eliminations & Reclassifications | Combined EBITDA | ||||||||||||||||||||||||
2002 | 2001 | 2002 | 2001 | 2002 | 2001 | 2002 | 2001 | ||||||||||||||||||||
Quarters Ended Dec. 27, 2002, and Dec. 28, 2001 | |||||||||||||||||||||||||||
Operating Income(1) | $ | 318 | $ | 281 | $ | 26 | $ | 32 | $ | (35 | ) | $ | (30 | ) | $ | 309 | $ | 283 | |||||||||
Depreciation and Amortization | 168 | 151 | 33 | 34 | 28 | 23 | 229 | 208 | |||||||||||||||||||
Other Income(2) | 1 | (6 | ) | 7 | 12 | 4 | 2 | 12 | 8 | ||||||||||||||||||
Combined EBITDA | $ | 487 | $ | 426 | $ | 66 | $ | 78 | $ | (3 | ) | $ | (5 | ) | $ | 550 | $ | 499 | |||||||||
Years Ended Dec. 27, 2002, and Dec. 28, 2001 | |||||||||||||||||||||||||||
Operating Income(1) | $ | 1,127 | $ | 1,017 | $ | 114 | $ | 111 | $ | (110 | ) | $ | (106 | ) | $ | 1,131 | $ | 1,022 | |||||||||
Depreciation and Amortization | 638 | 613 | 135 | 136 | 91 | 89 | 864 | 838 | |||||||||||||||||||
Other Income(2) | 40 | (4 | ) | 30 | 34 | 11 | 9 | 81 | 39 | ||||||||||||||||||
Combined EBITDA | $ | 1,805 | $ | 1,626 | $ | 279 | $ | 281 | $ | (8 | ) | $ | (8 | ) | $ | 2,076 | $ | 1,899 | |||||||||
(1) | CSX Consolidated operating income for 2001 excludes the New Orleans litigation provision of $60 million. |
(2) | Other income excludes interest income and losses from accounts receivable sold. |
5
CSX CORPORATION AND SUBSIDIARIES | ||
FINANCIAL MEASURES (Unaudited) | Quarterly Flash | |
Years Ended | ||||||||
Dec. 27, 2002 | Dec. 28, 2001 | |||||||
Working Capital Deficit (Millions of Dollars) | $ | 665 | $ | 1,023 | ||||
Current Ratio | 0.7 | 0.7 | ||||||
Commercial Paper and Equivalents—Short-Term (Millions of Dollars) | $ | 143 | $ | 225 | ||||
Debt Ratio(1) | 52 | % | 52 | % | ||||
All-in Debt Ratio(2) | 57 | % | 58 | % | ||||
12-Month Rolling Return on Assets | 2.0 | % | 1.4 | % | ||||
12-Month Rolling Return on Equity | 6.9 | % | 4.8 | % |
(1) | Adjusted to include 42% of Conrail obligations. |
(2) | Adjusted to include off-balance sheet financing, leases, and 42% of Conrail obligations. |
OTHER INCOME (EXPENSE)(1) (Unaudited)
Quarters Ended | Years Ended | |||||||||||||||
Dec. 27, 2002 | Dec. 28, 2001 | Dec. 27, 2002 | Dec. 28, 2001 | |||||||||||||
(Millions of Dollars) | ||||||||||||||||
Interest Income | $ | 5 | $ | 10 | $ | 27 | $ | 47 | ||||||||
Income from Real Estate and Resort Operations(2) | 20 | 27 | 108 | 101 | ||||||||||||
Net Losses from Accounts Receivable Sold | (6 | ) | (7 | ) | (26 | ) | (34 | ) | ||||||||
Minority Interest | (11 | ) | (12 | ) | (42 | ) | (39 | ) | ||||||||
Equity Income (Loss) of Other Affiliates | 2 | (7 | ) | (3 | ) | (27 | ) | |||||||||
Miscellaneous | (10 | ) | (14 | ) | (23 | ) | (39 | ) | ||||||||
Total | $ | — | $ | (3 | ) | $ | 41 | $ | 9 | |||||||
(1) | Prior periods have been reclassified to conform to current presentation. |
(2) | Gross revenue from real estate and resort operations was $56 million and $261 million for the quarter and year ended Dec. 27, 2002, respectively, and $67 million and $254 million for the quarter and year ended Dec. 28, 2001, respectively. |
EMPLOYEE COUNTS BY SEGMENT—ESTIMATED
2002 | 2001 | |||||||||||||||
Nov. | Aug. | May | Feb. | Nov. | Aug. | May | Feb. | |||||||||
Surface Transportation | ||||||||||||||||
Rail | 33,271 | 33,912 | 33,878 | 32,953 | 34,207 | 34,850 | 35,569 | 35,529 | ||||||||
Intermodal | 1,124 | 1,110 | 1,077 | 1,087 | 1,110 | 1,124 | 1,122 | 1,121 | ||||||||
Technology and Corporate | 895 | 899 | 883 | 867 | 884 | 878 | 869 | 860 | ||||||||
Total Surface Transportation | 35,290 | 35,921 | 35,838 | 34,907 | 36,201 | 36,852 | 37,560 | 37,510 | ||||||||
Marine Services | ||||||||||||||||
Domestic Container Shipping | 1,625 | 1,621 | 1,614 | 1,603 | 1,601 | 1,601 | 1,605 | 1,600 | ||||||||
International Terminals | 1,238 | 1,242 | 1,264 | 1,275 | 1,290 | 1,307 | 1,304 | 1,312 | ||||||||
Total Marine Services | 2,863 | 2,863 | 2,878 | 2,878 | 2,891 | 2,908 | 2,909 | 2,912 | ||||||||
Other | 1,640 | 1,868 | 1,639 | 1,131 | 1,621 | 1,799 | 1,679 | 1,113 | ||||||||
Total | 39,793 | 40,652 | 40,355 | 38,916 | 40,713 | 41,559 | 42,148 | 41,535 | ||||||||
6
CSX CORPORATION AND SUBSIDIARIES | ||
BUSINESS SEGMENTS (Unaudited) | Quarterly Flash | |
(Millions of Dollars) |
Surface Transportation | Marine Services | Eliminations/Other(1) | Total | |||||||||||||||||||||||||||||
2002 | 2001 | 2002 | 2002(2) | 2002 | 2001(2) | 2002 | 2001 | |||||||||||||||||||||||||
Quarters Ended Dec. 27, 2002, and Dec. 28, 2001 | ||||||||||||||||||||||||||||||||
Operating Revenue | $ | 1,815 | $ | 1,784 | $ | 249 | $ | 229 | $ | (4 | ) | $ | (4 | ) | $ | 2,060 | $ | 2,009 | ||||||||||||||
Operating Expense | ||||||||||||||||||||||||||||||||
Labor and Fringe | 659 | 661 | 72 | 69 | 1 | 2 | 732 | 732 | ||||||||||||||||||||||||
Materials, Supplies and Other | 311 | 336 | 83 | 63 | 4 | 5 | 398 | 404 | ||||||||||||||||||||||||
Conrail Operating Fees, Rents and Services | 74 | 85 | — | — | — | — | 74 | 85 | ||||||||||||||||||||||||
Building and Equipment Rent | 132 | 134 | 9 | 14 | (3 | ) | 1 | 138 | 149 | |||||||||||||||||||||||
Inland Transportation | 73 | 63 | 34 | 26 | (4 | ) | (4 | ) | 103 | 85 | ||||||||||||||||||||||
Depreciation | 161 | 142 | 5 | 9 | 2 | — | 168 | 151 | ||||||||||||||||||||||||
Fuel | 124 | 117 | 19 | 14 | — | — | 143 | 131 | ||||||||||||||||||||||||
Miscellaneous | — | — | (3 | ) | 2 | (11 | ) | (11 | ) | (14 | ) | (9 | ) | |||||||||||||||||||
New Orleans Litigation Provision | — | 60 | — | — | — | — | 60 | |||||||||||||||||||||||||
Total Operating Expense | 1,534 | 1,598 | 219 | 197 | (11 | ) | (7 | ) | 1,742 | 1,788 | ||||||||||||||||||||||
Operating Income | $ | 281 | $ | 186 | $ | 30 | $ | 32 | $ | 7 | $ | 3 | $ | 318 | $ | 221 | ||||||||||||||||
Operating Ratio | 84.5 | % | 89.6 | % | 88.0 | % | 86.0 | % | ||||||||||||||||||||||||
Adjusted Operating Income(3) | $ | 281 | $ | 246 | $ | 30 | $ | 32 | $ | 7 | $ | 3 | $ | 318 | $ | 281 | ||||||||||||||||
Adjusted Operating Ratio(3) | 84.5 | % | 86.2 | % | 88.0 | % | 86.0 | % | ||||||||||||||||||||||||
Years Ended Dec. 27, 2002, and Dec. 28, 2001 | ||||||||||||||||||||||||||||||||
Operating Revenue | $ | 7,183 | $ | 7,194 | $ | 993 | $ | 915 | $ | (24 | ) | $ | 1 | $ | 8,152 | $ | 8,110 | |||||||||||||||
Operating Expense | ||||||||||||||||||||||||||||||||
Labor and Fringe | 2,608 | 2,650 | 286 | 275 | 3 | 9 | 2,897 | 2,934 | ||||||||||||||||||||||||
Materials, Supplies and Other | 1,380 | 1,385 | 320 | 271 | 13 | 33 | 1,713 | 1,689 | ||||||||||||||||||||||||
Conrail Operating Fee, Rent and Services | 322 | 336 | — | — | — | — | 322 | 336 | ||||||||||||||||||||||||
Building and Equipment Rent | 556 | 565 | 54 | 60 | (9 | ) | 1 | 601 | 626 | |||||||||||||||||||||||
Inland Transportation | 268 | 245 | 126 | 105 | (24 | ) | (13 | ) | 370 | 337 | ||||||||||||||||||||||
Depreciation | 605 | 581 | 26 | 32 | 7 | — | 638 | 613 | ||||||||||||||||||||||||
Fuel | 449 | 525 | 66 | 60 | — | — | 515 | 585 | ||||||||||||||||||||||||
Miscellaneous | — | — | 8 | 9 | (39 | ) | (36 | ) | (31 | ) | (27 | ) | ||||||||||||||||||||
New Orleans Litigation Provision | — | 60 | — | — | — | — | — | 60 | ||||||||||||||||||||||||
Total Operating Expense | 6,188 | 6,347 | 886 | 812 | (49 | ) | (6 | ) | 7,025 | 7,153 | ||||||||||||||||||||||
Operating Income | $ | 995 | $ | 847 | $ | 107 | $ | 103 | $ | 25 | $ | 7 | $ | 1,127 | $ | 957 | ||||||||||||||||
Operating Ratio | 86.1 | % | 88.2 | % | 89.2 | % | 88.7 | % | ||||||||||||||||||||||||
Adjusted Operating Income(3) | $ | 995 | $ | 907 | $ | 107 | $ | 103 | $ | 25 | $ | 7 | $ | 1,127 | $ | 1,017 | ||||||||||||||||
Adjusted Operating Ratio(3) | 86.1 | % | 87.4 | % | 89.2 | % | 88.7 | % | ||||||||||||||||||||||||
(1) | Eliminations/Other consists of the following: (a) the elimination of intercompany revenue and expense between Surface Transportation and Marine Services, (b) the reclassification of Marine Services minority interest expense and (c) other unallocated items. |
(2) | Prior periods have been reclassified to conform to the current presentation. |
(3) | Adjusted to exclude the New Orleans litigation provision of $60 million in 2001 in the Surface Transportation segment. |
7
CSX CORPORATION AND SUBSIDIARIES | ||
SURFACE TRANSPORTATION OPERATING RESULTS (Unaudited) | Quarterly Flash | |
(Millions of Dollars) |
Rail | Intermodal | Surface Transportation | ||||||||||||||||||||||
2002 | 2001 | 2002 | 2001 | 2002 | 2001 | |||||||||||||||||||
Quarters Ended Dec. 27, 2002, and Dec. 28, 2001 | ||||||||||||||||||||||||
Operating Revenue | $ | 1,506 | $ | 1,499 | $ | 309 | $ | 285 | $ | 1,815 | $ | 1,784 | ||||||||||||
Operating Expense | ||||||||||||||||||||||||
Labor and Fringe | 641 | 644 | 18 | 17 | 659 | 661 | ||||||||||||||||||
Materials, Supplies and Other | 263 | 291 | 48 | 45 | 311 | 336 | ||||||||||||||||||
Conrail Operating Fees, Rents and Services | 74 | 85 | — | — | 74 | 85 | ||||||||||||||||||
Building and Equipment Rent | 99 | 101 | 33 | 33 | 132 | 134 | ||||||||||||||||||
Inland Transportation | (94 | ) | (91 | ) | 167 | 154 | 73 | 63 | ||||||||||||||||
Depreciation | 154 | 134 | 7 | 8 | 161 | 142 | ||||||||||||||||||
Fuel | 124 | 117 | — | — | 124 | 117 | ||||||||||||||||||
New Orleans Litigation Provision | — | 60 | — | — | — | 60 | ||||||||||||||||||
Total Operating Expense | 1,261 | 1,341 | 273 | 257 | 1,534 | 1,598 | ||||||||||||||||||
Operating Income | $ | 245 | $ | 158 | $ | 36 | $ | 28 | $ | 281 | $ | 186 | ||||||||||||
Operating Ratio | 83.7 | % | 89.5 | % | 88.3 | % | 90.2 | % | 84.5 | % | 89.6 | % | ||||||||||||
Adjusted Operating Income(1) | $ | 245 | $ | 218 | $ | 36 | $ | 28 | $ | 281 | $ | 246 | ||||||||||||
Adjusted Operating Ratio(1) | 83.7 | % | 85.5 | % | 88.3 | % | 90.2 | % | 84.5 | % | 86.2 | % | ||||||||||||
Years Ended Dec. 27, 2002, and Dec. 28, 2001 | ||||||||||||||||||||||||
Operating Revenue | $ | 6,003 | $ | 6,082 | $ | 1,180 | $ | 1,112 | $ | 7,183 | $ | 7,194 | ||||||||||||
Operating Expense | ||||||||||||||||||||||||
Labor and Fringe | 2,541 | 2,585 | 67 | 65 | 2,608 | 2,650 | ||||||||||||||||||
Materials, Supplies and Other | 1,201 | 1,212 | 179 | 173 | 1,380 | 1,385 | ||||||||||||||||||
Conrail Operating Fees, Rents and Services | 322 | 336 | — | — | 322 | 336 | ||||||||||||||||||
Building and Equipment Rent | 425 | 442 | 131 | 123 | 556 | 565 | ||||||||||||||||||
Inland Transportation | (365 | ) | (371 | ) | 633 | 616 | 268 | 245 | ||||||||||||||||
Depreciation | 576 | 550 | 29 | 31 | 605 | 581 | ||||||||||||||||||
Fuel | 449 | 525 | — | — | 449 | 525 | ||||||||||||||||||
New Orleans Litigation Provision | — | 60 | — | — | — | 60 | ||||||||||||||||||
Total Operating Expense | 5,149 | 5,339 | 1,039 | 1,008 | 6,188 | 6,347 | ||||||||||||||||||
Operating Income | $ | 854 | $ | 743 | $ | 141 | $ | 104 | $ | 995 | $ | 847 | ||||||||||||
Operating Ratio | 85.8 | % | 87.8 | % | 88.1 | % | 90.6 | % | 86.1 | % | 88.2 | % | ||||||||||||
Adjusted Operating Income(1) | $ | 854 | $ | 803 | $ | 141 | $ | 104 | $ | 995 | $ | 907 | ||||||||||||
Adjusted Operating Ratio(1) | 85.8 | % | 86.8 | % | 88.1 | % | 90.6 | % | 86.1 | % | 87.4 | % | ||||||||||||
(1) | Adjusted to exclude the New Orleans litigation provision of $60 million in 2001 in the Rail segment. |
8
CSX CORPORATION AND SUBSIDIARIES | ||
SURFACE TRANSPORTATION OPERATING RESULTS(continued) | Quarterly Flash | |
Surface Transportation operating expenses decreased by $4 million compared to the fourth quarter of 2001 (excluding 2001 litigation provision of $60 million).
• | Labor and Fringe decreased by $2 million versus a year ago, which includes $6 million of severance and other costs primarily related to the December 2002 workforce reductions. General wage and benefit inflation was more than offset by reduction in overall employment levels of approximately 900 employees compared to prior year. |
• | Materials, Supplies and Other decreased by $25 million compared to prior year. The driving force behind the improvement was $17 million of state and local tax adjustments to reduce estimated liabilities to actual assessments. In addition, freight loss and damage expenses and other safety-related costs were reduced, as were other expenses as a result of improved cost control. |
• | Conrail Operating Fee, Rent and Services improved by $11 million year-over-year due primarily to continued cost and activity reductions. |
• | Building & Equipment Rent in the fourth quarter decreased by $2 million versus prior year period primarily due to a further reduction in car hire expense. |
• | Inland Transportation increased by $10 million versus prior year fourth quarter, which is a direct result of increased intermodal volumes. Foreign linehaul expenses increased by $4 million as transcontinental Intermodal traffic volumes improved. In addition, Intermodal trucking expense increased by $5 million also due to increased intermodal volumes. |
• | Depreciation increased by $19 million versus fourth quarter 2001 primarily related to increased capital expenditures in the second half of the year. |
• | Fuel expenses increased by $7 million for the quarter. Average price per gallon increased by 3 cents, or $5 million in total. |
RAIL OPERATING STATISTICS(1)
Fourth Quarter | Year | |||||||||||||||||
2002 | 2001 | %Change | 2002 | 2001 | %Change | |||||||||||||
Coal (Millions of Tons) | ||||||||||||||||||
Domestic: | ||||||||||||||||||
Utility | 34.0 | 34.9 | (3 | )% | 133.4 | 137.2 | (3 | )% | ||||||||||
Other | 6.5 | 7.9 | (18 | ) | 24.6 | 30.6 | (20 | ) | ||||||||||
Total Domestic | 40.5 | 42.8 | (5 | ) | 158.0 | 167.8 | (6 | ) | ||||||||||
Export | 1.6 | 2.6 | (38 | ) | 9.3 | 12.7 | (27 | ) | ||||||||||
Total | 42.1 | 45.4 | (7 | ) | 167.3 | 180.5 | (7 | ) | ||||||||||
Revenue Ton-Miles (Billions) | ||||||||||||||||||
Merchandise | 31.2 | 30.2 | 3 | 125.5 | 125.6 | — | ||||||||||||
Automotive | 2.5 | 2.3 | 9 | 9.3 | 8.7 | 7 | ||||||||||||
Coal | 18.0 | 20.3 | (11 | ) | 72.4 | 79.8 | (9 | ) | ||||||||||
Intermodal | 5.3 | 5.2 | 2 | 21.0 | 20.4 | 3 | ||||||||||||
Total | 57.0 | 58.0 | (2 | ) | 228.2 | 234.5 | (3 | ) | ||||||||||
Gross Ton-Miles(2) (Billions) | ||||||||||||||||||
Total | 119.2 | 117.0 | 2 | 469.4 | 473.1 | (1 | ) | |||||||||||
Safety Statistics | ||||||||||||||||||
FRA Reportable Injuries | 138 | 175 | 21 | 620 | 804 | 23 | ||||||||||||
Cumulative FRA Injury Frequency (Per 100 Employees) | 1.82 | 2.26 | 19 | 1.94 | 2.44 | 20 | ||||||||||||
FRA Train Derailments | 97 | 84 | (15 | ) | 319 | 380 | 16 | |||||||||||
Inventory | ||||||||||||||||||
Average Total Cars-On-Line | 227,492 | 234,770 | 3 | 229,609 | 240,054 | 4 | ||||||||||||
Velocity | ||||||||||||||||||
Average, All Trains (Miles Per Hour) | 22.4 | 22.6 | (1 | ) | 22.5 | 21.7 | 4 | |||||||||||
Crews | ||||||||||||||||||
Average Recrews (Per Day) | 31 | 23 | (35 | ) | 26 | 28 | 7 | |||||||||||
Yard/Terminal | ||||||||||||||||||
Average System Dwell Time (Hours) | 24.2 | 23.6 | (3 | ) | 23.2 | 24.5 | 5 | |||||||||||
On -Time Originations (Plus 2 Hours) | 89.6 | % | 91.4 | % | (2 | ) | 91.2 | % | 88.1 | % | 4 | |||||||
Locomotives | ||||||||||||||||||
Average Setback Hours (Per Day) | 13 | 20 | 35 | % | 11 | 39 | 72 | % | ||||||||||
(1) | Amounts for 2002 are estimated. |
(2) | Amounts include locomotive gross ton-miles. |
SURFACE TRANSPORTATION FUEL STATISTICS
Fourth Quarter | Year | ||||||||||||
2002 | 2001 | 2002 | 2001 | ||||||||||
Diesel No. 2: | |||||||||||||
Estimated Fuel Consumption (Millions of Gallons) | 146.2 | 144.7 | 572.2 | 580.4 | |||||||||
Price Per Gallon (Dollars) | $ | 0.8416 | $ | 0.8074 | $ | 0.7838 | $ | 0.9042 | |||||
Impact of Year-to-Year Price Variance on Operating Expense (Millions of Dollars) | $ | (5 | ) | $ | 69 | ||||||||
9
CSX CORPORATION AND SUBSIDIARIES | ||
SURFACE TRANSPORTATION TRAFFIC AND REVENUE(1) | Quarterly Flash | |
Loads (Thousands); Revenue (Millions of Dollars) |
Fourth Quarter Loads | Fourth Quarter Revenue | |||||||||||||||
2002 | 2001 | % Change | 2002 | 2001 | % Change | |||||||||||
Merchandise | ||||||||||||||||
Phosphates and Fertilizers | 112 | 116 | (3 | )% | $ | 79 | $ | 79 | — | % | ||||||
Metals | 79 | 74 | 7 | 99 | 91 | 9 | ||||||||||
Food and Consumer | 40 | 41 | (2 | ) | 56 | 55 | 2 | |||||||||
Paper and Forest | 117 | 115 | 2 | 158 | 151 | 5 | ||||||||||
Agricultural | 93 | 92 | 1 | 127 | 124 | 2 | ||||||||||
Chemicals | 122 | 119 | 3 | 226 | 210 | 8 | ||||||||||
Minerals | 22 | 22 | — | 34 | 33 | 3 | ||||||||||
Emerging Markets | 101 | 108 | (6 | ) | 96 | 94 | 2 | |||||||||
686 | 687 | — | 875 | 837 | 5 | |||||||||||
Automotive | 137 | 131 | 5 | 219 | 203 | 8 | ||||||||||
Coal, Coke and Iron Ore | ||||||||||||||||
Coal | 395 | 431 | (8 | ) | 386 | 423 | (9 | ) | ||||||||
Coke | 8 | 8 | — | 10 | 10 | — | ||||||||||
Iron Ore | 10 | 8 | 25 | 5 | 5 | — | ||||||||||
413 | 447 | (8 | ) | 401 | 438 | (8 | ) | |||||||||
Other | — | — | — | 11 | 21 | (48 | ) | |||||||||
Total Rail | 1,236 | 1,265 | (2 | ) | 1,506 | 1,499 | — | |||||||||
Intermodal | ||||||||||||||||
Domestic | 268 | 241 | 11 | 198 | 168 | 18 | ||||||||||
International | 267 | 268 | — | 109 | 112 | (3 | ) | |||||||||
Other | — | — | — | 2 | 5 | (60 | ) | |||||||||
Total Intermodal | 535 | 509 | 5 | 309 | 285 | 8 | ||||||||||
Total Surface Transportation | 1,771 | 1,774 | — | % | $ | 1,815 | $ | 1,784 | 2 | % | ||||||
Year Loads | Year Revenue | |||||||||||||||
2002 | 2001 | % Change | 2002 | 2001 | % Change | |||||||||||
Merchandise | ||||||||||||||||
Phosphates and Fertilizer | 463 | 441 | 5 | % | $ | 324 | $ | 306 | 6 | % | ||||||
Metals | 319 | 319 | — | 401 | 395 | 2 | ||||||||||
Food and Consumer | 162 | 163 | (1 | ) | 217 | 218 | — | |||||||||
Paper and Forest | 477 | 478 | — | 637 | 633 | 1 | ||||||||||
Agricultural | 358 | 372 | (4 | ) | 489 | 501 | (2 | ) | ||||||||
Chemicals | 500 | 499 | — | 907 | 883 | 3 | ||||||||||
Minerals | 88 | 92 | (4 | ) | 135 | 140 | (4 | ) | ||||||||
Emerging Markets | 424 | 435 | (3 | ) | 397 | 384 | 3 | |||||||||
2,791 | 2,799 | — | 3,507 | 3,460 | 1 | |||||||||||
Automotive | 538 | 516 | 4 | 845 | 794 | 6 | ||||||||||
Coal, Coke and Iron Ore | ||||||||||||||||
Coal | 1,573 | 1,722 | (9 | ) | 1,528 | 1,671 | (9 | ) | ||||||||
Coke | 34 | 39 | (13 | ) | 49 | 46 | 7 | |||||||||
Iron Ore | 36 | 38 | (5 | ) | 20 | 22 | (9 | ) | ||||||||
1,643 | 1,799 | (9 | ) | 1,597 | 1,739 | (8 | ) | |||||||||
Other | — | — | — | 54 | 89 | (39 | ) | |||||||||
Total Rail | 4,972 | 5,114 | (3 | ) | 6,003 | 6,082 | (1 | ) | ||||||||
Intermodal | ||||||||||||||||
Domestic | 982 | 901 | 9 | 696 | 625 | 11 | ||||||||||
International | 1,137 | 1,103 | 3 | 476 | 470 | 1 | ||||||||||
Other | — | — | — | 8 | 17 | (53 | ) | |||||||||
Total Intermodal | 2,119 | 2,004 | 6 | 1,180 | 1,112 | 6 | ||||||||||
Total Surface Transportation | 7,091 | 7,118 | — | % | $ | 7,183 | $ | 7,194 | — | % | ||||||
(1) | Certain prior period traffic has been reclassified to Emerging Markets to conform to the current presentation. |
10
CSX CORPORATION AND SUBSIDIARIES | ||
SURFACE TRANSPORTATION TRAFFIC AND REVENUE(continued) | Quarterly Flash | |
MERCHANDISE
Merchandise revenues in the fourth quarter were up 5% on flat year-over-year volumes. With the exception of phosphate and fertilizer revenues, which were flat, all merchandise markets showed year-over-year revenue improvement.
Phosphates and Fertilizers—Weakness in lower revenue per car movements of phosphate rock, potash and ammonia shipments was more than offset by strength in higher revenue-per-car movements of domestic phosphate chemicals and sulfur.
Metals—Favorable variance was driven by strong import and domestic slab shipments, along with increased coil, plate and structural shipments.
Food and Consumer—Gains in higher revenue-per-car movements of canned goods, alcohol and Express Lane shipments more than offset weakness in lower revenue per car shipments of appliances and transportation equipment.
Paper and Forest—Weak prior year comparisons resulted in volume gains primarily due to pulp board shipments and low box plant inventories. Year-over-year comparisons for printing paper shipments were also positive, driven primarily by depressed post Sept. 11 shipments last year.
Agricultural—Weakness in feed ingredients and export grain was offset by increase in wheat flour and domestic grain movements.
Chemicals—Positive performance was driven by strength in plastics, textile chemicals and liquid petroleum gas. Rate increases continue to drive revenue yield improvements.
Minerals—Strength in industrial sand more than offset weakness in roofing granules, industrial sand and ores.
Emerging Markets—Strength in high revenue-per-car military movements more than offset weakness in low revenue per car movements of aggregates and salt.
AUTOMOTIVE
Automotive volumes were up 5% and revenue was up 8% in the fourth quarter. Yield improvement continues to be driven primarily by favorable mix and extended linehauls. Year-over-year volume comparisons continued to be favorable due to continued growth in light truck production.
COAL, COKE AND IRON ORE
Fourth quarter coal volumes and revenues were down 8%. Utility volumes were down as a result of reduced trans-load shipments to Lake Erie and to Southern utilities. Export movements were down significantly as a result of reduced competitive standing of U.S. coal in the international market. Metallurgical and industrial markets were down due to general economic conditions affecting end use markets. Tons per car continue to increase as a result of mix and car type utilization but the resulting yield improvement is offset by increased short-haul shipments.
INTERMODAL
Domestic—Significant strength in transcontinental domestic container traffic offset continued weakness in U.S. mail and parcels in the fourth quarter. Revenue per unit improved due to increased length of haul, a favorable pricing environment and growth in higher priced door-to-door traffic.
International—The labor disruptions at West Coast ports had a negative impact on volume and revenue. Diversions of Pacific Rim traffic to East Coast ports offset some of this impact but had a negative impact on revenue per unit.
11
CSX CORPORATION AND SUBSIDIARIES | ||
MARINE SERVICES OPERATING RESULTS (Unaudited) | Quarterly Flash | |
(Millions of Dollars) |
Domestic Container Shipping | International Terminals | Eliminations | Marine Services | |||||||||||||||||||||||||||||
2002 | 2001 | 2002 | 2001(1) | 2002 | 2001 | 2002 | 2001(1) | |||||||||||||||||||||||||
Quarters Ended Dec. 27, 2002, and Dec. 28, 2001 | ||||||||||||||||||||||||||||||||
Operating Revenue | $ | 193 | $ | 171 | $ | 56 | $ | 58 | $ | — | $ | — | $ | 249 | $ | 229 | ||||||||||||||||
Operating Expense | ||||||||||||||||||||||||||||||||
Labor and Fringe | 60 | 54 | 12 | 15 | — | — | 72 | 69 | ||||||||||||||||||||||||
Materials, Supplies and Other | 65 | 50 | 18 | 13 | — | — | 83 | 63 | ||||||||||||||||||||||||
Building and Equipment Rent | 7 | 12 | 2 | 2 | — | — | 9 | 14 | ||||||||||||||||||||||||
Inland Transportation | 33 | 24 | 1 | 2 | — | — | 34 | 26 | ||||||||||||||||||||||||
Depreciation | 3 | 6 | 2 | 3 | — | — | 5 | 9 | ||||||||||||||||||||||||
Fuel | 19 | 14 | — | — | — | — | 19 | 14 | ||||||||||||||||||||||||
Miscellaneous | — | — | (3 | ) | 2 | — | — | (3 | ) | 2 | ||||||||||||||||||||||
Total Operating Expense | 187 | 160 | 32 | 37 | — | — | 219 | 197 | ||||||||||||||||||||||||
Operating Income | $ | 6 | $ | 11 | $ | 24 | $ | 21 | $ | — | $ | — | $ | 30 | $ | 32 | ||||||||||||||||
Operating Ratio | 96.9 | % | 93.6 | % | 57.1 | % | 63.8 | % | 88.0 | % | 86.0 | % | ||||||||||||||||||||
Years Ended Dec. 27, 2002, and Dec. 28, 2001 | ||||||||||||||||||||||||||||||||
Operating Revenue | $ | 758 | $ | 681 | $ | 236 | $ | 236 | $ | (1 | ) | $ | (2 | ) | $ | 993 | $ | 915 | ||||||||||||||
Operating Expense | ||||||||||||||||||||||||||||||||
Labor and Fringe | 229 | 213 | 57 | 62 | — | — | 286 | 275 | ||||||||||||||||||||||||
Materials, Supplies and Other | 244 | 203 | 77 | 70 | (1 | ) | (2 | ) | 320 | 271 | ||||||||||||||||||||||
Building and Equipment Rent | 45 | 51 | 9 | 9 | — | — | 54 | 60 | ||||||||||||||||||||||||
Inland Transportation | 119 | 98 | 7 | 7 | — | — | 126 | 105 | ||||||||||||||||||||||||
Depreciation | 17 | 24 | 9 | 8 | — | — | 26 | 32 | ||||||||||||||||||||||||
Fuel | 66 | 60 | — | — | — | — | 66 | 60 | ||||||||||||||||||||||||
Miscellaneous | — | — | 8 | 9 | — | — | 8 | 9 | ||||||||||||||||||||||||
Total Operating Expense | 720 | 649 | 167 | 165 | (1 | ) | (2 | ) | 886 | 812 | ||||||||||||||||||||||
Operating Income | $ | 38 | $ | 32 | $ | 69 | $ | 71 | $ | — | $ | — | $ | 107 | $ | 103 | ||||||||||||||||
Operating Ratio | 95.0 | % | 95.3 | % | 70.8 | % | 69.9 | % | 89.2 | % | 88.7 | % | ||||||||||||||||||||
(1) | Prior periods have been reclassified to conform to the current presentation. |
DOMESTIC CONTAINER SHIPPING
Operating income was $6 million in the fourth quarter of 2002 compared to $11 million in the prior year. Fourth quarter 2002 earnings were affected by approximately $7 million as a result of the ten-day labor disruptions at West Coast ports. CSX Lines’ revenue was up by $22 million over the prior year. Strong market share gains in the Hawaii and Puerto Rico tradelanes were offset by a loss of $12 million in revenue in the Hawaii and Alaska tradelanes from the labor disruptions. Operating expenses have increased by $27 million over the prior year as a result of the increased volume being carried, which includes the deployment of an additional vessel in the Puerto Rico trade, and a $5 million impact from higher fuel prices.
On Dec. 17, 2002, CSX announced that it had reached an agreement to convey its domestic container-shipping subsidiary, CSX Lines, LLC to a venture for $300 million ($240 million of cash and $60 million of securities). CSX expects this transaction to close in the first quarter of 2003.
INTERNATIONAL TERMINALS
Operating income for the fourth quarter was $24 million compared to $21 million in the prior year, an improvement of 14%. Revenue was down $2 million as a direct result of the global economic conditions and the impact from the labor disruptions on the West Coast. Several cost-cutting initiatives and a $6 million gain on the divestiture of a portion of the Caucedo terminal ownership interest, which is included in miscellaneous, more than offset the lower revenue.
12
CSX CORPORATION AND SUBSIDIARIES | ||
DOMESTIC CONTAINER SHIPPING OPERATING STATISTICS(1) | Quarterly Flash | |
Fourth Quarter | Year | |||||||||||||||
2002 | 2001 | 2002 | 2001 | |||||||||||||
(Unaudited) | ||||||||||||||||
Loads | 70,319 | 61,155 | 277,370 | 241,998 | ||||||||||||
Average Revenue Per Box | $ | 2,640 | $ | 2,728 | $ | 2,658 | $ | 2,767 | ||||||||
Vessel Utilization | 73.3 | % | 72.1 | % | 75.5 | % | 68.3 | % | ||||||||
Equipment Turns Per Year | 7.9 | 8.1 | 8.1 | 7.7 | ||||||||||||
Vessel On Time Arrival(2) | — | 90 | % | 92 | % | 93 | % | |||||||||
Marine Productivity (Lifts Per Hour) | 24.5 | 24.3 | 25.3 | 25.6 | ||||||||||||
Diesel No. 380/Bunker Sea: | ||||||||||||||||
Estimated Fuel Consumption (Millions of Gallons) | 30.7 | 29.2 | 123.3 | 121.8 | ||||||||||||
Fuel Price Per Gallon (Dollars) | $ | 0.6207 | $ | 0.4680 | $ | 0.5302 | $ | 0.4898 | ||||||||
Impact of Year-to-Year Price Variance on Operating Expense (Millions of Dollars) | $ | (5 | ) | $ | (5 | ) | ||||||||||
(1) | Amounts for 2002 are estimated. |
(2) | Fourth quarter not measured due to the West Coast labor disruptions. |
INTERNATIONAL TERMINALS OPERATING STATISTICS(1)
Fourth Quarter | Year | |||||||||||
2002 | 2001 | 2002 | 2001 | |||||||||
(Unaudited) | ||||||||||||
Gross Revenue (Millions of Dollars) | $ | 97 | $ | 94 | $ | 387 | $ | 376 | ||||
Gross Lifts | 528,843 | 505,404 | 2,106,762 | 2,046,204 | ||||||||
Average Port Productivity (Port Moves Per Crane Per Hour) | 30.7 | 32.9 | 31.5 | 32.4 | ||||||||
(1) | Includes all consolidated and unconsolidated subsidiaries of CSX World Terminals. |
13