SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
January 24, 2001
KANSAS CITY SOUTHERN INDUSTRIES, INC.
-------------------------------------
(Exact name of company as specified in its charter)
DELAWARE 1-4717 44-0663509
- --------------------- ------------- -------------------
(State or other jurisdiction (Commission file (IRS Employer
of incorporation) number) Identification Number)
114 West 11th Street, Kansas City, Missouri 64105
-------------------------------------------------
(Address of principal executive offices) (Zip Code)
Company's telephone number, including area code:
(816) 983 - 1303
Not Applicable
(Former name or former address if changed since last report)
Item 9. Regulation FD Disclosure
Following the close of the New York Stock Exchange on January 24, 2001, Kansas
City Southern Industries, Inc. ("KCSI" or "Company") issued a press release
announcing its fourth quarter and year to date 2000 operating results. On
January 25, 2001, the Company held its fourth quarter presentation, which was
available to shareholders and other interested parties via telephone or the KCSI
web site at http://www.kcsi.com. Interested parties may hear a replay of our
fourth quarter presentation by calling 1-719-457-0820, code #550233. The replay
will be available for one week following the presentation. The slides presented
at the presentation are available at http://www.kcsi.com by selecting the
analyst presentation option under the "For Investor - KSU Stock" section of our
web site. The press release, included as Exhibit 99.1 hereto, and certain other
information distributed at the presentation, included as exhibit 99.2 hereto,
are being furnished under Item 9 of this Current Report on Form 8-K pursuant to
Regulation FD. The information in this report (including the exhibits) is
furnished pursuant to Item 9 and shall not be deemed to be filed.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Document
(99) Additional Exhibits
99.1 Press Release issued by Kansas
City Southern Industries, Inc.
dated January 24, 2001 entitled,
"Kansas City Southern Industries
Reports Improved Fourth Quarter
and Year to Date Income from
Continuing Operations", is
attached hereto as Exhibit 99.1
99.2 The following schedules are
attached hereto as Exhibit 99.2-
Combined Kansas City Southern
Railway and Gateway Western
Operating Statements, Combined
Kansas City Southern
Railway/Gateway Western
Carloadings by Commodity and
Kansas City Southern Industries,
Inc. Preliminary Consolidated
Balance Sheets
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly caused this Report to be signed on its behalf by the undersigned
hereunto duly authorized.
Kansas City Southern Industries, Inc.
Date: January 26, 2001 By: /s/ Louis G. Van Horn
----------------------------
Louis G. Van Horn
Vice President and Controller
(Principal Accounting Officer)
EXHIBIT 99.1 Date: January 24, 2001
Kansas City Southern Media Contact: William Galligan
Industries, Inc. 816-983-1551
114 West 11th Street
Kansas City, MO 64105
NYSE Symbol: KSU
Kansas City Southern Industries Reports Improved Fourth Quarter and
Year to Date Income From Continuing Operations
Earnings Analysis and Commentary
Kansas City Southern Industries, Inc. ("KCSI", "the Company") reported fourth
quarter 2000 income from continuing operations of $3.6 million (6 cents per
diluted share) compared to a loss of $7.2 million (13 cents per diluted share)
in the fourth quarter of 1999. This $10.8 million improvement resulted primarily
from an increase in U.S. operating income of $6.8 million, a $6.1 million
increase in equity earnings related to Grupo Transportacion Ferroviaria
Mexicana, S.A. de C.V. ("Grupo TFM"), and a decrease in interest expense of $2.5
million, somewhat offset by a decline in income tax benefits. KCSI's
consolidated fourth quarter 2000 revenue decline of $16.9 million (11.1%) was
more than offset by a $23.7 million reduction in operating expenses, resulting
in improved operating income. Fourth quarter 1999 included $12.8 million of
non-recurring unusual costs and expenses. Excluding these costs from 1999,
fourth quarter 2000 operating expenses declined $10.9 million or 8.2% compared
to prior year.
For the year ended December 31, 2000, income from continuing operations, before
extraordinary items, increased $15.2 million (149%) to $25.4 million, or 43
cents per diluted share, from $10.2 million, or 17 cents per diluted share, for
the year ended December 31, 1999. A $20.1 million increase in equity earnings
from Grupo TFM and a $5.3 million decrease in the income tax provision for the
year ended December 31, 2000 were partially offset by a decline in U.S.
operating income of $1.0 million and an increase in interest expense of $8.4
million. Consolidated revenues declined 4.9% while consolidated operating
expenses declined 5.2% for the twelve months ended December 31, 2000 compared
with 1999. Excluding the impact of unusual costs and expenses experienced in
fourth quarter 1999, year to date 2000 consolidated operating expenses declined
2.9% compared to 1999.
During January 2000, the Company re-capitalized its debt structure in
anticipation of the Spin-off of Stilwell Financial, which was completed in July
2000, and in September 2000 also refinanced $200 million of bank debt with $200
million of 8-year senior unsecured notes. In connection with these transactions
KCSI recorded extraordinary debt retirement costs of approximately $7.0 million,
(net of income taxes). Additionally, during the third quarter of 2000, Grupo TFM
refinanced $300 million of bank debt with a U.S. Commercial Paper program. Total
KCSI and Grupo TFM debt retirement related extraordinary charges for 2000 were
$8.7 million, or 15 cents per diluted share, net of income taxes.
DILUTED EARNINGS PER SHARE AND COMMON SHARES COMPARISONS
C>
Fourth Quarter Year to Date
-------------- ------------
2000 1999 2000 1999
---- ---- ---- ----
Income from continuing operations:
U.S. operations $0.10 $0.13 $0.41 $0.50
Grupo TFM and associated interest (0.04) (0.12) 0.02 (0.19)
Non-recurring unusual costs & - (0.14) - (0.14)
expenses ------ ------- ------ ------
Income (loss) from continuing 0.06 (0.13) 0.43 0.17
operations
Extraordinary debt retirement costs - - (0.15) -
------ ------- ------ ------
Total diluted earnings (loss)
per share from continuing
operations, adjusted for
extraordinary items 0.06 (0.13) $0.28 $0.17
====== ====== ====== ======
Weighted Average Diluted
Common Shares Outstanding 59,839 55,270 58,390 57,025
(thousands)(1)
(1) KCSI stockholders previously approved a reverse split of KCSI Common stock
that became effective upon completion of the Spin-off. As discussed above, the
Spin-off occurred on July 12, 2000 and, accordingly, at the close of the New
York Stock Exchange on July 12, 2000, each two shares of KCSI Common stock was
converted to one share of KCSI Common stock. All periods presented have been
restated to reflect this reverse split.
Following the Spin-off of Stilwell from the Company on July 12, 2000, KCSI is
comprised of, among others, The Kansas City Southern Railway Company ("KCSR"),
Gateway Western Railway Company ("Gateway Western") and equity investments in
Grupo TFM and Mexrail, Inc.
Fourth Quarter
KCSI reported income from continuing operations of $3.6 million for the three
months ended December 31, 2000 compared to a loss of $7.2 million in fourth
quarter 1999.
KCSI's consolidated fourth quarter 2000 revenues totaled $134.8 million versus
$151.7 million in fourth quarter 1999. This $16.9 million (11.1%) decrease
resulted primarily from lower combined KCSR/Gateway Western revenues of
approximately $15.9 million. While revenue growth was experienced in certain
product sectors including plastics, automotive, food products and metal/scrap
shipments, most commodities showed weakness in the fourth quarter on a decline
in carload volumes. As the general U.S. economy slowed in fourth quarter 2000,
industrial production and manufacturing also retracted leading to a decline in
demand for product shipments. Unit coal revenues were particularly lower (28%)
as a major customer reduced coal deliveries in fourth quarter 2000 to decrease
inventory stockpiles.
KCSI's consolidated operating costs and expenses decreased $23.7 million (16.2%)
in the fourth quarter of 2000 compared to the fourth quarter of 1999. Fourth
quarter 1999 included $12.8 million of unusual costs and expenses reflecting,
among others, amounts for facility and project closures, employee separations,
spin-off related costs, labor and personal injury related issues. Excluding
these costs from 1999, fourth quarter 2000 operating costs declined $10.9
million compared to adjusted fourth quarter 1999. Fourth quarter 2000 operating
costs declined, in spite of diesel fuel costs, which rose approximately 30% in
the fourth quarter of 2000 compared to fourth quarter 1999, and higher casualty
costs. Overall operating costs declined primarily due to operational
efficiencies, cost containment efforts and gains on the sale of operating
property at KCSR and Gateway Western. These operational improvements led to a
quarter over quarter decrease in salaries and wages, car hire and purchased
services. Revenue declines, however, resulted in increasing the combined
KCSR/Gateway Western operating ratio for fourth quarter 2000 to 88.7% compared
to 85.7% in the same 1999 period, excluding unusual costs and expenses.
Equity earnings related to the Company's investment in Grupo TFM improved to
$2.8 million for fourth quarter 2000 versus a loss of $3.3 million in fourth
quarter 1999. Grupo TFM revenues improved 18% to $165.4 million for the fourth
quarter of 2000 from $140.7 million for the fourth quarter of 1999. These higher
revenues were partially offset by an approximate 21% increase in operating
expenses arising primarily from higher fuel costs and costs due to increased
traffic volumes. Despite the impact of these higher operating costs, operating
income rose approximately 5% quarter to quarter. The operating ratio increased
to 78.6% in the fourth quarter of 2000 versus 77.1% in the fourth quarter of
1999. Additionally, fourth quarter 2000 results included a $0.3 million deferred
tax expense (calculated under U.S. generally accepted accounting principles -
"U.S. GAAP") versus a deferred tax expense of $16.5 million in fourth quarter
1999, which was caused by a significant change in the peso exchange rate at the
end of 1999. The Company reports its equity in Grupo TFM under U.S. GAAP while
Grupo TFM reports under International Accounting Standards.
KCSI interest expense in the fourth quarter of 2000 declined 18% from the prior
year quarter. Increased interest expense due to higher interest rates and
amortization of debt issuance costs associated with the January 2000 debt
re-capitalization was more than offset by a benefit related to the adjustment of
interest expense on anticipated tax deficiency items.
Year to Date
The Company's income from continuing operations before extraordinary items for
the twelve months ended December 31, 2000 totaled $25.4 million versus $10.2
million in the same 1999 period (a 149% improvement). KCSI's consolidated
revenues declined approximately 4.9%, while operating expenses declined 5.2%
period to period.
Year to date combined KCSR/Gateway Western revenues decreased $22.5 million
primarily as a result of declines in coal, export grain, chemical/petroleum and
haulage revenues. These declines were partially offset by increases in paper and
forest products and intermodal/automotive revenues. Excluding the unusual costs
and expenses in fourth quarter 1999, combined KCSR/Gateway Western operating
costs decreased approximately $6.1 million period to period. Lower costs were
experienced in salaries & wages, material & supplies and car hire, along with
the impact of gains on sales of operating property. Fuel costs, however, rose
40% in 2000 compared to 1999 on a 64% increase in average diesel fuel prices.
The combined KCSR/Gateway Western operating ratio was 87.3% for the year ended
December 31, 2000 compared to 85.1% for the year ended December 31, 1999,
excluding unusual costs and expenses in 1999.
Excluding the impact of the Grupo TFM extraordinary item recorded in third
quarter 2000, equity earnings from Grupo TFM improved $20.1 million for the year
ended December 31, 2000 compared to the year ended December 31, 1999. Grupo
TFM's revenues increased 22% period to period, while operating income increased
nearly 34% resulting in an operating ratio of 74.0% for the year ended December
31, 2000 compared to 76.6% for 1999. Under U.S. GAAP, the deferred tax benefit
for Grupo TFM was $13.2 million (excluding the impact of the extraordinary item)
for the twelve months ended December 31, 2000 compared to a deferred tax expense
of $11.5 million in 1999.
BUSINESS OUTLOOK
Michael R. Haverty, KCSI Chairman, President and Chief Executive Officer, said,
"While we experienced the revenue effects of an economic slowdown and a 28%
reduction in our unit coal revenues in fourth quarter 2000, we are pleased with
our efforts to contain operating costs. We believe we have established an
effective operating cost structure that will prove beneficial as we anticipate
the return to revenue growth on our U.S. properties in 2001. In addition, the
ongoing success of our investment in Grupo TFM is a validation of our NAFTA
railway strategy.
The incredible growth story at Grupo TFM continues as revenues and operating
profit for 2000 have increased nearly 22% and 34%, respectively. Equity earnings
from Grupo TFM have increased $20.1 million this year over last year and have
been a significant contributor to our income from continuing operations during
2000. We continue to believe that the best is yet to come with our Mexican
investment in Grupo TFM as it realizes its potential as the rail transportation
leader in NAFTA traffic for the North American marketplace.
Over the course of 2000, we significantly improved the efficiency and cost
structure of our U.S. railroad operations. As anticipated revenue growth
materializes, this improved cost structure will produce improved profitability.
We have seen diesel fuel price increases in 2000, which have not been
experienced in many years. We effectively managed our exposure to dramatic fuel
cost increases by aggressively focusing on improved locomotive efficiency. We
believe our improvement in fuel efficiency through the lease of 50 new
fuel-efficient locomotives in late 1999 as well as an aggressive fuel
conservation program initiated in mid-1999 demonstrated its impact on fuel
costs. Additionally, we continue to experience lower salaries and wages through
the reduction of the amount of overtime hours worked and the number of relief
train crews used as well as a reduction in total employee count.
Domestically we were adversely affected by a fourth quarter economic slowdown, a
significant reduction in coal shipments by our largest customer, highly
competitive rate pressures and high interest costs.
As we look to 2001, we envision continued success in Mexico with Grupo TFM,
increasing revenues and profitability for our U.S. operations as we regain our
coal traffic and increase automotive and chemical traffic, the re-opening of
commercial service on the Panama Canal Railway and an emphasis on reducing
corporate debt throughout the year. KCSI management continues its strong
commitment toward maximizing the potential of the NAFTA franchise and enhancing
shareholder value."
This press release includes statements concerning potential future events
involving the Company, which could materially differ from the events that
actually occur. The differences could be caused by a number of factors including
those factors identified in KCSI's December 31, 1999 Form 10-K, the Current
Report on Form 8-K/A dated June 3, 1997, each filed by the Company with the
Securities and Exchange Commission (Commission file no. 1-4717). The Company
will not update any forward-looking statements in this press release to reflect
future events or developments.
(Financial Information Attached)
KANSAS CITY SOUTHERN INDUSTRIES, INC. and SUBSIDIARY
COMPANIES
(excludes Stilwell Financial Inc.)
CONSOLIDATED CONDENSED STATEMENTS OF INCOME
(dollars in millions, except per share data)
(Unaudited)
Three Months Twelve Months
Ended December 31, Ended December 31,
----------------- ----------------
2000 1999 2000 1999
------- ------- ------- -------
Revenues $134.8 $151.7 $572.2 $601.4
Costs and
expenses 108.9 132.4 453.0 480.4
Depreciation and
amortization 13.7 13.9 56.1 56.9
------- ------- ------- -------
Operating income 12.2 5.4 63.1 64.1
Equity in net earnings of unconsolidated affiliates:
Grupo Transportacion Ferroviaria
Mexicana, S.A. de C.V. (estimated) 2.8 (3.3) 21.6 1.5
Other (1.1) 0.2 2.2 3.7
Interest expense (11.6) (14.1) (65.8) (57.4)
Other, net 1.2 2.1 6.0 5.3
------- ------- ------- -------
Pretax income (loss) 3.5 (9.7) 27.1 17.2
Income tax provision (benefit) (0.1) (2.5) 1.7 7.0
------- ------- ------- -------
Income (loss) from
continuing operations 3.6 (7.2) 25.4 10.2
Extraordinary items,
net of tax:
Debt retirement costs - KCSR/KCSI - - (7.0) -
Debt retirement costs - TFM - - (1.7) -
------- ------- ------- -------
Income (loss) from continuing
operations, net extraordinary items $ 3.6 $(7.2) $ 16.7 $ 10.2
======= ======= ======= =======
Per Share Data:
Basic earnings (loss) per Common
Share from continuing operations $0.06 $(0.13) $ 0.44 $ 0.18
Basic earnings (loss) per Common
Share - extraordinary items - - (0.15) -
------- ------- ------- ------
Basic earnings (loss) per Common
Share, net of extraordinary items 0.06 (0.13) 0.29 0.18
======= ======= ======= =======
Weighted Average Common shares
outstanding (in thousands) 58,132 55,270 56,650 55,142
------- ------- ------- -------
Diluted earnings (loss) per Common
Share from continuing operations $ 0.06 $(0.13) $ 0.43 $ 0.17
Diluted earnings (loss) per Common
Share - extraordinary items - - (0.15) -
------- ------- ------- -------
Diluted earnings (loss) per Common
Share, net of extraordinary items $ 0.06 $(0.13) $ 0.28 $ 0.17
======= ======= ======= =======
Diluted Common shares outstanding
(in thousands) 59,839 55,270 58,390 57,025
------- ------- ------- -------
EXHIBIT 99.2
Combined KCSR and Gateway Western
Operating Statements
Dollars in Millions
Fourth Fourth Twelve Twelve
Quarter Quarter Months Months
2000 1999 * 2000 1999 *
------------- ------------- ------------ -------------
Revenues
Freight Revenue $ 82.3 $ 86.6 $ 347.6 $ 355.0
Intermodal and Automotive Revenue 16.0 16.0 63.0 59.1
Unit Coal Revenue 22.2 30.7 103.6 116.3
Other Revenue 11.8 14.9 48.9 55.2
------------- ------------- ------------ -------------
Total Revenues 132.3 148.2 563.1 585.6
------------- ------------- ------------ -------------
Operating Expenses
Salaries & Wages 35.6 39.0 139.3 146.6
Fringe Benefits 11.3 13.2 52.6 53.1
Fuel 12.8 9.8 48.1 34.2
Material and Supplies 6.9 8.6 30.5 35.1
Car Hire 3.7 6.0 14.8 22.4
Purchased Services 12.0 16.0 47.9 51.7
Casualties & Insurance 9.5 9.3 34.0 30.6
Other (2.4) 9.0 3.6 19.7
------------- ------------- ------------ -------------
Net Operating Expenses 89.4 110.9 370.8 393.4
------------- ------------- ------------ -------------
Fixed Expenses
Leases, Net 13.1 12.0 55.6 52.0
Depreciation 12.7 12.9 52.1 50.0
Taxes (Other Than Income) 2.1 4.0 13.3 15.3
------------- ------------- ------------ -------------
Total Fixed Expenses 27.9 28.9 121.0 117.3
------------- ------------- ------------ -------------
Total Expenses 117.3 139.8 491.8 510.7
------------- ------------- ------------ -------------
Operating Income 15.0 8.4 71.3 74.9
* Includes $12.8 million of non-recurring costs and expenses
Combined Kansas City Southern Railway/Gateway Western
Carloadings By Commodity - Year Ended December 31, 2000
Dollars in Thousands
Carloadings Revenue
Year ended % Year ended %
- ---------------------- --------------------
1999 2000 Change 1999 2000 Change
- ---------- --------- -------- -------- --------- --------
Coal
197,347 180,949 (8.3)% Unit Coal 116,314 103,617 (10.9)%
3,486 3,216 (7.7)% Other Coal 1,054 1,342 27.3%
- ---------- --------- -------- ---------
200,833 184,165 (8.3)% 117,368 104,959 (10.6)%
Chemical & Petroleum Products
25,841 26,276 1.7% Plastics 23,968 24,665 2.9%
72,408 68,048 (6.0)% Misc. Chemicals 67,478 65,198 (3.4)%
4,970 1,813 (63.5)% Soda Ash 5,765 2,007 (65.2)%
35,361 33,139 (6.3)% Petro Products 25,010 24,426 (2.3)%
26,924 24,848 (7.7)% Petro Coke 10,523 10,017 (4.8)%
- ---------- --------- -------- ---------
165,504 154,124 (6.9)% Total 132,744 126,313 (4.8)%
- ---------- --------- -------- ---------
Agriculture and
Minerals
50,236 49,201 (2.1)% Domestic Grain 36,665 36,898 0.6%
14,439 11,060 (23.4)% Export Grain 11,159 8,109 (27.3)%
32,373 29,458 (9.0)% Food/Kindred 23,030 23,744 3.1%
Products
26,036 25,528 (2.0)% Ores and Minerals 13,542 13,256 (2.1)%
17,850 16,721 (6.3)% Stone, Clay & Glass 12,737 12,332 (3.2)%
26,309 25,100 (4.6)% Metal/Scrap 15,831 19,275 21.8%
11,711 7,620 (34.9)% Military/Other 10,131 7,993 (21.1)%
Carloads
- ---------- --------- -------- ---------
178,954 164,688 (8.0)% Total 123,095 121,607 (1.2)%
- ---------- --------- -------- ---------
Paper & Forest
Products
92,541 90,577 (2.1)% Pulp/Paper 62,086 63,344 2.0%
7,790 7,181 (7.8)% Scrap Paper 3,944 3,912 (0.8)%
39,527 33,675 (14.8)% Pulpwood/Logs/Chips 15,155 13,439 (11.3)%
27,983 28,291 1.1% Lumber/Plywood 23,840 24,933 4.6%
- ---------- --------- -------- ---------
167,841 159,724 (4.8)% Total 105,025 105,628 0.6%
- ---------- --------- -------- ---------
Intermodal & All Other Carloads
7,987 21,655 171.1% Automotive 7,487 13,351 78.3%
222,981 247,604 11.0% Intermodal 51,599 49,622 (3.8)%
- ---------- --------- -------- ---------
230,968 269,259 16.6% Total 59,086 62,973 6.6%
- ---------- --------- -------- ---------
944,100 931,960 (1.3)% TOTAL FOR BUSINESS UNITS 537,318 521,480 (2.9)%
43,586 32,607 (25.2)% Haulage 16,779 11,614 (30.8)%
(8,231) (8,561) 4.0% Adjustments (6,923) (7,289) 5.3%
- ---------- --------- -------- ---------
979,455 956,006 (2.4)% TOTAL 547,174 525,805 (3.9)%
========== ========= ======== =========
Combined Kansas City Southern Railway/Gateway Western
Carloadings By Commodity - Fourth Quarter 2000
Dollars in Thousands
Carloadings Revenue
Fourth Quarter % Fourth Quarter %
- ------------------------- --------------------
1999 2000 Change 1999 2000 Change
- ---------- -------- -------- -------- -------- --------
Coal
49,306 39,451 (20.0)% Unit Coal 30,654 22,211 (27.5)%
664 914 37.7% Other Coal 201 477 137.3%
- ---------- -------- -------- --------
49,970 40,365 (19.2)% 30,855 22,688 (26.5)%
Chemical & Petroleum Products
6,102 6,466 6.0% Plastics 5,635 6,486 15.1%
17,868 16,098 (9.9)% Misc. Chemicals 16,906 15,174 (10.2)%
902 436 (51.7)% Soda Ash 994 472 (52.5)%
8,398 7,455 (11.2)% Petro Products 5,927 5,562 (6.2)%
5,967 6,152 3.1% Petro Coke 2,533 2,283 (9.9)%
- ---------- -------- -------- --------
39,237 36,607 (6.7)% Total 31,995 29,977 (6.3)%
Agriculture and
Minerals
12,657 10,993 (13.1)% Domestic Grain 9,450 8,831 (6.6)%
3,210 2,674 (16.7)% Export Grain 2,109 2,177 3.2%
7,706 7,194 (6.6)% Food/Kindred Products 5,450 5,958 9.3%
6,778 5,510 (18.7)% Ores and Minerals 3,543 3,149 (11.1)%
4,215 3,796 (9.9)% Stone, Clay & Glass 3,148 2,803 (11.0)%
8,221 5,581 (32.1)% Metal/Scrap 3,908 4,361 11.6%
2,355 1,660 (29.5)% Military/Other
Carloads 2,015 1,797 (10.8)%
- ---------- -------- -------- --------
45,142 37,408 (17.1)% Total 29,623 29,076 (1.8)%
- ---------- -------- -------- --------
Paper & Forest Products
23,082 21,603 (6.4)% Pulp/Paper 15,728 15,240 (3.1)%
2,130 1,938 (9.0)% Scrap Paper 1,085 1,055 (2.8)%
9,577 7,637 (20.3)% Pulpwood/Logs/Chips 3,795 3,103 (18.2)%
6,979 6,603 (5.4)% Lumber/Plywood 5,984 5,796 (3.1)%
- ---------- -------- -------- --------
41,768 37,781 (9.5)% Total 26,592 25,194 (5.3)%
- ---------- -------- -------- --------
Intermodal & Automotive
2,030 6,668 228.5% Automotive 2,855 3,959 38.7%
57,232 67,926 18.7% Intermodal 13,215 12,005 (9.2)%
- ---------- -------- -------- --------
59,262 74,594 25.9% Total 16,070 15,964 (0.7)%
- ---------- -------- -------- --------
235,379 226,755 (3.7)% TOTAL FOR BUSINESS UNITS 135,135 122,899 (9.1)%
10,429 6,319 (39.4)% Haulage 3,846 3,324 (13.6)%
(2,450) (2,721) 11.1% Adjustments (1,786) (2,385) 33.5%
- ---------- -------- -------- --------
243,358 230,353 (5.3)% TOTAL 137,195 123,838 (9.7)%
========== ======== ======== ========
Kansas City Southern Industries, Inc.
----------------
Consolidated Balance Sheets PRELIMINARY
----------------
Unaudited
(Dollars in Millions)
December 31, 2000 December 31, 1999
----------------- -----------------
Assets
Cash $ 21.5 $ 11.9
Accounts receivable 142.0 132.2
Inventories 34.0 40.6
Other current assets 40.3 23.8
----------------- ----------------
Total current assets 237.8 208.5
Investments held for operating purposes 358.2 337.1
Properties, net of depreciation 1,327.8 1,277.4
Other assets 42.1 34.4
----------------- ----------------
Total assets $ 1,965.9 $ 1,857.4
================= ================
Liabilities and Stockholders' Equity
Current portion of long-term debt $ 36.2 $ 10.9
Accounts payable 58.3 74.8
Accrued liabilities 156.3 168.5
----------------- ----------------
Total current liabilities 250.8 254.2
Long-term debt 638.4 750.0
Deferred income taxes 357.1 297.4
Other 76.2 87.3
Stockholders' equity 643.4 468.5
----------------- ----------------
Total liabilities and stockholders' $ 1,965.9 $ 1,857.4
equity ================= ================