SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K/A
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
As a result of certain adjustments arising from the preparation of its financial
statements (unaudited) for the year ended December 31, 2000, Kansas City
Southern Industries, Inc. ("KCSI" or "Company") has revised its consolidated
statements of income for the three and twelve-month periods ended December 31,
2000 (unaudited), which had previously been furnished. The adjustments reflect a
revision from the recognition of a gain related to the sale of certain operating
property to a lease transaction, as well as a decrease to deferred tax expense
arising from the settlement of various income tax disputes. These adjustments,
which affected both the three and twelve-month periods ended December 31, 2000,
resulted in a $5.3 million ($3.3 million after-tax) increase in costs and
expenses and a corresponding decrease in operating income, as well as a $3.3
million adjustment to the income tax provision, which had the effect of
increasing the income tax benefit. While affecting several line items on the
statements of income, as furnished previously, these adjustments had no impact
on income from continuing operations or earnings per share information.
The Company's revised consolidated condensed statements of income for the three
and twelve-month periods ended December 31, 2000 (unaudited) are included hereto
as Exhibit 99.1. Additionally, included as Exhibit 99.2 hereto are the Combined
KCSR and Gateway Western Operating Statements (unaudited) and the Kansas City
Southern Industries, Inc. Preliminary Consolidated Balance Sheets (unaudited),
which have been adjusted to reflect these revisions. The information included in
this report (including Exhibits 99.1 and 99.2) is being furnished under Item 9
of this Current Report on Form 8-K/A pursuant to Regulation FD and shall not be
deemed to be filed.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No. Document
(99) Additional Exhibits
99.1 Revised consolidated condensed
statements of income for the
three and twelve-month periods
ended December 31, 2000
(unaudited) for Kansas City
Southern Industries, Inc., are
attached hereto as Exhibit 99.1
99.2 The following schedules are
attached hereto as Exhibit 99.2
Revised Combined Kansas City
Southern Railway and Gateway
Western Operating Statements
(unaudited) and Revised Kansas
City Southern Industries, Inc.
Preliminary Consolidated Balance
Sheets (unaudited)
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: March 15, 2001 By: /s/ Louis G. Van Horn
Louis G. Van Horn
Vice President and Comptroller
(Principal Accounting Officer)
EXHIBIT 99.1
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 2000
(Revised) 1999 (Revised) 1999
------- ------- ------- -------
Revenues $ 134.8 $ 151.7 $ 572.2 $ 601.4
Costs and expenses 114.2 132.4 458.3 480.4
Depreciation and amortization 13.7 13.9 56.1 56.9
------- ------- ------- -------
Operating income 6.9 5.4 57.8 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) (1.8) (9.7) 21.8 17.2
Income tax provision (benefit) (5.4) (2.5) (3.6) 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
(Unaudited)
Fourth Twelve
Quarter Fourth Months Twelve
2000 Quarter 2000 Months 1999
(Revised) 1999 * (Revised) *
------------- ------------- ------------ -------------
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 2.9 9.0 8.9 19.7
------------- ------------- ------------ -------------
Net Operating Expenses 94.7 110.9 376.1 393.4
------------- ------------- ------------ -------------
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 122.6 139.8 497.1 510.7
------------- ------------- ------------ -------------
Operating Income 9.7 8.4 66.0 74.9
* Includes $12.7 million of non-recurring costs and expenses
Kansas City Southern Industries, Inc. Preliminary
Consolidated Balance Sheets
Unaudited
(Dollars in Millions)
December 31, 2000 December 31, 1999
(Revised)
Assets
Cash $ 21.5 $ 11.9
Accounts receivable 135.0 132.2
Inventories 34.0 40.5
Other current assets 25.9 23.9
----------------- ----------------
Total current assets 216.4 208.5
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 $ 1,944.5 $ 1,857.4
================= ================
Liabilities and Stockholders' Equity
Current portion of long-term debt $ 36.2 $ 10.9
Accounts payable 52.9 74.8
Accrued liabilities 161.7 168.5
----------------- ----------------
Total current liabilities 250.8 254.2
Long-term debt 638.4 750.0
Deferred income taxes 330.4 297.4
Other 81.5 87.3
Stockholders' equity 643.4 468.5
----------------- ----------------
Total liabilities and stockholders' $ 1,944.5 $ 1,857.4
equity ================= ================