Thursday, March 25, 2010

CSX highlights achievements in 2009 annual report

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CSX Corporation said that proxy materials for its 2010 Annual Shareholders Meeting are now available to shareholders via the Internet under the Securities and Exchange Commission's Notice and Access rules. These materials, including the company's proxy statement and 2009 annual report, can be accessed on its website at http://investors.csx.com.

In his annual report message to shareholders, Chairman, President and Chief Executive Officer Michael J. Ward said that CSX positioned itself as a "stronger and more capable company" in a tumultuous 2009.

While a 15 percent volume decline led to a 22 percent reduction in earnings per share from continuing operations, the company set records in safety, lowered full-year operating costs by 20 percent and achieved a record 74.7 percent operating ratio. These achievements were made while delivering strong customer service and maintaining a healthy balance sheet with strong cash flows for future investment and value creation.

"Our 30,000 employees didn't just let the economy happen "to" us. When the downturn began, we moved quickly to respond," said Ward. "Many of the operational changes we made are systemic and permanent." Ward reiterated the company's plans to invest $1.7 billion in its train network in 2010 and to continue to offer value to communities as well as customers. "We are holding ourselves even more accountable for tackling important issues for our nation, including the environment, traffic congestion and fuel dependency," he said.

CSX's 2010 Annual Shareholders Meeting will be held May 5 in Philadelphia.

In his annual report message to shareholders, Chairman, President and Chief Executive Officer Michael J. Ward said that CSX positioned itself as a "stronger and more capable company" in a tumultuous 2009.

While a 15 percent volume decline led to a 22 percent reduction in earnings per share from continuing operations, the company set records in safety, lowered full-year operating costs by 20 percent and achieved a record 74.7 percent operating ratio. These achievements were made while delivering strong customer service and maintaining a healthy balance sheet with strong cash flows for future investment and value creation.

"Our 30,000 employees didn't just let the economy happen "to" us. When the downturn began, we moved quickly to respond," said Ward. "Many of the operational changes we made are systemic and permanent." Ward reiterated the company's plans to invest $1.7 billion in its train network in 2010 and to continue to offer value to communities as well as customers. "We are holding ourselves even more accountable for tackling important issues for our nation, including the environment, traffic congestion and fuel dependency," he said.

CSX's 2010 Annual Shareholders Meeting will be held May 5 in Philadelphia.

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