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): September 4, 2002
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CSX CORPORATION
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(Exact name of registrant as specified in its charter)
Virginia
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(State or other jurisdiction of
incorporation or organization)
2-63273 62-1051971
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(Commission (I.R.S. Employer
File No.) Identification No.)
901 East Cary Street, Richmond, VA 23219-4031
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code:
(804) 782-1400
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ITEM 5. OTHER EVENTS
CSX Corporation issued a press release discussing the effects of weak
coal traffic for the third quarter of 2002, which is filed as Exhibit 99 and
incorporated herein by reference.
ITEM 7. FINANCIAL STATEMENTS AND EXHIBITS
The following exhibit is filed as part of this report.
99 Press Release of September 4, 2002 from CSX Corporation.
Signature
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Pursuant to the requirements of the Securities and Exchange Act of
1934, the registrant has duly caused this report to be signed on its behalf
by the undersigned hereunto duly authorized.
CSX CORPORATION
By: /s/ CAROLYN T. SIZEMORE
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Carolyn T. Sizemore
Vice President and Controller
(Principal Accounting Officer)
Date: September 4, 2002
Exhibit 99
Contact: Dan Murphy
(904) 359-1469
CSX Says Weak Coal Traffic Dampens Third Quarter Outlook
RICHMOND, Va., Sept. 4, 2002 - CSX Corporation (NYSE: CSX) said today that weak
coal demand from utility customers will adversely affect earnings for the third
quarter ending September 27, 2002. Coal carloads for the quarter are now
expected to be down approximately 5% from a year ago and revenues from this
business sector will be off by approximately $35 million from the 2001 quarter.
The company expects that combined merchandise, automotive and
intermodal carloads will be up and revenues from these sectors will be higher
than in the third quarter of 2001, reflecting some strengthening in the economy.
Revenue gains in these sectors should more than offset the decline in the coal
area. Total rail and intermodal operating income for the third quarter should be
down slightly from last year's $237 million.
CSX Corp. overall earnings should be well above the 47 cents per share
reported in the third quarter of 2001, attributable largely to real estate gains
and lower interest expense.
John W. Snow, chairman and chief executive officer noted: "Coal
stockpiles at our electric utility customers have been dropping at a much slower
rate than we anticipated despite the relatively warm summer weather. We believe
inventories are approaching normal levels, and unit train coal shipments should
pick up in the fourth quarter.
"Rail expenses this quarter will be higher than a year ago, reflecting
car hire reclaims from other railroads and other unanticipated costs," Snow
added. "For the full year, however, we expect total rail and intermodal expenses
to be about the same as in 2001."
CSX will report third quarter earnings on October 24, 2002.
CSX Corporation, headquartered in Richmond, Va., operates one of the
largest rail networks in the eastern half of the United States and also provides
intermodal, domestic container shipping and international terminal management
services.
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CSX's internet address: http//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 at www.sec.gov and
the Company's website at www.csx.com.