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500 Water Street, 15th Floor
Jacksonville, FL 32202
CSX Transportation, Inc.
500 Water Street
Jacksonville, FL 32202
Announces Internet Availability of 2010 Annual Meeting Materials
Released: Mar 24, 2010
Jacksonville, Fla. - March 24, 2010 - CSX Corporation (NYSE:CSX) today announced 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 will mail printed copies of its proxy materials only by shareholder request. The company adopted this practice last year, reducing printing by 25 million pages, and expects a similar result this year. The company employed eco-friendly printing processes certified by the Forest Stewardship Council and the Sustainable Forestry Initiative.
CSX's 2010 Annual Shareholders Meeting will be held at 10 a.m. (EDT) on Wednesday, May 5, 2010, at The Rittenhouse Hotel, 210 West Rittenhouse Square, Philadelphia.
David Baggs, Investor Relations
Lauren Rueger, Corporate Communications
CSX Corporation, based in Jacksonville, Fla., is one of the nation's leading transportation companies, providing rail, intermodal and rail-to-truck transload services. The company's transportation network spans approximately 21,000 miles, with service to 23 eastern states and the District of Columbia, and connects to more than 70 ocean, river and lake ports. More information about CSX Corporation and its subsidiaries is available at www.csx.com.
The foregoing statements may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act. They 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. These forward-looking statements are subject to a number of risks and uncertainties, and actual performance or results could differ materially from that anticipated by them. Factors that may cause actual results to differ materially from those contemplated by any 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 freight transportation industry (such as the impact of industry competition, conditions, performance and consolidation); (iii) legislative or regulatory changes; (iv) the inherent business risks associated with safety and security; (v) the outcome of claims and litigation involvi ng or affecting the company; (vi) natural events such as severe weather conditions or pandemic health crises; and (vii) the inherent uncertainty associated with projecting full year 2010 economic and business conditions at an early point in the year and in the economic recovery. 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.