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CSX
CEO MICHAEL WARD
COMMENTS
ON INVESTMENT IN THE RAIL INDUSTRY
BEFORE
CONGRESSIONAL SUBCOMMITTEE
Jacksonville, FL – March 5, 2008
– CSX Corporation (NYSE: CSX) announced that CSX Chief Executive Officer,
Michael Ward, testified today in a hearing before the United States House of
Representatives Committee on Transportation and Infrastructure, Subcommittee on
Railroads, Pipelines, and Hazardous Materials regarding “Investment in the Rail
Industry.”
Mr. Ward’s
testimony highlighted the company’s outstanding track record and plans to meet
and exceed the expectations of all CSX stakeholders. The
Subcommittee’s stated purpose in holding the hearing was to examine investment
in the railroad industry, including concerns raised by the activities of The
Children’s Investment Fund (TCI).
In
his written remarks to the Subcommittee, Mr. Ward stated:
CSX
is an Industry Leader in Safety, Service, Corporate Governance and Shareholder
Value Creation
“At CSX, we strive
to be the most progressive North American railroad. We are improving
faster than the rest of the excellent freight rail industry on nearly every
measure, including safety, customer service, and financial
performance. We now rank among the industry’s best companies in
safety, service and corporate governance. Our 35,000 employees’
efforts have made tremendous strides in meeting customers’ needs and creating
significant value for all CSX shareholders . . . The value of CSX’s stock has
improved more than 150 percent in the last three years, which has provided
shareholders with a return better than the rest of North America’s Class I
railroads and 94 percent of all Standard & Poor’s 500 (S&P 500)
companies.”
Railroads
are Critical National Infrastructure
“Railroads serve as
the circulatory system of the U.S. economy, and efficient and reliable rail
transportation is one of the genuine competitive advantages that U.S. businesses
have in the global economy. At CSX, we see robust demand and
opportunity for freight rail service in the years ahead . . . freight rail
provides a timely, cost-effective, environmentally-friendly and safe mode of
transportation. For this reason, more and more customers are turning
to railroads – including CSX – to meet their transportation needs.”
Continued Investment in our Nation’s
Rail Network is Essential
“To meet the
increasing transportation demands of the American economy the rail industry must
continue to make significant investments in its infrastructure. . . [CSX has] a
balanced and disciplined plan to invest for the future of our rail network – to
add additional capacity, newer equipment and technology, and improved
transportation infrastructure and security.”
CSX is investing
for the future and delivering sustainable value to all of its
stakeholders. CSX believes that the suggestions put forward by TCI
would limit the Company’s ability to invest in critical rail infrastructure and
be harmful to CSX shareholders, customers, and all those who rely on a safe,
secure and well maintained CSX rail network.
About
CSX
CSX Corporation,
based in Jacksonville, Fla., is one of the nation's leading transportation
companies, providing rail, intermodal and rail-to-truck trainload 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 the company's web site, www.csx.com.
Forward-looking
statements
This
information 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,” “estimate” 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; (iv) the inherent business
risks associated with safety and security; and (v) 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.
IMPORTANT
INFORMATION
On February 22, 2008, CSX Corporation
("CSX") filed with the SEC a revised preliminary proxy statement in connection
with its 2008 Annual Meeting. CSX plans to file with the SEC and furnish
to its shareholders a definitive Proxy Statement in connection with its 2008
Annual Meeting, and advises its security holders to read the definitive Proxy
Statement when it becomes available, because it will contain important
information. Security holders may obtain a free copy of the definitive Proxy
Statement and other documents (when available) that CSX files with the SEC at
the SEC’s website at www.sec.gov. The definitive Proxy Statement and these other
documents may also be obtained for free from CSX by directing a request to CSX
Corporation, Attn: Investor Relations, David Baggs, 500 Water Street C110,
Jacksonville, FL 32202.
CERTAIN INFORMATION CONCERNING
PARTICIPANTS
CSX, its directors,
director nominee and certain named executive officers and employees may be
deemed to be participants in the solicitation of CSX’s security holders in
connection with its 2008 Annual Meeting. Security holders may obtain information
regarding the names, affiliations and interests of such individuals in CSX’s
revised preliminary proxy statement filed on February 22, 2008 with the
SEC.
Contacts:
David Baggs,
Investor Relations
904-359-4812
Garrick Francis,
Corporate Communications
904-359-1708
Dan Katcher /
Andrew Siegel
Joele Frank,
Wilkinson Brimmer Katcher
212-355-4449