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KCS Investor Relations

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KCS Investor Relations KaNSaS CITY SOUTHErN 2006 Annual Report G l o b a l C o n n e c t i o n s . Unlimited Potential. Kansas City Southern is a transportation (3, 4) holding company that has railroad investments in the U.S., Mexico and Panama. Its primary U.S. holding is The Kansas City Southern Railway Company, serving the central and south central U.S. Its international holdings include Kansas City Southern de México, serving northeastern and cen- tral Mexico and the port cities of Lázaro Cárdenas, Tampico and Veracruz, and a 50 percent interest in Panama Canal Railway Company, providing ocean-to-ocean freight and passenger service along Financial Reporting the Panama Canal. Kansas City Southern’s North American rail holdings and strategic alliances are Financial Planning primary components of a NAFTA Railway system, linking the commercial and industrial centers of the U.S., Canada and Mexico. 2006 FINANCIAL HIGHLIGHTS Dollars in millions, except share and per share amounts. Years ended December 31. 2006 2005 2004 2003 OPERATIONS Revenues $ 1,659.7 $ 1,352.0 $ 639.5 $ 581.3 Operating income 304.3 62.3 83.5 29.1 Income from continuing operations before cumulative effect of accounting change 108.9 100.9 24.4 3.3 Net income (ii) 108.9 100.9 24.4 12.2 FINANCIAL CONDITION Working capital $ (31.4) $ (106.9) $ 7.8 $ 133.3 Total assets 4,637.3 4,423.6 2,440.6 2,152.9 Total debt 1,757.0 1,860.6 665.7 523.4 Common stockholders’ equity (iii) 1,181.3 1,025.1 817.4 756.6 Total stockholders’ equity (iii) 1,582.4 1,426.2 1,016.5 955.7 PER COMMON SHARE (i) Earnings (loss) per diluted share from continuing operations before cumulative effect of accounting change $ 1.08 $ 1.10 $ 0.25 $ (0.04) Dividends per share – – – – Book value (iii) 15.56 13.96 12.92 12.17 STOCK PRICE RANGES (i) Preferred - High $ 23.75 $ 24.00 $ 21.75 $ 20.50 Preferred - Low 22.00 21.45 19.45 16.90 Common - High 30.00 25.71 18.08 14.97 Common - Low 22.32 16.05 12.60 10.60 COMMON STOCKHOLDER INFORMATION AT YEAR END Stockholders 4,407 4,529 4,809 5,316 Shares outstanding (in thousands) 75,920 73,412 63,270 62,176 Diluted shares (in thousands) 92,386 92,741 63,983 61,725 (i) The above information includes only the continuing operations of the Company unless otherwise indicated. Certain information has been reclassified to conform to the current year presentation. (ii) Net income for 2003 includes an $8.9 million benefit from the cumulative effect of accounting change. (iii) Total stockholders' equity less preferred stockholders' equity. 1 LETTER TO OUR SHAREHOLDERS t the beginning of 2006, Kansas City Southern (KCS or the Company) was in the very early stages of improving the coordination of the Company’s rail carriers, Kansas A City Southern de México, S. de R.L. de C.V. (KCSM) and The Kansas City Southern Railway Company (KCSR), to realize the potential for improved service to shippers and improved fi nancial performance for shareholders. The Company’s rail subsidiaries were also rebounding from the effects of three hurricanes, two in the United States and another in Mexico, which seriously damaged, and in some cases shut down for an extended time, chemical facilities in the Gulf region. By the end of 2006, the Company had made major strides towards managing its two rail franchises and offering shippers seamless freight transportation services between major Michael R. Haverty markets in both countries. Its Gulf customers had recovered from the devastating storms Chairman & Chief Executive Officer Kansas City Southern with nearly every plant operating at pre-hurricane capacity, and KCS’s rail system was operating at a higher level of effi ciency than it had for some time. For purposes of comparability, KCS management believes that the use of certain non-GAAP measures is meaningful in assessing the reoccurring operational performance of the Compa- ny. Shareholders and readers of the information herein should consider this when evaluating the Company’s results discussed in the Letter and can fi nd a summary of non-GAAP fi nancial information used for the periods presented in Item 6 of the attached Form 10-K. KCS ended the year achieving record revenues and operating profi ts, with earnings increas- Arthur L. Shoener ing in each successive quarter. Consolidated revenues totaled approximately $1.7 billion, a President & Chief Operating Officer 9% increase over 2005 results. Operating expenses increased only 0.8% in 2006. Kansas City Southern Operating income for 2006 was $304.3 million compared with $178.1 million in 2005. The improvements in revenues and expense controls resulted in a 2006 operating ratio improvement of 6.6 points to 81.7% compared with 88.3% the year before. Finally, net income available to common shareholders in 2006 was $89.4 million, or $1.08 per diluted share, compared with $12.2 million net income available to common shareholders, or $0.16 per diluted share, in 2005. The Company’s successes in 2006 went far beyond improved fi nancials, and no accomplish- ment was more important than the impact of senior management additions in both Mexico and the U.S. Major changes included the addition of Jose Zozaya as President and Executive Representative of KCSM. Prior to joining KCSM, Jose had directed the legal and government relations activities for ExxonMobil Mexico, S.A. de C.V. During a distinguished career, he has developed extensive expertise in helping multinational organizations improve their businesses through effective government relations. In less than a year his experience has helped improve 2 KCSM’s relationships with its labor unions, business groups, and Additionally, the KCSR and KCSM marketing departments, which government offi cials at all levels, from federal to local. had focused on increasing revenues in the 1990s and the fi rst few years of this century, shifted their focus to profi tability analy- KCS’s senior management was also bolstered by the addition of sis. The emphasis on revenues had been necessary as a result Pat Ottensmeyer as Executive Vice President and Chief Financial of a number of huge railroad mergers in the mid 1990s that Offi cer and Dan Avramovich as Executive Vice President of Sales put in jeopardy approximately 20% of the Company’s revenues, and Marketing. Both of these individuals joined KCS with excep- followed by an economic slowdown that impacted all North tional experience and excellent track records, both within and American rail traffi c. outside the railroad industry. Joining the KCS in mid-year, both hit the ground running, and by year-end had made substantial To fully exploit the synergies of the combined systems, cross- contributions to our Company. functional teams were formed to coordinate key performance areas. Not only were fi nance and marketing targeted, but opera- There was no question that in light of the added fi nancial report- tions, purchasing, legal, information technology and human ing complexities arising from the KCSM acquisition, KCS had to resources were also recognized. KCSR and KCSM, two railroads upgrade and expand its fi nance department by bringing in added operating in two different countries and largely operated by talent, both in the U.S. and Mexico. To that end, the department personnel from different cultures, have worked closely together was completely reorganized, with signifi cant additions made in to pursue the single objective of providing seamless cross- the areas of internal and external reporting, taxes, planning and border rail service. Given that this service did not exist prior to budgeting, and accounts receivable, to name but a few. KCS’s 2005 acquisition of the Mexican franchise, the speed and Moreover, the fi nance department made rapid strides in integrat- effi ciency with which the employees on both sides of the border ing the fi nancial functions of KCSR and KCSM. The two separate have created a single, unifi ed service offering is gratifying. entities are now using the same systems with considerable Having proven its competitive viability, we believe the KCS rail cross-border, day-to-day interaction. Not only has the revamped network will be the fastest-growing railroad in North America. department resulted in improvements in the speed and transpar- Given the economic vitality of its service area, we believe that ency of the Company’s fi nancial reporting, it is also providing the Company has abundant revenue growth prospects. It now expanded and timely fi nancial information to help executive becomes crucial to ensure that KCS personnel, both north and management make strategic decisions. south of the border, pursue those opportunities that provide The marketing department was also expanded, with an emphasis attractive returns for our shareholders. on adding experienced personnel in key growth areas. Changes Beyond strengthening its personnel resources throughout the began at the very top of the department and moved down Company, four 2006 accomplishments deserve particular men- through every segment. Especially noteworthy was the strength- tion as they will contribute to KCS’s development in the years ening of the intermodal segment, with expertise added in the ahead. In July, KCSM successfully implemented the Manage- areas of retail logistics and international maritime shipping. Most ment Control System (MCS), the Company’s transportation and notably, the marketing focus began to be realigned with substan- operating platform. As a result of careful planning and execution, tially greater emphasis on cross-border volume growth and the MCS was implemented in a nearly fl awless transition that was emerging opportunities inherent in increased international trade virtually unnoticeable to our customers.
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