www.strongercsx.com
to read the letter sent to CSX by shareholder TCI
to read the letter sent to CSX by shareholder TCI
Railroad Forums
Moderator: MBTA F40PH-2C 1050
matthewsaggie wrote:TCI? Now were they not the ones several months ago demanding that CSX increase share price by raising shipper rates, increasing the share buy-back program and reducing capital outlays? I think that even now, they want a "re-evaluation" of the capital program. Don't think that means spending more money on track and equipment.Yep - in fact, the letter expresses the group's concerns about CSX's "reckless spending" on capital improvements. If these guys gain control of CSX, look out below.
Hello, this is Michael Ward.
This week we announced another quarter of outstanding financial performance. Earnings per share from continuing operations were up 24 percent from the same period last year when you factor out insurance recoveries and tax settlements that affect the comparison.
At the heart of this performance? YOU. Safety and service are at an all-time high. In spite of some challenging short-term economic conditions - you are delivering a service performance that supports better pricing from our customers and better productivity in our operations.
As I told the investors during our conference call this week, we are no longer just satisfied with being better - we are aiming to be the best. I firmly believe that is entirely possible.
Just prior to our press release announcing this great third quarter performance, some of you may have seen the disparaging comments by TCI reported in the media. TCI, is a foreign-based hedge fund that claims to own less than five percent of our shares. It-s been in existence for less than five years, but promotes itself as being a long-term investor of CSX and other companies.
Over the past several months, TCI has offered a wide range of often inconsistent suggestions for our company. These suggestions appear to be part of a broader campaign to do what activist hedge funds do - fight for changes in a company to help the hedge fund achieve its specific short-term investment goals. Our strong third quarter performance helped put their complaints in the proper perspective. In fact, our performance over the past three years has been outstanding, as you know.
The Board of CSX will thoughtfully review TCI's ideas, as we would for any other shareholder. And you can expect that we will continue to emphasize a balanced approach to managing our capital - one that aggressively rewards shareholders while allowing our company to invest in tracks, trains and facilities to help us meet America's pressing transportation needs.
When we do that, we will continue to provide our customers with great service, create new opportunities for our employees, and build shareholder value for many years to come.
Thanks for listening, have a safe, productive day and I'll talk to you again next week.
Browns Town wrote:Ward fires back!
Hello, this is Michael Ward.
This week we announced another quarter of outstanding financial performance. Earnings per share from continuing operations were up 24 percent from the same period last year when you factor out insurance recoveries and tax settlements that affect the comparison.
At the heart of this performance? YOU. Safety and service are at an all-time high. In spite of some challenging short-term economic conditions - you are delivering a service performance that supports better pricing from our customers and better productivity in our operations.
As I told the investors during our conference call this week, we are no longer just satisfied with being better - we are aiming to be the best. I firmly believe that is entirely possible.
Just prior to our press release announcing this great third quarter performance, some of you may have seen the disparaging comments by TCI reported in the media. TCI, is a foreign-based hedge fund that claims to own less than five percent of our shares. It-s been in existence for less than five years, but promotes itself as being a long-term investor of CSX and other companies.
Over the past several months, TCI has offered a wide range of often inconsistent suggestions for our company. These suggestions appear to be part of a broader campaign to do what activist hedge funds do - fight for changes in a company to help the hedge fund achieve its specific short-term investment goals. Our strong third quarter performance helped put their complaints in the proper perspective. In fact, our performance over the past three years has been outstanding, as you know.
The Board of CSX will thoughtfully review TCI's ideas, as we would for any other shareholder. And you can expect that we will continue to emphasize a balanced approach to managing our capital - one that aggressively rewards shareholders while allowing our company to invest in tracks, trains and facilities to help us meet America's pressing transportation needs.
When we do that, we will continue to provide our customers with great service, create new opportunities for our employees, and build shareholder value for many years to come.
Thanks for listening, have a safe, productive day and I'll talk to you again next week.
MistahQ wrote:I for one am glad to see someone speak up to the Management at CSX, M Ward seems to be a shiesty ass crook in my opinion.Obviously you never had any dealing with the MASTER CROOK....John Snow!
And they have alienated their labor force, how do you put your workers so far down and try to intimidate daily....screw M. Ward and the management at CSX.
Here is an updated letter from TCI.
http://strongercsx.com/CSXBoardLetterOct22.pdf