Total carloads for May 2005 were 109,648, up 10.3% from 99,407 in May 2004. The acquisitions of the Midland Subdivision and the Chicago Fort Wayne & Eastern Railroad, net of the impact of the sale of the Arizona Eastern Railway in 2004, accounted for 4,856 of the carload increase. On a "same railroad" basis, May 2005 carloads increased 5.5% to 104,095, from 98,710 in 2004. The 5,385 carload increase in 2005 was driven by bridge traffic which accounted for 2,475 of the increase. The increase in bridge traffic, which is lower margin business, was partially offset by lower auto shipments. On a "same railroad" basis, shipments in ten out of fourteen commodity groups increased.
For the five months ended May 31, 2005, total carloads increased 9.6% to 551,520, from 502,983 in 2004. On a "same railroad" basis for the same period, carloads were 523,784, up 4.8% from 499,657 in 2004. "Same railroad" totals exclude carloads associated with railroads, or portions of railroads, sold or acquired by the Company after January 1, 2004.
Historically, the Company has found that carload information may be indicative of freight revenue on its railroads, but may not be indicative of total revenue, operating expenses, operating income or net income. Attached is a comparison of North America carloads by commodity group for the periods ended May 31, 2005 and 2004.
