Over the past several weeks, the Executive Team has visited more than 3,000 CSX employees across our network to update them on the state of the business. There are three things we tried to convey. Anybody here had a visit from any idiot Executive? Cause I aint seen/heard nothing about this.
First, we are a strong and healthy company. Our balance sheet is solid, and our performance is at a high level across almost every important measure.
Second, we have a positive long-term future. Demand will increase as the population grows and shippers take advantage of the environmental and economic benefits of rail.
Third, we are going through a very rough period in our business. Our rail volumes are down 20 percent so far this year, and there are no near-term signs of economic recovery. Our customers are being forced to take severe measures to survive this recession -- and that affects us.
We are committed to keeping our company strong until a recovery takes place. That means we have to do some things we don't like to ensure the long-term viability of our business. Like buying 60 seconds of airtime during Superbowl for a cool $60 million
To date, for example, we have furloughed more than 2,000 employees with plans to bring them back as the volume returns, we have stored about 500 active locomotives, we have suspended merit increases for management employees, and we are filling positions only where absolutely necessary. Who the fuck is he trying to kid, suspened merit increases my ass..
No matter what your role is, it is critical that we watch expenses very carefully. That means looking at everything we do through the lens of the economic conditions we face. At the same time, it's important to know that we're looking for every new business opportunity and are having some success in converting over-the-road truck shippers to rail customers.
We don't know when the global recession will end. But we do know that we will hold firmly to our focus on safety and our long-term vision and core values. And we'll continue to invest in our infrastructure and our people. By taking swift, smart measures now, I'm convinced that we will emerge from these difficult times as an even stronger company.
Thanks for listening, have a safe, productive day, and I'll talk to you again next week. (Code for "thanks for letting me rape your ear along with your anus")
Freddie Krueger wrote:Saw the X900 go by me today, about 60 empty lumber racks heading for storage.
The Boss and I were talkin bout that when we passed it in the siding at Plane on the Old Main Line. We didn't know what it was until it called the signal to leave the siding behind us. We got 3/4 of the way past him when I said..Dam thats a shit load of center beam lumber cars. Boss said something about "lookin for a home". They went to Grafton, WV with a final destination of Benwood, rite below Wheeling WV. Plenty of unused track around that area ta find a home.. We have a track full of AOK mill gons in the yard...I don't think they will be there long, Now I got that song from a Disney cartoon stuck in my head..." He's just lookin for a home....Lookin for a home.."
