Union Pacific Reports 24 Percent Earnings Growth

OMAHA, Neb. — Union Pacific Corporation reported record 2008 second quarter net income of $531 million, or $1.02 per diluted share, compared to $446 million, or $.82 per diluted share in the second quarter of 2007. “We achieved a record second quarter in the face of rising fuel costs and an estimated 5 cents earning reduction associated with Midwest flooding,” said Jim Young, Chairman and Chief Executive Officer. “We demonstrated the resiliency of our network by quickly restoring service to our customers, which provided us with a strong finish to the quarter, driving solid revenue growth and continued productivity improvements.”

U.S. Transportation Peters Unveils Bush Administration’s New Approach for America’s Transportation Future

ATLANTA – A clean and historic break with the past is needed to encourage the future vitality of our country’s transportation network, said U.S. Transportation Secretary Mary E. Peters, who unveiled the Bush Administration’s new plan to refocus, reform and renew the national approach to highway and transit systems in America. “Without a doubt, our federal approach to transportation is broken. And no amount of tweaking, adjusting or adding new layers on top will make things better,” Peters said. “It is time for a new, a different and a better approach.” Peters said the plan sets a course for reforming

CSXT Appoints Mike Smith, Vice President – Network Operations

JACKSONVILLE, Fla. — CSX Transportation announced that Mike Smith, assistant vice president — crew management, has been appointed vice president — network operations, replacing Jim Snyder, who officially retires Aug. 1. “This change recognizes the significant contributions that Mike has made to our Operations team and the leadership he has provided,” said Tony Ingram, executive vice president and chief operating officer, CSX Corporation. “This change in leadership in the CSXT Network Operations team is designed to build on the consistent, continuous improvements underway in safety and service.” Smith’s areas of responsibility will include network, train dispatching, coal, bulk and locomotive

Seven States Share $5.6 million in Grant Funding for Grade Crossing Safety in High-Speed Rail Corridors

WASHINGTON — Five federally-designated high-speed rail corridors in California, Louisiana, Minnesota, Mississippi, North Carolina, Texas, and Wisconsin will share $5,640,174 in federal grant funding to make safety improvements at approximately 25 highway-rail grade crossings. The funds will support the installation of grade crossing warning lights and gates, the closure of crossings, and other engineering solutions to help prevent motor vehicle-train collisions along rail lines where high-speed passenger trains are intended to operate in the future. The grants are jointly managed by the Federal Highway Administration (FHWA) and the Federal Railroad Administration (FRA) and complement the significant investments and ongoing efforts

FRA Grant Supports New Technology to Increase Reliability of Rail Flaw Detection

WASHINGTON — The Federal Railroad Administration (FRA) has awarded a grant totaling $231,802 to the University of California at San Diego to refine hardware and software for new technology that uses laser ultrasonic probes to detect certain internal rail defects. The improvements will permit an on-track vehicle carrying the system to operate at speeds up to 40 mph, increasing the efficiency of track inspections as well as providing higher reliability of rail defect detection than is currently available. FRA previously provided funding for development of a prototype system which has been built and tested. Grant funds also will be used

NS: NTSB Determination Concerning 2006 Train Accident is Faulty

NORFOLK, Va. — Norfolk Southern Railway Co. says it strongly disagrees with the National Transportation Safety Board’s determination of probable cause contained in its Accident Report released today for the New Brighton, Pa., derailment. The NTSB found that an Oct. 20, 2006, derailment was caused by an “inadequate rail inspection and maintenance program,” and contributing to the accident was the Federal Railroad Administration’s inadequate oversight of the internal rail inspection process and its insufficient requirements for internal rail inspection. But, Norfolk Southern said its rail inspection and maintenance program complies with all applicable regulations, and even the NTSB concedes that

CSX Board Invites Three New Members to Join Immediately and Pursues Prompt Completion of Director Elections

JACKSONVILLE, Fla. — CSX Corp. announced that its Board of Directors has invited John D. McPherson and TCI Group nominees Gilbert H. Lamphere and Alexandre Behring to join the Board immediately. These individuals would replace Southwood J. Morcott, Robert D. Kunisch and Elizabeth E. Bailey, each of whom has resigned effective upon his or her replacement taking office. The announcement was made today at the Company’s reconvened 2008 annual meeting. “We look forward to welcoming the new Board members and working together to continue delivering record performance for all shareholders,” said Michael J. Ward, Chairman of the Board of CSX

Norfolk Southern Reports Record Results; Net Income Increases 15 Percent

NORFOLK, Va. — For the second quarter of 2008, Norfolk Southern Corp. reported record net income of $453 million, or $1.18 per diluted share, compared with $394 million, or $0.98 per diluted share, for the same period of 2007. Second-quarter railway operating revenues were a record $2.8 billion, up 16 percent compared with the second quarter of 2007. “Norfolk Southern delivered record financial results during the quarter, reporting continuing strength in our coal, agriculture, and metals markets,” said Norfolk Southern CEO Wick Moorman. “Looking ahead, our franchise should continue to benefit from a broad and balanced customer base as well

Deputy Secretary of Transportation Barrett Announces $1 Million Grant to Help Reduce the Leading Causes of Rail-Related Deaths

WASHINGTON — Deputy Secretary of Transportation Vice Admiral Thomas J. Barrett announced a $1.015 million grant to continue federal support of public education efforts to reduce collisions between trains and motor vehicles at highway-rail grade crossings and discourage illegal trespassing along railroad rights of way. “Most rail-related deaths are preventable, and the far-reaching educational outreach efforts of Operation Lifesaver helps save lives every day,” said Barrett, noting that in 2007 there were 338 grade crossing and 473 trespasser deaths which accounted for a combined 95 percent of all rail-related fatalities. Barrett explained that the grant is being provided by the

CSX Issues Statement Regarding TCI Group Letter

JACKSONVILLE, Fla. — CSX Corp. the following statement in response to a letter sent by the TCI Group to the CSX Board of Directors, making three points: “First, vote counts in contested elections always take time. The time period for this review is not unusual. The value of the process has been proved in the fact that the process has already identified errors in the preliminary report, which have been confirmed by the independent inspector of election. The review continues in good faith.” “Second, the uncertainty in the vote count is significant enough to matter to the ultimate composition of

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