Canadian National
Canada
Canadian National
CN Announces Plan to Buy Back Shares Through Private Agreements
MONTREAL — CN said it intends to purchase for cancellation up to two million of its common shares pursuant to private agreements between CN and an arm’s-length third-party seller. The purchases will form part of CN’s 15-million share repurchase program announced on Jan. 26. Such purchases will be made pursuant to an issuer bid exemption order issued by the Ontario Securities Commission and will take place before the end of September 2010. The price that CN will pay for any common shares purchased by it under such agreements will be negotiated by CN and the seller and will be at
Canadian National
CN Announces Plan to Buy Back Shares Through Private Agreements
Canadian National
CN Reports Q1 2010 Net Income
Canadian National
Canadian National
CN Reports Q4-2009 Net Income
MONTREAL — CN reported its financial and operating results for the fourth quarter and year ended Dec. 31, 2009. Fourth-quarter and full-year 2009 highlights: — Net income and diluted earnings per share for the final quarter of 2009 increased two per cent from the year-earlier period to C$582 million and C$1.23, respectively. The results included an after-tax gain of C$59 million (C$0.12 per diluted share) from a line-sale to Metrolinx, a transit agency in Toronto, and a deferred income tax recovery of C$99 million (C$0.21 per diluted share). — Excluding these items, adjusted fourth-quarter 2009 net income was C$424 million,
Canadian National
Metrolinx Acquires Full Ownership of Toronto-Barrie Rail Commuter Corridor
TORONTO — Metrolinx purchased from CN the lower portion of the Newmarket Subdivision in central-north Toronto for C$68 million. The transaction gives Metrolinx end-to-end ownership of the 60-mile-long Barrie-Bradford GO Train corridor between downtown Toronto and Barrie, Ont. – a first for the government transit agency. Metrolinx is the Ontario government Crown corporation responsible for delivering an integrated, multi-modal transportation network in the Greater Toronto Area (GTA), from York and Durham through Toronto, Peel Halton and Hamilton. GO Transit, the operating division of Metrolinx, provides commuter rail and bus services in the GTA. The Metrolinx line acquisition fills the rail
CSX
New CSX Intermodal Services Link Buffalo with Major East Coast Ports
BUFFALO, N.Y. — CSX Intermodal (CSXI) has begun two new international services that link Buffalo, N.Y., to the Port Authority of New York and New Jersey (PANYNJ) and Philadelphia, Pa. The services, which started Sept. 21, utilize the new CSXI Buffalo Terminal opened in 2008, with the support of the New York Department of Transportation and Erie County, increasing CSXI’s presence in the Buffalo and Toronto markets. On-dock service destined for Buffalo from the Elizabeth Marine Terminal (EMT) at the PANYNJ will be available on the second day after departure; Buffalo traffic destined for EMT will be available on the
Canadian National
CN Opens Toronto Auto Compound
TORONTO — CN opened a new Toronto Automotive Compound at MacMillan yard north of Toronto. The new facility’s track layout will accommodate the unloading of 60 auto-carrying rail cars at once, compared with 27 unloading spots at the former compound at Mac Yard, and will have room to park up to 4,500 vehicles. A planned phase two expansion of the compound will provide parking for 6,000 cars and/or trucks. “Our Toronto Automotive Compound is a key facility in our vehicle distribution network in Ontario, the largest auto market in Canada,” said James Foote, executive vice-president, Sales and Marketing for CN.
Canadian National
CN Grows Jet-Fuel Traffic at Toronto’s Pearson International Airport
MONTREAL is developing a fast-growing business supplying jet fuel to airlines serving Toronto’s Lester B. Pearson International Airport. The effectiveness of CN’s rail pipeline for jet fuel to Pearson prompted the construction of a new Jet Fuel Rail Offloading, Storage and Distribution Facility near the airport, adjacent to CN’s Malport rail yard in northwest Toronto. “The changing dynamics of jet-fuel supply for airlines serving Pearson airport now require the carriers to strategically source fuel across the globe, and this has opened the door to rail to play an increasingly important role in these longer supply chains,” said James Foote, executive