27 October 2009
Canadian Pacific Announces Third-Quarter Results
Calgary Alberta - Canadian Pacific Railway Limited announced
third-quarter net income of $195 million, an increase of 14 percent from $171 million in 2008. Diluted earnings per share
were $1.16, an increase of five per cent from $1.10 in third-quarter 2008. Foreign exchange gain and loss on
long-term debt and other specified items after tax, including the sale of two large properties, had an impact on earnings
of $0.31. Excluding these items, adjusted diluted earnings per share were $0.85.
"We delivered strong cost control and tight resource management this quarter while traffic volumes remained under pressure",
said Fred Green, President and CEO. "We are continuing to refine and optimize our business processes to further drive structural
cost improvements. This increases our flexibility and positions us well to respond to changes in volumes as the economy begins to
recover."
For the third-quarter and the first nine months of 2009, the results of the Dakota, Minnesota & Eastern Railroad
(DM&E) are fully consolidated with CP's results; however, for the same periods in 2008 DM&E earnings were reported as equity
income on one line of the income statement. In order to aid in the evaluation of the underlying earnings trends, 2008 results have
also been presented on a pro forma basis, which is a non-GAAP measure. Financial data presented on a pro forma basis,
redistributes DM&E's operating results from an equity income basis of accounting to a line-by-line consolidation of
DM&E revenues and expenses.
Q3 2009 Earnings Release and Financial Reports.
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