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Canadian Pacific Railway

Canadian Pacific 4th-Qtr Net Income Rose 39%

01/27/2004 How Canadian Pacific has done for us: +31% in 14 months. This railroad company keeps rolling along with their latest report of a 39% increase in net income. The company's press release follows:

Canadian Pacific Railway (TSX/NYSE: CP) reported net income of $175 million in the fourth quarter of 2003, an increase of 39 percent over net income of $126 million in the same period of 2002. Diluted earnings per share were $1.10 in the three-month period ending Dec. 31, 2003, compared with $0.79 in the fourth quarter of 2002.

On a non-GAAP basis reflecting ongoing operations, income excluding foreign exchange gains on long-term debt and other specified items was $115 million in the last quarter of 2003, compared with $120 million in the same period a year earlier. Other specified items included a loss of $18 million ($29 million before tax) on assets transferred to IBM Canada Ltd. under an outsourcing agreement, as well as net favourable tax adjustments of $6 million. Diluted earnings per share on this basis were $0.72, compared with $0.75.

Excluding the loss on assets transferred to IBM, CPR's operating income in the fourth quarter of 2003 was $226 million, compared with $238 million in the same period of 2002, and its operating ratio was 76.6 per cent, compared with 75 per cent. CPR's operating income in fourth-quarter 2003 would have increased $12 million over the same period of 2002 had the value of the Canadian dollar remain unchanged. The transfer of assets to IBM was part of a seven-year, $200-million agreement reached with IBM to operate and enhance the railway's computing infrastructure. The arrangement will reduce CPR's costs over time and allow remaining information technology staff to focus on applications that improve efficiency and service.

CPR presents non-GAAP operating earnings to provide a basis for evaluating underlying earnings trends that can be compared with the prior period's results. Non-GAAP earnings exclude foreign currency translation effects on long-term debt, which can be volatile and short term, as well as other specified items, which are not among CPR's normal ongoing revenues and operating expenses. The impact of volatile, short-term rate fluctuations is only realized when long-term debt matures or is settled. A reconciliation of income, excluding foreign exchange gains and losses on long-term debt and other specified items, to net income as presented in the financial statements is detailed in the attached Summary of Rail Data.

Rob Ritchie, President and Chief Executive Officer, said: "We prepared for a very strong fourth quarter by increasing capacity. Track maintenance work was accelerated, new locomotives and freight cars were acquired and more train crews were hired. Across the CPR network, freight volumes hit a record high and our bulk commodity exports off the West Coast reached unprecedented growth rates. CPR set a record for train lengths and moved significantly more tonnage per train, generating higher productivity. While we grew our business by $94 million, or 10 per cent, in the fourth quarter, most of this growth was reduced by the significant year-over-year appreciation in the Canadian dollar."

Canadian Pacific Railway, recognized internationally for its scheduled railway operations, is a transcontinental carrier operating in Canada and the U.S. Its 14,000-mile rail network serves the principal centers of Canada, from Montreal to Vancouver, and the U.S. Northeast and Midwest regions. CPR feeds directly into America's heartland from the East and West coasts. Alliances with other carriers extend its market reach throughout the U.S. and into Mexico.

Note on Forward-Looking Statements

This news release contains forward-looking information. Actual future results may differ materially. The risks, uncertainties and other factors that could influence actual results are described in CPR's annual report and annual information form, and may be updated in CPR's consolidated interim financial statements and interim Management's Discussion and Analysis, which are filed with securities regulators from time to time. However, CPR undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events, or otherwise. Financial results in this news release are reported in Canadian dollars.

Canadian Pacific Contacts:

Media:

Len Cocolicchio
Tel: (403) 319-7591
Cell: (403) 650-2748
len cocolicchio@cpr.ca

Investment:

Paul Bell
Vice President, Investor Relations
Tel: (403) 319-3591
investor@cpr.ca

 




 

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