Continued Execution of Multi-Year Plan is Delivering Record Operating Metrics, Improved Financial Results and Enhanced Customer Service
CALGARY, April 25, 2012 /PRNewswire/ - Canadian Pacific Railway Limited (TSX: CP) (NYSE: CP) today announced that, as the Company continues to aggressively and successfully execute on the Multi-Year Plan, additional customers have shared their support for CP and the Company's management team. CP's Multi-Year Plan is producing results and providing enhanced service levels for all CP customers.
CP's unparalleled service offering and strong, established customer relationships are the backbone of the Company's growth targets over the Multi-Year Plan period, and will allow the Company to achieve its operating ratio targets of 70 to 72 per cent for 2014, and 68.5 to 70.5 per cent for 2016. CP's dedication to service and stronger, more resilient rail network has not gone unnoticed by its customers, who continue to voice support for the CP management team:
Doug Munro, President, Maritime-Ontario Freight Lines Limited:
"Maritime-Ontario Freight Lines has been successful in providing value-added services to meet the sophisticated needs of our customers. CP's long-term partnership with us provides focused and efficient supply chain services allowing MO to provide exemplary service to our customers. CP has been instrumental in helping us achieve our aggressive growth plans. We would not have achieved this progress without such a committed team at CP understanding our complex needs and business processes."
Peter H. Masterman, Vice President, Global Purchasing & Logistics, NOVA Chemicals:
"NOVA Chemicals is committed to Responsible Care® and the safe and secure transport of our products. CP's train safety performance is well recognized in the industry. We are pleased to work collaboratively with CP as a rail transportation provider. Their willingness to develop a thorough understanding of our business and transportation needs helps us meet our commitments to our customers."
Lorne Friberg, President and Chief Executive Officer, Sultran, Ltd.:
"Sultran has been working very closely with CP over the last six months to advance the efficient and timely delivery of Sultran's products using CP's services. We are very impressed by the attention and diligence shown by CP management in dealing with our customers' product, which is vital to the economy of Alberta and British Columbia. CP has demonstrated that it does not take Sultran's business for granted. We appreciate our relationship with CP and believe that its current business plan to improve service will bring benefits to our customers. We look forward to our continued partnership with CP."
Myron Jepson, General Manager, James Valley Grain LLC:
"James Valley Grain is a major shipper of whole grains within the Midwest of the United States to both domestic and global markets. Rail transportation is a key component in our supply chain to our customers and we are fortunate to have real choices in the rail service provider that we use. Canadian Pacific has a long history as our rail service provider since the inception of this company. Without hesitation I would say the level of service and condition of the cars in the current crop year is the best we have ever experienced from CP or any other railway for the matter. We choose CP as a key partner for our business and have committed ourselves to using CP for the vast majority of our grain movements for the next year."
CP recommends that shareholders vote FOR the Company's continued forward momentum that is being carried out by the right management team under the supervision of the right Board. To do so, vote FOR the election of the director nominees proposed by CP on the WHITE universal proxy. In addition, shareholders are encouraged to visit www.CPonTrack.com to access the Company's Management Proxy Circular and for more information about CP, the CP management team and its value-generating Multi-Year Plan.
If you have any questions about the information contained in this document or require assistance in completing your WHITE universal proxy, please contact our proxy solicitation agents:
Note on Forward-Looking Information
This news release contains certain forward-looking information within the meaning of applicable securities laws relating, but not limited, to our operations, priorities and plans, anticipated financial performance, business prospects, planned capital expenditures, programs and strategies. This forward-looking information also includes, but is not limited to, statements concerning expectations, beliefs, plans, goals, objectives, assumptions and statements about possible future events, conditions, and results of operations or performance. Forward-looking information may contain statements with words such as "anticipate", "believe", "expect", "plan" or similar words suggesting future outcomes.
Undue reliance should not be placed on forward-looking information as actual results may differ materially from the forward-looking information. Forward-looking information is not a guarantee of future performance. By its nature, CP's forward-looking information involves numerous assumptions, inherent risks and uncertainties that could cause actual results to differ materially from the forward-looking information, including but not limited to the following factors: changes in business strategies; general North American and global economic, credit and business conditions; risks in agricultural production such as weather conditions and insect populations; the availability and price of energy commodities; the effects of competition and pricing pressures; industry capacity; shifts in market demand; inflation; changes in laws and regulations, including regulation of rates; changes in taxes and tax rates; potential increases in maintenance and operating costs; uncertainties of investigations, proceedings or other types of claims and litigation; labour disputes; risks and liabilities arising from derailments; transportation of dangerous goods; timing of completion of capital and maintenance projects; currency and interest rate fluctuations; effects of changes in market conditions and discount rates on the financial position of pension plans and investments, including long-term floating rate notes; and various events that could disrupt operations, including severe weather, droughts, floods, avalanches and earthquakes as well as security threats and governmental response to them, and technological changes. The foregoing list of factors is not exhaustive.
These and other factors are detailed from time to time in reports filed by CP with securities regulators in Canada and the United States. Reference should be made to "Management's Discussion and Analysis" in CP's annual and interim reports, Annual Information Form and Form 40-F. Readers are cautioned not to place undue reliance on forward-looking information. Forward-looking information is based on current expectations, estimates and projections and it is possible that predictions, forecasts, projections, and other forms of forward-looking information will not be achieved by CP. Except as required by law, CP undertakes no obligation to update publicly or otherwise revise any forward-looking information, whether as a result of new information, future events or otherwise.
About Canadian Pacific
Canadian Pacific (TSX:CP)(NYSE:CP) operates a North American transcontinental railway providing freight transportation services, logistics solutions and supply chain expertise. Incorporating best-in-class technology and environmental practices, CP is re-defining itself as a modern 21st century transportation company built on safety, service reliability and operational efficiency. Visit www.CPonTrack.com and see how Canadian Pacific is further driving shareholder value.
SOURCE Canadian Pacific