Newspaper article The Florida Times Union

Corporate Earnings

Newspaper article The Florida Times Union

Corporate Earnings

Article excerpt

CSX CORP.

Jacksonville-based CSX Corp. late Wednesday announced a net loss of $103 million, or 48 cents per share for the third quarter ending Sept. 26.

The loss resulted mainly from a $145 million write-down related to accounting changes to anticipate future personal injury liabilities and a $67 million adjustment for the anticipated costs of settling disputes connected to the company's sale of shipping-container assets in 1999, the company said.

Excluding the charges, the company counted net earnings of $109 million, compared to $127 million a year ago.

Revenue dropped from $2.05 billion in the year-ago quarter to $1.88 billion in the later period. The decline is attributed to revenue CSX lost when it sold its CSX Lines business in February.

Revenue in CSX's surface transportation category, which includes rail and intermodal units, climbed 2 percent, to $1.82 billion, the company said.

REGENCY CENTERS CORP.

Regency Centers announced that its third-quarter financial results will be affected by two recent accounting changes.

A new policy on accounting for certain financial instruments issued by the Financial Accounting Standards Board will reduce net income by $9.5 million, Regency said. Another new accounting policy from the National Association of Real Estate Investment Trusts on preferred stock issuance will reduce Jacksonville-based Regency's funds from operations by two cents per share for the third quarter and nine cents a share for the full year.

FLORIDA BANKS INC.

Florida Banks reported third-quarter earnings of $1.1 million, or 16 cents a share, up from $265,000, or four cents a share, the previous year.

Total assets for the Jacksonville-based company, which operates community banks in major Florida markets, were $965.1 million as of Sept. 30, up 41 percent over the past year. …

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