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  • fastmoney_2011 fastmoney_2011 May 2, 2011 4:42 PM Flag

    The fine is basically being paid by CSX Corp

    "The reduced fine, like the previous one, will be payable over five years ($3 milllion a year) without interest, with $1 million–which has been paid–due on or before the first anniversary."

    "The company's charter hire expense will be cut by $3 million a year retroactive to January of this year though January 2015" by CSX


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    • The CSX agreement was already included in the company's Guidance for $80MM in EBITDA for the year. From today's press release:

      "The reduction in charter hire expense of $3 million this year that was achieved by the finalization of this agreement was previously included in company estimated 2011 cost-savings projections of $18 million or greater."

      • 1 Reply to scroddentines
      • if its in guidance it was also probably accounted for in first quarter since 8k says intent letter signed march 25. so there won't be a catchup bump in second quarter from this. last year the net income improvement from first quarter to second quarter was 17 million so if that repeats second quarter loss should be down to around 11 million if no one-times.