(The Associated Press circulated the following article on August 16.)
KANSAS CITY, Mo. — Kansas City Southern Industries Inc. said Tuesday that a change in accounting for employee profit sharing at the railroad’s Mexican subsidiary will force the company to increase the quarterly loss it reported two weeks ago.
The railroad said in a filing to the Securities and Exchange Commission that it would take an additional $3 million charge to reflect statutory employee deferred profit sharing for Transportacion Ferroviaria Mexicana, the largest railroad company in Mexico, and Grupo TFM.
Quarterly losses increased from $25.8 million to $27.3 million, the company said, adding that revenues were not affected.
Shares of Kansas City Southern were down 63 cents to close at $21.11 Tuesday on the New York Stock Exchange. The stock has traded in a 52-week range of $13.64 to $23.39.