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For Immediate Release Contact: Edward A. Burkhardt
Dated October 22, 2000 Telephone: 773-714-8669
WISCONSIN CENTRAL SHAREHOLDERS FORM COMMITTEE TO MAXIMIZE VALUE
Edward A. Burkhardt, former Chairman, President and Chief Executive Officer
of Wisconsin Central Transportation Corporation (NASDAQ: WCLX), today announced
the formation of a committee to improve company performance and to maximize
shareholder value. The committee, the Wisconsin Central Shareholders Committee
to Maximize Value, plans to solicit shareholder consents to replace the current
members of Wisconsin Central's Board of Directors with a group of experienced
directors committed to take specific steps the Committee believes are necessary
to reverse the slide in earnings and share price that has occurred since Mr.
Burkhardt resigned from Wisconsin Central in July 1999. With holdings of almost
3.5 million shares, Mr. Burkhardt is one of WCLX's largest owners.
The Committee has proposed a focused program to maximize shareholder value,
including:
. Restoring Wisconsin Central's North American operations to historic
levels of revenue growth and reversing the recent slide in earnings;
. Discontinuing efforts to invest in highly risky and low return
international rail privatizations, including attempts to acquire the
Aqaba Railway in Jordan;
. Liquidating or spinning off Wisconsin Central's minority interests in
its under performing overseas rail investments;
. Exploring the sale of Wisconsin Central's North American operations to a
strategic buyer; and
. Improving corporate governance to require the annual election of all
directors.
Mr. Burkhardt cited a 17% slide in net income in the year subsequent to his
resignation and a decline in share price from $18.88 just prior to announcement
of his resignation to $10.625 at Friday's close. He compared this with compound
average annual increases in net income of 115% and in share price of 26% in the
eight calendar years preceding his resignation.
Mr. Burkhardt said "It is clear in my opinion that the present Board has no
effective strategy in place to reverse this decline and to unlock the inherent
value of Wisconsin Central for the benefit of its owners. We are tired of
experiencing the continuous flow of earnings warnings and downgrades by
analysts." He reiterated the commitment of the Committee's board nominees to
restoring Wisconsin Central to its traditional position of leadership in
generating shareholder value in the rail industry.
In addition to Mr. Burkhardt, the Committee's nominees are:
. John W. Barriger, Vice President of The Derson Group (personnel
consultants), formerly a long-time official of the Santa Fe Railway.
