It's been tough on the morale of employees - tough always cutting, and now we've finally got things swinging our way,

Our execution excellence strategy has delivered an outstanding first quarter. We have managed our cost structure effectively, responding quickly to changes in traffic. Our operations team has done an excellent job delivering improved fluidity, with average train speed increasing 17 per cent, yard processing time decreasing a full 32 per cent, and car velocity up 15 per cent over the same period last year.

CPR is confident in our full-year projections going into the home stretch of 2005,

We hit every target we set for ourselves for the year. We grew earnings per share by 45 per cent and finished the year at $3.30.

We had to cut a lot of employees - and I don't make any excuses for that - but it's been a tough ten years.

Our results for 2005 are very strong. It was the busiest and most successful year in CPR's history.

I thought we might struggle because of a lack of match fitness but we responded brilliantly.

We've finally got into the sunshine and I want to enjoy it.