SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934

                 Date of Report (Date of earliest event reported):
                                  April 25, 2001


                       KANSAS CITY SOUTHERN INDUSTRIES, INC.
                       -------------------------------------
                (Exact name of company as specified in its charter)


       DELAWARE                  1-4717                   44-0663509
---------------------         -------------           -------------------
(State or other jurisdiction  (Commission file           (IRS Employer
   of incorporation)             number)              Identification Number)


                 114 West 11th Street, Kansas City, Missouri 64105
                 -------------------------------------------------
                (Address of principal executive offices) (Zip Code)


                 Company's telephone number, including area code:

                                (816) 983 - 1303

                                 Not Applicable

           (Former name or former address if changed since last report)









<PAGE>





Item 7.     Financial Statements and Exhibits

(c)         Exhibits

            Exhibit No.                         Document

            (99)                                Additional Exhibits

            99.1                                Press Release issued by Kansas
                                                City Southern Industries, Inc.
                                                dated April 25, 2001 entitled,
                                                "Kansas City Southern Industries
                                                Reports First Quarter Operating
                                                Results", is attached hereto as
                                                Exhibit 99.1


            99.2                                The following schedules are
                                                attached hereto as Exhibit 99.2
                                                Combined Kansas City Southern
                                                Railway and Gateway Western
                                                Operating Statements, Combined
                                                Kansas City Southern
                                                Railway/Gateway Western
                                                Carloadings by Commodity and
                                                Kansas City Southern Industries,
                                                Inc. Preliminary Consolidated
                                                Balance Sheets

Item 9.     Regulation FD Disclosure

Kansas City Southern Industries,  Inc. ("KCSI" or "Company") is furnishing under
Item 9 of this Current  Report on Form 8-K the  information  included as Exhibit
99.1 and  Exhibit  99.2 of this  report.  Exhibit  99.1 is the  Company's  press
release,  dated April 25, 2001, announcing  KCSI's first quarter 2001  operating
results.  Included in Exhibit 99.2 are  schedules  regarding  certain  financial
information discussed at the Company's first quarter 2001 meeting and conference
call.

The information  included in this Current Report on Form 8-K,  including Exhibit
99.1 and Exhibit 99.2 , is furnished  pursuant to Item 9 and shall not be deemed
to be "filed" for the purposes of Section 18 of the  Securities  Exchange Act of
1934 or otherwise subject to the liabilities of that Section.
<PAGE>

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  Report  to be signed  on its  behalf by the  undersigned
hereunto duly authorized.

                                            Kansas City Southern Industries,Inc.


Date: May 4, 2001                           By: /s/  Louis G. Van Horn
                                               ----------------------------
                                                    Louis G. Van Horn
                                             Vice President and Comptroller
                                             (Principal Accounting Officer)


<PAGE>


EXHIBIT 99.1

                                                          Date: April 25, 2001

Kansas City Southern                            Media Contact: William Galligan
Industries, Inc.                                                   816-983-1551
114 West 11th Street
Kansas City, MO 64105

NYSE Symbol: KSU

         Kansas City Southern Industries Reports First Quarter Operating Results

Earnings Analysis & Commentary

Kansas City Southern  Industries,  Inc. ("KCSI",  "the Company") reported income
from continuing  operations of $6.3 million  (10(cent) per diluted share) during
the first quarter of 2001 compared to income from continuing operations of $10.4
million  (18(cent) per diluted  share) for the first quarter of 2000.  This $4.1
million quarter to quarter decline results primarily from a $4.9 million decline
in revenues,  a $7.0 million increase in operating expenses,  and a $1.7 million
decline in other,  net,  partially  offset by higher equity  earnings from Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V. ("Grupo TFM") of $2.9 million,
a $2.3  million  decrease in interest  expense  and lower  income  taxes of $4.8
million.  Equity  earnings  from Grupo TFM reflect the  Company's  proportionate
share  ($9.1  million) of the income  recorded by Grupo TFM  relating to certain
concession assets.

Effective  January  1,  2001 the  Company  implemented  Statement  of  Financial
Accounting Standard No. 133,  Accounting for Derivative  Instruments and Hedging
Activities  ("FAS 133").  As a result of this change in the method of accounting
for derivative financial  instruments,  the Company recorded an after-tax charge
to earnings of $0.4 million  (less than 1(cent) per diluted  share) in the first
quarter  of  2001.  This  charge  is  presented  as a  cumulative  effect  of an
accounting change in the accompanying financial statements. In the first quarter
of  2000,  the  Company   completed  a  debt  refinancing   whereby  it  retired
approximately  $400  million in debt  prior to its  maturity.  Accordingly,  the
Company recorded debt retirement costs of approximately $5.9 million,  after-tax
($0.10 per diluted share) in the first quarter of 2000.  This is presented as an
extraordinary item in the accompanying financial statements.

DILUTED EARNINGS PER SHARE AND COMMON SHARES COMPARISONS (1)
<TABLE>
                <S>                                                     <C>       <C>

                                                                         First Quarter
                                                                        2001      2000
        Income from continuing operations:
          U.S. operations                                            $  0.00   $  0.12
          Grupo TFM and associated interest                             0.10      0.06
                                                                    --------  --------
          Income (loss) from continuing operations                      0.10      0.18
        Extraordinary debt retirement costs, net of income tax            -      (0.10)
        Cumulative effect of accounting change, net of income tax       0.00        -
             Total diluted earnings (loss) per share from
               continuing operations, adjusted for extraordinary
               item and cumulative effect of accounting change        $ 0.10   $  0.08
                                                                    --------  --------

        Common Shares Outstanding (thousands):
          Weighted Average Diluted                                    60,776    57,482
          Actual                                                      58,302    55,700

</TABLE>


(1) Earnings per share and common share  information  for each period  presented
reflect a  one-for-two  reverse  stock  split that  occurred on July 12, 2000 in
conjunction with the spin-off of Stilwell Financial Inc., the Company's formerly
owned financial services segment.
<PAGE>

First Quarter

KCSI is comprised of, among others,  The Kansas City  Southern  Railway  Company
("KCSR"),  Gateway  Western  Railway  Company  ("Gateway  Western")  and  equity
investments in Grupo TFM, Mexrail, Inc. and the Panama Canal Railway Company.

KCSI reported $6.3 million of income from  continuing  operations  for the three
months ended March 31, 2001  compared to income from  continuing  operations  of
$10.4 million for the comparable prior year quarter.  KCSI's  consolidated first
quarter 2001 revenues  totaled $144.0 million  compared to $148.9 million in the
first quarter of 2000.  This $4.9 million  (3.3%)  decrease  resulted from lower
KCSR/Gateway  Western revenues of approximately $6.2 million partially offset by
higher revenues from other smaller  subsidiaries.  While revenue growth occurred
for plastics (34.0%),  petroleum (4.3%) and automotive  (147.4%) traffic,  lower
revenues were noted for most other  commodities  served by KCSR/Gateway  Western
resulting from a decline in carload  volumes  primarily due to decreased  demand
related to the continued general slowdown in the U.S. economy.

KCSI's  consolidated  operating expenses increased $7.0 million (5.3%) to $137.9
million in the first  quarter of 2001  compared  to $130.9  million in the first
quarter of 2000.  This  resulted  from a $5.9 million  increase in  KCSR/Gateway
Western expenses and higher expenses at other smaller subsidiaries  commensurate
with higher revenues. The increase in KCSR/Gateway Western operating expenses is
attributable to higher  casualty and insurance  costs,  higher costs  associated
with the usage of rail cars from other rail  carriers (car hire) and higher fuel
costs.  During the first quarter of 2001, casualty and insurance costs increased
approximately  $8.5 million as a result of several  significant  derailments and
the settlement of a significant  personal injury claim. These derailments,  when
coupled  with  the  effects  of the  economic  slowdown,  had an  impact  on the
efficiency  of our U.S.  operations  during the first quarter of 2001 and led to
some service  delays.  As a result,  first quarter 2001 car hire costs increased
approximately  $3.8  million  compared  to the first  quarter of 2000  primarily
because of a higher number of freight cars from other railroads on the Company's
rail line.  Also  contributing  to the increase in car hire expense was a higher
number of auto rack cars used  related to our  increased  automotive  traffic as
well as a decline  in the  number of KCSR cars  offline  and being used by other
railroads due to lower industry-wide traffic volumes.  Despite an 11% decline in
usage,  fuel costs  increased 2% quarter to quarter due to a 15% increase in the
average price per gallon.  These cost increases  were  partially  offset by cost
declines for fringe benefits, materials and supplies and purchased services. The
Company's operating expenses also include approximately $1.3 million of one-time
costs  related to severance  benefits  for the  previously  announced  workforce
reduction.  Higher operating  expenses coupled with lower revenues resulted in a
combined  KCSR/Gateway Western operating ratio of 94.0% for the first quarter of
2001 compared to 86.0% for the first quarter of 2000.

Equity  earnings  from the  Company's  investment in Grupo TFM improved to $11.1
million for the first  quarter of 2001 from $8.2 million for the same prior year
quarter.  The primary  reason for this  increase was the  recognition  by TFM of
approximately  $60  million of pre-tax  income  relating  to certain  concession
assets.  This resulted in a contribution to the Company's income from continuing
operations  of  approximately  $9.1 million.  Grupo TFM revenues  improved 6% to
$156.1  million in the first quarter of 2001  compared to $146.7  million in the
first quarter of 2000. These higher revenues were offset by an approximate 16.4%
increase  in  operating  expenses  (exclusive  of the income  related to certain
concession  assets) due primarily to higher fuel, car hire and lease costs,  and
other variable costs related to increased traffic volumes. These higher expenses
led to a decline in ongoing  operating  income of 20%  quarter to  quarter.  The
first quarter 2001 operating  ratio  increased to 79.8% versus 72.7% in the same
2000 period.  Additionally,  first  quarter 2001 results  include a $1.5 million
deferred  tax  benefit  (calculated  under U.S.  generally  accepted  accounting
principles -"U.S.  GAAP") compared to a deferred tax benefit of $15.6 million in
the first quarter of 2000, which was caused by fluctuations in the peso exchange
rate and inflation.  The Company reports its equity in Grupo TFM under U.S. GAAP
while Grupo TFM reports under International Accounting Standards.

KCSI's  consolidated  first quarter 2001 interest expense decreased $2.3 million
(13.1%) from the prior year quarter as a result of slightly lower interest rates
and lower amortization related to debt issue costs.
<PAGE>

BUSINESS OUTLOOK

Michael R. Haverty, KCSI Chairman,  President and Chief Executive Officer, said,
"We are obviously disappointed with our operating results for the first quarter,
but continue to be optimistic about the long-term prospects of our NAFTA railway
franchise.  Like most other railroads,  the economic slowdown has had an adverse
effect on our revenues,  particularly in the agriculture and mineral,  paper and
forest and certain chemical  markets where weak demand led to substantial  first
quarter 2001 volume declines compared to the prior year first quarter.  However,
weakness in these  markets was partially  offset by the continued  growth of our
automotive  traffic,  which increased 147% quarter to quarter.  Although most of
our costs  fluctuated  according to traffic  volumes,  our first quarter results
were  affected by a  substantial  increase in casualty  and car hire costs.  Our
casualty costs increased  dramatically quarter to quarter due to unusually large
expenses  related to derailments as well as the settlement of a personal  injury
claim.  Derailment  expense in the first quarter nearly exceeded the entire year
of 2000.  These  derailments had a residual effect on our service levels,  which
has  resulted  in  some  operating  inefficiencies.  These  service  issues  and
inefficiencies  coupled with declining traffic volumes led to a higher number of
foreign cars online,  which resulted in higher car hire costs.  The  significant
increase in derailment expense is not reflective of the well-maintained physical
plant of KCSR and Gateway Western.

In response to these  profitability  issues as well as the continued softness in
the  economy,  we were forced to make some  difficult  decisions to realize cost
savings in an effort to keep our Company competitive. During first quarter 2001,
we announced a cost reduction strategy that resulted in a workforce reduction of
approximately 170 employees.  This included both union and management positions.
Additionally, we implemented a voluntary,  temporary salary reduction for middle
and senior management and temporarily  suspended certain management benefits. We
also delayed the  implementation  of a new computer  system,  MCS, putting it on
hold until  economic  conditions  improve.  We expect these actions to result in
estimated cost savings in excess of $8 million over the remainder of 2001. While
these  reductions  are painful,  they are  necessary and have been done in a way
that does not compromise our commitment to customer service. With these actions,
we believe that our cost  structure is  positioned  to provide the framework for
improved profitability when the economy strengthens and we return to a period of
revenue growth.

Our first quarter 2001 equity earnings from Grupo TFM increased as result of our
share of the income  related to certain  concession  assets.  Although the first
quarter 2001 ongoing  operating results of Grupo TFM did not match those for the
first quarter of 2000,  Grupo TFM's revenue growth story is still unique.  Grupo
TFM  increased  its revenues by 6% quarter over quarter and was able to maintain
an operating  ratio below 80%,  despite the sluggish U.S.  economy and high fuel
costs.  This is quite  impressive  given the operating  environment  that exists
today.  We continue to believe  that Grupo TFM holds  tremendous  value as a key
component of our NAFTA strategy.

As we look to the remainder of 2001,  our primary focus is to increase  revenues
and improve  profitability  for our U.S.  operations and to reduce our corporate
debt  structure.  We  believe  the  success of Grupo TFM will  continue  and are
looking  forward to the second quarter  re-opening of commercial  service on the
Panama Canal Railway. KCSI management continues to believe in its NAFTA strategy
and has an unwavering commitment to enhance shareholder value."

This press  release  includes  statements  concerning  potential  future  events
involving  the  Company,  which  could  materially  differ  from the events that
actually occur. The differences could be caused by a number of factors including
those factors  identified in KCSI's  December 31, 2000 Form 10-K and the Current
Report on Form  8-K/A  dated June 3, 1997,  each filed by the  Company  with the
Securities  and Exchange  Commission  ("SEC")  (Commission  file no. 1-4717) and
those  factors  identified  in the  "Risk  Factors"  section  of  the  Company's
Registration  Statement on Form S-4, as amended and declared  effective on March
15, 2001,  which is on file with the SEC (File No.  333-54262). The Company will
not  update any  forward-looking  statements  in this  press  release to reflect
future events or developments.

                        (Financial Information Attached)


<PAGE>

<TABLE>
<CAPTION>

                  KANSAS CITY SOUTHERN INDUSTRIES, INC. and SUBSIDIARY COMPANIES

                      CONSOLIDATED CONDENSED STATEMENTS OF INCOME

                           (excludes Stilwell Financial Inc.)

                      (dollars in millions, except per share data)

                                      (Unaudited)

<S>                                                                                            <C>           <C>

                                                                                                Three Months
                                                                                               Ended March 31,

                                                                                       ------------------------------
                                                                                             2001            2000
                                                                                       ---------------  -------------

  Revenues                                                                                   $   144.0      $   148.9

  Costs and expenses                                                                             123.5          116.6
  Depreciation and amortization                                                                   14.4           14.3
                                                                                       ---------------  -------------
  Operating income                                                                                 6.1           18.0

  Equity in net earnings of unconsolidated affiliates:
      Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. (estimated)                         11.1            8.2
      Other                                                                                        0.1            0.6
  Interest expense                                                                               (15.2)         (17.5)
  Other, net                                                                                       1.0            2.7
                                                                                       ---------------  -------------
  Income from continuing operations before income taxes,
     extraordinary item and cumulative effect of accounting change                                 3.1           12.0

  Income tax provision (benefit)                                                                  (3.2)           1.6
                                                                                       ---------------  -------------
  Income from continuing operations before extraordinary item
     and cumulative effect of accounting change                                              $     6.3      $    10.4
  Extraordinary item, net of income taxes:
     Debt retirement costs                                                                           -           (5.9)
  Cumulative effect of accounting change, net of income taxes                                     (0.4)             -
                                                                                       ---------------  -------------
  Income from continuing operations, net of extraordinary item
     and cumulative effect of accounting change                                              $     5.9      $     4.5
                                                                                       ===============  =============

  Per Share Data:


  Basic Weighted Average Common shares outstanding (in thousands)                               58,257         55,543

  Basic Earnings (Loss) per Common share from continuing operations                          $    0.11      $    0.18
         Extraordinary item                                                                         -           (0.10)
         Cumulative effect of accounting change                                                  (0.01)            -
                                                                                       ---------------  -------------
  Basic Earnings per Common share, net of extraordinary item
      and cumulative effect of accounting change                                             $    0.10      $    0.08
                                                                                       ===============  =============


  Diluted Weighted Average Common shares outstanding (in thousands)                             60,776         57,482

  Diluted Earnings (Loss) per Common share from continuing operations                        $    0.10      $    0.18
         Extraordinary item                                                                         -           (0.10)
         Cumulative effect of accounting change                                                   0.00             -
                                                                                      ----------------  -------------
Diluted Earnings per Common share, net of extraordinary item
         and cumulative effect of accounting change                                          $    0.10      $    0.08
                                                                                      ================  =============
</TABLE>
<PAGE>

EXHIBIT 99.2

Combined KCSR and Gateway Western

Operating Statements

Dollars in Millions
<TABLE>
<S>                                                    <C>                      <C>                            <C>
                                                 First Quarter             First Quarter                  Year Ended
                                                      2001                     2000                          2000
                                              ---------------------    ----------------------        ----------------------
Revenues
    Freight Revenue                                   $       83.4              $       89.5                  $      347.6
    Intermodal and Automotive Revenue                         18.6                      15.1                          63.0
    Unit Coal Revenue                                         26.9                      29.0                         103.6
    Other Revenue                                              3.0                       3.5                          11.6
                                                               8.2                       9.2                          37.3
                                              ---------------------    ----------------------        ----------------------
      Total Revenues                                         140.1                     146.3                         563.1
                                              ---------------------    ----------------------        ----------------------

Operating Expenses
    Salaries & Wages                                          35.3                      35.4                         139.3
    Fringe Benefits                                           12.2                      14.3                          52.6
    Fuel                                                      12.4                      12.1                          48.1
    Material and Supplies                                      7.3                       8.3                          30.5
    Car Hire                                                   6.5                       2.7                          14.8
    Purchased Services                                        11.0                      12.9                          47.9
    Casualties & Insurance                                    14.5                       6.0                          34.0
    Other                                                      3.2                       2.7                           3.6
                                              ---------------------    ----------------------        ----------------------
      Net Operating Expenses                                 102.4                      94.4                         370.8
                                              ---------------------    ----------------------        ----------------------

Fixed Expenses
    Leases, Net                                               13.4                      14.4                          55.6
    Depreciation                                              13.4                      13.2                          52.1
    Taxes (Other Than Income)                                  2.5                       3.8                          13.3
                                              ---------------------    ----------------------        ----------------------
      Total Fixed Expenses                                    29.3                      31.4                         121.0
                                              ---------------------    ----------------------        ----------------------
    Total Expenses                                           131.7                     125.8                         491.8
                                              ---------------------    ----------------------        ----------------------
Operating Income                                               8.4                      20.5                          71.3

</TABLE>
<PAGE>

Combined Kansas City Southern Railway/Gateway Western

Carloadings By Commodity - Year to Date March 31, 2001

Dollars in Thousands
<TABLE>
     <S>              <C>              <C>                 <C>                           <C>                 <C>              <C>

               Carloadings                                                                          Revenue

         Year to Date                  %                                                      Year to Date                  %
--------------------------------                                                      ------------------------------
     2001             2000          Change                                                2001             2000           Change
---------------   --------------   ---------                                          -------------    -------------    -----------

                                                   Coal
        45,194           47,260       (4.4)%         Unit Coal                           $  26,941        $  28,972          (7.0)%
         1,253              704       78.0%          Other Coal                                675              235         187.2%
---------------   --------------                                                      -------------    -------------
        46,447           47,964       (3.2)%                      Total                     27,616           29,207          (5.4)%


                                                  Chemical & Petroleum Products
         1,869            2,407      (22.4)%         Agri Chemicals                          1,438            1,689         (14.9)%
         2,795            3,561      (21.5)%         Gases                                   2,602            3,240         (19.7)%
         5,712            6,805      (16.1)%         Organic                                 5,694            6,393         (10.9)%
         4,792            4,400        8.9%          Inorganic                               4,887            5,120          (4.6)%
        18,572           16,641       11.6%          Petroleum                              10,470           10,036           4.3%
         6,995            5,987       16.8%          Plastics                                7,173            5,355          33.9%
---------------   --------------                                                      -------------    -------------
        40,735           39,801        2.3%                       Total                     32,264           31,833           1.4%

---------------   --------------                                                      -------------    -------------

                                                  Agriculture and Minerals
        12,061           13,715      (12.1)%         Domestic Grain                          8,216            9,901         (17.0)%
         3,182            3,188       (0.2)%         Export Grain                            2,292            2,337          (1.9)%
         6,269            7,336      (14.5)%         Food Products                           5,012            5,824         (13.9)%
         5,615            6,496      (13.6)%         Ores and Minerals                       3,066            3,340          (8.2)%
         3,723            4,352      (14.5)%         Stone, Clay & Glass                     2,723            3,218         (15.4)%
---------------   --------------                                                      -------------    -------------
        30,850           35,087      (12.1)%                       Total                     21,309           24,620         (13.4)%
---------------   --------------                                                      -------------    -------------

                                                  Paper & Forest Products
        20,581           22,954      (10.3)%         Pulp/Paper                             13,967           15,380          (9.2)%
         1,648            1,703       (3.2)%         Scrap Paper                               850              894          (4.9)%
         8,670            9,233       (6.1)%         Pulpwood/Logchips                       3,629            3,684          (1.5)%
         5,991            7,222      (17.0)%         Lumber/Plywood                          5,118            6,242         (18.0)%
         6,081            6,961      (12.6)%         Metal/Scrap                             4,570            5,386         (15.2)%
         1,877            2,308      (18.7)%         Military/Other Carloads                 2,238            2,138           4.7%
---------------   --------------                                                      -------------    -------------
        44,848           50,381      (11.0)%                       Total                    30,372           33,724          (9.9)%
---------------   --------------                                                      -------------    -------------

                                                  Intermodal & Automotive
        11,545            5,192      122.4%          Automotive                              7,116            2,876         147.4%
        65,279           52,546       24.2%          Intermodal                             11,464           12,263          (6.5)%
---------------   --------------                                                      -------------    -------------
        76,824           57,738       33.1%                       Total                     18,580           15,139          22.7%
---------------   --------------                                                      -------------    -------------

       239,704          230,971        3.8%       TOTAL FOR BUSINESS UNITS                 130,141          134,523          (3.3)%


         8,615           10,606      (18.8)%      Haulage                                    3,026            3,460         (12.5)%


        (2,164)          (1,870)      15.7%       Adjustments                               (1,183)            (861)         37.4%

---------------   --------------                                                      -------------    -------------

       246,155          239,707        2.7%                     TOTAL                    $ 131,984        $ 137,122          (3.7)%
===============   ==============                                                      =============    =============
</TABLE>

<PAGE>


<TABLE>
<S>                                                                   <C>                                <C>
Kansas City Southern Industries, Inc.
                                                                                                       ----------------
Consolidated Balance Sheets                                                                              Preliminary
                                                                                                       ----------------
Unaudited

(Dollars in Millions)

                                                                March 31, 2001                    December 31, 2000

Assets
  Cash                                                               $       28.6                        $        21.5
  Accounts receivable                                                       140.4                                135.0
  Inventories                                                                31.8                                 34.0
  Other current assets                                                       23.8                                 25.9
                                                              --------------------              -----------------------
     Total current assets                                                   224.6                                216.4

  Investments held for operating purposes                                   366.7                                358.2
  Properties, net of depreciation                                         1,326.8                              1,327.8
  Other assets                                                               40.7                                 42.1
                                                              --------------------              -----------------------

      Total assets                                                   $    1,958.8                        $     1,944.5
                                                              ====================              =======================

Liabilities and Stockholders' Equity
  Current portion of long-term debt                                  $       38.7                        $        36.2
  Accounts payable                                                           44.4                                 52.9
  Accrued liabilities                                                       162.2                                159.9
                                                              --------------------              -----------------------
     Total current liabilities                                              245.3                                249.0

  Long-term debt                                                            643.0                                638.4
  Deferred income taxes                                                     336.9                                332.2
  Other                                                                      79.5                                 81.5
  Stockholders' equity                                                      654.1                                643.4
                                                              --------------------              -----------------------

    Total liabilities and stockholders' equity                       $    1,958.8                        $     1,944.5
                                                              ====================              =======================

</TABLE>
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SECURITIES AND EXCHANGE COMMISSION

                              WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 CURRENT REPORT

                     Pursuant to Section 13 or 15(d) of the

                         Securities Exchange Act of 1934

                 Date of Report (Date of earliest event reported):
                                  April 25, 2001

                       KANSAS CITY SOUTHERN INDUSTRIES, INC.
                       -------------------------------------
                (Exact name of company as specified in its charter)

       DELAWARE                  1-4717                   44-0663509
---------------------         -------------           -------------------
(State or other jurisdiction  (Commission file           (IRS Employer
   of incorporation)             number)              Identification Number)

                 114 West 11th Street, Kansas City, Missouri 64105
                 -------------------------------------------------
                (Address of principal executive offices) (Zip Code)

                 Company's telephone number, including area code:

                                (816) 983 - 1303

                                 Not Applicable

           (Former name or former address if changed since last report)
Item 7.     Financial Statements and Exhibits

(c)         Exhibits

            Exhibit No.                         Document

            (99)                                Additional Exhibits

            99.1                                Press Release issued by Kansas
                                                City Southern Industries, Inc.
                                                dated April 25, 2001 entitled,
                                                "Kansas City Southern Industries
                                                Reports First Quarter Operating
                                                Results", is attached hereto as
                                                Exhibit 99.1

            99.2                                The following schedules are
                                                attached hereto as Exhibit 99.2
                                                Combined Kansas City Southern
                                                Railway and Gateway Western
                                                Operating Statements, Combined
                                                Kansas City Southern
                                                Railway/Gateway Western
                                                Carloadings by Commodity and
                                                Kansas City Southern Industries,
                                                Inc. Preliminary Consolidated
                                                Balance Sheets

Item 9.     Regulation FD Disclosure

Kansas City Southern Industries,  Inc. ("KCSI" or "Company") is furnishing under
Item 9 of this Current  Report on Form 8-K the  information  included as Exhibit
99.1 and  Exhibit  99.2 of this  report.  Exhibit  99.1 is the  Company's  press
release,  dated April 25, 2001, announcing  KCSI's first quarter 2001  operating
results.  Included in Exhibit 99.2 are  schedules  regarding  certain  financial
information discussed at the Company's first quarter 2001 meeting and conference
call.

The information  included in this Current Report on Form 8-K,  including Exhibit
99.1 and Exhibit 99.2 , is furnished  pursuant to Item 9 and shall not be deemed
to be "filed" for the purposes of Section 18 of the  Securities  Exchange Act of
1934 or otherwise subject to the liabilities of that Section.
SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Company
has duly  caused  this  Report  to be signed  on its  behalf by the  undersigned
hereunto duly authorized.

                                            Kansas City Southern Industries,Inc.

Date: May 4, 2001                           By: /s/  Louis G. Van Horn
                                               ----------------------------
                                                    Louis G. Van Horn
                                             Vice President and Comptroller
                                             (Principal Accounting Officer)
EXHIBIT 99.1

                                                          Date: April 25, 2001

Kansas City Southern                            Media Contact: William Galligan
Industries, Inc.                                                   816-983-1551
114 West 11th Street
Kansas City, MO 64105

NYSE Symbol: KSU

         Kansas City Southern Industries Reports First Quarter Operating Results

Earnings Analysis & Commentary

Kansas City Southern  Industries,  Inc. ("KCSI",  "the Company") reported income
from continuing  operations of $6.3 million  (10(cent) per diluted share) during
the first quarter of 2001 compared to income from continuing operations of $10.4
million  (18(cent) per diluted  share) for the first quarter of 2000.  This $4.1
million quarter to quarter decline results primarily from a $4.9 million decline
in revenues,  a $7.0 million increase in operating expenses,  and a $1.7 million
decline in other,  net,  partially  offset by higher equity  earnings from Grupo
Transportacion Ferroviaria Mexicana, S.A. de C.V. ("Grupo TFM") of $2.9 million,
a $2.3  million  decrease in interest  expense  and lower  income  taxes of $4.8
million.  Equity  earnings  from Grupo TFM reflect the  Company's  proportionate
share  ($9.1  million) of the income  recorded by Grupo TFM  relating to certain
concession assets.

Effective  January  1,  2001 the  Company  implemented  Statement  of  Financial
Accounting Standard No. 133,  Accounting for Derivative  Instruments and Hedging
Activities  ("FAS 133").  As a result of this change in the method of accounting
for derivative financial  instruments,  the Company recorded an after-tax charge
to earnings of $0.4 million  (less than 1(cent) per diluted  share) in the first
quarter  of  2001.  This  charge  is  presented  as a  cumulative  effect  of an
accounting change in the accompanying financial statements. In the first quarter
of  2000,  the  Company   completed  a  debt  refinancing   whereby  it  retired
approximately  $400  million in debt  prior to its  maturity.  Accordingly,  the
Company recorded debt retirement costs of approximately $5.9 million,  after-tax
($0.10 per diluted share) in the first quarter of 2000.  This is presented as an
extraordinary item in the accompanying financial statements.

DILUTED EARNINGS PER SHARE AND COMMON SHARES COMPARISONS (1)
First Quarter
                                                                        2001      2000
        Income from continuing operations:
          U.S. operations                                            $  0.00   $  0.12
          Grupo TFM and associated interest                             0.10      0.06
                                                                    --------  --------
          Income (loss) from continuing operations                      0.10      0.18
        Extraordinary debt retirement costs, net of income tax            -      (0.10)
        Cumulative effect of accounting change, net of income tax       0.00        -
             Total diluted earnings (loss) per share from
               continuing operations, adjusted for extraordinary
               item and cumulative effect of accounting change        $ 0.10   $  0.08
                                                                    --------  --------

        Common Shares Outstanding (thousands):
          Weighted Average Diluted                                    60,776    57,482
          Actual                                                      58,302    55,700
(1) Earnings per share and common share  information  for each period  presented
reflect a  one-for-two  reverse  stock  split that  occurred on July 12, 2000 in
conjunction with the spin-off of Stilwell Financial Inc., the Company's formerly
owned financial services segment.
First Quarter

KCSI is comprised of, among others,  The Kansas City  Southern  Railway  Company
("KCSR"),  Gateway  Western  Railway  Company  ("Gateway  Western")  and  equity
investments in Grupo TFM, Mexrail, Inc. and the Panama Canal Railway Company.

KCSI reported $6.3 million of income from  continuing  operations  for the three
months ended March 31, 2001  compared to income from  continuing  operations  of
$10.4 million for the comparable prior year quarter.  KCSI's  consolidated first
quarter 2001 revenues  totaled $144.0 million  compared to $148.9 million in the
first quarter of 2000.  This $4.9 million  (3.3%)  decrease  resulted from lower
KCSR/Gateway  Western revenues of approximately $6.2 million partially offset by
higher revenues from other smaller  subsidiaries.  While revenue growth occurred
for plastics (34.0%),  petroleum (4.3%) and automotive  (147.4%) traffic,  lower
revenues were noted for most other  commodities  served by KCSR/Gateway  Western
resulting from a decline in carload  volumes  primarily due to decreased  demand
related to the continued general slowdown in the U.S. economy.

KCSI's  consolidated  operating expenses increased $7.0 million (5.3%) to $137.9
million in the first  quarter of 2001  compared  to $130.9  million in the first
quarter of 2000.  This  resulted  from a $5.9 million  increase in  KCSR/Gateway
Western expenses and higher expenses at other smaller subsidiaries  commensurate
with higher revenues. The increase in KCSR/Gateway Western operating expenses is
attributable to higher  casualty and insurance  costs,  higher costs  associated
with the usage of rail cars from other rail  carriers (car hire) and higher fuel
costs.  During the first quarter of 2001, casualty and insurance costs increased
approximately  $8.5 million as a result of several  significant  derailments and
the settlement of a significant  personal injury claim. These derailments,  when
coupled  with  the  effects  of the  economic  slowdown,  had an  impact  on the
efficiency  of our U.S.  operations  during the first quarter of 2001 and led to
some service  delays.  As a result,  first quarter 2001 car hire costs increased
approximately  $3.8  million  compared  to the first  quarter of 2000  primarily
because of a higher number of freight cars from other railroads on the Company's
rail line.  Also  contributing  to the increase in car hire expense was a higher
number of auto rack cars used  related to our  increased  automotive  traffic as
well as a decline  in the  number of KCSR cars  offline  and being used by other
railroads due to lower industry-wide traffic volumes.  Despite an 11% decline in
usage,  fuel costs  increased 2% quarter to quarter due to a 15% increase in the
average price per gallon.  These cost increases  were  partially  offset by cost
declines for fringe benefits, materials and supplies and purchased services. The
Company's operating expenses also include approximately $1.3 million of one-time
costs  related to severance  benefits  for the  previously  announced  workforce
reduction.  Higher operating  expenses coupled with lower revenues resulted in a
combined  KCSR/Gateway Western operating ratio of 94.0% for the first quarter of
2001 compared to 86.0% for the first quarter of 2000.

Equity  earnings  from the  Company's  investment in Grupo TFM improved to $11.1
million for the first  quarter of 2001 from $8.2 million for the same prior year
quarter.  The primary  reason for this  increase was the  recognition  by TFM of
approximately  $60  million of pre-tax  income  relating  to certain  concession
assets.  This resulted in a contribution to the Company's income from continuing
operations  of  approximately  $9.1 million.  Grupo TFM revenues  improved 6% to
$156.1  million in the first quarter of 2001  compared to $146.7  million in the
first quarter of 2000. These higher revenues were offset by an approximate 16.4%
increase  in  operating  expenses  (exclusive  of the income  related to certain
concession  assets) due primarily to higher fuel, car hire and lease costs,  and
other variable costs related to increased traffic volumes. These higher expenses
led to a decline in ongoing  operating  income of 20%  quarter to  quarter.  The
first quarter 2001 operating  ratio  increased to 79.8% versus 72.7% in the same
2000 period.  Additionally,  first  quarter 2001 results  include a $1.5 million
deferred  tax  benefit  (calculated  under U.S.  generally  accepted  accounting
principles -"U.S.  GAAP") compared to a deferred tax benefit of $15.6 million in
the first quarter of 2000, which was caused by fluctuations in the peso exchange
rate and inflation.  The Company reports its equity in Grupo TFM under U.S. GAAP
while Grupo TFM reports under International Accounting Standards.

KCSI's  consolidated  first quarter 2001 interest expense decreased $2.3 million
(13.1%) from the prior year quarter as a result of slightly lower interest rates
and lower amortization related to debt issue costs.
BUSINESS OUTLOOK

Michael R. Haverty, KCSI Chairman,  President and Chief Executive Officer, said,
"We are obviously disappointed with our operating results for the first quarter,
but continue to be optimistic about the long-term prospects of our NAFTA railway
franchise.  Like most other railroads,  the economic slowdown has had an adverse
effect on our revenues,  particularly in the agriculture and mineral,  paper and
forest and certain chemical  markets where weak demand led to substantial  first
quarter 2001 volume declines compared to the prior year first quarter.  However,
weakness in these  markets was partially  offset by the continued  growth of our
automotive  traffic,  which increased 147% quarter to quarter.  Although most of
our costs  fluctuated  according to traffic  volumes,  our first quarter results
were  affected by a  substantial  increase in casualty  and car hire costs.  Our
casualty costs increased  dramatically quarter to quarter due to unusually large
expenses  related to derailments as well as the settlement of a personal  injury
claim.  Derailment  expense in the first quarter nearly exceeded the entire year
of 2000.  These  derailments had a residual effect on our service levels,  which
has  resulted  in  some  operating  inefficiencies.  These  service  issues  and
inefficiencies  coupled with declining traffic volumes led to a higher number of
foreign cars online,  which resulted in higher car hire costs.  The  significant
increase in derailment expense is not reflective of the well-maintained physical
plant of KCSR and Gateway Western.

In response to these  profitability  issues as well as the continued softness in
the  economy,  we were forced to make some  difficult  decisions to realize cost
savings in an effort to keep our Company competitive. During first quarter 2001,
we announced a cost reduction strategy that resulted in a workforce reduction of
approximately 170 employees.  This included both union and management positions.
Additionally, we implemented a voluntary,  temporary salary reduction for middle
and senior management and temporarily  suspended certain management benefits. We
also delayed the  implementation  of a new computer  system,  MCS, putting it on
hold until  economic  conditions  improve.  We expect these actions to result in
estimated cost savings in excess of $8 million over the remainder of 2001. While
these  reductions  are painful,  they are  necessary and have been done in a way
that does not compromise our commitment to customer service. With these actions,
we believe that our cost  structure is  positioned  to provide the framework for
improved profitability when the economy strengthens and we return to a period of
revenue growth.

Our first quarter 2001 equity earnings from Grupo TFM increased as result of our
share of the income  related to certain  concession  assets.  Although the first
quarter 2001 ongoing  operating results of Grupo TFM did not match those for the
first quarter of 2000,  Grupo TFM's revenue growth story is still unique.  Grupo
TFM  increased  its revenues by 6% quarter over quarter and was able to maintain
an operating  ratio below 80%,  despite the sluggish U.S.  economy and high fuel
costs.  This is quite  impressive  given the operating  environment  that exists
today.  We continue to believe  that Grupo TFM holds  tremendous  value as a key
component of our NAFTA strategy.

As we look to the remainder of 2001,  our primary focus is to increase  revenues
and improve  profitability  for our U.S.  operations and to reduce our corporate
debt  structure.  We  believe  the  success of Grupo TFM will  continue  and are
looking  forward to the second quarter  re-opening of commercial  service on the
Panama Canal Railway. KCSI management continues to believe in its NAFTA strategy
and has an unwavering commitment to enhance shareholder value."

This press  release  includes  statements  concerning  potential  future  events
involving  the  Company,  which  could  materially  differ  from the events that
actually occur. The differences could be caused by a number of factors including
those factors  identified in KCSI's  December 31, 2000 Form 10-K and the Current
Report on Form  8-K/A  dated June 3, 1997,  each filed by the  Company  with the
Securities  and Exchange  Commission  ("SEC")  (Commission  file no. 1-4717) and
those  factors  identified  in the  "Risk  Factors"  section  of  the  Company's
Registration  Statement on Form S-4, as amended and declared  effective on March
15, 2001,  which is on file with the SEC (File No.  333-54262). The Company will
not  update any  forward-looking  statements  in this  press  release to reflect
future events or developments.

                        (Financial Information Attached)
KANSAS CITY SOUTHERN INDUSTRIES, INC. and SUBSIDIARY COMPANIES

                      CONSOLIDATED CONDENSED STATEMENTS OF INCOME

                           (excludes Stilwell Financial Inc.)

                      (dollars in millions, except per share data)

                                      (Unaudited)
Three Months
                                                                                               Ended March 31,

                                                                                       ------------------------------
                                                                                             2001            2000
                                                                                       ---------------  -------------

  Revenues                                                                                   $   144.0      $   148.9

  Costs and expenses                                                                             123.5          116.6
  Depreciation and amortization                                                                   14.4           14.3
                                                                                       ---------------  -------------
  Operating income                                                                                 6.1           18.0

  Equity in net earnings of unconsolidated affiliates:
      Grupo Transportacion Ferroviaria Mexicana, S.A. de C.V. (estimated)                         11.1            8.2
      Other                                                                                        0.1            0.6
  Interest expense                                                                               (15.2)         (17.5)
  Other, net                                                                                       1.0            2.7
                                                                                       ---------------  -------------
  Income from continuing operations before income taxes,
     extraordinary item and cumulative effect of accounting change                                 3.1           12.0

  Income tax provision (benefit)                                                                  (3.2)           1.6
                                                                                       ---------------  -------------
  Income from continuing operations before extraordinary item
     and cumulative effect of accounting change                                              $     6.3      $    10.4
  Extraordinary item, net of income taxes:
     Debt retirement costs                                                                           -           (5.9)
  Cumulative effect of accounting change, net of income taxes                                     (0.4)             -
                                                                                       ---------------  -------------
  Income from continuing operations, net of extraordinary item
     and cumulative effect of accounting change                                              $     5.9      $     4.5
                                                                                       ===============  =============

  Per Share Data:

  Basic Weighted Average Common shares outstanding (in thousands)                               58,257         55,543

  Basic Earnings (Loss) per Common share from continuing operations                          $    0.11      $    0.18
         Extraordinary item                                                                         -           (0.10)
         Cumulative effect of accounting change                                                  (0.01)            -
                                                                                       ---------------  -------------
  Basic Earnings per Common share, net of extraordinary item
      and cumulative effect of accounting change                                             $    0.10      $    0.08
                                                                                       ===============  =============

  Diluted Weighted Average Common shares outstanding (in thousands)                             60,776         57,482

  Diluted Earnings (Loss) per Common share from continuing operations                        $    0.10      $    0.18
         Extraordinary item                                                                         -           (0.10)
         Cumulative effect of accounting change                                                   0.00             -
                                                                                      ----------------  -------------
Diluted Earnings per Common share, net of extraordinary item
         and cumulative effect of accounting change                                          $    0.10      $    0.08
                                                                                      ================  =============
EXHIBIT 99.2

Combined KCSR and Gateway Western

Operating Statements

Dollars in Millions
First Quarter             First Quarter                  Year Ended
                                                      2001                     2000                          2000
                                              ---------------------    ----------------------        ----------------------
Revenues
    Freight Revenue                                   $       83.4              $       89.5                  $      347.6
    Intermodal and Automotive Revenue                         18.6                      15.1                          63.0
    Unit Coal Revenue                                         26.9                      29.0                         103.6
    Other Revenue                                              3.0                       3.5                          11.6
                                                               8.2                       9.2                          37.3
                                              ---------------------    ----------------------        ----------------------
      Total Revenues                                         140.1                     146.3                         563.1
                                              ---------------------    ----------------------        ----------------------

Operating Expenses
    Salaries & Wages                                          35.3                      35.4                         139.3
    Fringe Benefits                                           12.2                      14.3                          52.6
    Fuel                                                      12.4                      12.1                          48.1
    Material and Supplies                                      7.3                       8.3                          30.5
    Car Hire                                                   6.5                       2.7                          14.8
    Purchased Services                                        11.0                      12.9                          47.9
    Casualties & Insurance                                    14.5                       6.0                          34.0
    Other                                                      3.2                       2.7                           3.6
                                              ---------------------    ----------------------        ----------------------
      Net Operating Expenses                                 102.4                      94.4                         370.8
                                              ---------------------    ----------------------        ----------------------

Fixed Expenses
    Leases, Net                                               13.4                      14.4                          55.6
    Depreciation                                              13.4                      13.2                          52.1
    Taxes (Other Than Income)                                  2.5                       3.8                          13.3
                                              ---------------------    ----------------------        ----------------------
      Total Fixed Expenses                                    29.3                      31.4                         121.0
                                              ---------------------    ----------------------        ----------------------
    Total Expenses                                           131.7                     125.8                         491.8
                                              ---------------------    ----------------------        ----------------------
Operating Income                                               8.4                      20.5                          71.3
Combined Kansas City Southern Railway/Gateway Western

Carloadings By Commodity - Year to Date March 31, 2001

Dollars in Thousands
Carloadings                                                                          Revenue

         Year to Date                  %                                                      Year to Date                  %
--------------------------------                                                      ------------------------------
     2001             2000          Change                                                2001             2000           Change
---------------   --------------   ---------                                          -------------    -------------    -----------

                                                   Coal
        45,194           47,260       (4.4)%         Unit Coal                           $  26,941        $  28,972          (7.0)%
         1,253              704       78.0%          Other Coal                                675              235         187.2%
---------------   --------------                                                      -------------    -------------
        46,447           47,964       (3.2)%                      Total                     27,616           29,207          (5.4)%

                                                  Chemical & Petroleum Products
         1,869            2,407      (22.4)%         Agri Chemicals                          1,438            1,689         (14.9)%
         2,795            3,561      (21.5)%         Gases                                   2,602            3,240         (19.7)%
         5,712            6,805      (16.1)%         Organic                                 5,694            6,393         (10.9)%
         4,792            4,400        8.9%          Inorganic                               4,887            5,120          (4.6)%
        18,572           16,641       11.6%          Petroleum                              10,470           10,036           4.3%
         6,995            5,987       16.8%          Plastics                                7,173            5,355          33.9%
---------------   --------------                                                      -------------    -------------
        40,735           39,801        2.3%                       Total                     32,264           31,833           1.4%

---------------   --------------                                                      -------------    -------------

                                                  Agriculture and Minerals
        12,061           13,715      (12.1)%         Domestic Grain                          8,216            9,901         (17.0)%
         3,182            3,188       (0.2)%         Export Grain                            2,292            2,337          (1.9)%
         6,269            7,336      (14.5)%         Food Products                           5,012            5,824         (13.9)%
         5,615            6,496      (13.6)%         Ores and Minerals                       3,066            3,340          (8.2)%
         3,723            4,352      (14.5)%         Stone, Clay & Glass                     2,723            3,218         (15.4)%
---------------   --------------                                                      -------------    -------------
        30,850           35,087      (12.1)%                       Total                     21,309           24,620         (13.4)%
---------------   --------------                                                      -------------    -------------

                                                  Paper & Forest Products
        20,581           22,954      (10.3)%         Pulp/Paper                             13,967           15,380          (9.2)%
         1,648            1,703       (3.2)%         Scrap Paper                               850              894          (4.9)%
         8,670            9,233       (6.1)%         Pulpwood/Logchips                       3,629            3,684          (1.5)%
         5,991            7,222      (17.0)%         Lumber/Plywood                          5,118            6,242         (18.0)%
         6,081            6,961      (12.6)%         Metal/Scrap                             4,570            5,386         (15.2)%
         1,877            2,308      (18.7)%         Military/Other Carloads                 2,238            2,138           4.7%
---------------   --------------                                                      -------------    -------------
        44,848           50,381      (11.0)%                       Total                    30,372           33,724          (9.9)%
---------------   --------------                                                      -------------    -------------

                                                  Intermodal & Automotive
        11,545            5,192      122.4%          Automotive                              7,116            2,876         147.4%
        65,279           52,546       24.2%          Intermodal                             11,464           12,263          (6.5)%
---------------   --------------                                                      -------------    -------------
        76,824           57,738       33.1%                       Total                     18,580           15,139          22.7%
---------------   --------------                                                      -------------    -------------

       239,704          230,971        3.8%       TOTAL FOR BUSINESS UNITS                 130,141          134,523          (3.3)%

         8,615           10,606      (18.8)%      Haulage                                    3,026            3,460         (12.5)%

        (2,164)          (1,870)      15.7%       Adjustments                               (1,183)            (861)         37.4%

---------------   --------------                                                      -------------    -------------

       246,155          239,707        2.7%                     TOTAL                    $ 131,984        $ 137,122          (3.7)%
===============   ==============                                                      =============    =============
Kansas City Southern Industries, Inc.
                                                                                                       ----------------
Consolidated Balance Sheets                                                                              Preliminary
                                                                                                       ----------------
Unaudited

(Dollars in Millions)

                                                                March 31, 2001                    December 31, 2000

Assets
  Cash                                                               $       28.6                        $        21.5
  Accounts receivable                                                       140.4                                135.0
  Inventories                                                                31.8                                 34.0
  Other current assets                                                       23.8                                 25.9
                                                              --------------------              -----------------------
     Total current assets                                                   224.6                                216.4

  Investments held for operating purposes                                   366.7                                358.2
  Properties, net of depreciation                                         1,326.8                              1,327.8
  Other assets                                                               40.7                                 42.1
                                                              --------------------              -----------------------

      Total assets                                                   $    1,958.8                        $     1,944.5
                                                              ====================              =======================

Liabilities and Stockholders' Equity
  Current portion of long-term debt                                  $       38.7                        $        36.2
  Accounts payable                                                           44.4                                 52.9
  Accrued liabilities                                                       162.2                                159.9
                                                              --------------------              -----------------------
     Total current liabilities                                              245.3                                249.0

  Long-term debt                                                            643.0                                638.4
  Deferred income taxes                                                     336.9                                332.2
  Other                                                                      79.5                                 81.5
  Stockholders' equity                                                      654.1                                643.4
                                                              --------------------              -----------------------

    Total liabilities and stockholders' equity                       $    1,958.8                        $     1,944.5
                                                              ====================              =======================