STB Ralroad Economic Data Content:

SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423
CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA
(000 OMITTED)
QUARTER ENDED DECEMBER 31
Net
Railway Railway Revenue
Operating Operating Net Ton-Miles
Revenues Income Income Of Freight
Railroad Year (1)
TOTAL ALL CLASS I 1998 8,433,404 1,132,438 943,937 350,017,020
FREIGHT RR'S (1)............ 1997 8,228,221 890,963 622,730 338,436,093
Burlington Northern - Santa Fe 1998 2,292,972 375,788 306,588 121,743,169
1997 2,172,735 285,251 230,210 115,030,000
Consolidated Rail Corp. 1998 950,285 152,169 182,631 25,269,494
1997 947,443 148,087 118,842 25,817,689
CSX Transportation 1998 1,255,463 159,648 80,328 42,364,100
1997 1,274,466 207,056 186,678 42,722,500
Grand Trunk Western 1998 95,586 22,162 29,405 2,284,209
1997 91,722 (7,754) (2,206) 2,498,805
Illinois Central 1998 164,485 26,272 25,583 6,067,874
1997 167,520 46,775 40,800 5,965,888
Kansas City Southern 1998 137,097 16,389 10,891 5,466,316
1997 141,624 (18,225) (120,161) 5,421,190
Norfolk Southern 1998 1,028,333 173,542 181,318 32,749,400
1997 1,061,765 221,043 219,285 34,364,197
Soo Line 1998 146,281 14,704 12,824 5,372,458
1997 141,720 25,326 23,911 5,632,824
Union Pacific 1998 2,362,902 191,764 114,369 108,700,000
1997 2,229,226 (16,596) (74,629) 100,983,000


SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423
CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA
(000 OMITTED)
12 MONTHS ENDED DECEMBER 31
Net Return
Railway Railway Revenue On Net
Operating Operating Net Ton-Miles Investment
Revenues Income Income Of Freight (%)
Railroad Year (1) (2)
TOTAL ALL CLASS I 1998 33,150,891 3,702,890 2,806,718 1,379,028,063 6.73%
FREIGHT RR'S (1)............ 1997 33,075,317 3,843,737 3,055,881 1,356,852,172 7.80%
Burlington Northern - Santa Fe 1998 8,936,193 1,408,653 1,205,840 469,045,378 10.25%
1997 8,365,789 1,098,386 930,185 432,309,400 8.64%
Consolidated Rail Corp. 1998 3,749,139 352,540 269,257 101,479,353 6.46%
1997 3,646,148 180,810 5,840 98,240,122 3.49%
CSX Transportation 1998 4,956,393 609,021 378,328 168,108,500 8.28%
1997 4,989,450 693,607 624,911 165,680,500 9.70%
Grand Trunk Western 1998 343,074 (14,393) (8,181) 9,491,268 -7.05%
1997 352,398 252 6,206 9,752,803 0.13%
Illinois Central 1998 651,279 135,987 120,794 23,358,201 13.08%
1997 622,475 157,837 136,195 22,154,471 15.81%
Kansas City Southern 1998 549,916 79,332 53,042 21,635,292 8.75%
1997 516,052 27,455 (105,451) 19,418,707 3.07%
Norfolk Southern 1998 4,221,210 684,322 724,807 133,435,519 9.99%
1997 4,222,649 858,476 751,712 135,918,145 13.08%
Soo Line 1998 545,322 48,918 35,473 20,406,552 5.73%
1997 559,668 91,048 86,262 21,524,024 11.42%
Union Pacific 1998 9,198,365 398,510 27,358 432,068,000 2.14%
1997 9,800,688 735,866 620,021 451,854,000 4.97%


SOURCES OF DATA:

Railway Operating Revenues, Net Railway Operating Income, and Net Income are from the "Quarterly Report of Revenues,

Expenses, and Income - Railroads" (Form RE&I).

Revenue Ton Miles of Freight are from the "Quarterly Condensed Balance Sheet - Railroads (Form CBS).

NOTES:

(1) Net Railway Operating Income is the difference between railway operating revenues and the total of railway operating expenses, railway tax accruals, and net equipment and joint facility rents.

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(2) Return on Net Investment (ROI) is the ratio of net railway operating income to net investment in railway property used in transportation services at end of previous calendar year. The latter includes an allowance for working capital. Accumulated deferred income tax reserves are subtracted from the net investment base.

Since net investment figures are only available on an end-of-year basis from the Annual Report Form R-1's, filed on March 31 of each year, the net investment bases used to compute returns on net investment in this report are the most recent year-end figures available (data as of the end of 1997 and 1996).

ROI's, as computed by the Board for its annual determination of the revenue adequacy of each class I railroad, will differ from the ROI's computed for this report. ROI's for the revenue adequacy determination are based upon the average of the beginning and end-of-year net investment bases, while ROI's for this report are based on end-of-year data only. Also, ROI's for revenue adequacy determinations are computed using data reported by the class I railroads in Annual Report Form R-1, Schedule 250, "Consolidated Information for Revenue Adequacy Determination." The data contained in Schedule 250 differ somewhat from the

data in the Form RE&I, and are therefore not totally compatible.