STB Ralroad Economic Data Content:

SURFACE TRANSPORTATION BOARD
OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION
WASHINGTON, DC 20423
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CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA
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(000 OMITTED)
QUARTER ENDED MARCH 31
Net
Railway Railway Revenue
Operating Operating Net Ton-Miles
Revenues Income Income Of Freight
Railroad Year (1)
TOTAL ALL CLASS I 1998 $8,143,704 $824,514 $661,101 338,238,073
FREIGHT RR'S (1)............ 1997 8,230,874 927,289 625,468 342,724,068
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Burlington Northern - Santa Fe 1998 2,160,851 263,290 278,397 113,114,216
1997 2,034,718 202,667 186,737 107,345,400
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Consolidated Rail Corp. 1998 898,020 108,949 85,275 24,575,606
1997 877,650 120,150 59,698 23,271,385
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CSX Transportation 1998 1,251,067 148,065 107,249 42,170,500
1997 1,247,519 156,515 131,166 41,270,000
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Grand Trunk Western 1998 87,817 2,949 2,730 2,509,834
1997 93,740 9,892 8,720 2,611,177-
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Illinois Central 1998 162,974 33,493 28,812 5,713,430
1997 154,237 38,665 31,857 5,933,574
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Kansas City Southern 1998 135,343 21,107 13,552 5,331,216
1997 120,570 13,809 4,023 4,440,036
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Norfolk Southern 1998 1,066,048 159,267 167,387 33,461,443
1997 1,046,003 214,103 127,199 33,340,127
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Soo Line 1998 135,732 13,092 9,259 5,200,828
1997 150,899 4,067 (927) 6,007,369
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Union Pacific 1998 2,245,852 74,302 (31,560) 106,161,000
1997 2,505,538 167,421 76,995 118,505,000














12 MONTHS ENDED MARCH 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 $33,052,577 $3,737,334 $3,086,995 1,346,652,747 6.79%
FREIGHT RR'S (1)............ 1997 32,916,004 4,397,458 3,804,725 1,351,208,978 8.92%
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Burlington Northern - Santa Fe 1998 8,563,982 1,183,925 1,121,619 438,078,216 8.61%
1997 8,196,861 1,034,663 950,790 414,933,400 8.14%
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Consolidated Rail Corp. 1998 3,666,518 124,109 31,417 99,544,343 2.27%
1997 3,613,535 493,825 366,478 95,082,790 9.52%
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CSX Transportation 1998 4,992,998 685,157 600,994 166,581,000 9.32%
1997 4,961,499 647,282 601,366 161,804,000 9.05%
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Grand Trunk Western 1998 342,045 (6,691) (4,214) 9,651,460 -3.28%
1997 380,813 29,822 (1,345) 9,636,171 15.00%
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Illinois Central 1998 631,212 152,665 133,350 16,220,897 14.68%
1997 609,233 145,399 130,338 22,119,267 14.56%
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Kansas City Southern 1998 530,825 34,753 (95,922) 20,309,887 3.83%
1997 488,908 64,109 19,016 18,133,731 7.17%
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Norfolk Southern 1998 4,242,694 803,640 791,900 136,039,461 11.73%
1997 4,130,370 831,928 731,245 131,365,947 12.67%
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Soo Line 1998 544,501 100,073 96,448 20,717,483 11.73%
1997 643,562 158,847 139,152 23,996,410 19.92%
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Union Pacific 1998 9,537,802 659,703 411,403 439,510,000 3.54%
1997 9,891,223 991,583 867,685 474,137,262 6.70%












SOURCES OF DATA:

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

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

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

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NOTES:

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(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. 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).

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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.