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 JUNE 30
Net
Railway Railway Revenue
Operating Operating Net Ton-Miles
Revenues Income Income Of Freight
Railroad Year (Note 1)
TOTAL ALL CLASS I 1999 8,396,963 809,452 501,098 351,392,282
FREIGHT RR'S ............ 1998 8,269,117 875,330 674,792 342,737,924
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Burlington Northern - Santa Fe 1999 2,193,533 333,677 257,513 120,192,132
1998 2,203,577 354,554 290,202 115,825,789
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Consolidated Rail Corp. 1999 718,887 (38,959) (64,297) 16,033,518
1998 952,805 134,026 114,816 25,389,203
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CSX Transportation 1999 1,333,378 82,067 35,638 44,372,800
1998 1,248,834 169,471 123,721 41,972,000
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Grand Trunk Western 1999 93,149 20,282 20,421 2,524,651
1998 86,315 8,614 8,736 2,530,467
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Illinois Central 1999 160,365 30,234 24,743 5,795,373
1998 162,398 38,451 35,410 5,792,959
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Kansas City Southern 1999 135,307 16,026 8,959 5,427,700
1998 138,132 21,862 15,399 5,406,089
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Norfolk Southern 1999 1,193,627 33,942 16,059 36,644,273
1998 1,078,659 180,358 206,351 33,871,164
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Soo Line 1999 122,291 (161) (3,959) 4,705,835
1998 124,647 6,083 2,759 4,761,253
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Union Pacific 1999 2,446,426 332,344 206,021 115,696,000
1998 2,273,750 (38,089) (122,602) 107,189,000




















12 MONTHS ENDED JUNE 30
Net Return
Railway Railway Revenue On Net
Operating Operating Net Ton-Miles Investment
Revenues Income Income Of Freight (%)
Railroad Year (1) (Note 2) (Note 2)
TOTAL ALL CLASS I 1999 33,520,082 3,839,100 2,790,786 1,397,776,939 6.55%
FREIGHT RR'S ............ 1998 32,935,098 3,716,030 3,050,300 1,351,064,877 6.75%
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Burlington Northern - Santa Fe 1999 8,981,161 1,449,350 1,146,459 473,858,359 9.63%
1998 8,659,796 1,223,706 1,113,371 450,099,005 8.90%
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Consolidated Rail Corp. 1999 3,507,332 170,440 132,393 91,364,712 3.03%
1998 3,711,663 512,052 420,095 100,613,838 9.38%
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CSX Transportation 1999 5,087,272 487,777 268,333 172,503,000 6.23%
1998 4,989,012 638,440 537,525 163,097,000 8.68%
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Grand Trunk Western 1999 352,301 4,874 14,702 9,547,686 1.77%
1998 348,263 7,289 13,199 9,787,718 3.57%
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Illinois Central 1999 646,368 128,611 109,763 23,636,322 11.96%
1998 645,725 152,696 135,807 22,700,601 14.68%
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Kansas City Southern 1999 546,598 71,428 44,736 21,918,497 8.28%
1998 543,224 43,174 (83,166) 20,926,315 4.76%
--
Norfolk Southern 1999 4,300,240 522,417 512,156 135,156,962 7.25%
1998 4,254,471 774,637 798,173 135,487,139 11.31%
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Soo Line 1999 538,089 39,312 25,807 19,990,401 3.87%
1998 539,528 68,260 52,214 20,601,261 8.00%
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Union Pacific 1999 9,560,721 964,891 536,437 449,801,000 4.90%
1998 9,243,416 295,776 63,082 427,752,000 1.59%


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. The latter includes an allowance for working capital. Accumulated deferred income tax reserves are subtracted from the net investment base.
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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 1998 and 1997).
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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.