| 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) | ||||||
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| QUARTER ENDED JUNE 30 | ||||||
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| Net | ||||||
| Railway | Railway | Revenue | ||||
| Operating | Operating | Net | Ton-Miles | |||
| Revenues | Income | Income | Of Freight | |||
| Railroad | Year | (Note 1) | (Note 2) | |||
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| TOTAL ALL CLASS I | 1997 | 8,361,037 | 828,128 | 665,018 | 220,978,924 | |
| FREIGHT RR'S ............ | 1996 | 8,222,067 | 1,026,228 | 920,643 | 335,575,253 | |
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| BNSF | 1997 | 2,072,287 | 289,857 | 267,545 | 103,805,000 | |
| 1996 | 2,024,583 | 253,766 | 239,515 | 101,849,000 | ||
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| CONRAIL | 1997 | 907,660 | (253,917) | (273,862) | 24,319,708 | |
| 1996 | 920,219 | 44,695 | 23,712 | 23,887,676 | ||
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| CSX | 1997 | 1,252,820 | 189,554 | 170,443 | 41,342,700 | |
| 1996 | 1,254,602 | 171,998 | 163,645 | 40,679,000 | ||
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| GTW | 1997 | 84,527 | (5,366) | (4,247) | 2,394,209 | |
| 1996 | 97,995 | 13,378 | 13,411 | 2,351,772 | ||
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| IC | 1997 | 147,885 | 38,420 | 32,953 | 5,026,685 | |
| 1996 | 149,732 | 34,613 | 29,493 | 5,317,509 | ||
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| KCS | 1997 | 125,733 | 13,441 | 2,643 | 4,789,661 | |
| 1996 | 121,605 | 15,996 | 2,322 | 4,456,252 | ||
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| NS | 1997 | 1,066,882 | 209,361 | 200,078 | 34,423,486 | |
| 1996 | 1,037,964 | 201,156 | 190,234 | 32,759,720 | ||
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| SOO | 1997 | 129,620 | 37,896 | 46,993 | 4,877,475 | |
| 1996 | 156,700 | 7,851 | 4,211 | 6,012,909 | ||
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| UP | 1997 | 2,573,623 | 308,882 | 222,472 | NAV | |
| 1996 | 2,458,667 | 282,775 | 254,100 | 118,261,415 | ||
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| 12 MONTHS ENDED JUNE 30 | ||||||
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| Net | Return | |||||
| Railway | Railway | Revenue | On Net | |||
| Operating | Operating | Net | Ton-Miles | Investment | ||
| Revenues | Income | Income | Of Freight | (%) | ||
| Railroad | Year | (1) | (Note 2) | (Note 3) | ||
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| TOTAL ALL CLASS I | 1997 | 33,065,573 | 4,201,493 | 3,489,952 | 1,236,612,649 | 8.52% |
| FREIGHT RR'S ............ | 1996 | 32,519,707 | 3,216,592 | 2,833,159 | 1,321,565,174 | 6.77% |
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| BNSF | 1997 | 8,249,172 | 1,070,754 | 1,003,548 | 416,889,400 | 8.43% |
| 1996 | 8,239,248 | 595,543 | 517,277 | 406,200,011 | 5.12% | |
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| CONRAIL | 1997 | 3,600,976 | 195,213 | 68,904 | 95,514,822 | 3.76% |
| 1996 | 3,604,829 | 222,593 | 135,687 | 93,452,669 | 4.32% | |
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| CSX | 1997 | 4,959,717 | 666,973 | 608,164 | 162,467,700 | 9.33% |
| 1996 | 4,863,977 | 565,575 | 556,263 | 160,059,700 | 8.23% | |
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| GTW | 1997 | 376,337 | 11,078 | (9,822) | 9,678,608 | 5.57% |
| 1996 | 339,729 | (517) | 4,007 | 7,643,820 | -0.39% | |
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| IC | 1997 | 607,386 | 149,206 | 133,798 | 21,828,443 | 14.94% |
| 1996 | 632,399 | 149,041 | 126,868 | 23,243,122 | 15.84% | |
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| KCS | 1997 | 493,036 | 61,554 | 19,337 | 18,467,140 | 6.88% |
| 1996 | 499,242 | 71,538 | 15,795 | 18,386,096 | 7.15% | |
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| NS | 1997 | 4,159,288 | 840,133 | 741,089 | 133,029,713 | 12.80% |
| 1996 | 4,050,788 | 740,915 | 720,472 | 129,683,663 | 11.71% | |
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| SOO | 1997 | 616,482 | 188,892 | 181,934 | 22,860,976 | 23.69% |
| 1996 | 696,053 | (133,967) | (164,496) | 25,877,341 | -20.23% | |
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| UP | 1997 | 10,003,179 | 1,017,690 | 743,000 | 355,875,847 | 6.88% |
| 1996 | 9,593,442 | 1,005,871 | 921,286 | 457,018,752 | 6.80% | |
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| 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) Revenue ton miles data not available for Union Pacific for second quarter of 1997. Therefore, | ||||||
| totals for the industry exclude Union Pacific. | ||||||
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| (3) 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 | ||||||
| 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 1996 and 1995). | ||||||
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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. | ||||||