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)



Railroad



Year

QUARTER ENDED DECEMBER 31

Railway

Operating

Revenues

Net

Railway

Operating

Income

(1)

Net

Income

Revenue

Ton-Miles

Of Freight

TOTAL ALL CLASS I 1999 8,451,638 997,648 759,275 372,780,777
FREIGHT RR'S (1)............ 1998 8,427,276 1,113,866 943,936 350,017,020
Burlington Northern - Santa Fe 1999 2,368,685 405,812 350,856 128,945,706
1998 2,292,972 375,788 306,588 121,743,169
Consolidated Rail Corp. 1999 0 0 0 0
(See Note Below) 1998 950,285 152,169 182,631 25,269,494
CSX Transportation 1999 1,507,708 13,597 (903) 52,536,300
(See Note Below) 1998 1,255,463 141,076 80,328 42,364,100
Grand Trunk Western 1999 97,645 31,691 27,050 2,870,181
1998 89,458 22,162 29,405 2,284,209
Illinois Central 1999 180,623 41,372 25,524 6,715,924
1998 164,485 26,272 25,583 6,067,874
Kansas City Southern 1999 136,375 13,091 (6,274) 5,616,666
1998 137,097 16,389 10,890 5,466,316
Norfolk Southern 1999 1,470,766 126,648 86,136 48,802,985
(See Note Below) 1998 1,028,333 173,542 181,318 32,749,400
Soo Line 1999 143,330 15,788 11,958 5,623,015
1998 146,281 14,704 12,824 5,372,458
Union Pacific 1999 2,546,506 349,649 264,928 121,670,000
1998 2,362,902 191,764 114,369 108,700,000
Norfolk Southern and CSX formally began to exercise operating control over Conrail on June 1, 1999. Thus, there are no reported numbers for Conrail after that date. Norfolk Southern and CSX results for this quarter include former Conrail operations. 1998 results for Conrail are shown separately and are not included with those for Norfolk Southern and CSX.


SURFACE TRANSPORTATION BOARD

OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION

WASHINGTON, DC 20423

CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

(000 OMITTED)



Railroad



Year

12 MONTHS ENDED DECEMBER 31


Railway

Operating

Revenues

Net

Railway

Operating

Income

(1)

Net

Income

Revenue

Ton-Miles

Of

Freight

Return

On Net

Investment

(%)

(2)

TOTAL ALL CLASS I 1999 33,613,584 3,861,609 2,837,830 1,436,563,098 6.59%
FREIGHT RR'S (1)............ 1998 33,132,802 3,702,890 2,856,717 1,378,021,663 6.73%
Burlington Northern - Santa Fe 1999 9,094,464 1,469,632 1,229,414 487,755,597 9.77%
1998 8,936,193 1,408,653 1,205,840 469,045,378 10.25%
Consolidated Rail Corp. 1999 1,609,018 60,875 13,227 39,850,168 1.08%
(See Note Below) 1998 3,749,139 352,540 319,257 101,479,353 6.46%
CSX Transportation 1999 5,623,023 292,824 212,856 192,319,300 3.74%
(See Note Below) 1998 4,956,393 609,021 378,328 167,101,100 8.28%
Grand Trunk Western 1999 352,297 85,747 84,780 10,511,657 31.12%
1998 324,985 (14,393) (8,181) 9,491,268 -7.05%
Illinois Central 1999 670,552 104,145 62,026 24,712,243 9.68%
1998 651,279 135,987 120,794 23,359,201 13.08%
Kansas City Southern 1999 544,833 61,602 22,418 22,225,658 7.14%
1998 549,916 79,332 53,041 21,635,292 8.75%
Norfolk Southern 1999 5,194,556 440,534 329,763 165,512,650 6.11%
(See Note Below) 1998 4,221,210 684,322 724,807 133,435,519 9.99%
Soo Line 1999 537,891 39,947 29,150 20,574,825 3.93%
1998 545,322 48,918 35,473 20,406,552 5.73%
Union Pacific 1999 9,986,950 1,306,303 854,196 473,101,000 6.64%
1998 9,198,365 398,510 27,358 432,068,000 2.14%
Norfolk Southern and CSX formally began to exercise operating control over Conrail on June 1, 1999. Thus, there are no reported numbers for Conrail after that date. Norfolk Southern and CSX results for this quarter include former Conrail operations. 1998 results for Conrail are shown separately and are not

included with those for Norfolk Southern and CSX.



SURFACE TRANSPORTATION BOARD

OFFICE OF ECONOMICS, ENVIRONMENTAL ANALYSIS, AND ADMINISTRATION

WASHINGTON, DC 20423

CLASS I FREIGHT RAILROADS - SELECTED EARNINGS DATA

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.
(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 1998 and 1997).

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 compatible.