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 SEPTEMBER 30
Net
Railway Railway Revenue
Operating Operating Net Ton-Miles
Revenues Income Income Of Freight
Railroad Year (1)
TOTAL ALL CLASS I 1999 8,407,277 1,018,055 775,377 363,971,548
FREIGHT RR'S (1)............ 1998 8,330,790 887,068 593,348 347,929,146
-
Burlington Northern - Santa Fe 1999 2,343,726 405,279 369,340 125,056,905
1998 2,292,526 415,021 330,653 118,362,204
-
Consolidated Rail Corp. 1999 0 0 0 0

(See Note)

 1998 948,029 (42,604) (63,465) 26,245,050
-
CSX Transportation 1999 1,484,535 73,083 59,567 51,139,100
1998 1,217,489 148,297 83,490 41,495,000
-
Grand Trunk Western 1999 71,293 23,226 23,381 2,544,757
1998 69,287 (48,118) (49,052) 2,166,758
-
Illinois Central 1999 169,468 (1,795) (16,689) 6,232,809
1998 161,422 37,771 30,989 5,784,938
-
Kansas City Southern 1999 138,301 13,446 8,047 5,588,482
1998 139,344 19,974 13,200 5,431,671
-
Norfolk Southern 1999 1,500,053 136,166 82,540 47,655,615
1998 1,048,170 171,155 169,751 33,353,512
-
Soo Line 1999 141,415 14,590 14,840 5,405,880
1998 138,662 15,039 10,631 5,072,013
-
Union Pacific 1999 2,558,486 354,060 234,351 120,348,000
1998 2,315,861 170,533 67,151 110,018,000


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 SEPTEMBER 30
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 1999 33,595,350 3,986,547 2,989,275 1,413,819,341 6.80%
FREIGHT RR'S (1)............ 1998 32,958,099 3,444,992 2,539,028 1,364,440,236 6.26%
-
Burlington Northern - Santa Fe 1999 9,018,751 1,439,608 1,185,146 480,553,060 9.57%
1998 8,815,956 1,318,116 1,129,462 462,332,209 9.59%
-
Consolidated Rail Corp. 1999 2,559,303 213,044 195,858 65,119,662 NA

(See Note)

 1998 3,746,297 348,458 255,468 102,027,548 NA
-
CSX Transportation 1999 5,370,778 429,023 260,870 182,147,100 5.48%
1998 4,991,856 640,006 488,195 165,459,000 8.70%
-
Grand Trunk Western 1999 350,238 76,218 87,135 9,925,685 27.66%
1998 335,141 (44,309) (39,792) 9,705,864 -21.72%
-
Illinois Central 1999 654,414 89,045 62,085 24,084,193 8.28%
1998 654,314 156,490 136,011 23,257,215 15.05%
-
Kansas City Southern 1999 545,555 64,900 39,583 22,075,308 7.52%
1998 554,443 44,718 (78,010) 21,590,166 4.93%
-
Norfolk Southern 1999 4,752,123 487,428 424,945 149,459,065 6.76%
1998 4,254,642 731,823 762,774 135,050,316 10.68%
-
Soo Line 1999 540,842 38,863 30,016 20,324,268 3.83%
1998 540,761 59,540 46,560 20,666,918 6.98%
-
Union Pacific 1999 9,803,346 1,148,418 703,637 460,131,000 5.84%
1998 9,064,689 190,150 (161,640) 424,351,000 1.02%


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.
THESE DATA ARE NOW ALSO AVAILABLE ON THE BOARD'S INTERNET SITE - WWW.STB.DOT.GOV
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).

(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 1999). 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.