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 JUNE 30
Net
Railway Railway Revenue
Operating Operating Net Ton-Miles
Revenues Income Income Of Freight
Railroad Year (Note 1)
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TOTAL ALL CLASS I 1998 8,282,920 875,330 674,792 342,737,924
FREIGHT RR'S ............ 1997 8,366,517 828,128 670,990 339,925,924
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Burlington Northern - Santa Fe 1998 2,217,380 354,554 290,202 115,825,789
1997 2,063,054 289,857 246,308 103,805,000
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Consolidated Rail Corp. 1998 952,805 134,026 114,816 25,389,203
1997 907,660 (253,917) (273,862) 24,319,708
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CSX Transportation 1998 1,248,834 169,471 123,721 41,972,000
1997 1,252,820 189,554 170,443 41,342,700
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Grand Trunk Western 1998 86,315 8,614 8,736 2,530,467
1997 84,527 (5,366) (4,247) 2,394,209
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Illinois Central 1998 162,398 38,451 35,410 5,792,959
1997 147,885 38,420 32,953 5,026,685
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Kansas City Southern 1998 138,132 21,862 15,399 5,406,089
1997 125,733 13,441 2,643 4,789,661
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Norfolk Southern 1998 1,078,659 180,358 206,351 33,871,164
1997 1,066,882 209,361 200,078 34,423,486
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Soo Line 1998 124,647 6,083 2,759 4,761,253
1997 129,620 37,896 46,993 4,877,475
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Union Pacific 1998 2,273,750 (38,089) (122,602) 107,189,000
1997 2,588,336 308,882 249,681 118,947,000




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 1998 32,974,460 3,784,536 3,096,769 1,355,178,177 6.87%
FREIGHT RR'S ............ 1997 33,042,321 4,201,493 3,566,265 1,355,559,649 8.52%
Burlington Northern - Santa Fe 1998 8,709,075 1,248,622 1,144,276 450,099,005 9.08%
1997 8,228,207 1,070,754 959,595 416,889,400 8.43%
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Consolidated Rail Corp. 1998 3,711,663 512,052 420,095 100,613,838 9.38%
1997 3,600,976 195,213 68,904 95,514,822 3.76%
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CSX Transportation 1998 4,989,012 665,074 554,272 167,210,300 9.05%
1997 4,959,717 666,973 608,164 162,467,700 9.33%
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Grand Trunk Western 1998 343,833 7,289 8,769 9,787,718 3.57%
1997 376,337 11,078 (9,822) 9,678,608 5.57%
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Illinois Central 1998 645,725 152,696 135,807 22,700,601 14.68%
1997 607,386 149,206 133,798 21,828,443 14.94%
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Kansas City Southern 1998 543,224 43,174 (83,166) 20,926,315 4.76%
1997 493,036 61,554 19,337 18,467,140 6.88%
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Norfolk Southern 1998 4,254,471 774,637 798,173 135,487,139 11.31%
1997 4,159,288 840,133 741,089 133,029,713 12.80%
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Soo Line 1998 539,528 68,260 52,214 20,601,261 8.00%
1997 616,482 188,892 181,934 22,860,976 23.69%
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Union Pacific 1998 9,237,929 312,732 66,329 427,752,000 1.68%
1997 10,000,892 1,017,690 863,266 474,822,847 6.88%




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.
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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.

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).

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.