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CONRAIL FIRST QUARTER NET INCOME $38 MILLION, UP 111 PERCENT; FREIGHT TRAFFIC FOR QUARTER INCREASES 8 PERCENT OVER LAST YEAR

 CONRAIL FIRST QUARTER NET INCOME $38 MILLION, UP 111 PERCENT;
 FREIGHT TRAFFIC FOR QUARTER INCREASES 8 PERCENT OVER LAST YEAR
 PHILADELPHIA, April 15 /PRNewswire/ -- Consolidated Rail Corporation (NYSE: CRR) (Conrail) today reported net income of $38 million ($.77 per share, fully diluted basis) for the first quarter of 1992, an increase of 111 percent over the $18 million net income ($.35 per share, fully diluted basis) in last year's first quarter.
 Revenues for the first quarter 1992 were $798 million, an increase of 5.7 percent compared with $755 million for the first quarter 1991. Freight traffic volume in units (freight cars and intermodal trailers and containers) for the quarter was up 8.0 percent over the first quarter of last year.
 "We've proven over the last year that Conrail can control costs in a time of declining traffic," said James A. Hagen, Conrail's chairman, president and chief executive officer. "We've been able to do the same during the past quarter, a time of increasing traffic, with positive impact on the bottom line. While day-to-day management of costs has been the key to this effort, a drop in our average fuel price of nearly 30 cents per gallon since the first quarter of last year also contributed to the improved performance.
 "Looking ahead, we expect slow but steady growth in volume through the second quarter and the rest of the year," said Hagen. "But because we do not want to rely on the fortunes of the economy, we are moving ahead with our quality service efforts, which we hope will bring added business to Conrail."
 Traffic volume increased in each of the major groups during the quarter: automotive, 22.1 percent; metals and related products, 19.4 percent; intermodal, 7.6 percent; coal, 5.5 percent; chemicals and related products, 2.1 percent; forest products, 1.8 percent; and food and grain, 0.9 percent.
 Conrail operates a rail-freight transportation network in 14 Northeastern and Midwestern states, the District of Columbia, and the Province of Quebec.
 CONSOLIDATED RAIL CORPORATION
 Condensed Consolidated Statements of Income
 (In millions, except per share)
 Quarters ended March 31 1992 1991
 Revenues $798 $755
 Operating expenses 717 710
 Income from operations 81 45
 Interest expense (43) (45)
 Other income, net 23 29
 Income before income taxes 61 29
 Income taxes 23 11
 Net income $38 $18
 Net income per common share
 Primary $.83 $.36
 Fully diluted .77 .35
 /delval/
 -0- 4/15/92
 /CONTACT: Robert T. Sullivan or Robert L. Libkind of Conrail, 215-977-4594/
 (CRR) CO: Consolidated Rail Corporation ST: Pennsylvania IN: TRN SU: ERN


JS -- PH022 -- 8889 04/15/92 16:13 EDT
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Publication:PR Newswire
Date:Apr 15, 1992
Words:438
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