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MIDSOUTH CORPORATION OPERATING EARNINGS INCREASE 61 PERCENT IN SECOND QUARTER

 MIDSOUTH CORPORATION OPERATING EARNINGS
 INCREASE 61 PERCENT IN SECOND QUARTER
 JACKSON, Miss., Aug. 3 /PRNewswire/ -- MidSouth Corporation (NASDAQ: MSRR) today announced improved second quarter results with revenues up 17 percent and income before extraordinary item up 61 percent from the same period one year ago. For the first half of 1992, revenues were up 15 percent, while net income before extraordinary item was up 45 percent versus the same period last year.
 The corporation reported revenues of $26.5 million for the quarter, up from $22.6 million in the same quarter of last year. Excluding TennRail, the corporation's most recent acquisition which began operations Jan. 1, revenues amounted to $25.0 million, or 10 percent better than last year despite the adverse effect of the nationwide rail strike in June. Revenues for the first half of 1992 amounted to $52.0 million versus $45.4 million in 1991 and, excluding TennRail, were 7 percent better than last year.
 Net income for the second quarter was $2.4 million or $.23 per share, compared to $1.9 million or $.20 per share in the second quarter of 1991. Net income in the second quarter of 1991 was boosted by an extraordinary gain amounting to five cents per share or $432,000. The increase in per share earnings this year was achieved despite a 14 percent increase in the number of equivalent shares outstanding, 10.5 million shares versus 9.2 million last year. Net income available to common stock for the first half of 1992 was $4.4 million or $.42 per share, compared to $3.2 million or $.37 per share in the first half of 1991.
 Total carloadings for the quarter reached 68,700. Excluding TennRail, carloadings grew from 59,800 in 1991 to 63,900 in 1992, an increase of 6.8 percent. Carloadings in July preliminary reached 24,200, a monthly record for MidSouth. Excluding TennRail, carloadings in July were also up 6.8 percent over July 1991.
 MidSouth Corporation Chairman and Chief Executive Officer Mark M. Levin said, "The corporation enjoyed growth in all of its major commodity groupings. But for the national rail strike this growth would have been even more robust. Additional carloadings for the quarter resulted from the expansion and construction of new plants and mills, strength in the regional economy and the integration of our new TennRail subsidiary into the MidSouth system, The trend of increased carloadings has continued through July and should be sustained by the ongoing expansions throughout the MidSouth system and the continuing economic rebound. The growth in net income has resulted from increased revenues and tight control over expenses."
 MidSouth is a railroad holding company that provides freight transportation over 1,200 miles of track in the southeastern United States through its four operating subsidiaries: MidSouth Rail Corporation, MidLouisiana Rail Corporation, SouthRail Corporation and TennRail Corporation.
 MIDSOUTH CORPORATION
 Selected Financial Services
 (In thousands, except per share)
 Periods ended Three months Six months
 June 30 1992 1991 1992 1991
 Revenues $26,493 $22,619 $51,991 $45,384
 Operating income 7,542 5,971 14,608 11,610
 Extraordinary item --- 432(A) --- 432(A)
 Net Income 2,371 1,908 4,414 3,483
 Earnings Per Common Share:
 Inc. bef. extraord. item $.23 $.15 $.42 $.32
 Extraord. item --- .05 --- .05
 Net income .23 .20 .42 .37
 Weighted average number
 of common share 10,467,275 9,155,003 10,441,467 8,489,791
 Cash Flow Factors:
 Net income 2,371 1,908 4,414 3,483
 Deferred income taxes 858 877 1,597 1,601
 Depreciation and
 amortization 2,681 1,867 5,329 3,653
 Interest expense 3,762 3,367 7,624 6,506
 Principal payments 772 288 4,116 1,721
 Selected Expenses:
 Personnel 7,153(B) 6,450 14,311(C) 13,097
 Locomotive fuel 1,327 1,110 2,682 2,823
 Car hire/equip. lease 2,615 2,692 5,394 5,884
 (A) -- Gain on early retirement of FRA debt, net of tax.
 (B) -- $6,982, excluding TennRail.
 (C) -- $13,955, excluding TennRail.
 -0- 8/3/92 R
 /CONTACT: John A. Scotto of MidSouth, 601-949-4366/
 (MSRR) CO: MidSouth Corporation ST: Mississippi IN: TRN SU: ERN


MA-JP -- NY008R -- 6146 08/03/92 12:12 EDT
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Date:Aug 3, 1992
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