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CONRAIL REPORTS $28 MILLION FIRST QUARTER NET LOSS AFTER EFFECTS OF ONE-TIME ACCOUNTING CHANGES OF $74 MILLION

 PHILADELPHIA, April 21 /PRNewswire/ -- Consolidated Rail Corporation (NYSE: CRR) today reported a net loss of $28 million ($.39 per share, primary and fully diluted basis) for the first quarter of 1993.
 First quarter 1993 results include previously announced one-time charges of $74 million (after taxes) for adoption of required changes in accounting for income taxes and post-retirement benefits other than pensions. Before these one-time charges, Conrail's results showed a profit of $46 million ($.52 per share, primary and fully diluted basis) compared with $38 million net income ($.42 and $.39 per share, primary and fully diluted basis, respectively) in last year's first quarter.
 Per share data for 1992 have been restated to reflect the 2-for-1 common stock split in September 1992.
 Revenues for the first quarter of 1993 totalled $816 million, an increase of 2.3 percent compared with $798 million for the first quarter of 1992. Freight traffic volume in units (freight cars and intermodal trailers and containers) for the quarter was up 1.2 percent over the first quarter of last year.
 "Conrail's performance was in line with our expectations," said James A. Hagen, Conrail's chairman, president and chief executive officer. "However, we do have some concern going forward based on a less robust economic outlook, and continued weakness in export coal traffic because of reduced demand in Europe and other overseas markets."
 Traffic volume increased in the following groups during the quarter: automotive, 16.3 percent; food and grain products, 10.3 percent; intermodal, 6.7 percent; forest products, 2.4 percent; and chemicals and related products, 1.2 percent. Traffic decreased 12.0 percent in coal, and 6.9 percent in metals and related products.
 Conrail operates a rail freight 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 1993 1992
 Revenues $816 $798
 Operating expenses 731 717
 Income from operations 85 81
 Interest expense (44) (43)
 Other income, net 32 23
 Income before income taxes and
 cumulative effect of changes in
 accounting principles 73 61
 Income taxes 27 23
 Income before cumulative effect of
 changes in accounting principles 46 38
 Cumulative effect of changes in
 accounting for postretirement
 benefits other than pensions and
 income taxes (74) ---
 Net income (loss) $(28) $38
 Income per common share before the
 cumulative effect of changes in
 accounting principles:
 Primary $.52 $.42
 Fully diluted .52 .39
 Cumulative effect of changes in
 accounting principles:
 Primary (.91) ---
 Fully diluted (.91) ---
 Net income (loss) per common share:
 Primary $(.39) $.42
 Fully diluted (.39) .39
 Notes:
 1. Conrail adopted Statement of Financial Accounting Standards No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions," and Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes," effective Jan. 1, 1993. As a result, Conrail recorded cumulative after tax charges of $22 million, or $.27 per share, primary and fully diluted, and $52 million, or $.64 per share, primary and fully diluted, for these changes, respectively.
 2. Per-share data for 1992 have been restated to reflect the effects of the 2-for-1 common stock split in September 1992.
 /delval/
 -0- 4/21/93
 /CONTACT: Christine A. Wagner or Andrea L. Just of Conrail, 215-209-4594
 (CRR)


CO: Consolidated Rail Corporation ST: Pennsylvania IN: TRN SU: ERN

MK-MJ -- PH039 -- 8914 04/21/93 16:01 EDT
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Publication:PR Newswire
Date:Apr 21, 1993
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