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CONRAIL THIRD QUARTER NET INCOME $75 MILLION

 CONRAIL THIRD QUARTER NET INCOME $75 MILLION
 PHILADELPHIA, Oct. 21 /PRNewswire/ -- Consolidated Rail Corporation


(NYSE: CRR) (Conrail) today reported $75 million net income ($0.81 per share, fully diluted basis) for the third quarter 1992, a decrease of 3.8 percent compared with $78 million net income ($0.82 per share, fully diluted basis) for the third quarter 1991.
 Revenue for third quarter 1992 was $847 million, a 1.0 percent increase vs. revenue of $839 million for the same period last year.
 For the first nine months of 1992, net income was $190 million ($2.00 per share, fully diluted basis), a 12.4 percent increase vs. nine-month 1991 net income of $169 million ($1.76 per share, fully diluted basis). Revenue for the first nine months of 1992 was $2.488 billion, an increase of 3.5 percent vs. revenue of $2.405 billion for the same period last year.
 Net income per common share for 1991 has been restated to reflect the two-for-one common stock split effected in the form of a dividend paid Sept. 15, 1992.
 Based on events occurring in the third quarter of 1992, Conrail adjusted the reserves established for the special charge recorded in the fourth quarter of 1991, resulting in a net decrease in operating expenses of $11 million during the quarter. These events include the retention of the Southern Tier line, the settlement of the major remaining labor contracts, the loss on appeal of an unfavorable Tax Court ruling, and an update of the assessment of environmental clean-up costs.
 In addition, based on a recent assessment, operating expenses increased $12 million during the third quarter for estimated costs to settle personal injury claims, primarily occupational illness (asbestos and hearing loss) claims.
 James A. Hagen, Conrail's chairman, president and chief executive officer, said: "We do not see any significant improvement in the economy in the immediate future. As a result, we expect freight traffic for the remainder of the year to be at about the same level as fourth quarter 1991, so we are continuing to focus on our cost-control efforts."
 Third quarter traffic in units (freight cars and intermodal trailers and containers) increased 3.4 percent vs. the same period of 1991. Intermodal traffic increased 12.6 percent. Other areas with increases were: chemicals and related products (3.4 percent), food and grain products (1.4 percent), and automotive (0.1 percent). Decreases were registered in: forest products (3.4 percent), coal (2.7 percent), and metals and related products (1.9 percent).
 During the first nine months of 1992, Conrail's traffic increased 6.2 percent vs. the same period of 1991. Increases were registered in: intermodal (12.2 percent), automotive (10.9 percent), metals and related products (8.5 percent), chemicals and related products (3.6 percent), and food and grain products (3.0 percent). Coal was unchanged and forest products decreased 0.4 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)
 Periods ended Quarters Nine Months
 Sept. 30 1992 1991 1992 1991
 Revenues $847 $839 $2,488 $2,405
 Operating expenses 700 692 2,116 2,081
 Income from operations 147 147 372 324
 Interest expense (43) (45) (129) (136)
 Other income, net 20 25 66 81
 Income before income taxes 124 127 309 269
 Income taxes 49 49 119 100
 Net income 75 78 190 169
 Net income per common share
 Primary $.88 $.90 $2.19 $1.93
 Fully diluted .81 .82 2.00 1.76
 Note: Net income per common share for 1991 has been restated to reflect the two-for-one common stock split effected in the form of a dividend paid on Sept. 15, 1992.
 /delval/
 -0- 10/21/92
 /CONTACT: Robert L. Libkind or Jean C. Kirshenbaum of Conrail, 215-977-4594/
 (CRR) CO: Consolidated Rail Corporation ST: Pennsylvania IN: TRN SU:


MK -- PH047 -- 3070 10/21/92 16:04 EDT
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Date:Oct 21, 1992
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