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ILLINOIS CENTRAL REPORTS RECORD 1991 EARNINGS UP 41.6 PERCENT

 ILLINOIS CENTRAL REPORTS RECORD 1991 EARNINGS UP 41.6 PERCENT
 CHICAGO, Jan. 28 /PRNewswire/ -- Illinois Central Corp. (NYSE: IC) today announced record net income for 1991 and the fourth quarter. Net income for 1991 was $65.4 million, a 41.6 percent increase over $46.2 million in 1990. For the fourth quarter, income was $18.8 million, up from $12.4 million in 1990.
 For the year ended Dec. 31, operating income was $145.6 million, up from $133.8 million in 1990. In 1991, income per share was $2.46 compared to $1.96 after preferred dividends in 1990.
 The increased earnings were achieved on revenues of $549.7 million, up $5.5 million from 1990. The revenue increase, combined with a reduction in operating expense, improved the operating ratio to 73.5 percent from 75.4 percent in 1990. Operating expenses for the year declined despite a 3 percent wage increase in July, and higher fuel costs.
 Significant increases in grain and coal carloadings spurred growth in freight revenues in 1991. Grain shipments rose 22.6 percent and coal was up 7.4 percent, reflecting an upturn in traffic that began in third quarter. These increases and a 4.7 percent rise in paper carloadings more than offset a 6.4 percent decline in chemical traffic.
 Also contributing to record earnings was the company's success in reducing and refinancing debt. For 1991, total debt was reduced by $77.5 million. Interest expense for the year dropped approximately 23 percent, to $55.1 million.
 In fourth quarter, overall traffic continued at the high levels of third quarter 1991, and was up 9.3 percent over third quarter. Coal movements were up 7.4 percent over third quarter, and up 20.4 percent over fourth quarter 1990. Chemical loads declined 1.4 percent from third quarter.
 Illinois Central Corporation's principal subsidiary, Illinois Central Railroad Co., operates a 2,800-mile freight railroad between Chicago and the Gulf of Mexico.
 ILLINOIS CENTRAL CORP. AND SUBSIDIARIES
 Consolidated Statements of Income
 ($ in millions, except share data)
 Periods ended Three Months Year
 Dec. 31 1991 1990 1991 1990
 Revenues $140.6 $128.0 $549.7 $544.2
 Operating expenses 101.5 96.1 404.1 410.4
 Operating income 39.1 31.9 145.6 133.8
 Interest expense, net (12.1) (15.1) (55.1) (71.4)
 Other income, net 0.3 1.2 5.7 6.2
 Income before
 income taxes 27.3 18.0 96.2 68.6
 Provision for
 income taxes 8.5 5.6 30.8 22.4
 Net income 18.8 12.4 65.4 46.2
 Preferred stock
 dividend requirements -- -- -- 5.1
 Income applicable to
 common stock $ 18.8 $ 12.4 $ 65.4 $ 41.1
 Income per share $0.67 $0.52 $2.46 $1.96
 Weighted average no. of
 shares of com. stock &
 com. equivalents out-
 standings (000's) 25,262.6 23,705.5 26,553.5 20,973.2
 ILLINOIS CENTRAL CORP. AND SUBSIDIARIES
 Condensed Consolidated Balance Sheets
 ($ in millions)
 12/31/91 12/31/90
 ASSETS:
 Cash and cash equivalents $ 32.7 $ 13.5
 Other current assets 147.1 160.0
 Investments 17.0 22.8
 Properties, net 968.3 939.6
 Other assets 18.4 16.1
 Total assets $1,183.5 $1,152.0
 LIABILITIES AND STOCKHOLDERS' EQUITY:
 Current liabilities $ 177.8 $ 218.4
 Long-term debt 418.9 486.1
 Deferred taxes 172.4 159.4
 Other liabilities 154.1 159.7
 Stockholders'equity 260.3 128.4
 Total liabilities and
 stockholders' equity $1,183.5 $1,152.0
 -0- 1/28/92
 /CONTACT: Dale W. Phillips, vice president and chief financial officer of Illinois Central, 312-819-7930/
 (IC) CO: Illinois Central Corp. ST: Illinois IN: TRN SU: ERN


GK -- NY021 -- 4085 01/28/92 09:20 EST
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Publication:PR Newswire
Date:Jan 28, 1992
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