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MIDSOUTH CORPORATION OPERATING INCOME INCREASES 31 PERCENT; OPERATING RATIO DROPS TO 69.9 PERCENT

 MIDSOUTH CORPORATION OPERATING INCOME INCREASES 31 PERCENT;
 OPERATING RATIO DROPS TO 69.9 PERCENT
 JACKSON, Miss., Oct. 23 /PRNewswire/ -- MidSouth Corporation (NASDAQ: MSRR), today announced improved third quarter results with revenues up 15 percent, net income up 27 percent and operating income up 31 percent from the same period a year ago. MidSouth's operating ratio for the quarter dropped to 69.9 percent versus 73.7 percent for the same quarter in 1991.
 For the first nine months of 1992, revenues were up 15 percent while net income before extraordinary item was up 38 percent against the same period last year. Operating income was up 28 percent for the first nine months of 1992 from the same period last year.
 As previously announced, MidSouth has entered into a merger agreement with Kansas City Southern Industries, Inc. (KCSI) providing for the acquisition of MidSouth by KCSI. The merger is conditioned upon, among other things, approval by the Interstate Commerce Commission, which both companies are currently seeking. Net income in the third quarter of 1992 was reduced by $372,000 net of tax or 3 cents per share due to charges relating to the KCSI merger agreement.
 The corporation reported revenues of $27 million for the quarter, up from $23.6 million in the same quarter of last year. Excluding TennRail, the corporation's most recent acquisition which began operations Jan. 1, revenues amounted to $25.3 million, or 7 percent better than last year. Revenues for the first nine months of 1992 amounted to $79 million versus $69 million in 1991 and, excluding TennRail, were 8 percent better than last year.
 Net income for the third quarter was $2.4 million or $.23 per share, compared to $1.9 million or $.20 per share in the third quarter of 1991. The increase in per share earnings this year was achieved despite a 13 percent increase in the number of equivalent shares outstanding, 10.5 million versus 9.3 million last year.
 Net income before extraordinary item for the first nine months of 1992 was $6.8 million or $.65 per share compared to $4.9 million or $.52 per share for the same period a year ago. Net income for the first nine months of 1991 was boosted by an extraordinary gain amounting to five cents per share, or $432,000. Net income available to common stock for the first nine months of 1992 was $6.8 million or $.65 per share, compared to $5.4 or $.57 per share for the same period last year.
 Total carloadings for the third quarter reached 69,400. Excluding TennRail, carloadings grew from 62,200 in 1991 to 63,900 in 1992, an increase of 2.8 percent. Total carloadings for the first nine months of 1992 amounted to 205,200. Excluding TennRail, carloadings for the period were also up 3.7 percent versus last year.
 MidSouth Corporation Chairman and Chief Executive Officer Mark M. Levin said, "The corporation continued to experience growth in its shipments of pulp and paper, stone, clay and glass, and lumber and wood. The corporation continues to benefit from the expansion and construction of new plants and mills and the integration of our new TennRail subsidiary into the MidSouth system. The trend of increased carloadings has continued into October."
 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 Results
 (In thousands, except per share data)
 Periods ended Three months Nine months
 Sept. 30 1992 1991 1992 1991
 Revenues 27,049 23,567 79,040 68,951
 Operating income 8,152 6,203 22,760 17,812
 Extraordinary item -- -- -- 432(A)
 Net income 2.387(B) 1.876 6.801(B) 5.359
 Earnings per common share
 Income before
 extraordinary item .23 .20 .65 .52
 Extraordinary item -- -- -- .05
 Net income .23 .20 .65 .57
 Weighted average number
 of common shares 10,490,977 9,305,959 10,458,281 8,768,359
 Cash flow factors
 Net income 2,387 1,876 6,801 5,359
 Deferred income taxes 863 1,158 2,459 2,759
 Depreciation & amortiz. 2,749 1,962 8,078 5,615
 Interest expense 3,703 3,361 11,327 9,867
 Principal payments 2,189 2,187 6,305 4,840
 Selected expenses
 Personnel 7,253(C) 6,689 21,564(D) 19,786
 Locomotive Fuel 1,354 1,336 4,036 4,158
 Car Hire/Equip. lease 2,475 2,992 7,869 8,876
 (A) -- Gain on early retirement of FRA debt, net tax
 (B) -- Reduced $372 due to inclusion of charges relating to the KCSI Merger Agreement
 (C) -- $7,049, excluding TennRail
 (D) -- $21,004, excluding TennRail
 -0- 10/23/92
 /CONTACT: John A. Scotto of MidSouth Corporation, 601-949-4366/
 (MSRR) CO: MidSouth Corporation ST: Mississippi IN: TRN SU: ERN


TS-KW -- NY051 -- 4256 10/23/92 14:57 EDT
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Date:Oct 23, 1992
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