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MIDSOUTH REPORTS FIRST QUARTER EARNINGS UP 30 PERCENT

 MIDSOUTH REPORTS FIRST QUARTER EARNINGS UP 30 PERCENT
 JACKSON, Miss., May 1 /PRNewswire/ -- MidSouth Corporation (NASDAQ: MSRR) today announced improved first quarter results with revenues up 12 percent and net income up 30 percent from the same period one year ago.
 The corporation reported revenues of $25.5 million for the quarter, up from $22.8 million in the same quarter of last year. Excluding TennRail, the corporation's most recent acquisition which began operations Jan. 1, revenues amounted to $23.9 million, or $1.2 million better than last year.
 Net income was $2 million or $.20 per share, compared to $1.6 million or $.17 per share in the first quarter of 1991. The 18 percent increase in earnings per share was achieved despite a 33 percent increase in the number of equivalent shares outstanding, 10.4 million shares this year compared to 7.8 million last year. Net income available to common stock was $2 million compared to $1.3 million last year, an increase of $739,000 or 57 percent. The improvement in net income available to common stock stemmed from the elimination of preferred dividend requirements following the redemption of all of the company's preferred stock in 1991.
 Total carloadings for the quarter reached 67,100. Excluding TennRail, carloadings grew from 61,200 in 1991 to 62,200 in 1992, an increase of 1.6 percent. Carloadings in April were preliminarily up 11.6 percent over April 1991.
 MidSouth Corporation Chairman and Chief Executive Officer Mark M. Levin said, "Strength in the paperboard and construction industries enabled the corporation to achieve sizable revenue and net income increases over last year. The trend of increased carloadings accelerated as the quarter progressed and continued through April. Furthermore, additional carloading growth is expected throughout the year as the ongoing construction of several new plants and mills is completed. The integration of our new TennRail subsidiary into the MidSouth system will also produce carloading growth as the year progresses. Continuing tight control over expenses was also responsible for the growth in net income."
 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)
 Three months ended March 31 1992 1991
 Revenues $25,498 $22,765
 Operating income 7,066 5,638
 Net income 2,042 1,575
 Earnings per common share $.20 $.17
 Weighted average number of common shares 10,415,764 7,811,921
 Cash Flow Factors
 Net income 2,042 1,575
 Deferred income taxes 738 724
 Depreciation and amortization 2,647 1,786
 Interest expense 3,862 3,139
 Principal payments 3,344 2,433
 Total 12,633 9,657
 Selected Expenses
 Personnel 7,158(A) 6,647
 Locomotive fuel 1,355 1,713
 Car hire/equipment lease 2,698 3,089
 (A) -- $6,973 excluding TennRail
 -0- 5/1/92
 /CONTACT: John A. Scotto of MidSouth, 601-949-4366/
 (MSRR) CO: MidSouth Corporation ST: Mississippi IN: TRN SU: ERN


CK-OS -- NY031 -- 5430 05/01/92 11:20 EDT
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Publication:PR Newswire
Date:May 1, 1992
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