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MIDSOUTH REPORTS YEAR-END AND FOURTH QUARTER 1991 RESULTS

 MIDSOUTH REPORTS YEAR-END AND FOURTH QUARTER 1991 RESULTS
 JACKSON, Miss., Feb. 18 /PRNewswire/ -- MidSouth Corporation (NASDAQ: MSRR) today announced financial results for the year and fourth quarter ended Dec. 31. Net income available to common stock was up for the year and quarter compared to the same periods in 1990, while revenues and net income were down.
 Revenues for the year were $92.2 million compared with $92.8 million in 1990 and for the quarter were $23.2 million against $24.5 million. Net income of $7.2 million declined five percent on a year-to-year comparison. Income of $1.8 million in the fourth quarter was down 10 percent.
 The improvement in net income available to common stock -- $744,000 for the year and $115,000 for the quarter -- stemmed from a $935,000 decline in preferred dividend requirements following the redemption of all of the company's preferred stock in 1991.
 Carloadings were affected by the recession, declining to 245,100 or 3.9 percent for the year and 62,000 or 4.6 percent for the quarter. Revenue loss from the carloading decline, however, was held to .7 percent for the year because of price increases in 1990 and a favorable change in the commodities mix on the lines.
 MidSouth Corporation Chairman and Chief Executive Officer Mark M. Levin said, "MidSouth's operating performance in 1991 demonstrates the company's great strength and potential for growth. While many of our customers were adversely affected by the recession, new customers and plant expansions held revenues and carloadings stable. Management was also able to effectively control costs with total operating costs rising only .7 percent for the year.
 "MidSouth also enters the new year with a strong balance sheet. In 1991 common equity increased by $30 million to $69.2 million through a series of private placements with Archer Daniels Midland Company and the Northwestern Mutual Life Insurance Company. Our preferred stock was also redeemed on or before schedule with a majority of it redeemed at a discount. We also successfully restructured our debt so that its amortization better reflects the useful life of our assets.
 "Finally, at year end we completed another major acquisition of a connecting rail property. Through our TennRail subsidiary we purchased the assets of a railroad subsidiary of Packaging Corporation of America. This purchase offers synergistic benefits for the entire MidSouth system."
 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 share data)
 Period ended Three months Year
 Dec. 31 1991 1990 1991 1990
 Revenues $23,234 $24,472 $92,185 $92,806
 Operating income 6,083 6,603 23,896 24,960
 Net income 1,843 2,052 7,202 7,393
 Net income available
 to common stock 1,842 1,727 6,837 6,093
 Earnings per common share $.20 $.24 $.77 $.82
 Weighted average number
 of common shares 9,314,837 7,294,899 8,907,160 7,463,548
 -0- 2/18/92
 /CONTACT: John A. Scotto of MidSouth, 601-949-4366/
 (MSRR) CO: MidSouth Corporation ST: Mississippi IN: TRN SU: ERN


SM-OS -- NY057 -- 9937 02/18/92 12:24 EST
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Date:Feb 18, 1992
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