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SANTA FE REPORTS 60 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE

SANTA FE REPORTS 60 PERCENT INCREASE IN FIRST QUARTER EARNINGS PER SHARE
 SCHAUMBURG, Ill., April 22 /PRNewswire/ -- Santa Fe Pacific Corp. ("SFP") (NYSE: SFX) reported net income of $30.4 million or $0.16 per share for the quarter ending March 31, 1992, a significant improvement over net income of $17.3 million or $0.10 per share in the first quarter of last year.
 "Improved results at all our businesses contributed to a 35 percent increase in operating income," said Robert D. Krebs, chairman, president and chief executive officer. "Santa Fe Railway's performance reflects increased traffic volume and the continued success of cost reduction and efficiency measures. The growth of gold operations was key to the improvement at Santa Fe Pacific Minerals," said Krebs.
 Santa Fe Railway's operating income of $60.5 million increased by 33 percent over the $45.5 million reported in the first quarter of 1991. The quarterly operating ratio improved to 88.9 percent from 91.1 percent in 1991. Revenues increased 7 percent to $545.1 million due to a 6 percent rise in carloadings and a one percent increase in revenue per car. Intermodal shipments showed continued strength with a 16 percent volume increase. Chemicals and petroleum, whole grain, vehicles and parts, and primary metals shipments also increased significantly.
 Quarterly operating expenses for Santa Fe Railway of $484.6 million were only 4 percent above last year, despite inflationary cost increases and the 6 percent higher volumes. Compensation and benefits expense increased $12.4 million to $202.8 million principally reflecting higher wages and benefits and the increased level of business. Fuel expense decreased $7.7 million to $49.1 million principally because of a decline in fuel prices.
 Equipment rents expense increase from $40.0 million to $40.8 million, only 2 percent despite the traffic volume increase. Materials and supplies expense increased $2.6 million to $35.0 million due to higher equipment maintenance activity. Other operating expenses of $111.9 million increased by $12.3 million, principally reflecting a volume related increase in ramping/deramping costs for intermodal shipments and higher equipment maintenance.
 Santa Fe Pacific Minerals' operating income for the first quarter was $33.0 million, a 42 percent increase over the prior year of $23.3 million. The improvement resulted principally from increased gold sales which were 64,000 ounces compared with 19,000 ounces last year. Sales from the new Lone Tree Mine and higher sales from the Rabbit Creek Mine contributed equally to this increase. Both quarters include receipt of a $16.0 million annual coal royalty payment.
 SFP's equity investment in Santa Fe Pacific Pipeline Partners, L.P. produced operating income of $5.9 million, a $1.1 million improvement principally reflecting increased revenues at the partnership.
 Other income-net in the quarter decreased $15.6 million from the 1991 quarter, principally due to lower land sales at Santa Fe Railway of $9.2 million and decreased interest income. Interest expense of $47.9 million decreased $12.1 million from last year due to more favorable interest rates and lower outstanding debt.
 SANTA FE PACIFIC CORP.
 Condensed Balance Sheet
 (Unaudited, in millions)
 3-31-92 12-31-91
 Assets
 Cash and cash equivalents $ 160.8 $ 163.6
 Other current assets 330.1 290.8
 Total Current Assets 490.9 454.4
 Properties and other assets 4,720.6 4,766.2
 Total Assets $5,211.5 $5,220.6
 Liabilities and Stockholders' Equity
 Current liabilities $ 906.9 $ 852.7
 Long-term debt due after one year 1,549.8 1,630.4
 Other liabilities 1,681.5 1,700.6
 Stockholders' equity 1,073.3 1,036.9
 Total Liabilities and
 Stockholders' Equity $5,211.5 $5,220.6
 Three Months Ended
 March 31,
 1992 1991
 Condensed Statement of Cash Flows
 Cash provided by operations $ 60.3 $ 23.4
 Cash used for capital expenditures (38.4) (45.1)
 Proceeds from sale of property,
 plant and equipment 4.9 13.9
 Net repayment of borrowings (68.0) (11.6)
 Cash provided by other activities 38.4 43.0
 Increase (Decrease) in Cash and
 Cash Equivalents $ (2.8) $ 23.6
 SANTA FE PACIFIC CORP. CONSOLIDATED STATEMENT OF OPERATIONS
 (Unaudited, in millions, except per share data)
 Three Months Ended March 31: 1992 1991
 Revenues
 Rail $545.1 $510.8
 Minerals 65.9 49.1
 Pipeline 5.9 4.8
 Total Revenues 616.9 564.7
 Operating Income
 Rail $ 60.5 $ 45.5
 Minerals 33.0 23.3
 Pipeline 5.9 4.8
 Total Operating Income 99.4 73.6
 Other income (expense)-net (2.6) 13.0
 Interest expense 47.9 60.0
 Income before income taxes 48.9 26.6
 Income taxes 18.5 9.3
 Net Income $ 30.4 $ 17.3
 Net income per share of
 common stock $0.16 $0.10
 Average number of common and
 common equivalent shares 184.7 174.9
 SANTA FE PACIFIC CORP. SUPPLEMENTAL DATA
 (Unaudited)
 Three Months Ended March 31: 1992 1991
 Rail
 Operating expenses (in millions)
 Compensation and benefits $202.8 $190.4
 Fuel 49.1 56.8
 Depreciation and amortization 45.0 46.1
 Equipment rents 40.8 40.0
 Materials and supplies 35.0 32.4
 Other 111.9 99.6
 Total Operating Expenses $484.6 $465.3
 Operating ratio 88.9 percent 91.1 percent
 Revenue ton-miles (billions) 20.9 19.5
 Revenue per revenue ton mile
 (cents) 2.56 2.57
 Carloadings (thousands) 403.0 380.9
 Average revenue per car $1,327 $1,314
 Employees (period-end) 13,595 14,261
 Minerals
 Gold ounces sold (thousands) 64 19
 Average price (per ounce) $398.93 $421.10
 Coal tons sold (thousands) 941 991
 Average price (per ton) $ 22.43 $ 22.10
 Employees (period-end) 887 643
 -0- 4/22/92
 /CONTACT: Cathy Westphal, assistant vice-president of Santa Fe, 708-995-6273/
 (SFX) CO: Santa Fe Pacific Corp. ST: Illinois IN: TRN SU: ERN


TQ -- NY024 -- 1124 04/22/92 09:52 EDT
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Date:Apr 22, 1992
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