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WISCONSIN CENTRAL FOURTH QUARTER NET INCOME RISES 34.2 PERCENT TO $3.2 MILLION

 ROSEMONT, Ill., Feb. 11 /PRNewswire/ -- Wisconsin Central Transportation Corporation (NASDAQ-NMS: WCLX) (WCTC) today reported net income of $3.2 million for the fourth quarter of 1992, an increase of 34.2 percent from the $2.4 million reported in the same quarter of 1991. Earnings per share for the fourth quarter rose to 48 cents, versus 37 cents last year.
 WCTC said operating revenues were $31.2 million, compared with $26.7 million in 1991, an increase of $4.5 million, or 16.7 percent. Operating expenses for the quarter increased by $2.9 million, or 13.7 percent to $24.4 million, primarily due to increased traffic volume. Operating income increased $1.5 million, or 28.9 percent, to $6.8 million.
 Record 1992 results
 WCTC posted record annual net income of $10.9 million for the calendar year 1992, an increase of 31.9 percent from the $8.3 million reported for 1991. The company said it achieved record operating revenues and operating income in 1992. Earnings per share for the year increased 10.5 percent to $1.68 from $1.52 in 1991, as the higher net income overcame a 19.3 percent increase in the average number of common shares outstanding.
 Operating revenues for the year 1992 reached a record $124.4 million, an increase of $10.7 million, or 9.4 percent over 1991 levels. WCTC President Edward Burkhardt said the company's operating revenues reflect a $6.6 million increase in shipments over the Ladysmith-Superior, Wis., line, acquired in December 1991, and a $3.7 million increase in metallic ore shipments.
 The revenue increases, coupled with smaller increases in operating expenses, led to record annual operating income of $26.4 million for 1992, an increase of $3.9 million, or 17.5 percent, over 1991. Traffic increases pushed 1992 operating expenses up $6.8 million to $98.0 million, or 7.4 percent more than 1991. The company's operating ratio for 1992 (operating expenses divided by operating revenues) improved to 78.8 percent from the 80.3 percent recorded in 1991.
 The 1991 results include a special charge of $341,000 (net of income taxes) or 6 cents per common share, due to the write-off of deferred financing costs associated with early retirement of debt following the company's initial public offering in May 1991.
 Shares of Wisconsin Central Transportation Corporation are publicly traded on the NASDAQ National Market System under the symbol WCLX. The company's principal subsidiary, Wisconsin Central Ltd., operates more than 2,000 miles of railroad serving Wisconsin, Illinois, Minnesota, Michigan's Upper Peninsula, and Ontario.
 WISCONSIN CENTRAL TRANSPORTATION CORPORATION
 Quarter Ended Dec. 31
 1992 1991
 Operating revenues $31,187,000 $26,728,000
 Net income 3,207,000 2,390,000
 Average number of common
 shares outstanding 6,660,000 6,415,000
 Earnings per common share $.48 $.37
 Year Ended Dec. 31,
 1992 1991
 Operating revenues $124,364,000 $113,657,000
 Income before
 extraordinary item 10,881,000 8,592,000
 Extraordinary item -- (341,000)
 Net income $10,881,000 $8,251,000
 Average number of common
 shares outstanding 6,484,000 5,436,000
 Earnings per common share:
 Income before
 extraordinary item $1.68 $1.58
 Extraordinary item -- (.06)
 Net income $1.68 $1.52
 -0- 2/11/93
 /CONTACT: Tom Power, executive vice president and chief financial officer of Wisconsin Central, 708-318-4602/
 (WCLX)


CO: Wisconsin Central Transportation Corporation ST: Illinois, Wisconsin, Minnesota IN: TRN SU: ERN

DS -- MN030 -- 5566 02/11/93 09:39 EST
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Publication:PR Newswire
Date:Feb 11, 1993
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