FOR IMMEDIATE RELEASE
September 29, 2000
NORFOLK SOUTHERN ANNOUNCES TIMBER RIGHTS SALE
AND LIKELY THIRD-QUARTER EPS
NORFOLK, VA Norfolk Southern Corporation (NYSE: NSC) announced the sale
of timber rights owned by subsidiary companies and said its earnings per
share for the third quarter of 2000 likely will be in the range of 22 cents
to 26 cents, including approximately $72 million pre-tax (or 12 cents per
share) from the sale of the timber rights.
Reflecting a slowing economy, mild weather in Norfolk Southern's service
region and a change in traffic mix, total third-quarter railway operating
revenues will be lower than anticipated. In addition, average diesel fuel
costs that are more than 50 percent above third-quarter 1999 levels are
driving railway operating expenses significantly higher.
This announcement, issued on the last business day of the quarter, does not
signal a change in Norfolk Southern's long-standing policy of not forecasting
earnings or other results. Norfolk Southern will report earnings and other
results at its regular quarterly meeting with analysts in New York City on
October 25. Presentation materials and a simultaneous webcast of the meeting
will be available on Norfolk Southern's Web site at www.nscorp.com.
Statements contained in this news release which are not related to historical
facts are forward-looking statements as that term is defined in the Private
Securities Reform Act of 1995. Such forward-looking statements are subject to
risks and uncertainties (contained in the Corporation's SEC filings) which
could cause actual results to differ.
Norfolk Southern Corporation, a Virginia-based holding company with headquarters
in Norfolk, owns a major freight railroad, Norfolk Southern Railway Company,
which operates approximately 21,800 miles of road in 22 states, the District
of Columbia and the Province of Ontario.
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Media Contact: Bob Fort, Norfolk, 757-629-2710
Investor Contact: Sandy Santangelo, Norfolk, 757-629-2861
World Wide Web Site: www.nscorp.com
