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
