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Article: Illinois Central Corporation Reports Fourth Quarter Earnings Up 17 Percent
- Article from:
- PR Newswire
- Article date:
- January 20, 1998
CopyrightCOPYRIGHT 1998 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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CHICAGO, Jan. 20 /PRNewswire/ -- Illinois Central Corporation (NYSE: IC) today reported net income for the fourth quarter ended December 31, 1997, of $46.7 million ($.75 per share) compared to fourth quarter 1996 net income of $40.0 million ($.65 per share). Both quarters included non-recurring gains (explained below); excluding the gains in both years for comparability, fourth quarter 1997 earnings of $43.0 million ($.69 per share) compared to fourth quarter 1996 earnings of $35.4 million ($.58 per share).
In late December 1997 the Company donated, to the City of Chicago, property no longer required for freight operation. The accounting effect of the ...