WISCONSIN CENTRAL SEES DROP IN 4TH-QUARTER INCOME

WISCONSIN CENTRAL SEES DROP IN 4TH-QUARTER INCOME

   Wisconsin Central Transportation Corp. on Thursday reported net income excluding special items of $13.4 million, compared to $18.3 million in the year-earlier quarter.

   Operating income, excluding special items was $24.3 million for the fourth quarter, compared to $25.5 million for the fourth quarter of 1999. Operating expenses increased 1 percent despite increases in fuel expenses and depreciation. Operating revenues was also down 1 percent, to $90.9 million.

   Before special items, WCTC's operating ratio was 73.3 percent, compared to 72.1 percent for the year-earlier quarter.

   Carloads were down 8 percent.

WCTC and Canadian national Railway Co. announced Tuesday that CN plans to acquire all the common stock of WCTC in cash for about $17.15 per share.

   WCTC's international operations fell in the fourth quarter, due to rail network disruptions in the United Kingdom. WCTC holds 42.5 percent equity interest in English Welsh & Scottish Railway Holdings Ltd., Great Transport Network Ltd.; 23.7 percent equity interest in Tranz Rail Holdings Ltd., New Zealand's nationwide railroad and transportation company; and 33-percent equity in Australian Transport Network Ltd., which operates on the mainland and in Tasmania.

   For 2000, net income was $45.6 million, compared to $66.9 million in 1999. Operating income rose to $93.0 million, from $90.1 million. Revenues rose to $372.1 million, from $362.7 million. Operating ratio improved to 75.0 percent, from 75.2 percent.