GATX CORP. FIRST-QUARTER NET INCOME UP SLIGHTLY

GATX CORP. FIRST-QUARTER NET INCOME UP SLIGHTLY

   GATX Corp., whose divisions comprise rail, logistics and financial services, reported first-quarter net income of $40.6 million, up 3.6 percent over the year earlier period.

   GATX, which announced last week that it would sell off 81 percent of GATX Logistics, said the sale would free up capital as the company focuses on GATX Rail, Financial Services and the chemical and petroleum business within GATX Integrated Logistics Solutions Group.

   GATX Rail's first-quarter net income rose 5.7 percent to $18.5 million, driven party by a larger active fleet in the most recent quarter. The North American fleet totals about 85,000 cars, up from 82,000 cars in the year-earlier period.

   GATX Integrated Solutions, which comprises GATX Terminals, GATX Chemical Logistics, GATX Monitoring Services and GATX Rail Logistics, saw net income for the first quarter drop 60.5 percent to $3.0 million, from $7.6 million in the prior year period. The first quarter 2000 results included higher development costs associated with new business ventures in chemical and rail logistics, and costs resulting from the acquisition of the remaining interest in two international joint venture terminals, GATX said. The year-earlier results also included $2 million in income from the sale of rights to fiber optic capacity along the Central Florida Pipeline.

   Financial Services first-quarter net income was $22.9 million, compared to $17.6 million for the first quarter of 1999.