Norfolk Southern

Norfolk Southern Corporation has reported record fourth-quarter net income of $264 million or $0.65 per diluted share, compared with $52 million or $0.13 per diluted share for fourth-quarter 2003. Fourth-quarter 2003 was affected by costs related to a voluntary separation program and an asset impairment charge that together reduced the quarter’s net income by $119 million or $0.30 per share. Excluding the effects of those items, fourth-quarter 2003 net income would have been $171 million or $0.43 per diluted share.