Canadian National's First-Quarter 2000 Net Income Rises 41 Per Cent to $196 Million From $139 Million a Year Earlier, Excluding Non-Recurring Items in Both Quarters.

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Canadian National's First-Quarter 2000 Net Income Rises 41 Per Cent to $196 Million From $139 Million a Year Earlier, Excluding Non-Recurring Items in Both Quarters.

Business Editors

MONTREAL--(BUSINESS WIRE)--April 24, 2000

(TSE:CNR.) (NYSE:CNI)

Solid Revenue Growth and Better Asset Utilization Drive

4.6-Point Improvement in CN's Operating Ratio

Canadian National said today strong revenue growth and continued cost control generated first-quarter 2000 net income of $196 million, excluding a non-recurring item.

Including a one-time $58-million after-tax gain related to the exchange of minority equity investments for common stock in 360networks Inc., CN's first-quarter 2000 net income rose to $254 million.

For the first quarter of 1999, CN's net income was $139 million, excluding a $5-million after-tax cumulative effect of changes in accounting policy. Including those accounting changes, net income for the first three months of 1999 was $144 million.

Diluted earnings per share for the first three months of 2000 were 96 cents, excluding the one-time gain (28 cents per share). Including it, CN's diluted earnings per share were $1.24.

For the comparable period of 1999, diluted earnings per share were 72 cents, excluding the accounting policy changes (two cents per share). Including them, diluted earnings per share were 74 cents.

Operating income for the latest quarter rose 29 per cent to $382 million. CN's operating ratio ...

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