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SOO Liner 1981 First Quarter Employee magazine Potash Radar guns monitors train
SOO Liner 1981 First Quarter 16 pages Radar guns monitor train speeds, Potash, employee news
ELMA electronic mail carrier
Television installed at Shoreham
Radar bun monitors train speeds
Potash the struggle, the success
Employee news
more
The Company achieved new highs in revenues and net income in 1980 in spite of an overall decline in the number of carloads handled and revenue ton miles recorded.
Soo Line had net income of $34 million on total revenues of $314 million in comparison with net income of $27.6 million on revenues of $290.5 million in the previous year.
Railway revenues rose by $23.8 million primarily because of higher freight rates. The higher net income in 1980 was made possible by these higher revenues, improvements made in operating efficiency and higher investment tax credits and increased interest income from short-term investments.
Following a record first quarter in 1980, traffic levels were mixed. The lower business volume at the end of the year at one point was reflected by the fact that many locomotives and as many as 2,000 freight cars were idle. Results for the fourth quarter, reflecting the lower business, were down from the previous period. Net income for the quarter was $10 million compared with $12 million in 1979 on revenues of $83.7 million, down from $86.8 million in the earlier quarter.
For the year, the volume of business handled in nearly every commodity area was lower than in 1979. Farm products accounted for 25% of total revenues, Chemicals 21%, Lumber and Wood Products 12% and Pulp and Paper 12%. Two commodities showing positive volume increases in 1980 were Pulpwood and Woodchips, and Sulphur.
Significant productivity gains were made in 1980 even though revenue ton miles dropped 7% from 1979 and carloads were down 12%. The average number of gross tons per train increased on the average from 4,500 in 1979 to 4,800 in 1980. The important transportation expense ratio decreased from 38.2% of revenues to 37.4% in 1980.
Diesel fuel prices on the average were up 41% over 1979. Diesel fuel expenditures in 1980 amounted to nearly 90 of every revenue dollar taken in.
Total wages for Employees totalled $137 million during the year.
Capital spending, principally for new equipment, amounted to $4 7million in 1980, significantly higher than in any previous year. The Company took delivery of 624 new freight cars, 20 new locomotives and $1.7 million in new track maintenance equipment. During 1981 Soo is receiving 10 new locomotives, 245 new freight cars and additional track equipment.
Rail replacement also rose in comparison with 1979. A total of 80 miles of new welded rail and 29 miles of second hand welded rail went into main and branch lines. Ballast and tie programs resulted in installation of 565,000 cubic yards of crushed rock and 273,000 new cross ties.
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