(Norfolk Southern issued the following news release on March 17.)
NORFOLK, Va. — The ability to respond to unprecedented growth in demand for rail transportation services produced excellent returns for investors, David Goode, chairman and chief executive officer, said in his letter to stockholders in the 2004 annual report of Norfolk Southern Corporation (NYSE: NSC).
“When customers needed us at a rate that surpassed all our predictions, our people stepped up and provided service for the business our shippers brought us,” Goode said. “Increasing the value of our services to customers enabled us to raise the yield for our business. Adding in our improving productivity and efficiency spelled good results in the bottom line, and our stock value improved.”
Goode said the North American transportation market is shifting toward significantly increased demand for rail freight. “We are at the threshold of a new growth-oriented, growth-driven business model for the railroad industry. Norfolk Southern will be prepared and is determined to seize the opportunity,” he said.
President Wick Moorman said in a companion letter that 2004 “marked the beginning of a new era at Norfolk Southern in terms of growth and profitability. Market shifts in global trade, along with highway transportation constraints here in the United States, are creating unprecedented opportunities for us to provide transportation services for more and more customers, and to capture the value that we provide.”
Norfolk Southern’s annual report and Form 10-K are posted on the company Web site. Created in-house, some 195,000 printed copies are distributed to stockholders, the financial community, news media and libraries. To request a copy, call 800-531-6757, e-mail annualreport@nscorp.com or write to Norfolk Southern Corp., Public Relations Dept., Three Commercial Place, Norfolk, Va. 23510-9217.