Special charge will cut NS earnings - Rail Update - Brief Article

Railway Age, Feb, 2004

> A pre-tax charge of about $80 million recognizing the "impaired value of certain telecommunications assets" will reduce Norfolk Southern's fourth-quarter net income by around $50 million or 13 cents a share. David R. Goode, the company's chairman, president, and CEO, said the action results from "prevailing market conditions in the telecommunications industry as reflected by a recent valuation study." He added: "Norfolk Southern, through its T Cubed subsidiary remains committed to its participation in the telecommunications industry, which allows us to leverage our assets to participate ha the future development of telecommunications infrastructure."