8-KOther Events

NORFOLK SOUTHERN CORP 8-K Report (Apr 21, 2004)

Filed April 21, 2004For Securities:NSC

Summary

Norfolk Southern Corporation (NSC) filed an 8-K on April 21, 2004, to report its first quarter results for 2004. The filing primarily serves to attach a press release detailing these results. A key aspect of the disclosure is the presentation of a non-GAAP financial measure, which excludes the cumulative effect of accounting changes and a gain from discontinued operations from the net income. Management believes this adjusted figure provides a more indicative view of operating performance for comparative purposes, both internally and against other companies.

Key Highlights

  • 1NSC filed an 8-K on April 21, 2004, to announce its first quarter 2004 financial results.
  • 2The report includes a press release detailing the company's Q1 2004 performance.
  • 3NSC is presenting a non-GAAP financial measure for Q1 2004 results.
  • 4The non-GAAP measure excludes the cumulative effect of accounting changes and a gain from discontinued operations.
  • 5Management believes this non-GAAP measure is more indicative of ongoing operating results.
  • 6This adjusted metric is intended for comparison to current/future periods and other companies.
  • 7The company plans to use this non-GAAP measure during its analysts' meeting and for future comparisons.

Frequently Asked Questions

The main purpose of this 8-K filing is to publicly disclose Norfolk Southern Corporation's first quarter 2004 financial results, which are detailed in an attached press release.

The non-GAAP financial measure is Norfolk Southern's first quarter 2004 net income that has been adjusted to exclude the cumulative effect of accounting changes and a gain recognized from discontinued operations. This is presented alongside the standard GAAP net income.

Management believes that by excluding the cumulative effect of accounting changes and a gain from discontinued operations, the adjusted net income provides a clearer and more comparable view of the company's ongoing operating performance against the current period, future periods, and other industry peers.

The detailed Q1 2004 results, including the non-GAAP financial measure, are available in the press release attached as Exhibit 99 to this 8-K filing, which was issued on April 21, 2004.