Summary
Norfolk Southern Corporation (NSC) filed an 8-K on January 24, 2007, to report its fourth quarter and full-year 2006 financial results. The primary focus of this filing is the disclosure of these results, which are presented in a press release attached as an exhibit. Investors should note that the company is presenting a non-GAAP financial measure, excluding the impact of Ohio tax legislation from 2005 net income and diluted earnings per share, to facilitate year-over-year comparisons. Management believes this adjusted measure provides a clearer view of operating performance and intends to use it for future financial discussions and comparisons.
Key Highlights
- 1Norfolk Southern Corporation announced its fourth quarter and full year 2006 financial results via an 8-K filing on January 24, 2007.
- 2The filing includes a press release (Exhibit 99) detailing the company's financial performance.
- 3NSC is providing a non-GAAP financial measure that excludes the impact of Ohio tax legislation from 2005 results.
- 4This non-GAAP measure is used for comparing 2006 net income and diluted earnings per share against 2005 on an adjusted basis.
- 5Management believes the non-GAAP measure is more indicative of ongoing operating results and facilitates comparisons with prior periods and other companies.
- 6The company intends to use this non-GAAP financial measure in its analysts' meeting scheduled for January 24, 2007, and for future comparisons.
- 7The 8-K also serves as a Regulation FD disclosure for the earnings announcement.
Frequently Asked Questions
The main purpose of this 8-K filing is to officially report Norfolk Southern Corporation's fourth quarter and full-year 2006 financial results and to furnish the accompanying press release as an exhibit.
Norfolk Southern is presenting a non-GAAP financial measure that excludes the impact of Ohio tax legislation from its 2005 net income and diluted earnings per share. This adjustment is made to provide a clearer basis for comparing 2006 performance to 2005.
Management believes that excluding the effects of the Ohio tax legislation from the 2005 figures provides a more indicative view of the company's operating results for comparative purposes, both against prior periods and potentially against other companies in the industry. They intend to use this adjusted measure in investor presentations and future comparisons.
The detailed financial results are provided in the press release dated January 24, 2007, which is attached as Exhibit 99 to this 8-K filing.