NEW YORK (Standard&Poor's) April 23, 2003--Norfolk Southern Corp. (BBB/Stable/A-2) reported first-quarter net income from continuing operations before accounting changes of $85 million in 2003, compared with $86 million for the same period of 2002. The company also reported other income of $114 million, the gain largely due to a change in accounting for the cost of removing railroad crossties and a $10 million gain from discontinued operations resulting from the 1998 sale of a former motor carrier subsidiary. Standard&Poor's Ratings Services said that the announcement does not affect its ratings on the company, as the results were in line with Standard&Poor's expectations. Railway operating revenues for the quarter were $1.56 billion, up 4% from
