Chicago Pacific Corp., successor to the Chicago, Rock Island & Pacific Railroad Co., posted fourth-quarter net income of $39.7 million, or $13.53 a share. Earnings include an extraordinary credit of $17.3 million, or $5.90 a share, from using net operating loss carryforwards. For the year, net income totaled $66.9 million, or $22.83 a share, including $28 million from net operating loss carryforwards. Earnings were derived primarily from the sale of remaining rail assets, interest income from investments and rental income. The company said comparing fourth-quarter and full-year financial results with those from the preceding year would not be meaningful because of the continuing liquidation of the rail line. The company`s book value per share on Dec. 31 was $80.35 on a fully diluted basis.
