Results of Operations
Real Estate Operations
Years Ended December 31,
(In millions) 1998 1997 1996
Operating Revenues $ 181 $ 124 $ 114
Operating Expenses 39 26 26
Operating Income 142 98 88
Other Income, Net of Expenses --  --  -- 
EBIT $ 142 $ 98 $ 88
 

In 1998, earnings before interest and taxes for Real Estate Operations increased 44.9% compared to 1997, primarily as a result of increased project and lake lot sales and a gain on land sales in the Jocassee Gorges region of South Carolina. Earnings before interest and taxes for Real Estate Operations increased 11.4% in 1997 over 1996, primarily due to gains associated with bulk land sales in 1997.