BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1997 RESULTS
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
| ASSETS |
| |
|
March 31
1997 (unaudited) |
|
Dec. 31
1996 |
|
March 31
1996
(unaudited) |
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$ 133.9 |
|
$136.6 |
|
$130.5 |
| Receivables, less allowances |
|
331.7 |
|
311.6 |
|
335.2 |
| Inventories: |
|
|
|
|
|
|
| Raw materials |
|
315.3 |
|
332.0 |
|
332.3 |
| Finished and semifinished |
|
646.6 |
|
667.0 |
|
643.7 |
| Contract work-in-progress, less billings |
|
18.9 |
|
18.3 |
|
19.2 |
|
|
|
|
| |
|
980.8 |
|
1,017.3 |
|
995.2 |
| Other current assets |
|
11.5 |
|
22.9 |
|
11.2 |
|
|
|
|
| Total Current Assets |
|
1,457.9 |
|
1,488.4 |
|
1,472.1 |
| Investments and Miscellaneous Assets |
|
108.0 |
|
106.7 |
|
108.0 |
| Property, Plant and Equipment, less accumulated
depreciation of $3,971.2, $3,924.2 and $4,396.7 |
|
2,409.1 |
|
2,419.8 |
|
2,689.4 |
| Deferred Income Tax Asset - net |
|
927.5 |
|
935.0 |
|
885.0 |
| Intangible Asset - Pensions |
|
160. |
|
160.0 |
|
463.0 |
|
|
|
|
| Total Assets |
|
$5,062.5 |
|
$5,109.9 |
|
$5,617.5 |
|
|
|
|
| LIABILITIES AND
STOCKHOLDERS' EQUITY |
| Current Liabilities: |
|
|
|
|
|
|
Accounts
payable |
|
$367.1 |
|
$410.4 |
|
$389.8 |
Accrued
employment costs |
|
298.6 |
|
313.3 |
|
313.5 |
Accrued taxes |
|
61.4 |
|
67.9 |
|
63.2 |
Debt and capital lease obligations |
47.9 |
|
49.3 |
|
82.4 |
| Other current liabilities |
|
117.6 |
|
116.5 |
|
121.7 |
|
|
|
|
| Total Current Liabilities |
|
892.6 |
|
957.4 |
|
970.6 |
| Pension Liability |
|
886.9 |
|
870.0 |
|
1,152.6 |
| Post retirement Benefits Other Than Pensions |
|
1,450.7 |
|
1,445.0 |
|
1,418.4 |
| Long-term Debt and Capital Lease Obligations |
|
473.1 |
|
497.4 |
|
521.1 |
| Other Long-term Liabilities |
|
363.8 |
|
374.1 |
|
326.2 |
| Stockholders' Equity: |
|
|
|
|
|
|
| Preferred Stock |
|
11.6 |
|
11.6 |
|
11.6 |
| Preference Stock |
|
2.5 |
|
2.5 |
|
2.5 |
| Common Stock |
|
114.1 |
|
113.9 |
|
112.9 |
Common Stock
held in treasury at cost |
|
(59.9) |
|
(59.7) |
|
(59.4) |
| Additional paid-in capital |
|
1,877.3 |
|
1,886.3 |
|
1,840.7 |
| Accumulated deficit |
|
(950.2) |
|
(988.6) |
|
(679.7) |
|
|
|
|
| Total Stockholders' Equity |
|
995.4 |
|
966.0 |
|
1,228.6 |
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$5,062.5 |
|
$5,109.9 |
|
$5,617.5 |
|
|
|
|
The accompanying Notes are an integral part of the
Consolidated Financial Statements.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
