BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(unaudited)
| |
|
Three
Months Ended
March 31 |
|
|
| |
|
1997 |
|
1996 |
|
|
|
|
|
| Operating Activities:
|
|
|
|
|
| Net income |
|
$38.4 |
|
$0.1 |
| Adjustments for items not
affecting cash from operating activities: |
|
|
|
|
|
Depreciation |
|
56.9 |
|
69.9 |
|
Deferred Income Taxes |
|
7.5 |
|
- |
|
Other - net |
|
9.3 |
|
5.3 |
| Working capital (excluding
financing and investing activities): |
|
|
|
|
|
Receivables - operating |
|
(20.1) |
|
(20.6) |
|
Receivables - sold |
|
- |
|
60.0 |
|
Inventories |
|
36.5 |
|
(37.1) |
|
Accounts payable |
|
(43.3) |
|
8.2 |
|
Employment costs and other |
|
(17.1) |
|
(63.8) |
|
|
|
| Cash Provided from
Operating Activities |
|
68.1 |
|
22.0 |
|
|
|
| Investing Activities:
|
|
|
|
|
|
Capital expenditures |
|
(50.0) |
|
(59.9) |
|
Cash proceeds from asset sales and other |
|
1.3 |
|
2.5 |
|
|
|
| Cash Used for Investing
Activities |
|
(48.7) |
|
(57.4) |
|
|
|
| Financing Activities:
|
|
|
|
|
|
Pension expense |
|
40.9 |
|
47.6 |
|
Pension funding |
|
(25.0) |
|
(10.0) |
|
Long-term debt and capital lease borrowings |
|
0.4 |
|
0.7 |
|
Long-term debt and capital lease payments |
|
(25.7) |
|
(34.8) |
|
Cash dividends paid |
|
(10.1) |
|
(10.1) |
|
Other payments |
|
(2.6) |
|
(7.5) |
|
|
|
| Cash Used for Financing
Activities |
|
(22.1) |
|
(14.1) |
|
|
|
| Net Decrease in Cash and
Cash Equivalents |
|
(2.7) |
|
(49.5) |
| Cash and Cash Equivalents |
-Beginning of Period |
|
136.6 |
|
180.0 |
|
|
|
| |
-End of Period |
|
$133.9 |
|
$130.5 |
|
|
|
| Supplemental Cash
Payment Information: |
|
|
|
|
|
Interest, net of amount capitalized |
|
$15.8 |
|
$23.0 |
|
Income taxes |
|
$7.5 |
|
$3.2 |
The accompanying Notes are an integral part of the
Consolidated Financial Statements.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
