 |
 |
BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1998 RESULTS
CONSOLIDATED BALANCE SHEETS
(dollars in millions)
| ASSETS |
| |
|
March 31
1998 (unaudited) |
|
Dec. 31
1997 |
|
March 31
1997
(unaudited) |
|
|
|
|
| Current Assets: |
|
|
|
|
|
|
| Cash and cash equivalents |
|
$287.2 |
|
$252.4 |
|
$ 133.9 |
| Receivables, less allowances |
|
307.4 |
|
306.0 |
|
331.7 |
| Inventories: |
|
|
|
|
|
|
| Raw materials |
|
296.4 |
|
324.5 |
|
315.3 |
| Finished and semifinished |
|
574.7 |
|
569.3 |
|
665.5 |
|
|
|
|
| |
|
871.1 |
|
893.8 |
|
980.8 |
| Other current assets |
|
10.9 |
|
11.8 |
|
11.5 |
|
|
|
|
| Total Current Assets |
|
1,476.6 |
|
1,464.0 |
|
1,457.9 |
| Investments and Miscellaneous Assets |
|
99.9 |
|
100.9 |
|
108.0 |
| Property, Plant and Equipment, less accumulated depreciation
of $4,145.5, $4,095.5 and $3,971.2 |
|
2,353.9 |
|
2,357.7 |
|
2,409.1 |
| Deferred Income Tax Asset - net |
|
867.0 |
|
880.0 |
|
927.5 |
| Intangible Asset - Pensions |
|
- |
|
- |
|
160.0 |
|
|
|
|
| Total Assets |
|
$4,797.4 |
|
$4,802.6 |
|
$5,062.5 |
|
|
|
|
| LIABILITIES AND STOCKHOLDERS' EQUITY |
| Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$361.0 |
|
$371.2 |
|
$367.1 |
Accrued
employment costs |
|
295.1 |
|
323.9 |
|
298.6 |
Accrued taxes |
|
53.0 |
|
60.0 |
|
61.4 |
Debt and
capital lease obligations |
44.4 |
|
41.8 |
|
47.9 |
| Other current liabilities |
|
120.8 |
|
113.9 |
|
117.6 |
|
|
|
|
| Total Current Liabilities |
|
874.3 |
|
910.8 |
|
892.6 |
| Pension Liability |
|
456.0 |
|
440.0 |
|
886.9 |
| Postretirement Benefits Other Than Pensions |
|
1,436.3 |
|
1,445.0 |
|
1,450.7 |
| Long-term Debt and Capital Lease Obligations |
|
427.5 |
|
451.6 |
|
473.1 |
| Other Long-term Liabilities |
|
328.8 |
|
340.2 |
|
363.8 |
| Stockholders' Equity: |
|
|
|
|
|
|
| Preferred Stock |
|
11.6 |
|
11.6 |
|
11.6 |
| Preference Stock |
|
2.3 |
|
2.3 |
|
2.5 |
| Common Stock |
|
115.3 |
|
115.0 |
|
114.1 |
Common Stock
held in treasury at cost |
|
(60.1) |
|
(60.0) |
|
(59.9) |
| Additional paid-in capital |
|
1,844.7 |
|
1,854.0 |
|
1,877.3 |
| Accumulated deficit |
|
(639.3) |
|
(707.9) |
|
(950.2) |
|
|
|
|
| Total Stockholders' Equity |
|
1,274.5 |
|
1,215.0 |
|
995.4 |
|
|
|
|
| Total Liabilities and Stockholders' Equity |
|
$4,797.4 |
|
$4,802.6 |
|
$5,062.5 |
|
|
|
|
The accompanying Notes are an integral
part of the Consolidated Financial Statements.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
