BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1998 RESULTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(unaudited)
|
Three Months Ended
March 31 |
|
|
|
|
|
|
|
1998 |
|
|
1997 |
| Operating Activities: |
|
|
|
|
|
|
|
| Net income |
|
|
$68.6 |
|
|
$38.4 |
|
|
|
|
|
|
|
|
|
|
| Adjustments for items not
affecting cash from operating activities: |
|
|
|
|
Depreciation |
|
|
59.8 |
|
|
56.9 |
|
Deferred income taxes |
|
|
13.0 |
|
|
7.5 |
|
Other - net |
|
|
4.4 |
|
|
9.3 |
| Working capital
(excluding financing and investing activities): |
|
Receivables - operating |
|
|
(1.4) |
|
|
(20.1) |
|
Inventories |
|
|
22.7 |
|
|
36.5 |
|
Accounts payable |
|
|
(10.1) |
|
|
(43.3) |
|
Employment costs and other |
|
|
(26.7) |
|
|
(17.1) |
|
|
|
|
|
|
|
|
| Cash Provided from Operating Activities |
|
|
130.3 |
|
|
68.1 |
|
|
|
|
|
|
|
|
| Investing Activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
(61.2) |
|
|
(50.0) |
| Cash proceeds from asset
sales and other |
|
|
2.3 |
|
|
1.3 |
|
|
|
|
|
|
|
|
| Cash Used for Investing Activities |
|
|
(58.9) |
|
|
(48.7) |
|
|
|
|
|
|
|
|
| Financing Activities: |
|
|
|
|
|
|
|
|
| Pension expense |
|
|
21.0 |
|
|
40.9 |
| Pension funding |
|
|
(5.0) |
|
|
(25.0) |
| Long-term debt borrowings |
|
|
0.2 |
|
|
0.4 |
| Long-term debt and capital
lease payments |
|
|
(21.5) |
|
|
(25.7) |
| Cash dividends paid |
|
|
(10.1) |
|
|
(10.1) |
| Other payments |
|
|
|
|
(21.2) |
|
|
(2.6) |
|
|
|
|
|
|
|
|
| Cash Used for Financing Activities |
|
|
(36.6) |
|
|
(22.1) |
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Cash and Cash
Equivalents |
|
|
34.8 |
|
|
(2.7) |
| Cash and Cash Equivalents |
|
|
|
|
|
| - Beginning of Period |
|
252.4 |
|
|
136.6 |
|
|
|
|
|
|
|
|
- End
of Period |
|
|
|
$287.2 |
|
|
$133.9 |
|
|
|
|
|
|
|
|
| Supplemental Cash Payment Information: |
|
|
|
|
|
|
|
|
| Interest, net of amount
capitalized |
|
|
$16.1 |
|
|
$15.8 |
| Income taxes |
|
|
$3.5 |
|
|
$7.5 |
The accompanying Notes are an integral
part of the Consolidated Financial Statements.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
