 |
 |
BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1998 RESULTS
CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
(unaudited)
|
Three Months Ended
March 31 |
|
|
| |
|
1998 |
|
1997 |
|
|
|
| Net Sales |
|
$1,132.5 |
|
$1,192.5 |
| Costs and Expenses: |
|
|
|
|
| Cost of sales |
|
957.0 |
|
1,052.5 |
| Depreciation |
|
59.8 |
|
56.9 |
Selling,
administration
and general expense |
|
25.3 |
|
26.8 |
|
|
|
| Total Costs and Expenses |
|
1.042.1 |
|
1,136.2 |
|
|
|
| Income from Operations |
|
90.4 |
|
56.3 |
| Financing Income (Expense): |
|
|
|
|
| Interest and
other financing costs |
|
(11.6) |
|
(11.8) |
| Interest and
other income |
|
3.3 |
|
1.4 |
|
|
|
| Income before Income Taxes |
|
82.1 |
|
45.9 |
| Provision for Income Taxes
|
|
(13.5) |
|
(7.5) |
|
|
|
| Net Income |
|
68.6 |
|
38.4 |
| Dividends on Preferred and
Preference Stock |
|
10.5 |
|
10.4 |
|
|
|
| Net Income Applicable to Common
Stock |
|
$58.1 |
|
$28.0 |
|
|
|
| Net Income per Common Share: |
|
|
|
|
| -Basic |
|
$0.51 |
|
$0.25 |
|
-Diluted |
|
$0.49 |
|
$0.25 |
| Average Shares Outstanding
|
|
113.1 |
|
112.0 |
| |
|
|
|
|
Additional
Data |
| Steel products shipped (thousands of
net tons) |
|
2,221 |
|
2,224 |
| Raw steel produced (thousands of net
tons) |
|
2,487 |
|
2,317 |
The accompanying Notes are an integral
part of the Consolidated Financial Statements
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
