BETHLEHEM STEEL ANNOUNCES SECOND QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(unaudited)
|
Six Months Ended
June 30 |
|
|
|
1997 |
|
1996 |
|
|
|
|
| Operating Activities: |
|
|
|
|
|
| Net income |
|
$198.4 |
|
|
$26.7 |
| Adjustments for items not affecting
cash from operating activities: |
|
|
|
|
|
| Depreciation |
|
117.3 |
|
|
143.1 |
| Estimated gain
on exiting business |
|
(135.0) |
|
|
- |
| Deferred
income taxes |
|
37.8 |
|
|
5.5 |
| Other - net |
|
15.5 |
|
|
2.8 |
| Working capital (excluding financing
and investing activities): |
|
|
|
|
|
| Receivables -
operating |
|
(11.0) |
|
|
(23.6) |
| Receivables -
sold |
|
- |
|
|
60.0 |
| Inventories |
|
96.7 |
|
|
28.0 |
| Accounts
payable |
|
(30.4) |
|
|
10.5 |
| Employment
costs and other |
|
(18.2) |
|
|
(72.1) |
|
|
|
|
| Cash Provided from Operating
Activities |
|
271.1 |
|
|
180.9 |
|
|
|
|
| Investing Activities: |
|
|
|
|
|
| Capital
expenditures |
|
(116.2) |
|
|
(136.8) |
| Cash proceeds
from asset sales and other |
|
147.8 |
|
|
5.3 |
|
|
|
|
| Cash Provided (Used) for
Investing Activities |
|
31.6 |
|
|
(131.5) |
|
|
|
|
| Financing Activities: |
|
|
|
|
|
| Pension
expense |
|
80.0 |
|
|
95.0 |
| Pension
funding |
|
(265.0) |
|
|
(95.0) |
| Long-term debt
and capital lease borrowings |
|
0.8 |
|
|
1.5 |
| Long-term debt
and capital lease payments |
|
(26.7) |
|
|
(46.0) |
| Cash dividends
paid |
|
(20.2) |
|
|
(20.2) |
| Other payments |
|
(20.6) |
|
|
(9.1) |
|
|
|
|
| Cash Used for Financing
Activities |
|
(251.7) |
|
|
(73.8) |
|
|
|
|
| Net Increase (Decrease) in Cash
and Cash Equivalents |
|
51.0 |
|
|
(24.4) |
| Cash and Cash Equivalents |
-Beginning of Period |
|
136.6 |
|
|
180.0 |
|
|
|
|
|
-End of Period |
|
$187.6 |
|
|
$155.6 |
|
|
|
|
|
| Supplemental Cash Payment Information: |
|
|
|
|
|
| Interest, net of amount capitalized |
|
$27.5 |
|
|
$27.4 |
| Income taxes |
|
$7.3 |
|
|
$3.3 |
The accompanying Notes are an
integral part of the Consolidated Financial Statements.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
