BETHLEHEM STEEL ANNOUNCES THIRD QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
(unaudited)
Three Months Ended
September 30 |
|
|
|
Nine Months Ended
September 30 |
|
|
|
|
|
|
1997
(unaudited) |
|
1996
(unaudited) |
|
|
|
|
1997
(unaudited) |
|
1996
(unaudited) |
|
|
|
|
|
|
|
$1,113.4 |
|
$1,174.6 |
|
Net Sales |
|
$3,512.8 |
|
$3,530.0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
971.8 |
|
1,043.3 |
|
Cost of sales |
|
3,077.7 |
|
3,146.1 |
|
56.4 |
|
65.5 |
|
Depreciation |
|
173.7 |
|
208.6 |
|
26.7 |
|
26.0 |
|
Selling, administration and general expense |
|
79.6 |
|
78.2 |
|
- |
|
15.0 |
|
Estimated (gain) loss on exiting businesses |
|
(135.0) |
|
15.0 |
|
|
|
|
|
|
|
|
1,054.9 |
|
1,149.8 |
|
Total Costs and Expenses |
|
3,196.0 |
|
3,447.9 |
|
|
|
|
|
|
|
|
58.5 |
|
24.8 |
|
Income from Operations |
|
316.8 |
|
82.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing Income (Expense): |
|
|
|
|
|
(11.6) |
|
(13.1) |
|
Interest and other financing costs |
|
(35.5) |
|
(41.2) |
|
2.2 |
|
1.5 |
|
Interest and other income |
|
5.7 |
|
4.5 |
|
|
|
|
|
|
|
|
49.1 |
|
13.2 |
|
Income before Income Taxes |
|
287.0 |
|
45.4 |
|
(8.5) |
|
(2.2) |
|
Provision for Income Taxes |
|
(48.0) |
|
(7.7) |
|
|
|
|
|
|
|
|
40.6 |
|
11.0 |
|
Net Income |
|
239.0 |
|
37.7 |
|
10.4 |
|
10.5 |
|
Dividends on Preferred and Preference Stock |
|
31.2 |
|
31.5 |
|
|
|
|
|
|
|
|
$30.2 |
|
$0.5 |
|
Net Income Applicable to Common Stock |
|
$207.8 |
|
$6.2 |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common Share: |
|
|
|
|
|
|
$0.27 |
|
- |
|
Primary |
|
$1.85 |
|
$0.06 |
|
$0.26 |
|
- |
|
Fully Diluted |
|
$1.75 |
|
$0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
112.6 |
|
111.5 |
|
Average Primary Shares Outstanding |
|
|
112.3 |
|
111.1 |
The accompanying
Notes are an integral part of the Consolidated Financial Statements.
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |
