 BETHLEHEM STEEL ANNOUNCES FOURTH QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
|
Year Ended
December 31 |
|
|
|
|
|
|
|
1997
(unaudited) |
|
|
1996 |
| Operating Activities: |
|
|
|
|
|
|
|
| Net income (loss) |
|
$ |
280.7 |
|
$ |
(308.8) |
|
|
|
|
|
|
|
|
|
|
Adjustments for items not affecting cash from
operating activities: |
|
|
|
|
|
|
| Depreciation |
|
|
231.0 |
|
|
268.7 |
| Estimated (gain) loss on
exiting businesses |
|
|
(135.0) |
|
|
465.0 |
| Deferred income taxes |
|
|
53.0 |
|
|
(67.0) |
| Other - net |
|
|
28.2 |
|
|
9.1 |
| Working capital (excluding financing and investing
activities): |
|
|
|
|
| Receivables - operating |
|
|
11.6 |
|
|
9.1 |
| Receivables - sold |
|
|
(6.0) |
|
|
54.0 |
| Inventories |
|
|
115.6 |
|
|
(58.8) |
| Accounts payable |
|
|
(24.5) |
|
|
28.9 |
| Employment costs and other |
|
|
(3.7) |
|
|
(59.4) |
|
|
|
|
|
|
|
|
| Cash Provided from Operating Activities |
|
|
550.9 |
|
|
340.8 |
|
|
|
|
|
|
|
|
| Investing Activities: |
|
|
|
|
|
|
|
|
| Capital expenditures |
|
|
(228.2) |
|
|
(259.0) |
| Cash proceeds from asset
sales and other |
|
|
191.8 |
|
|
7.7 |
|
|
|
|
|
|
|
|
| Cash Used for Investing Activities |
|
|
(36.4) |
|
|
(251.3) |
|
|
|
|
|
|
|
|
| Financing Activities: |
|
|
|
|
|
|
|
|
| Pension expense |
|
|
155.0 |
|
|
192.0 |
| Pension funding |
|
|
(425.0) |
|
|
(170.0) |
| Long-term debt and capital
lease borrowings |
|
|
1.9 |
|
|
3.1 |
| Long-term debt and capital
lease payments |
|
|
(53.4) |
|
|
(91.8) |
| Cash dividends paid |
|
|
(40.4) |
|
|
(40.4) |
| Other payments |
|
|
|
|
(36.8) |
|
|
(25.8) |
|
|
|
|
|
|
|
|
| Cash Used for Financing Activities |
|
|
(398.7) |
|
|
(132.9) |
|
|
|
|
|
|
|
|
| Net Increase (Decrease) in Cash and Cash
Equivalents |
|
|
115.8 |
|
|
(43.4) |
| Cash and Cash Equivalents |
|
- Beginning of Period |
|
|
136.6 |
|
|
180.0 |
|
|
|
|
|
|
|
|
|
|
|
- End of Period |
|
$ |
252.4 |
|
$ |
136.6 |
|
|
|
|
|
|
|
|
| Supplemental Cash Payment Information: |
|
|
|
|
|
|
|
|
| Interest, net of amount
capitalized |
|
$ |
52.6 |
|
$ |
52.8 |
| Income taxes |
|
$ |
7.6 |
|
$ |
3.7 |
The accompanying Notes are an
integral part of the Consolidated Financial Statements.
Quarterly Financial Statements
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