 |
 |
 BETHLEHEM STEEL
ANNOUNCES FOURTH QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
Three
Months Ended
December 31 |
|
|
|
Year
Ended
December 31 |
|
|
|
|
|
1997
(unaudited) |
1996
(unaudited) |
|
|
|
1997
(unaudited) |
1996
|
|
|
|
|
|
|
|
| $ |
1,118.4 |
$ |
1,149.0 |
|
Net
Sales |
$ |
4,631.2 |
$ |
4,679.0 |
|
|
|
|
|
Costs and Expenses: |
|
|
|
|
|
975.6 |
|
1,022.1 |
|
Cost of sales |
|
4,053.3 |
|
4,168.2 |
|
57.3 |
|
60.1 |
|
Depreciation |
|
231.0 |
|
268.7 |
|
28.3 |
|
27.3 |
|
Selling, administration and
general
expense |
|
107.9 |
|
105.5 |
|
- |
|
450.0 |
|
Estimated (gain) loss on
exiting
businesses |
|
(135.0) |
|
465.0 |
|
|
|
|
|
|
|
|
1,061.2 |
|
1,559.5 |
|
Total Costs and Expenses |
|
4,257.2 |
|
5,007.4 |
|
|
|
|
|
|
|
|
57.2 |
|
(410.5) |
|
Income (Loss) from Operations |
|
374.0 |
|
(328.4) |
|
|
|
|
|
Financing Income (Expense): |
|
|
|
|
|
(12.0) |
|
(12.1) |
|
Interest and other financing costs |
|
(47.5) |
|
(53.3) |
|
3.5 |
|
1.4 |
|
Interest and other income |
|
9.2 |
|
5.9 |
|
|
|
|
|
|
|
|
48.7 |
|
(421.2) |
|
Income (Loss) before Income Taxes |
|
335.7 |
|
(375.8) |
|
(7.0) |
|
74.7 |
|
Benefit (Provision) for Income Taxes |
|
(55.0) |
|
67.0 |
|
|
|
|
|
|
|
|
41.7
|
|
(346.5) |
|
Net Income (Loss) |
|
280.7 |
|
(308.8) |
|
10.4 |
|
10.4 |
|
Dividends on Preferred and Preference
Stock |
|
41.6 |
|
41.9 |
|
|
|
|
|
|
|
| $ |
31.3 |
$ |
(356.9) |
|
Net Income (Loss) Applicable to Common
Stock |
$ |
239.1 |
$ |
(350.7) |
|
|
|
|
|
|
|
|
|
|
|
|
Net Income per Common
Share: |
|
|
|
|
| $ |
0.28
|
$ |
(3.19) |
|
Basic |
$ |
2.13 |
$ |
(3.15) |
| $ |
0.27
|
$ |
(3.19) |
|
Diluted |
$ |
2.03 |
$ |
(3.15) |
|
112.9 |
|
111.7 |
|
Average Shares
Outstanding |
|
112.4 |
|
111.3 |
The accompanying Notes are an
integral part of the Consolidated Financial Statements
Quarterly Financial Statements
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�1998, Bethlehem Steel Corporation |