Financial Statements
| Consolidated Statements of Income |
|
Year Ended December 31 |
| (Dollars in millions, except per share data) |
1997 |
1996 |
1995 |
|
| Net Sales |
$4,631.2 |
$4,679.0 |
$4,867.5 |
| Costs and Expenses: |
|
|
|
| Cost of sales |
4,053.3 |
4,168.2 |
4,202.8 |
| Depreciation (Note A) |
231.0 |
268.7 |
284.0 |
| Selling, administration and general expense |
107.9 |
105.5 |
111.8 |
| Estimated (gain) loss on exiting businesses(Note C) |
(135.0) |
465.0 |
- |
|
| Total Costs and Expenses |
4,257.2 |
5,007.4 |
4,598.6 |
|
| Income (Loss) from Operations |
374.0 |
(328.4) |
268.9 |
| Financing Income (Expense): |
|
|
|
| Interest and other financing costs (Note A) |
(47.5) |
(53.3) |
(60.0) |
| Interest income |
9.2 |
5.9 |
7.7 |
| Income (Loss) Before Income Taxes |
335.7 |
(375.8) |
216.6 |
| Benefit (Provision) for Income Taxes (Note E) |
(55.0) |
67.0 |
(37.0) |
| Net Income (Loss) |
280.7 |
(308.8) |
179.6 |
| Dividends on Preferred and Preference Stock |
41.6 |
41.9 |
42.4 |
| Net Income (Loss) Applicable to Common Stock |
$239.1 |
$(350.7) |
$ 137.2 |
|
| Net Income (Loss) per Common Share (Note L) |
|
|
|
| Basic |
$2.13 |
$(3.15) |
$1.24 |
|
| Diluted |
$2.03 |
$(3.15) |
$1.23 |
|
The accompanying Notes are an integral part of the
Consolidated Financial Statements.
Consolidated Balance Sheets
| December 31 |
| (Dollars in millions, except per share data) |
1997 |
1996 |
|
| Assets |
|
|
| Current Assets: |
|
|
| Cash and cash equivalents (Note A) |
$252.4 |
$136.6 |
| Receivables (Note F) |
306.0 |
311.6 |
| Inventories (Notes A and F) |
|
|
| Raw materials and supplies |
324.5 |
332.0 |
| Finished and semifinished products |
569.3 |
685.3 |
|
| Total Inventories |
893.8 |
1,017.3 |
| Other current assets |
11.8 |
22.9 |
|
| Total Current Assets |
1,464.0 |
1,488.4 |
| Investments and Miscellaneous Assets |
100.9 |
106.7 |
Property, Plant and Equipment less accumulated
depreciation of $4,095.5 and $3,924.2 (Note A) |
2,357.7 |
2,419.8 |
| Deferred Income Tax Asset - net (Note E) |
880.0 |
935.0 |
| Intangible Asset - Pensions (Note H) |
- |
160.0 |
|
| Total Assets |
$4,802.6 |
$5,109.9 |
|
Liabilities and Stockholders' Equity
Current Liabilities: |
|
|
| Accounts payable |
$371.2 |
$410.4 |
| Accrued employment costs |
173.9 |
163.3 |
| Postretirement benefits other than pensions (Note I) |
150.0 |
150.0 |
| Accrued taxes (Note E) |
60.0 |
67.9 |
| Debt and capital lease obligations (Note F) |
41.8 |
49.3 |
| Other current liabilities |
113.9 |
116.5 |
|
| Total Current Liabilities |
910.8 |
957.4 |
| Pension Liability (Notes C and H) |
440.0 |
870.0 |
| Postretirement Benefits Other Than Pensions (Notes C and I) |
1,445.0 |
1,445.0 |
| Long-term Debt and Capital Lease Obligations (Note F) |
451.6 |
497.4 |
| Other Long-term Liabilities |
340.2 |
374.1 |
| Stockholders' Equity (Notes J, K, and L): |
|
|
Preferred Stock-at $1 per share par value (aggregate liquidation
preference of $481.2);Authorized 20,000,000 shares |
11.6 |
11.6 |
Preference Stock-at $1 per share par value(aggregate liquidation
preference of $80.6);Authorized 20,000,000 shares |
2.3 |
2.5 |
Common Stock-at $1 per share par value;Authorized 250,000,000
shares;Issued 115,047,810 and 113,851,199 shares |
115.0 |
113.9 |
Common Stock-Held in Treasury, 2,056,571
and 2,017,662 shares at cost |
(60.0) |
(59.7) |
| Additional Paid-in Capital |
1,854.0 |
1,886.3 |
| Accumulated Deficit |
(707.9) |
(988.6) |
|
| Total Stockholders' Equity |
1,215.0 |
966.0 |
|
| Total Liabilities and Stockholders' Equity |
$4,802.6 |
$5,109.9 |
|
The accompanying Notes are an integral part of the
Consolidated Financial Statements.
Consolidated Statements of Cash Flows
| Year Ended December 31 |
| (Dollars in millions) |
1997 |
1996 |
1995 |
|
| Operating Activities: |
|
|
|
| Net Income (Loss) |
$280.7 |
$(308.8) |
$179.6 |
Adjustments for items not affecting cash from
operating activities: |
|
|
|
| Depreciation |
231.0 |
268.7 |
284.0 |
| Estimated (gain) loss on exiting businesses(Note C) |
(135.0) |
465.0 |
- |
| Deferred income taxes (Note E) |
53.0 |
(67.0) |
35.0 |
| Other - net |
28.2 |
9.1 |
2.1 |
| Working capital (excluding investing and financing activities): |
|
|
|
| Receivables - operating |
11.6 |
9.1 |
114.9 |
| Receivables - sold (Note F) |
(6.0) |
54.0 |
30.0 |
| Inventories |
115.6 |
(58.8) |
(79.0) |
| Accounts payable |
(24.5) |
28.9 |
(5.6) |
| Employment costs and other |
(3.7) |
(59.4) |
25.3 |
|
| Cash Provided from Operating Activities |
550.9 |
340.8 |
586.3 |
|
| Investing Activities: |
|
|
|
| Capital expenditures |
(228.2) |
(259.0) |
(266.8) |
| Cash proceeds from asset sales and other |
191.8 |
7.7 |
17.6 |
|
| Cash Used for Investing Activities |
(36.4) |
(251.3) |
(249.2) |
|
| Financing Activities: |
|
|
|
| Pension financing (funding) (Note H): |
|
|
|
| Pension expense |
155.0 |
192.0 |
210.0 |
| Pension funding |
(425.0) |
(170.0) |
(330.0) |
| Long-term debt borrowings (Note F) |
1.9 |
3.1 |
3.6 |
| Long-term debt and capital lease payments (Note F) |
(53.4) |
(91.8) |
(120.7) |
| Cash dividends paid (Note L) |
(40.4) |
(40.4) |
(40.4) |
| Other payments |
(36.8) |
(25.8) |
(39.1) |
|
| Cash Used for Financing Activities |
(398.7) |
(132.9) |
(316.6) |
|
| Net Increase (Decrease) in Cash and Cash Equivalents |
115.8 |
(43.4) |
20.5 |
| Cash and Cash Equivalents |
|
|
|
| -Beginning of Period |
136.6 |
180.0 |
159.5 |
|
| -End of Period |
$252.4 |
$136.6 |
$180.0 |
|
| Supplemental Cash Payment Information: |
|
|
|
| Interest, net of amount capitalized |
$52.6 |
$52.8 |
$ 61.1 |
| Income taxes (Note E) |
$7.6 |
$3.7 |
$- |
|
The accompanying Notes are an integral part of the
Consolidated Financial Statements.
Financial Highlights  Chairman's Letter
Bethlehem's Businesses Financial Review and Operating Analysis
Financial Statements Notes
Report of Independent Auditors Management Statement
Five-Year Financial and Operating Summaries
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