BETHLEHEM STEEL ANNOUNCES FIRST QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF
INCOME
(dollars and shares in millions, except per share data)
(unaudited)
| Three Months Ended | Six Months Ended | |||||||||
| June 30 | June 30 | |||||||||
| 1997 | 1996 | 1997 | 1996 | |||||||
| $ | 1,206.9 | $ | 1,236.9 | Net Sales | $ | 2,399.4 | $ | 2,355.4 | ||
| Costs and Expenses: | ||||||||||
| 1,053.4 | 1,092.9 |  Cost of sales |
2,105.9 | 2,102.8 | ||||||
| 60.4 | 73.2 | Depreciation |
117.3 | 143.1 | ||||||
| 26.1 | 26.1 | Selling, administration and generalexpense |
52.9 | 52.2 | ||||||
| (135.0) | - | Estimated gain on exiting business |
(135.0) | - | ||||||
| 1,004.9 | 1,192.2 | Total Costs and Expenses | 2,141.1 | 2,298.1 | ||||||
| 202.0 | 44.7 | Income from Operations | 258.3 | 57.3 | ||||||
| Financing Income (Expense): | ||||||||||
| (12.1) | (14.1) | Interest and other financing costs |
(23.9) | (28.1) | ||||||
| 2.1 | 1.5 | Interest and other income |
3.5 | 3.0 | ||||||
| 192.0 | 32.1 | Income before Income Taxes | 237.9 | 32.2 | ||||||
| (32.0) | (5.5) | Provision for Income Taxes | (39.5) | (5.5) | ||||||
| 160.0 | 26.6 | Net Income | 198.4 | 26.7 | ||||||
| 10.4 | 10.5 | Dividends on Preferred and Preference Stock | 20.8 | 21.0 | ||||||
| $ | 149.6 | $ | 16.1 | Net Income Applicable to Common Stock | $ | 177.6 | $ | 5.7 | ||
| Net Income per Common Share: | ||||||||||
| $ | 1.33 | $ | 0.14 | Primary |
$ | 1.58 | $ | 0.05 | ||
| $ | 1.19 | $ | 0.14 | Fully Diluted |
$ | 1.47 | $ | 0.05 | ||
| 112.3 | 111.1 | Average Primary Shares Outstanding | 112.1 | 111.0 | ||||||
The accompanying Notes are an integral part of the Consolidated Financial Statements.
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