1. On October 30, 1996, Bethlehem's Board of Directors approved a plan to sell certain business units and to recognize an impaired asset that will result in recognizing an after tax restructuring charge of about $375 million in fourth quarter of 1996.
2. Segment Results (dollars in millions):
| (unaudited) | |||||
|---|---|---|---|---|---|
| 1996 | 1995 | ||||
| Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
Third Quarter |
|
| Net Sales: | |||||
|
$ 1,142.6 | $ 1,216.4 | $ 1,095.4 | $ 1,130.4 | $ 1,210.6 |
|
42.8 | 32.8 | 32.2 | 28.6 | 23.8 |
|
(10.8) | (12.3) | (9.1) | (7.1) | (9.7) |
|
$ 1,174.6 | $ 1,236.9 | $ 1,118.5 | $ 1,151.9 | $ 1,224.7 |
| Operating Income (Loss): | |||||
|
$ 31.8 * | $ 52.5 | $ 21.4 | $ 66.5 | $ 67.5 |
|
(7.0) | (7.8) | (8.8) | (15.2) | (11.4) |
|
$ 24.8 | $ 44.7 | $ 12.6 | $ 51.3 | $ 56.1 |
| Shipments | |||||
|
2,200 | 2,315 | 2,103 | 2,143 | 2,291 |
| Raw Steel Production | |||||
|
2,359 | 2,417 | 2,259 | 2,533 | 2,565 |
* Includes restructuring charge of $15 million in connection with the sale and lease of certain assets of Bethlehem's Eagle Nest coal mine.
3. The Consolidated Financial Statements as of and for the three month and nine month periods ended September 30, 1996 and 1995 have not been audited. However, the information reflects all adjustments which, in the opinion of management, are necessary to present fairly the results shown for the periods indicated. Management believes all adjustments were of a normal recurring nature.
4. These Consolidated Financial Statements should be read together with the 1995 audited financial statements set forth in Bethlehem's Annual Report on Form 10-K filed with the Securities and Exchange Commission.
