1. On October 30, 1996, Bethlehem's Board of Directors approved a plan to sell certain business units and to recognize an impaired asset. Fourth quarter includes a restructuring charge of $450 million related to the planned sale or shutdown of Bethlehem Structural, BethForge, CENTEC, and BethShip and the impairment of Bethlehem Coke. Third quarter includes a restructuring charge of $15 million in connection with the sale and lease of certain assets of Bethlehem's Eagle Nest coal mine.
2. Segment Results (dollars in millions):
| (unaudited) | |||||
|---|---|---|---|---|---|
| 1996 | 1995 | ||||
| Fourth Quarter |
Third Quarter |
Second Quarter |
First Quarter |
Fourth Quarter |
|
| Net Sales: | |||||
|
$ 1,126.4 | $ 1,142.6 | $ 1,216.4 | $ 1,095.4 | $ 1,130.4 |
|
32.6 | 42.8 | 32.8 | 32.2 | 28.6 |
|
(10.0) | (10.8) | (12.3) | (9.1) | (7.1) |
|
1,149.0 | $ 1,174.6 | $ 1,236.9 | $ 1,118.5 | $ 1,151.9 |
| Estimated Restructuring Loss: | |||||
|
$ 240.0 | $ 15.0 | 0.0 | 0.0 | 0.0 |
|
210.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Total | $ 450.0 | $ 15.0 | $ 0.0 | $ 0.0 | $ 0.0 |
| Operating Income (Loss): | |||||
|
(193.0) | $ 31.8 * | $ 52.5 | $ 21.4 | $ 66.5 |
|
(217.5) | (7.0) | (7.8) | (8.8) | (15.2) |
|
$ (410.5) | $ 24.8 | $ 44.7 | $ 12.6 | $ 51.3 |
| Shipments | |||||
|
2,146 | 2,200 | 2,315 | 2,103 | 2,143 |
| Raw Steel Production | |||||
|
2,412 | 2,359 | 2,417 | 2,259 | 2,533 |
* 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 periods ended December 31, 1996 and 1995 and the year ended December 31, 1996 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.
