BETHLEHEM STEEL ANNOUNCES FOURTH QUARTER 1997 RESULTS
CONSOLIDATED STATEMENTS OF INCOME
(dollars and shares in millions, except per share data)
(unaudited)
| Three Months Ended | Year Ended | |||||||||
| December 31 | December 31 | |||||||||
| 1997 | 1996 | 1997 | 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 generalexpense |
107.9 | 105.5 | ||||||
| - | 450.0 | Estimated (gain) loss on exitingbusinesses |
(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.
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