<PAGE> 1
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 29, 1998
Allegheny Teledyne Incorporated
(Exact name of registrant as specified in its charter)
Delaware 1-12001 25-1792394
(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
1000 Six PPG Place, Pittsburgh, Pennsylvania 15222-5479
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 394-8400
Page 1 of 5 Pages
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Item 5. OTHER EVENTS
The following unaudited financial information of Allegheny Teledyne
Incorporated is filed as part of this Current Report on Form 8-K:
(1) Sales and operating profit by business segment for the three month periods
ended March 31, 1997, June 30, 1997, September 30, 1997 and December 31, 1997;
(2) Sales and operating profit by business segment for the three month periods
ended March 31, 1996, June 30, 1996, September 30, 1996 and December 31, 1996;
(3) Sales and operating profit by business segment for the years ended December
31, 1997 and 1996; and
(4) Depreciation and amortization expense for the three month periods ended
March 31, 1997 and 1996, June 30, 1997 and 1996, September 30, 1997 and 1996 and
December 31, 1997 and 1996, and for the years ended December 31, 1997 and 1996.
Sales and Operating Profit by Business Segment
for the Three Month Periods Ended
March 31, 1997, June 30, 1997, September 30, 1997 and December 31, 1997
(In millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
------------------------------------------------
3/31/97 6/30/97 9/30/97 12/31/97
---------- ---------- -------- --------
<S> <C> <C> <C> <C>
Sales:
Specialty metals $ 562.6 $ 540.3 $ 531.8 $ 520.8
Aerospace and electronics 235.7 231.5 221.7 238.1
Industrial 133.3 138.7 126.4 133.6
Consumer 54.1 67.2 60.2 72.3
---------- ---------- -------- --------
Total continuing operations 985.7 977.7 940.1 964.8
Operations sold or held for sale
44.2 46.8 44.1 26.7
---------- ---------- -------- --------
Total sales $ 1,029.9 $ 1,024.5 $ 984.2 $ 991.5
========== ========== ======== ========
Operating Profit:
Specialty metals $ 83.3 $ 87.4 $ 77.5 $ 72.5
Aerospace and electronics 24.9 20.9 20.0 24.5
Industrial 15.6 19.0 12.4 13.7
Consumer 2.9 11.9 8.1 11.6
---------- ---------- -------- --------
Operating profit 126.7 139.2 118.0 122.3
Merger and restructuring costs (7.2) (3.2) -- (1.6)
Corporate expenses (11.3) (10.6) (9.4) (9.1)
Interest expense, net (5.1) (3.9) (5.1) (2.8)
Operations sold or held for sale 9.9 27.9 8.9 24.2
Excess pension income 3.8 3.8 3.8 5.0
---------- ---------- -------- --------
Income before income taxes $ 116.8 $ 153.2 $ 116.2 $ 138.0
========== ========== ======== ========
</TABLE>
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Sales and Operating Profit by Business Segment
for the Three Month Periods Ended
March 31, 1996, June 30, 1996, September 30, 1996 and December 31, 1996
(In millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended
----------------------------------------------
3/31/96 6/30/96 9/30/96 12/31/96
------- ------- ------- --------
<S> <C> <C> <C> <C>
Sales:
Specialty metals $ 543.0 $ 549.2 $ 505.7 $ 498.4
Aerospace and electronics 254.8 246.6 219.3 249.3
Industrial 129.4 138.4 120.9 127.0
Consumer 50.2 57.8 54.0 66.3
---------- ---------- -------- --------
Total continuing operations 977.4 992.0 899.9 941.0
Operations sold or held for sale 91.8 64.4 44.6 41.5
---------- ---------- -------- --------
Total sales $ 1,069.2 $ 1,056.4 $ 944.5 $ 982.5
========== ========== ======== ========
Operating Profit:
Specialty metals $ 72.8 $ 89.0 $ 69.4 $ 79.9
Aerospace and electronics 24.2 21.8 18.8 35.6
Industrial 11.3 11.9 11.0 14.3
Consumer 2.2 4.7 2.0 5.4
---------- ---------- -------- --------
Operating profit 110.5 127.4 101.2 135.2
Merger and restructuring costs -- (6.7) (31.9) (18.9)
Corporate expenses (11.3) (11.6) (11.3) (9.5)
Interest expense, net (10.6) (10.4) (9.7) (4.4)
Operations sold or held for sale 46.4 7.0 (1.3) 11.8
Excess pension income 3.0 2.7 5.8 5.0
---------- ---------- -------- --------
Income before income taxes $ 138.0 $ 108.4 $ 52.8 $ 119.2
========== ========== ======== ========
</TABLE>
Page 3 of 5 Pages
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Sales and Operating Profit by Business Segment
for the Years Ended December 31, 1997 and 1996
(In millions)
(Unaudited)
Year Ended December 31,
-------------------------
1997 1996
----------- ----------
Sales:
Specialty metals $ 2,155.5 $ 2,096.3
Aerospace and electronics 927.0 970.0
Industrial 532.0 515.7
Consumer 253.8 228.3
---------- ----------
Total continuing operations 3,868.3 3,810.3
Operations sold or held for sale 161.8 242.3
---------- ----------
Total sales $ 4,030.1 $ 4,052.6
========== ==========
Operating Profit:
Specialty metals $ 320.7 $ 311.1
Aerospace and electronics 90.3 100.4
Industrial 60.7 48.5
Consumer 34.5 14.3
---------- ----------
Operating Profit 506.2 474.3
Merger and restructuring costs (12.0) (57.5)
Corporate expenses (40.4) (43.7)
Interest expense, net (16.9) (35.1)
Operations sold or held for sale 70.9 63.9
Excess pension income 16.4 16.5
---------- ----------
Income before income taxes $ 524.2 $ 418.4
========== ==========
Depreciation and Amortization Expense for the Three Month Periods Ended
March 31, 1997 and 1996, June 30, 1997 and 1996, September 30, 1997 and 1996
and December 31, 1997 and 1996, and for the Years Ended
December 31, 1997 and 1996
(In millions)
(Unaudited)
<TABLE>
<CAPTION>
Three Months Ended Year
--------------------------------------------------------------- Ended
3/31/97 6/30/97 9/30/97 12/31/97 12/31/97
----------- ----------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
Depreciation and
amortization expense $ 26.0 $ 26.0 $ 28.5 $ 23.9 $ 104.4
=========== =========== =========== ========== ==========
Three Months Ended Year
--------------------------------------------------------------- Ended
3/31/96 6/30/96 9/30/96 12/31/96 12/31/96
----------- ----------- ----------- ---------- ----------
Depreciation and
amortization expense $ 30.9 $ 30.5 $ 25.0 $ 23.3 $ 109.7
=========== =========== =========== ========== ==========
</TABLE>
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
Allegheny Teledyne Incorporated
(Registrant)
Date: May 29, 1998 By: /s/ JAMES L. MURDY
------------------------------------
James L. Murdy
Executive Vice President, Finance
and Administration and Chief
Financial Officer
Page 5 of 5 Pages
