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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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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): March 7, 1994
WESTINGHOUSE ELECTRIC CORPORATION
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(Exact name of registrant as
specified in its charter)
Pennsylvania 1-977 25-0877540
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(State or other jurisdiction (Commission File (IRS Employer
of incorporation) Number) Identification
Number)
Westinghouse Bldg., 11 Stanwix St., Pittsburgh, PA 15222-1384
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (412) 244-2000
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Page 1 of 5 Pages
Exhibit Index on Page 3
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Item 5. Other Events
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On March 7, 1994, the Registrant issued a press release concerning
expected earnings for the quarter ending March 31, 1994. A copy of the
press release is attached hereto as Exhibit 99 and is incorporated herein
in its entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
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(c) Exhibits
Press Release concerning expected earnings of the Registrant for the
quarter ending March 31, 1994 is filed as Exhibit 99 to this Report.
Signature
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.
WESTINGHOUSE ELECTRIC CORPORATION
(Registrant)
By: /S/ Robert E. Faust
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Robert E. Faust
Vice President & Controller
Date: March 9, 1994
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EXHIBIT INDEX
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Exhibit No. Description Sequential Page No.
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99 Press release 4
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Westinghouse Electric Corporation
Contact: Jim Schmitt
Telephone: (412) 642-4642
FOR USE: Immediate
AS EXPECTED, WESTINGHOUSE ANTICIPATES FIRST QUARTER RESULTS TO BE DOWN
PITTSBURGH, March 7 -- Westinghouse Electric Corporation Chairman and
CEO Mike Jordan today announced that, in keeping with his earlier
indications, reported earnings per share for the first quarter are expected
to be down approximately $0.10 per share from the $0.14 per share reported
for the same period of 1993. Reported earnings in the first quarter of 1994
are expected to be impacted by higher pension expense, reduced licensee
income, and a one-time gain from the sale of two radio stations. A change
in accounting for nuclear fuel revenues favorably affected first quarter
1993 earnings.
Operating profit for the first quarter of 1994 is expected to be down
approximately 10 percent compared to the same period of 1993, after
considering the effects of higher pension expense and reduced licensee
income in 1994, and a change in accounting for nuclear fuel revenues that
favorably impacted the first quarter of 1993. The decline in the first
quarter of 1994 operating profit is expected to be caused primarily by the
nuclear energy business of the Power Systems segment, and two businesses
within the Environmental segment, Resource Energy Systems and Controlmatic,
both scheduled to be sold.
"I indicated that first quarter earnings would be off during the
meeting we had with security analysts in January and, most recently, when
we reported our 1993 year-end results, so none of this should come as a
surprise to our stakeholders. This announcement is in keeping with my
commitment to avoid surprises," Mr. Jordan said.
"While I am disappointed that first quarter results will not be
better, I am pleased with the significant events that have taken place in
the same period, including the sale of the Westinghouse Electric Supply
Company and the Distribution and Control business, which collectively
brought in approximately $1.4 billion in cash."
Cash proceeds from these two sales have enabled Westinghouse to
reduce its total net debt to under $4 billion at the end of February 1994,
down from $8.4 billion a little over a year ago.
"These and other actions taken to strengthen our balance sheet,
enabled us to take advantage of an opportunity to make a strategic
acquisition of Norden Systems in the first quarter to help grow our
Electronic Systems business.
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"We are committed to making fundamental change throughout
Westinghouse that will improve earnings by reducing our costs, increasing
productivity, and growing our core businesses. While we see this occurring
over the next several years, we expect to begin seeing results during this
year," Mr. Jordan said.
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