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Previous: WEIS MARKETS INC, 8-K/A, 1996-02-08 |
Next: WITCO CORP, 424B2, 1996-02-08 |
<PAGE> 1
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549-1004
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): February 8, 1996
Commission file number 1-977
-----
WESTINGHOUSE ELECTRIC CORPORATION
---------------------------------
(Exact name of registrant as
specified in its charter)
PENNSYLVANIA 25-0877540
------------ ----------
(State or other jurisdiction (I.R.S. Employer
of incorporation) Identification Number)
Westinghouse Building, 11 Stanwix Street, Pittsburgh, Pennsylvania 15222-1384
-----------------------------------------------------------------------------
(Address of principal executive offices; zip code)
(412) 244-2000
--------------
(Registrant's Telephone No., including area code)
<PAGE> 2
Item 5. Other Events
------------
On February 8, 1996, the Registrant issued a press release concerning
earnings for the quarter ended December 31, 1995. The Registrant has redefined
certain segments for financial reporting purposes. In accordance with
Accounting Principles Board Opinion No. 30, "Reporting the Results of
Operations -- Reporting the Effects of Disposal of a Segment of a Business and
Extraordinary, Unusual and Infrequently Occurring Events and Transactions,"
(APB 30), the Registrant has reclassified to Discontinued Operations the
financial information for certain segments expected to be divested in early
1996. In connection with this action, the Registrant has realigned 1995 and
1994 results, by quarter, to allow comparisons between the segments. Total
year 1993, 1992, and 1991 segment results have also been realigned. A copy of
the realigned segment financial results for the periods is attached hereto as
Exhibit 99.1 and is incorporated herein in its entirety. Also, with the
reclassification of certain segments into Discontinued Operations, the income
statement for the Registrant has been restated for 1995 and 1994 results, by
quarter, and total year 1993, 1992, and 1991. A copy of the restated condensed
consolidated statement of income for these time periods is attached hereto as
Exhibit 99.2 and is incorporated herein in its entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No.
99.1 1995 and 1994 Quarterly and Total Year 1993, 1992, and 1991
Segment Results aligned on the year-end 1995 segment basis
is filed as Exhibit 99.1 to this Report.
99.2 1995 and 1994 Quarterly and Total Year 1993, 1992, and 1991
Condensed Consolidated Statement of Income restated for the
reclassification to Discontinued Operations of certain
segments expected to be divested in early 1996 is filed as
Exhibit 99.2 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/ FREDRIC G. REYNOLDS
-------------------------
Fredric G. Reynolds
Executive Vice President
and Chief Financial Officer
Date: February 8, 1996
<PAGE> 3
EXHIBIT INDEX
-------------
Exhibit No. Description
- ----------- -----------
99.1 1995 and 1994 Quarterly and
Total Year 1993, 1992, and 1991
Segment Results
99.2 1995 and 1994 Quarterly and
Total Year 1993, 1992, and 1991
Condensed Consolidated Statement
of Income
<PAGE> 1
Exhibit 99.1
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
1995 1994 % Change 1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL BROADCASTING:
TV AND NETWORK
Orders 85 80 6.3% 105 98 7.1% 190 178 6.7%
Backlog - - - - - - - - -
Sales 85 80 6.3% 105 98 7.1% 190 178 6.7%
Operating Profit (Loss) 26 22 18.2% 42 35 20.0% 68 57 19.3%
OP (Loss) without Special Items 26 22 18.2% 42 35 20.0% 68 57 19.3%
OP Margin w/o Special Items 30.6% 27.5% N/A 40.0% 35.7% N/A 35.8% 32.0% N/A
Depreciation & Amortization 3 2 50.0% 2 3 -33.3% 5 5 0.0%
Capital Expenditures 0 2 -100.0% 3 4 -25.0% 3 6 -50.0%
EBITDA without Special Items 29 24 20.8% 44 38 15.8% 73 62 17.7%
RADIO
Orders 51 46 10.9% 59 56 5.4% 110 102 7.8%
Backlog - - - - - - - - -
Sales 51 46 10.9% 59 56 5.4% 110 102 7.8%
Operating Profit (Loss) 7 7 0.0% 16 14 14.3% 23 21 9.5%
OP (Loss) without Special Items 7 7 0.0% 16 14 14.3% 23 21 9.5%
OP Margin w/o Special Items 13.7% 15.2% N/A 27.1% 25.0% N/A 20.9% 20.6% N/A
Depreciation & Amortization 4 4 0.0% 4 4 0.0% 8 8 0.0%
Capital Expenditures 1 1 0.0% 1 2 -50.0% 2 3 -33.3%
EBITDA without Special Items 11 11 0.0% 20 18 11.1% 31 29 6.9%
OTHER BROADCASTING
Orders 36 36 0.0% 43 43 0.0% 79 79 0.0%
Backlog - - - - - - - - -
Sales 36 36 0.0% 43 43 0.0% 79 79 0.0%
Operating Profit (Loss) 0 3 -100.0% 5 7 -28.6% 5 10 -50.0%
OP (Loss) without Special Items 0 3 -100.0% 5 7 -28.6% 5 10 -50.0%
OP Margin w/o Special Items 0.0% 8.3% N/A 11.6% 16.3% N/A 6.3% 12.7% N/A
Depreciation & Amortization 2 2 0.0% 2 2 0.0% 4 4 0.0%
Capital Expenditures 1 3 -66.7% 2 3 -33.3% 3 6 -50.0%
EBITDA without Special Items 2 5 -60.0% 7 9 -22.2% 9 14 -35.7%
TOTAL BROADCASTING
Orders 172 162 6.2% 207 197 5.1% 379 359 5.6%
Backlog - - - - - - - - -
Sales 172 162 6.2% 207 197 5.1% 379 359 5.6%
Operating Profit (Loss) 33 32 3.1% 63 56 12.5% 96 88 9.1%
OP (Loss) without Special Items 33 32 3.1% 63 56 12.5% 96 88 9.1%
OP Margin w/o Special Items 19.2% 19.8% N/A 30.4% 28.4% N/A 25.3% 24.5% N/A
Depreciation & Amortization 9 8 12.5% 8 9 -11.1% 17 17 0.0%
Capital Expenditures 2 6 -66.7% 6 9 -33.3% 8 15 -46.7%
EBITDA without Special Items 42 40 5.0% 71 65 9.2% 113 105 7.6%
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
1995 1994 % Change 1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 377 372 1.3% 281 345 -18.6% 658 717 -8.2%
Backlog 3,397 3,386 0.3% 3,376 3,307 2.1% 3,376 3,307 2.1%
Sales 284 263 8.0% 332 357 -7.0% 616 620 -0.6%
Operating Profit (Loss) 6 6 0.0% 27 42 -35.7% 33 48 -31.3%
OP (Loss) without Special Items 6 6 0.0% 33 42 -21.4% 39 48 -18.8%
OP Margin w/o Special Items 2.1% 2.3% N/A 9.9% 11.8% N/A 6.3% 7.7% N/A
Depreciation & Amortization 13 14 -7.1% 12 12 0.0% 25 26 -3.8%
Capital Expenditures 5 7 -28.6% 8 8 0.0% 13 15 -13.3%
EBITDA without Special Items 19 20 -5.0% 45 54 -16.7% 64 74 -13.5%
POWER GENERATION
Orders 579 463 25.1% 358 658 -45.6% 937 1,121 -16.4%
Backlog 2,939 2,185 34.5% 2,844 2,436 16.7% 2,844 2,436 16.7%
Sales 322 292 10.3% 440 395 11.4% 762 687 10.9%
Operating Profit (Loss) (31) (24) -29.2% (13) 11 -218.2% (44) (13) -238.5%
OP (Loss) without Special Items (31) (24) -29.2% (13) 11 -218.2% (44) (13) -238.5%
OP Margin w/o Special Items -9.6% -8.2% N/A -3.0% 2.8% N/A -5.8% -1.9% N/A
Depreciation & Amortization 11 12 -8.3% 12 12 0.0% 23 24 -4.2%
Capital Expenditures 4 8 -50.0% 14 7 100.0% 18 15 20.0%
EBITDA without Special Items (20) (12) -66.7% (1) 23 -104.3% (21) 11 -290.9%
OTHER POWER SYSTEMS
Orders (4) (7) 42.9% (9) (19) 52.6% (13) (26) 50.0%
Backlog (621) (708) 12.3% (606) (696) 12.9% (606) (696) 12.9%
Sales (37) (31) -19.4% (28) (37) 24.3% (65) (68) 4.4%
Operating Profit (Loss) (14) (10) -40.0% (17) (17) 0.0% (31) (27) -14.8%
OP (Loss) without Special Items (14) (10) -40.0% (17) (17) 0.0% (31) (27) -14.8%
OP Margin w/o Special Items 37.8% 32.3% N/A 60.7% 45.9% N/A 47.7% 39.7% N/A
Depreciation & Amortization 0 0 N/A 0 0 N/A 0 0 N/A
Capital Expenditures 0 0 N/A 0 0 N/A 0 0 N/A
EBITDA without Special Items (14) (10) -40.0% (17) (17) 0.0% (31) (27) -14.8%
TOTAL POWER SYSTEMS
Orders 952 828 15.0% 630 984 -36.0% 1,582 1,812 -12.7%
Backlog 5,715 4,863 17.5% 5,614 5,047 11.2% 5,614 5,047 11.2%
Sales 569 524 8.6% 744 715 4.1% 1,313 1,239 6.0%
Operating Profit (Loss) (39) (28) -39.3% (3) 36 -108.3% (42) 8 -625.0%
OP (Loss) without Special Items (39) (28) -39.3% 3 36 -91.7% (36) 8 -550.0%
OP Margin w/o Special Items -6.9% -5.3% N/A 0.4% 5.0% N/A -2.7% 0.6% N/A
Depreciation & Amortization 24 26 -7.7% 24 24 0.0% 48 50 -4.0%
Capital Expenditures 9 15 -40.0% 22 15 46.7% 31 30 3.3%
EBITDA without Special Items (15) (2) -650.0% 27 60 -55.0% 12 58 -79.3%
</TABLE>
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
1995 1994 % Change 1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
THERMO KING
Orders 312 248 25.8% 280 241 16.2% 592 489 21.1%
Backlog 316 223 41.7% 307 237 29.5% 307 237 29.5%
Sales 273 187 46.0% 284 225 26.2% 557 412 35.2%
Operating Profit (Loss) 44 27 63.0% 47 37 27.0% 91 64 42.2%
OP (Loss) without Special Items 44 27 63.0% 47 37 27.0% 91 64 42.2%
OP Margin w/o Special Items 16.1% 14.4% N/A 16.5% 16.4% N/A 16.3% 15.5% N/A
Depreciation & Amortization 4 4 0.0% 4 3 33.3% 8 7 14.3%
Capital Expenditures 6 4 50.0% 6 3 100.0% 12 7 71.4%
EBITDA without Special Items 48 31 54.8% 51 40 27.5% 99 71 39.4%
GOVERNMENT AND ENVIRONMENTAL
SERVICES:
GOVERNMENT OPERATIONS
Orders 4 6 -33.3% 9 7 28.6% 13 13 0.0%
Backlog 28 15 86.7% 27 14 92.9% 27 14 92.9%
Sales 24 24 0.0% 30 31 -3.2% 54 55 -1.8%
Operating Profit (Loss) 15 14 7.1% 19 21 -9.5% 34 35 -2.9%
OP (Loss) without Special Items 15 14 7.1% 19 21 -9.5% 34 35 -2.9%
OP Margin w/o Special Items 62.5% 58.3% N/A 63.3% 67.7% N/A 63.0% 63.6% N/A
Depreciation & Amortization 0 0 N/A 0 1 -100.0% 0 1 -100.0%
Capital Expenditures 0 0 N/A 1 1 0.0% 1 1 0.0%
EBITDA without Special Items 15 14 7.1% 19 22 -13.6% 34 36 -5.6%
ENVIRONMENTAL SERVICES
Orders 65 71 -8.5% 64 75 -14.7% 129 146 -11.6%
Backlog 676 690 -2.0% 667 681 -2.1% 667 681 -2.1%
Sales 78 77 1.3% 71 84 -15.5% 149 161 -7.5%
Operating Profit (Loss) (7) (6) -16.7% (3) (5) 40.0% (10) (11) 9.1%
OP (Loss) without Special Items (7) (6) -16.7% (3) (5) 40.0% (10) (11) 9.1%
OP Margin w/o Special Items -9.0% -7.8% N/A -4.2% -6.0% N/A -6.7% -6.8% N/A
Depreciation & Amortization 6 6 0.0% 2 5 -60.0% 8 11 -27.3%
Capital Expenditures 6 2 200.0% 4 4 0.0% 10 6 66.7%
EBITDA without Special Items (1) 0 N/A (1) 0 N/A (2) 0 N/A
GOVERNMENT AND ENVIRONMENTAL
SERVICES
Orders 69 77 -10.4% 73 82 -11.0% 142 159 -10.7%
Backlog 704 705 -0.1% 694 695 -0.1% 694 695 -0.1%
Sales 102 101 1.0% 101 115 -12.2% 203 216 -6.0%
Operating Profit (Loss) 8 8 0.0% 16 16 0.0% 24 24 0.0%
OP (Loss) without Special Items 8 8 0.0% 16 16 0.0% 24 24 0.0%
OP Margin w/o Special Items 7.8% 7.9% N/A 15.8% 13.9% N/A 11.8% 11.1% N/A
Depreciation & Amortization 6 6 0.0% 2 6 -66.7% 8 12 -33.3%
Capital Expenditures 6 2 200.0% 5 5 0.0% 11 7 57.1%
EBITDA without Special Items 14 14 0.0% 18 22 -18.2% 32 36 -11.1%
</TABLE>
<PAGE> 4
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
1995 1994 % Change 1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COMMUNICATIONS & INFORMATION
SYSTEMS
Orders 84 81 3.7% 79 85 -7.1% 163 166 -1.8%
Backlog 156 118 32.2% 153 137 11.7% 153 137 11.7%
Sales 70 75 -6.7% 81 68 19.1% 151 143 5.6%
Operating Profit (Loss) 2 2 0.0% (1) (3) 66.7% 1 (1) 200.0%
OP (Loss) without Special Items 2 2 0.0% (1) (3) 66.7% 1 (1) 200.0%
OP Margin w/o Special Items 2.9% 2.7% N/A -1.2% -4.4% N/A 0.7% -0.7% N/A
Depreciation & Amortization 3 2 50.0% 2 3 -33.3% 5 5 0.0%
Capital Expenditures 1 0 N/A 1 2 -50.0% 2 2 0.0%
EBITDA without Special Items 5 4 25.0% 1 0 N/A 6 4 50.0%
OTHER BUSINESSES
Orders 110 140 -21.4% 94 104 -9.6% 204 244 -16.4%
Backlog 76 146 -47.9% 24 90 -73.3% 24 90 -73.3%
Sales 110 133 -17.3% 112 139 -19.4% 222 272 -18.4%
Operating Profit (Loss) 6 (7) 185.7% 5 1 400.0% 11 (6) 283.3%
OP (Loss) without Special Items 6 (7) 185.7% 5 1 400.0% 11 (6) 283.3%
OP Margin w/o Special Items 5.5% -5.3% N/A 4.5% 0.7% N/A 5.0% -2.2% N/A
Depreciation & Amortization 3 3 0.0% 2 3 -33.3% 5 6 -16.7%
Capital Expenditures 1 0 N/A 0 1 -100.0% 1 1 0.0%
EBITDA without Special Items 9 (4) 325.0% 7 4 75.0% 16 0 N/A
CORPORATE OTHER
Orders 26 26 0.0% 15 15 0.0% 41 41 0.0%
Backlog 70 74 -5.4% 65 65 0.0% 65 65 0.0%
Sales 22 34 -35.3% 26 39 -33.3% 48 73 -34.2%
Operating Profit (Loss) (27) (13) -107.7% (43) (49) 12.2% (70) (62) -12.9%
OP (Loss) without Special Items (27) (13) -107.7% (43) (49) 12.2% (70) (62) -12.9%
OP Margin w/o Special Items -122.7% -38.2% N/A -165.4% -125.6% N/A -145.8% -84.9% N/A
Depreciation & Amortization 5 8 -37.5% 5 8 -37.5% 10 16 -37.5%
Capital Expenditures 4 0 N/A 4 5 -20.0% 8 5 60.0%
EBITDA without Special Items (22) (5) -340.0% (38) (41) 7.3% (60) (46) -30.4%
INTERSEGMENT
Orders (24) (25) 4.0% (22) (22) 0.0% (46) (47) 2.1%
Backlog (12) (16) 25.0% (10) (16) 37.5% (10) (16) 37.5%
Sales (24) (23) -4.3% (24) (23) -4.3% (48) (46) -4.3%
TOTAL CONTINUING OPERATIONS
Orders 1,701 1,537 10.7% 1,356 1,686 -19.6% 3,057 3,223 -5.2%
Backlog 7,025 6,113 14.9% 6,847 6,255 9.5% 6,847 6,255 9.5%
Sales 1,294 1,193 8.5% 1,531 1,475 3.8% 2,825 2,668 5.9%
Operating Profit (Loss) 27 21 28.6% 84 94 -10.6% 111 115 -3.5%
OP (Loss) without Special Items 27 21 28.6% 90 94 -4.3% 117 115 1.7%
OP Margin w/o Special Items 2.1% 1.8% N/A 5.9% 6.4% N/A 4.1% 4.3% N/A
Depreciation & Amortization 54 57 -5.3% 47 56 -16.1% 101 113 -10.6%
Capital Expenditures 29 27 7.4% 44 40 10.0% 73 67 9.0%
EBITDA without Special Items 81 78 3.8% 137 150 -8.7% 218 228 -4.4%
</TABLE>
<PAGE> 5
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept 30 Sept 30
1995 1994 % Change 1995 1994 % Change
---- ---- --------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TOTAL BROADCASTING:
TV AND NETWORK
Orders 95 82 15.9% 285 260 9.6%
Backlog - - - - - -
Sales 95 82 15.9% 285 260 9.6%
Operating Profit (Loss) 26 22 18.2% 94 79 19.0%
OP (Loss) without Special Items 26 22 18.2% 94 79 19.0%
OP Margin w/o Special Items 27.4% 26.8% N/A 33.0% 30.4% N/A
Depreciation & Amortization 4 3 33.3% 9 8 12.5%
Capital Expenditures 2 3 -33.3% 5 9 -44.4%
EBITDA without Special Items 30 25 20.0% 103 87 18.4%
RADIO
Orders 50 49 2.0% 160 151 6.0%
Backlog - - - - - -
Sales 50 49 2.0% 160 151 6.0%
Operating Profit (Loss) 12 11 9.1% 35 32 9.4%
OP (Loss) without Special Items 12 11 9.1% 35 32 9.4%
OP Margin w/o Special Items 24.0% 22.4% N/A 21.9% 21.2% N/A
Depreciation & Amortization 4 4 0.0% 12 12 0.0%
Capital Expenditures 3 3 0.0% 5 6 -16.7%
EBITDA without Special Items 16 15 6.7% 47 44 6.8%
OTHER BROADCASTING
Orders 42 37 13.5% 121 116 4.3%
Backlog - - - - - -
Sales 42 37 13.5% 121 116 4.3%
Operating Profit (Loss) 5 6 -16.7% 10 16 -37.5%
OP (Loss) without Special Items 5 6 -16.7% 10 16 -37.5%
OP Margin w/o Special Items 11.9% 16.2% N/A 8.3% 13.8% N/A
Depreciation & Amortization 2 1 100.0% 6 5 20.0%
Capital Expenditures 4 2 100.0% 7 8 -12.5%
EBITDA without Special Items 7 7 0.0% 16 21 -23.8%
TOTAL BROADCASTING
Orders 187 168 11.3% 566 527 7.4%
Backlog - - - - - -
Sales 187 168 11.3% 566 527 7.4%
Operating Profit (Loss) 43 39 10.3% 139 127 9.4%
OP (Loss) without Special Items 43 39 10.3% 139 127 9.4%
OP Margin w/o Special Items 23.0% 23.2% N/A 24.6% 24.1% N/A
Depreciation & Amortization 10 8 25.0% 27 25 8.0%
Capital Expenditures 9 8 12.5% 17 23 -26.1%
EBITDA without Special Items 53 47 12.8% 166 152 9.2%
</TABLE>
<PAGE> 6
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept 30 Sept 30
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 240 390 -38.5% 898 1,107 -18.9%
Backlog 3,309 3,432 -3.6% 3,309 3,432 -3.6%
Sales 306 298 2.7% 922 918 0.4%
Operating Profit (Loss) 13 23 -43.5% 46 71 -35.2%
OP (Loss) without Special Items 14 23 -39.1% 53 71 -25.4%
OP Margin w/o Special Items 4.6% 7.7% N/A 5.7% 7.7% N/A
Depreciation & Amortization 14 14 0.0% 39 40 -2.5%
Capital Expenditures 7 10 -30.0% 20 25 -20.0%
EBITDA without Special Items 28 37 -24.3% 92 111 -17.1%
POWER GENERATION
Orders 621 320 94.1% 1,558 1,441 8.1%
Backlog 2,848 2,263 25.9% 2,848 2,263 25.9%
Sales 395 451 -12.4% 1,157 1,138 1.7%
Operating Profit (Loss) (23) 35 -165.7% (67) 22 -404.5%
OP (Loss) without Special Items 5 35 -85.7% (39) 22 -277.3%
OP Margin w/o Special Items 1.3% 7.8% N/A -3.4% 1.9% N/A
Depreciation & Amortization 11 10 10.0% 34 34 0.0%
Capital Expenditures 11 10 10.0% 29 25 16.0%
EBITDA without Special Items 16 45 -64.4% (5) 56 -108.9%
OTHER POWER SYSTEMS
Orders (4) 0 N/A (17) (26) 34.6%
Backlog (583) (662) 11.9% (583) (662) 11.9%
Sales (34) (40) 15.0% (99) (108) 8.3%
Operating Profit (Loss) (61) (15) -306.7% (92) (42) -119.0%
OP (Loss) without Special Items (16) (15) -6.7% (47) (42) -11.9%
OP Margin w/o Special Items 47.1% 37.5% N/A 47.5% 38.9% N/A
Depreciation & Amortization 0 0 N/A 0 0 N/A
Capital Expenditures 0 0 N/A 0 0 N/A
EBITDA without Special Items (16) (15) -6.7% (47) (42) -11.9%
TOTAL POWER SYSTEMS
Orders 857 710 20.7% 2,439 2,522 -3.3%
Backlog 5,574 5,033 10.7% 5,574 5,033 10.7%
Sales 667 709 -5.9% 1,980 1,948 1.6%
Operating Profit (Loss) (71) 43 -265.1% (113) 51 -321.6%
OP (Loss) without Special Items 3 43 -93.0% (33) 51 -164.7%
OP Margin w/o Special Items 0.4% 6.1% N/A -1.7% 2.6% N/A
Depreciation & Amortization 25 24 4.2% 73 74 -1.4%
Capital Expenditures 18 20 -10.0% 49 50 -2.0%
EBITDA without Special Items 28 67 -58.2% 40 125 -68.0%
</TABLE>
<PAGE> 7
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept 30 Sept 30
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
THERMO KING
Orders 200 224 -10.7% 792 713 11.1%
Backlog 232 213 8.9% 232 213 8.9%
Sales 271 248 9.3% 828 660 25.5%
Operating Profit (Loss) 45 38 18.4% 136 102 33.3%
OP (Loss) without Special Items 45 38 18.4% 136 102 33.3%
OP Margin w/o Special Items 16.6% 15.3% N/A 16.4% 15.5% N/A
Depreciation & Amortization 5 4 25.0% 13 11 18.2%
Capital Expenditures 4 5 -20.0% 16 12 33.3%
EBITDA without Special Items 50 42 19.0% 149 113 31.9%
GOVERNMENT AND ENVIRONMENTAL
SERVICES:
GOVERNMENT OPERATIONS
Orders 2 21 -90.5% 15 34 -55.9%
Backlog 23 29 -20.7% 23 29 -20.7%
Sales 36 32 12.5% 90 87 3.4%
Operating Profit (Loss) 27 22 22.7% 61 57 7.0%
OP (Loss) without Special Items 27 22 22.7% 61 57 7.0%
OP Margin w/o Special Items 75.0% 68.8% N/A 67.8% 65.5% N/A
Depreciation & Amortization 1 1 0.0% 1 2 -50.0%
Capital Expenditures 0 0 N/A 1 1 0.0%
EBITDA without Special Items 28 23 21.7% 62 59 5.1%
ENVIRONMENTAL SERVICES
Orders 72 101 -28.7% 201 247 -18.6%
Backlog 663 691 -4.1% 663 691 -4.1%
Sales 76 90 -15.6% 225 251 -10.4%
Operating Profit (Loss) (11) 3 -466.7% (21) (8) -162.5%
OP (Loss) without Special Items (11) 3 -466.7% (21) (8) -162.5%
OP Margin w/o Special Items -14.5% 3.3% N/A -9.3% -3.2% N/A
Depreciation & Amortization 3 5 -40.0% 11 16 -31.3%
Capital Expenditures 5 7 -28.6% 15 13 15.4%
EBITDA without Special Items (8) 8 -200.0% (10) 8 -225.0%
GOVERNMENT AND ENVIRONMENTAL
SERVICES
Orders 74 122 -39.3% 216 281 -23.1%
Backlog 686 720 -4.7% 686 720 -4.7%
Sales 112 122 -8.2% 315 338 -6.8%
Operating Profit (Loss) 16 25 -36.0% 40 49 -18.4%
OP (Loss) without Special Items 16 25 -36.0% 40 49 -18.4%
OP Margin w/o Special Items 14.3% 20.5% N/A 12.7% 14.5% N/A
Depreciation & Amortization 4 6 -33.3% 12 18 -33.3%
Capital Expenditures 5 7 -28.6% 16 14 14.3%
EBITDA without Special Items 20 31 -35.5% 52 67 -22.4%
</TABLE>
<PAGE> 8
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended
Sept 30 Sept 30
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
COMMUNICATIONS & INFORMATION
SYSTEMS
Orders 76 75 1.3% 239 241 -0.8%
Backlog 149 123 21.1% 149 123 21.1%
Sales 79 87 -9.2% 230 230 0.0%
Operating Profit (Loss) 0 1 -100.0% 1 0 N/A
OP (Loss) without Special Items 3 1 200.0% 4 0 N/A
OP Margin w/o Special Items 3.8% 1.1% N/A 1.7% 0.0% N/A
Depreciation & Amortization 3 3 0.0% 8 8 0.0%
Capital Expenditures 1 1 0.0% 3 3 0.0%
EBITDA without Special Items 6 4 50.0% 12 8 50.0%
OTHER BUSINESSES
Orders 54 124 -56.5% 258 368 -29.9%
Backlog 12 93 -87.1% 12 93 -87.1%
Sales 57 120 -52.5% 279 392 -28.8%
Operating Profit (Loss) (3) 2 -250.0% 8 (4) 300.0%
OP (Loss) without Special Items (3) 2 -250.0% 8 (4) 300.0%
OP Margin w/o Special Items -5.3% 1.7% N/A 2.9% -1.0% N/A
Depreciation & Amortization 1 3 -66.7% 6 9 -33.3%
Capital Expenditures 1 0 N/A 2 1 100.0%
EBITDA without Special Items (2) 5 -140.0% 14 5 180.0%
CORPORATE OTHER
Orders 11 13 -15.4% 52 54 -3.7%
Backlog 54 58 -6.9% 54 58 -6.9%
Sales 30 39 -23.1% 78 112 -30.4%
Operating Profit (Loss) (85) (39) -117.9% (155) (101) -53.5%
OP (Loss) without Special Items (46) (39) -17.9% (116) (101) -14.9%
OP Margin w/o Special Items -153.3% -100.0% N/A -148.7% -90.2% N/A
Depreciation & Amortization 7 3 133.3% 17 19 -10.5%
Capital Expenditures 5 8 -37.5% 13 13 0.0%
EBITDA without Special Items (39) (36) -8.3% (99) (82) -20.7%
INTERSEGMENT
Orders (19) (20) 5.0% (65) (67) 3.0%
Backlog (9) (15) 40.0% (9) (15) 40.0%
Sales (25) (24) -4.2% (73) (70) -4.3%
TOTAL CONTINUING OPERATIONS
Orders 1,440 1,416 1.7% 4,497 4,639 -3.1%
Backlog 6,698 6,225 7.6% 6,698 6,225 7.6%
Sales 1,378 1,469 -6.2% 4,203 4,137 1.6%
Operating Profit (Loss) (55) 109 -150.5% 56 224 -75.0%
OP (Loss) without Special Items 61 109 -44.0% 178 224 -20.5%
OP Margin w/o Special Items 4.4% 7.4% N/A 4.2% 5.4% N/A
Depreciation & Amortization 55 51 7.8% 156 164 -4.9%
Capital Expenditures 43 49 -12.2% 116 116 0.0%
EBITDA without Special Items 116 160 -27.5% 334 388 -13.9%
</TABLE>
<PAGE> 9
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Dec 31 Dec 31
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TOTAL BROADCASTING:
TV AND NETWORK
Orders 406 119 241.2% 691 379 82.3%
Backlog - - - - - -
Sales 406 119 241.2% 691 379 82.3%
Operating Profit (Loss) 67 51 31.4% 161 130 23.8%
OP (Loss) without Special Items 67 51 31.4% 161 130 23.8%
OP Margin w/o Special Items 16.5% 42.9% N/A 23.3% 34.3% N/A
Depreciation & Amortization 14 1 1300.0% 23 9 155.6%
Capital Expenditures 6 3 100.0% 11 12 -8.3%
EBITDA without Special Items 81 52 55.8% 184 139 32.4%
RADIO
Orders 91 57 59.6% 251 208 20.7%
Backlog - - - - - -
Sales 91 57 59.6% 251 208 20.7%
Operating Profit (Loss) 20 15 33.3% 55 47 17.0%
OP (Loss) without Special Items 20 15 33.3% 55 47 17.0%
OP Margin w/o Special Items 22.0% 26.3% N/A 21.9% 22.6% N/A
Depreciation & Amortization 4 4 0.0% 16 16 0.0%
Capital Expenditures 4 2 100.0% 9 8 12.5%
EBITDA without Special Items 24 19 26.3% 71 63 12.7%
OTHER BROADCASTING
Orders 45 39 15.4% 166 155 7.1%
Backlog - - - - - -
Sales 45 39 15.4% 166 155 7.1%
Operating Profit (Loss) (14) 4 -450.0% (4) 20 -120.0%
OP (Loss) without Special Items (14) 2 -800.0% (4) 18 -122.2%
OP Margin w/o Special Items -31.1% 5.1% N/A -2.4% 11.6% N/A
Depreciation & Amortization 12 1 1100.0% 18 6 200.0%
Capital Expenditures 5 7 -28.6% 12 15 -20.0%
EBITDA without Special Items (2) 3 -166.7% 14 24 -41.7%
TOTAL BROADCASTING
Orders 542 215 152.1% 1,108 742 49.3%
Backlog - - - - - -
Sales 542 215 152.1% 1,108 742 49.3%
Operating Profit (Loss) 73 70 4.3% 212 197 7.6%
OP (Loss) without Special Items 73 68 7.4% 212 195 8.7%
OP Margin w/o Special Items 13.5% 31.6% N/A 19.1% 26.3% N/A
Depreciation & Amortization 30 6 400.0% 57 31 83.9%
Capital Expenditures 15 12 25.0% 32 35 -8.6%
EBITDA without Special Items 103 74 39.2% 269 226 19.0%
</TABLE>
<PAGE> 10
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Dec 31 Dec 31
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 333 252 32.1% 1,231 1,359 -9.4%
Backlog 3,203 3,259 -1.7% 3,203 3,259 -1.7%
Sales 447 446 0.2% 1,369 1,364 0.4%
Operating Profit (Loss) 68 43 58.1% 114 114 0.0%
OP (Loss) without Special Items 77 69 11.6% 130 140 -7.1%
OP Margin w/o Special Items 17.2% 15.5% N/A 9.5% 10.3% N/A
Depreciation & Amortization 10 9 11.1% 49 49 0.0%
Capital Expenditures 17 14 21.4% 37 39 -5.1%
EBITDA without Special Items 87 78 11.5% 179 189 -5.3%
POWER GENERATION
Orders 842 1,083 -22.3% 2,400 2,524 -4.9%
Backlog 3,106 2,683 15.8% 3,106 2,683 15.8%
Sales 612 577 6.1% 1,769 1,715 3.1%
Operating Profit (Loss) 51 108 -52.8% (16) 130 -112.3%
OP (Loss) without Special Items 51 103 -50.5% 12 125 -90.4%
OP Margin w/o Special Items 8.3% 17.9% N/A 0.7% 7.3% N/A
Depreciation & Amortization 10 12 -16.7% 44 46 -4.3%
Capital Expenditures 35 23 52.2% 64 48 33.3%
EBITDA without Special Items 61 115 -47.0% 56 171 -67.3%
OTHER POWER SYSTEMS
Orders (62) (7) -785.7% (79) (33) -139.4%
Backlog (610) (636) 4.1% (610) (636) 4.1%
Sales (39) (41) 4.9% (138) (149) 7.4%
Operating Profit (Loss) (213) (37) -475.7% (305) (79) -286.1%
OP (Loss) without Special Items (22) (37) 40.5% (69) (79) 12.7%
OP Margin w/o Special Items 56.4% 90.2% N/A 50.0% 53.0% N/A
Depreciation & Amortization 0 0 N/A 0 0 N/A
Capital Expenditures 0 0 N/A 0 0 N/A
EBITDA without Special Items (22) (37) 40.5% (69) (79) 12.7%
TOTAL POWER SYSTEMS
Orders 1,113 1,328 -16.2% 3,552 3,850 -7.7%
Backlog 5,699 5,306 7.4% 5,699 5,306 7.4%
Sales 1,020 982 3.9% 3,000 2,930 2.4%
Operating Profit (Loss) (94) 114 -182.5% (207) 165 -225.5%
OP (Loss) without Special Items 106 135 -21.5% 73 186 -60.8%
OP Margin w/o Special Items 10.4% 13.7% N/A 2.4% 6.3% N/A
Depreciation & Amortization 20 21 -4.8% 93 95 -2.1%
Capital Expenditures 52 37 40.5% 101 87 16.1%
EBITDA without Special Items 126 156 -19.2% 166 281 -40.9%
</TABLE>
<PAGE> 11
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Dec 31 Dec 31
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
THERMO KING
Orders 223 282 -20.9% 1,015 995 2.0%
Backlog 174 280 -37.9% 174 280 -37.9%
Sales 237 217 9.2% 1,065 877 21.4%
Operating Profit (Loss) 40 33 21.2% 176 135 30.4%
OP (Loss) without Special Items 40 33 21.2% 176 135 30.4%
OP Margin w/o Special Items 16.9% 15.2% N/A 16.5% 15.4% N/A
Depreciation & Amortization 2 2 0.0% 15 13 15.4%
Capital Expenditures 7 7 0.0% 23 19 21.1%
EBITDA without Special Items 42 35 20.0% 191 148 29.1%
GOVERNMENT AND ENVIRONMENTAL
SERVICES:
GOVERNMENT OPERATIONS
Orders 0 7 -100.0% 15 41 -63.4%
Backlog 6 30 -80.0% 6 30 -80.0%
Sales 54 29 86.2% 144 116 24.1%
Operating Profit (Loss) 25 19 31.6% 86 76 13.2%
OP (Loss) without Special Items 25 19 31.6% 86 76 13.2%
OP Margin w/o Special Items 46.3% 65.5% N/A 59.7% 65.5% N/A
Depreciation & Amortization 0 0 N/A 1 2 -50.0%
Capital Expenditures 1 1 0.0% 2 2 0.0%
EBITDA without Special Items 25 19 31.6% 87 78 11.5%
ENVIRONMENTAL SERVICES
Orders 83 95 -12.6% 284 342 -17.0%
Backlog 669 689 -2.9% 669 689 -2.9%
Sales 77 90 -14.4% 302 341 -11.4%
Operating Profit (Loss) (41) (10) -310.0% (62) (18) -244.4%
OP (Loss) without Special Items (41) (6) -583.3% (62) (14) -342.9%
OP Margin w/o Special Items -53.2% -6.7% N/A -20.5% -4.1% N/A
Depreciation & Amortization 5 7 -28.6% 16 23 -30.4%
Capital Expenditures 18 8 125.0% 33 21 57.1%
EBITDA without Special Items (36) 1 -3700.0% (46) 9 -611.1%
GOVERNMENT AND ENVIRONMENTAL
SERVICES
Orders 83 102 -18.6% 299 383 -21.9%
Backlog 675 719 -6.1% 675 719 -6.1%
Sales 131 119 10.1% 446 457 -2.4%
Operating Profit (Loss) (16) 9 -277.8% 24 58 -58.6%
OP (Loss) without Special Items (16) 13 -223.1% 24 62 -61.3%
OP Margin w/o Special Items -12.2% 10.9% N/A 5.4% 13.6% N/A
Depreciation & Amortization 5 7 -28.6% 17 25 -32.0%
Capital Expenditures 19 9 111.1% 35 23 52.2%
EBITDA without Special Items (11) 20 -155.0% 41 87 -52.9%
</TABLE>
<PAGE> 12
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 AND 1994 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Dec 31 Dec 31
1995 1994 % Change 1995 1994 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
COMMUNICATIONS & INFORMATION
SYSTEMS
Orders 84 108 -22.2% 323 349 -7.4%
Backlog 97 154 -37.0% 97 154 -37.0%
Sales 131 82 59.8% 361 312 15.7%
Operating Profit (Loss) (2) 7 -128.6% (1) 7 -114.3%
OP (Loss) without Special Items (2) 7 -128.6% 2 7 -71.4%
OP Margin w/o Special Items -1.5% 8.5% N/A 0.6% 2.2% N/A
Depreciation & Amortization 3 2 50.0% 11 10 10.0%
Capital Expenditures 2 2 0.0% 5 5 0.0%
EBITDA without Special Items 1 9 -88.9% 13 17 -23.5%
OTHER BUSINESSES
Orders 24 120 -80.0% 282 488 -42.2%
Backlog 9 74 -87.8% 9 74 -87.8%
Sales 26 132 -80.3% 305 524 -41.8%
Operating Profit (Loss) 1 6 -83.3% 9 2 350.0%
OP (Loss) without Special Items 1 6 -83.3% 9 2 350.0%
OP Margin w/o Special Items 3.8% 4.5% N/A 3.0% 0.4% N/A
Depreciation & Amortization 0 2 -100.0% 6 11 -45.5%
Capital Expenditures 0 1 -100.0% 2 2 0.0%
EBITDA without Special Items 1 8 -87.5% 15 13 15.4%
CORPORATE OTHER
Orders 13 36 -63.9% 65 90 -27.8%
Backlog 38 66 -42.4% 38 66 -42.4%
Sales 12 41 -70.7% 90 153 -41.2%
Operating Profit (Loss) (14) (58) 75.9% (169) (159) -6.3%
OP (Loss) without Special Items (14) (58) 75.9% (130) (159) 18.2%
OP Margin w/o Special Items -116.7% -141.5% N/A -144.4% -103.9% N/A
Depreciation & Amortization 2 10 -80.0% 19 29 -34.5%
Capital Expenditures 5 7 -28.6% 18 20 -10.0%
EBITDA without Special Items (12) (48) 75.0% (111) (130) 14.6%
INTERSEGMENT
Orders (20) (24) 16.7% (85) (91) 6.6%
Backlog (6) (13) 53.8% (6) (13) 53.8%
Sales (6) (36) 83.3% (79) (106) 25.5%
TOTAL CONTINUING OPERATIONS
Orders 2,062 2,167 -4.8% 6,559 6,806 -3.6%
Backlog 6,686 6,586 1.5% 6,686 6,586 1.5%
Sales 2,093 1,752 19.5% 6,296 5,889 6.9%
Operating Profit (Loss) (12) 181 -106.6% 44 405 -89.1%
OP (Loss) without Special Items 188 204 -7.8% 366 428 -14.5%
OP Margin w/o Special Items 9.0% 11.6% N/A 5.8% 7.3% N/A
Depreciation & Amortization 62 50 24.0% 218 214 1.9%
Capital Expenditures 100 75 33.3% 216 191 13.1%
EBITDA without Special Items 250 254 -1.6% 584 642 -9.0%
</TABLE>
<PAGE> 13
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1993, 1992, AND 1991
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
TOTAL BROADCASTING:
TV AND NETWORK
Orders 335 354 355
Backlog - - -
Sales 335 354 355
Operating Profit (Loss) 92 99 80
OP (Loss) without Special Items 92 99 80
OP Margin w/o Special Items 27.5% 28.0% 22.5%
Depreciation & Amortization 9 9 9
Capital Expenditures 12 10 13
EBITDA without Special Items 101 108 89
RADIO
Orders 215 208 211
Backlog - - -
Sales 215 208 211
Operating Profit (Loss) 44 34 36
OP (Loss) without Special Items 44 34 36
OP Margin w/o Special Items 20.5% 16.3% 17.1%
Depreciation & Amortization 15 15 14
Capital Expenditures 3 3 5
EBITDA without Special Items 59 49 50
OTHER BROADCASTING
Orders 155 157 141
Backlog - - -
Sales 155 157 141
Operating Profit (Loss) 3 28 22
OP (Loss) without Special Items 15 28 30
OP Margin w/o Special Items 9.7% 17.8% 21.3%
Depreciation & Amortization 8 6 6
Capital Expenditures 7 7 10
EBITDA without Special Items 23 34 36
TOTAL BROADCASTING
Orders 705 719 707
Backlog - - -
Sales 705 719 707
Operating Profit (Loss) 139 161 138
OP (Loss) without Special Items 151 161 146
OP Margin w/o Special Items 21.4% 22.4% 20.7%
Depreciation & Amortization 32 30 29
Capital Expenditures 22 20 28
EBITDA without Special Items 183 191 175
</TABLE>
<PAGE> 14
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1993, 1992, AND 1991
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 1,500 1,152 1,338
Backlog 3,267 3,151 3,325
Sales 1,420 1,389 1,358
Operating Profit (Loss) 164 186 171
OP (Loss) without Special Items 209 186 186
OP Margin w/o Special Items 14.7% 13.4% 13.7%
Depreciation & Amortization 50 51 52
Capital Expenditures 42 37 47
EBITDA without Special Items 259 237 238
POWER GENERATION
Orders 2,239 2,027 1,978
Backlog 2,342 2,103 1,955
Sales 1,786 1,856 1,718
Operating Profit (Loss) (2) 134 118
OP (Loss) without Special Items 124 134 131
OP Margin w/o Special Items 6.9% 7.2% 7.6%
Depreciation & Amortization 46 44 39
Capital Expenditures 38 40 62
EBITDA without Special Items 170 178 170
OTHER POWER SYSTEMS
Orders (33) (28) (73)
Backlog (694) (717) (764)
Sales (123) (91) (111)
Operating Profit (Loss) (201) (51) (36)
OP (Loss) without Special Items (76) (51) (36)
OP Margin w/o Special Items 61.8% 56.0% 32.4%
Depreciation & Amortization 0 0 0
Capital Expenditures 0 0 0
EBITDA without Special Items (76) (51) (36)
TOTAL POWER SYSTEMS
Orders 3,706 3,151 3,243
Backlog 4,915 4,537 4,516
Sales 3,083 3,154 2,965
Operating Profit (Loss) (39) 269 253
OP (Loss) without Special Items 257 269 281
OP Margin w/o Special Items 8.3% 8.5% 9.5%
Depreciation & Amortization 96 95 91
Capital Expenditures 80 77 109
EBITDA without Special Items 353 364 372
</TABLE>
<PAGE> 15
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1993, 1992, AND 1991
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
THERMO KING
Orders 766 699 675
Backlog 159 130 140
Sales 719 705 617
Operating Profit (Loss) 113 106 89
OP (Loss) without Special Items 113 106 90
OP Margin w/o Special Items 15.7% 15.0% 14.6%
Depreciation & Amortization 12 12 11
Capital Expenditures 15 10 9
EBITDA without Special Items 125 118 101
GOVERNMENT AND ENVIRONMENTAL
SERVICES:
GOVERNMENT OPERATIONS
Orders 30 20 20
Backlog 16 9 9
Sales 104 107 96
Operating Profit (Loss) 71 79 68
OP (Loss) without Special Items 71 79 68
OP Margin w/o Special Items 68.3% 73.8% 70.8%
Depreciation & Amortization 1 1 1
Capital Expenditures 2 1 1
EBITDA without Special Items 72 80 69
ENVIRONMENTAL SERVICES
Orders 328 297 718
Backlog 697 685 1,011
Sales 313 336 318
Operating Profit (Loss) (43) 9 (65)
OP (Loss) without Special Items (11) 9 (56)
OP Margin w/o Special Items -3.5% 2.7% -17.6%
Depreciation & Amortization 19 14 14
Capital Expenditures 31 26 47
EBITDA without Special Items 8 23 (42)
GOVERNMENT AND ENVIRONMENTAL
SERVICES
Orders 358 317 738
Backlog 713 694 1,020
Sales 417 443 414
Operating Profit (Loss) 28 88 3
OP (Loss) without Special Items 60 88 12
OP Margin w/o Special Items 14.4% 19.9% 2.9%
Depreciation & Amortization 20 15 15
Capital Expenditures 33 27 48
EBITDA without Special Items 80 103 27
</TABLE>
<PAGE> 16
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1993, 1992, AND 1991
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1993 1992 1991
---- ---- ----
<S> <C> <C> <C>
COMMUNICATIONS & INFORMATION
SYSTEMS
Orders 311 127 210
Backlog 116 25 153
Sales 279 165 310
Operating Profit (Loss) (3) 4 7
OP (Loss) without Special Items 8 4 8
OP Margin w/o Special Items 2.9% 2.4% 2.6%
Depreciation & Amortization 11 10 12
Capital Expenditures 3 5 3
EBITDA without Special Items 19 14 20
OTHER BUSINESSES
Orders 566 631 670
Backlog 148 148 132
Sales 533 611 649
Operating Profit (Loss) (38) 0 18
OP (Loss) without Special Items (33) 0 28
OP Margin w/o Special Items -6.2% 0.0% 4.3%
Depreciation & Amortization 14 12 11
Capital Expenditures 12 9 15
EBITDA without Special Items (19) 12 39
CORPORATE OTHER
Orders 103 96 85
Backlog 72 55 37
Sales 155 138 157
Operating Profit (Loss) (234) (147) (133)
OP (Loss) without Special Items (136) (147) (117)
OP Margin w/o Special Items -87.7% -106.5% -74.5%
Depreciation & Amortization 27 25 31
Capital Expenditures 16 20 25
EBITDA without Special Items (109) (122) (86)
INTERSEGMENT
Orders (104) (122) (115)
Backlog (12) (8) (5)
Sales (112) (135) (138)
TOTAL CONTINUING OPERATIONS
Orders 6,411 5,618 6,213
Backlog 6,111 5,581 5,993
Sales 5,779 5,800 5,681
Operating Profit (Loss) (34) 481 375
OP (Loss) without Special Items 420 481 448
OP Margin w/o Special Items 7.3% 8.3% 7.9%
Depreciation & Amortization 212 199 200
Capital Expenditures 181 168 237
EBITDA without Special Items 632 680 648
</TABLE>
<PAGE> 1
Exhibit 99.2
WESTINGHOUSE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
1995 AND 1994 BY QUARTER
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended Three Months Ended Six Months Ended
March 31 June 30 June 30
----------------- ------------------ -----------------
1995 1994 1995 1994 1995 1994
---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $1,294 $1,193 $1,531 $1,475 $2,825 $2,668
Operating costs and expenses (1,267) (1,172) (1,447) (1,381) (2,714) (2,553)
------- ------- -------- ------- ------- -------
Operating profit 27 21 84 94 111 115
Operating profit margin 2.1% 1.8% 5.5% 6.4% 3.9% 4.3%
Other income and expenses, net (2) 39 1 7 (1) 46
Interest expense (44) (36) (47) (34) (91) (70)
------- ------ ------ ------ ------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest (19) 24 38 67 19 91
Income taxes 10 (7) (12) (23) (2) (30)
Effective tax rate 53.9% 28.5% 31.9% 33.9% 10.2% 32.5%
Minority interest (2) 1 (3) (3) (5) (2)
------ ------ ------ ------ ------ ------
Income (loss) from Continuing Operations ($11) $18 $23 $41 $12 $59
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 26 18 36 34 62 52
Estimated loss on disposal of Discontinued
Operations - - - - - -
------ ------ ------ ------ ------ ------
Income (loss) Discontinued Operations 26 18 36 34 62 52
------ ------ ------ ------ ------ ------
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - - - - - -
Other postretirement benefits - - - - - -
Income taxes - - - - - -
Net Income (loss) $15 $36 $59 $75 $74 $111
====== ====== ====== ====== ====== ======
Dividend requirements for Series B
preferred stock 13 13 12 12 25 25
Net income (loss) applicable to common stock $2 $23 $47 $63 $49 $86
====== ====== ====== ====== ====== ======
Average shares outstanding - primary 398 357 399 394 398 373
Average shares outstanding - fully diluted 398 357 399 394 399 373
Primary earnings (loss) per common share:
Continuing Operations ($0.06) $0.02 $0.03 $0.07 ($0.03) $0.09
Discontinued Operations $0.07 $0.05 $0.09 $0.09 $0.15 $0.14
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------ ------ ------
Primary earnings (loss) per common share $0.01 $0.07 $0.12 $0.16 $0.12 $0.23
====== ====== ====== ====== ====== ======
Fully diluted earnings (loss) per common share:
Continuing Operations ($0.06) $0.02 $0.03 $0.07 ($0.03) $0.09
Discontinued Operations $0.07 $0.05 $0.09 $0.09 $0.15 $0.14
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------ ------ ------
Fully diluted earnings (loss) per
common share $0.01 $0.07 $0.12 $0.16 $0.12 $0.23
====== ====== ====== ====== ====== ======
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
1995 AND 1994 BY QUARTER
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended Nine Months Ended
September 30 September 30
------------------ -----------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales and operating revenues $1,378 $1,469 $4,203 $4,137
Operating costs and expenses (1,433) (1,360) (4,147) (3,913)
------ ------ ------ ------
Operating profit (55) 109 56 224
Operating profit margin -4.0% 7.4% 1.3% 5.4%
Other income and expenses, net 136 0 135 46
Interest expense (43) (33) (134) (103)
------ ------ ------ ------
Income (loss) from Continuing Operations before 38 76 57 167
Income taxes and minority interest
Income taxes (15) (26) (17) (56)
Effective tax rate 40.6% 34.1% 30.1% 33.2%
Minority interest (1) (4) (6) (6)
------ ------ ------ ------
Income (loss) from Continuing Operations $22 $46 $34 $105
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 2 27 64 79
Estimated loss on disposal of Discontinued
Operations (76) - (76) -
------ ------ ------ ------
Income (loss) Discontinued Operations (74) 27 (12) 79
------ ------ ------ ------
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - - - -
Other postretirement benefits - - - -
Income taxes - - - -
Net Income (loss)
($52) $73 $22 $184
====== ====== ====== ======
Dividend requirements for Series B
preferred stock 9 13 34 38
Net income (loss) applicable to common stock ($61) $60 ($12) $146
====== ====== ====== ======
Average shares outstanding - primary 409 395 403 380
Average shares outstanding - fully diluted 434 396 432 380
Primary earnings (loss) per common share:
Continuing Operations $0.03 $0.08 ($0.00) $0.17
Discontinued Operations ($0.18) $0.07 ($0.03) $0.21
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------
Primary earnings (loss) per common share ($0.15) $0.15 ($0.03) $0.38
====== ====== ====== ======
Fully diluted earnings (loss) per common share:
Continuing Operations $0.05 $0.08 $0.08 $0.17
Discontinued Operations ($0.17) $0.07 ($0.03) $0.21
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------
Fully diluted earnings (loss) per
common share ($0.12) $0.15 $0.05 $0.38
====== ====== ====== ======
</TABLE>
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
1995 AND 1994 BY QUARTER
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended Twelve Months Ended
December 31 December 31
------------------- -------------------
1995 1994 1995 1994
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales and operating revenues $2,093 $1,752 $6,296 $5,889
Operating costs and expenses (2,105) (1,571) (6,252) (5,484)
------ ------ ------ ------
Operating profit (12) 181 44 405
Operating profit margin -0.6% 10.3% 0.7% 6.9%
Other income and expenses, net 14 (334) 149 (288)
Interest expense (99) (31) (233) (134)
------ ------ ------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest (97) (184) (40) (17)
Income taxes 24 69 7 13
Effective tax rate 24.4% 37.2% 16.3% 75.5%
Minority interest (5) (3) (11) (9)
------ ------ ------ ------
Income (loss) from Continuing Operations ($78) ($118) ($44) ($13)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 71 11 135 90
Estimated loss on disposal of Discontinued
Operations - - (76) -
------ ------ ------ ------
Income (loss) Discontinued Operations 71 11 59 90
------ ------ ------ ------
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - - - -
Other postretirement benefits - - - -
Income taxes - - - -
Net Income (loss) ($7) ($107) $15 $77
====== ====== ====== ======
Dividend requirements for Series B
preferred stock 0 12 34 50
Net income (loss) applicable to common stock ($7) ($119) ($19) $27
====== ====== ====== ======
Average shares outstanding - primary 435 397 410 384
Average shares outstanding - fully diluted 436 397 433 384
Primary earnings (loss) per common share:
Continuing Operations ($0.18) ($0.33) ($0.19) ($0.16)
Discontinued Operations $0.16 $0.03 $0.14 $0.23
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------
Primary earnings (loss) per common share ($0.02) ($0.30) ($0.05) $0.07
====== ====== ====== ======
Fully diluted earnings (loss) per common share:
Continuing Operations ($0.18) ($0.33) ($0.10) ($0.16)
Discontinued Operations $0.16 $0.03 $0.13 $0.23
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------
Fully diluted earnings (loss) per common share ($0.02) ($0.30) $0.03 $0.07
====== ====== ====== ======
</TABLE>
<PAGE> 4
WESTINGHOUSE ELECTRIC CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF INCOME
TOTAL YEAR 1993, 1992, AND 1991
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data)
-------- -------- --------
1993 1992 1991
-------- -------- --------
<S> <C> <C> <C>
Sales and operating revenues $5,779 $5,800 $5,681
Operating costs and expenses (5,813) (5,319) (5,306)
------- -------- --------
Operating profit (34) 481 375
Operating profit margin -0.6% 8.3% 6.6%
Other income and expenses, net (154) (37) (6)
Interest expense (165) (169) (176)
------- --------- --------
Income (loss) from Continuing Operations before
income taxes and minority interest (353) 275 193
Income taxes 116 (84) (50)
Effective tax rate 32.9% 30.4% 26.0%
Minority interest (9) (5) (2)
------- --------- --------
Income (loss) from Continuing Operations ($246) $186 $141
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 71 141 (1,227)
Estimated loss on disposal of Discontinued
Operations (95) (1,383) -
-------- -------- --------
Income (loss) Discontinued Operations (24) (1,242) (1,227)
-------- -------- --------
Cumulative effect of changes in accounting
principles:
Other postemployment benefits (56) - -
Other postretirement benefits - (742) -
Income taxes - 404 -
Net Income (loss) ($326) ($1,394) ($1,086)
======= ======== =========
Dividend requirements for Series B
preferred stock 50 28 0
Net income (loss) applicable to common stock ($376) ($1,422) ($1,086)
======== ======== ========
Average shares outstanding - primary 353 346 314
Average shares outstanding - fully diluted 353 346 314
Primary earnings (loss) per common share:
Continuing Operations ($0.84) $0.46 $0.45
Discontinued Operations ($0.07) ($3.59) ($3.91)
Cumulative effect of changes in
accounting principles ($0.16) ($0.98) $0.00
-------- -------- --------
Primary earnings (loss) per common share ($1.07) ($4.11) ($3.46)
======= ======== ========
Fully diluted earnings (loss) per common share:
Continuing Operations ($0.84) $0.46 $0.45
Discontinued Operations ($0.07) ($3.59) ($3.91)
Cumulative effect of changes in
accounting principles ($0.16) ($0.98) $0.00
-------- -------- -------
Fully diluted earnings (loss) per common share ($1.07) ($4.11) ($3.46)
======== ========= =======
</TABLE>
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