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<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): May 2, 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 May 2, 1996, the Registrant issued a press release concerning
earnings for the quarter ended March 31, 1996. A copy of the press release is
attached hereto as Exhibit 99.1 and is incorporated herein. 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 the Environmental Segment. In connection with this
action, the Registrant has realigned 1995 results, by quarter, to allow
comparisons between the segments. Total year 1994, 1993, and 1992 segment
results have also been realigned. A copy of the realigned segment financial
results for the periods is attached hereto as Exhibit 99.2 and is incorporated
herein in its entirety. Also, with the reclassification of the Environmental
Segment into Discontinued Operations, the income statement for the Registrant
has been restated for 1995 results, by quarter, and total year 1994, 1993, and
1992. A copy of the restated condensed consolidated statement of income for
these time periods is attached hereto as Exhibit 99.3 and is incorporated
herein in its entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
Exhibit No.
99.1 Press Release concerning earnings of the Registrant for the
quarter ended March 31, 1996 is filed as Exhibit 99.1 to
this Report.
99.2 First Quarter 1996, 1995 Quarterly, and Total Year 1994,
1993, and 1992 Segment Results aligned on the first quarter
1996 segment basis is filed as Exhibit 99.2 to this Report.
99.3 First Quarter 1996, 1995 Quarterly, and Total Year 1994,
1993, and 1992 Condensed Consolidated Statement of Income
restated for the reclassification to Discontinued
Operations of the Environmental Segment is filed as
Exhibit 99.3 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: May 2, 1996
<PAGE> 3
EXHIBIT INDEX
-------------
Exhibit No. Description Sequential Page No.
- ----------- ----------- -------------------
99.1 Press Release
99.2 First quarter 1996,
1995 Quarterly, and Total
Year 1994, 1993, and 1992
Segment Results
99.3 First quarter 1996,
1995 Quarterly, and Total
Year 1994, 1993, and 1992
Condensed Consolidated
Statement of Income
<PAGE> 1
Exhibit 99.1
Contact: Kevin J. Ramundo
Telephone: (412) 642-4989
FOR USE: IMMEDIATE
WESTINGHOUSE ANNOUNCES FIRST QUARTER RESULTS
o OVERALL RESULTS REDUCED BY CBS ACQUISITION-RELATED COSTS
o OPERATING PERFORMANCE IN LINE WITH EXPECTATIONS
PITTSBURGH, May 2 -- Westinghouse Electric Corporation reported first
quarter net income of $181 million, or $.41 per share, compared to $15 million,
or $.01 per share, in the year-ago quarter. Excluding an after-tax gain of
$1.2 billion on divestitures and after-tax charges of $857 million for special
items, the company had a net loss of $126 million, or $.29 per share, in the
current quarter. Higher interest expense and amortization of intangible assets
related to the CBS acquisition unfavorably affected the results by
approximately $90 million on an after-tax basis.
In commenting on the first quarter, Michael H. Jordan, the company's
chairman and chief executive officer, said, "Our operating performance was in
line with our expectations. However, reported results were substantially
impacted by amortization and interest expense related to the CBS acquisition.
Interest expense will diminish significantly in subsequent quarters, since
Westinghouse paid down $3.5 billion of debt in the first quarter following the
divestitures of the defense electronics business and Knoll. As we have stated
before, 1996 will be a transitional year for the company as we integrate our
broadcasting operations and refine our industries and technology portfolio."
-more-
<PAGE> 2
WESTINGHOUSE ANNOUNCES FIRST QUARTER RESULTS -2-
For continuing operations excluding special items, the company
reported a loss of $116 million, or $.26 per share, compared to a loss of $9
million, or $.05 per share, in the year-ago quarter.
WESTINGHOUSE/CBS BROADCASTING GROUP (Comparisons based on pro-forma first
quarter 1995 results including CBS.)
In the current quarter, the broadcasting business had revenues of $1.1
billion, up 7 percent from last year. The business generated earnings before
interest, taxes, depreciation and amortization (EBITDA) of $110 million before
special charges and including the benefit from the writedown of programming
rights in purchase accounting. EBITDA in the year-ago quarter was $101 million.
EBITDA for radio was up 36 percent on higher revenues and reduced
costs. Television station EBITDA was comparable to last year as cost
reductions from integrating the former Group W and CBS stations largely offset
the impact of lower network ratings. While network earnings reflected lower
ratings compared to the year-ago quarter, household ratings during the current
quarter were up, compared to the first half of the season.
THE INDUSTRIES AND TECHNOLOGY GROUP
Sales in the industries and technology group at $1 billion were
comparable to last year, excluding a one-time, non-cash accounting adjustment in
the current quarter. The group reported a slight operating loss before special
items as a result of losses largely in the power systems businesses. Price
compression on existing power generation equipment orders and lower revenues in
power generation and energy systems due to delays in customer service
requirements were responsible for the losses.
-more-
<PAGE> 3
WESTINGHOUSE ANNOUNCES FIRST QUARTER RESULTS -3-
Operating profit at Thermo King was approximately equal to the
year-ago quarter reflecting a more favorable product mix and softness in the
container segment. Profitability increased at the government operations
business.
Commenting on the industries and technology group, Mr. Jordan said,
"We anticipate that orders will be up nicely in the second quarter reflecting
increased demand in power generation."
Looking longer-term, he added, "Over the past six months, Westinghouse
has moved aggressively to integrate CBS, reduce acquisition-related debt,
improve the performance of the industries and technology portfolio, and reduce
the future financial impact of legacies. We strongly believe that our actions
will lead to improved operating performance and enhanced shareholder value."
##1000-1246##
-5/2/96-
<PAGE> 1
Exhibit 99.2
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
FIRST QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1996 1995 % Change
---- ---- --------
<S> <C> <C> <C>
TOTAL BROADCASTING:
TV
Orders 188 74 154.1%
Backlog - - -
Sales 188 74 154.1%
Operating Profit (Loss) 54 26 107.7%
OP (Loss) without Special Items 54 26 107.7%
OP Margin w/o Special Items 28.7% 35.1% N/A
Depreciation & Amortization 14 3 366.7%
Capital Expenditures 2 0 N/A
EBITDA without Special Items 68 29 134.5%
NETWORK
Orders 766 0 N/A
Backlog - - -
Sales 766 0 N/A
Operating Profit (Loss) 0 0 N/A
OP (Loss) without Special Items 0 0 N/A
OP Margin w/o Special Items N/A N/A N/A
Depreciation & Amortization 10 0 N/A
Capital Expenditures 0 0 N/A
EBITDA without Special Items 10 0 N/A
RADIO
Orders 121 43 181.4%
Backlog - - -
Sales 121 43 181.4%
Operating Profit (Loss) 20 7 185.7%
OP (Loss) without Special Items 20 7 185.7%
OP Margin w/o Special Items 16.5% 16.3% N/A
Depreciation & Amortization 10 4 150.0%
Capital Expenditures 0 1 -100.0%
EBITDA without Special Items 30 11 172.7%
OTHER BROADCASTING
Orders 43 34 26.5%
Backlog - - -
Sales 43 34 26.5%
Operating Profit (Loss) (72) 0 N/A
OP (Loss) without Special Items (31) 0 N/A
OP Margin w/o Special Items -72.1% 0.0% N/A
Depreciation & Amortization 33 2 1550.0%
Capital Expenditures 0 1 -100.0%
EBITDA without Special Items 2 2 0.0%
TOTAL BROADCASTING
Orders 1,118 151 640.4%
Backlog - - -
Sales 1,118 151 640.4%
Operating Profit (Loss) 2 33 -93.9%
OP (Loss) without Special Items 43 33 30.3%
OP Margin w/o Special Items 3.8% 21.9% N/A
Depreciation & Amortization 67 9 644.4%
Capital Expenditures 2 2 0.0%
EBITDA without Special Items 110 42 161.9%
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
FIRST QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1996 1995 % Change
---- ---- --------
<S> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 322 377 -14.6%
Backlog 3,189 3,397 -6.1%
Sales 231 284 -18.7%
Operating Profit (Loss) (26) 6 -533.3%
OP (Loss) without Special Items (5) 6 -183.3%
OP Margin w/o Special Items -2.2% 2.1% N/A
Depreciation & Amortization 12 13 -7.7%
Capital Expenditures 7 5 40.0%
EBITDA without Special Items 7 19 -63.2%
POWER GENERATION
Orders 488 579 -15.7%
Backlog 3,172 2,939 7.9%
Sales * 277 322 -14.0%
Operating Profit (Loss) (225) (31) -625.8%
OP (Loss) without Special Items (42) (31) -35.5%
OP Margin w/o Special Items -15.2% -9.6% N/A
Depreciation & Amortization 14 11 27.3%
Capital Expenditures 6 4 50.0%
EBITDA without Special Items (28) (20) -40.0%
OTHER POWER SYSTEMS
Orders (103) (4) -2475.0%
Backlog (659) (621) -6.1%
Sales (50) (37) -35.1%
Operating Profit (Loss) (306) (14) -2085.7%
OP (Loss) without Special Items (17) (14) -21.4%
OP Margin w/o Special Items 34.0% 37.8% N/A
Depreciation & Amortization 0 0 N/A
Capital Expenditures 0 0 N/A
EBITDA without Special Items (17) (14) -21.4%
TOTAL POWER SYSTEMS
Orders 707 952 -25.7%
Backlog 5,702 5,715 -0.2%
Sales * 458 569 -19.5%
Operating Profit (Loss) (557) (39) -1328.2%
OP (Loss) without Special Items (64) (39) -64.1%
OP Margin w/o Special Items -14.0% -6.9% N/A
Depreciation & Amortization 26 24 8.3%
Capital Expenditures 13 9 44.4%
EBITDA without Special Items (38) (15) -153.3%
THERMO KING
Orders 288 312 -7.7%
Backlog 209 316 -33.9%
Sales 257 273 -5.9%
Operating Profit (Loss) 45 44 2.3%
OP (Loss) without Special Items 45 44 2.3%
OP Margin w/o Special Items 17.5% 16.1% N/A
Depreciation & Amortization 4 4 0.0%
Capital Expenditures 4 6 -33.3%
EBITDA without Special Items 49 48 2.1%
</TABLE>
*First quarter 1996 sales were reduced by a $180 million one-time
adjustment to previous accounting for certain long-term contracts.
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
FIRST QUARTER
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1996 1995 % Change
---- ---- --------
<S> <C> <C> <C>
GOVERNMENT OPERATIONS
Orders 1 5 -80.0%
Backlog 31 67 -53.7%
Sales 25 27 -7.4%
Operating Profit (Loss) 18 15 20.0%
OP (Loss) without Special Items 18 15 20.0%
OP Margin w/o Special Items 72.0% 55.6% N/A
Depreciation & Amortization 0 0 N/A
Capital Expenditures 1 0 N/A
EBITDA without Special Items 18 15 20.0%
COMMUNICATION & INFORMATION
SYSTEMS
Orders 73 84 -13.1%
Backlog 93 156 -40.4%
Sales 82 70 17.1%
Operating Profit (Loss) (42) 2 -2200.0%
OP (Loss) without Special Items (1) 2 -150.0%
OP Margin w/o Special Items -1.2% 2.9% N/A
Depreciation & Amortization 9 3 200.0%
Capital Expenditures 1 1 0.0%
EBITDA without Special Items 8 5 60.0%
CORPORATE & OTHER
Orders 37 136 -72.8%
Backlog 41 146 -71.9%
Sales 33 133 -75.2%
Operating Profit (Loss) (322) (21) -1433.3%
OP (Loss) without Special Items (74) (21) -252.4%
OP Margin w/o Special Items -224.2% -15.8% N/A
Depreciation & Amortization 7 8 -12.5%
Capital Expenditures 1 5 -80.0%
EBITDA without Special Items (67) (13) -415.4%
INTERSEGMENT
Orders (18) (21) 14.3%
Backlog (8) (12) 33.3%
Sales (17) (21) 19.0%
TOTAL CONTINUING OPERATIONS
Orders 2,206 1,619 36.3%
Backlog 6,068 6,388 -5.0%
Sales 1,956 1,202 62.7%
Operating Profit (Loss) (856) 34 -2617.6%
OP (Loss) without Special Items (33) 34 -197.1%
OP Margin w/o Special Items -1.7% 2.8% N/A
Depreciation & Amortization 113 48 135.4%
Capital Expenditures 22 23 -4.3%
EBITDA without Special Items 80 82 -2.4%
</TABLE>
<PAGE> 4
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Mar 31 June 30 Sep 30 Dec 31 Dec 31
1995 1995 1995 1995 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
TOTAL BROADCASTING:
TV
Orders 74 90 82 159 405
Backlog - - - - -
Sales 74 90 82 159 405
Operating Profit (Loss) 26 42 26 55 149
OP (Loss) without Special Items 26 42 26 55 149
OP Margin w/o Special Items 35.1% 46.7% 31.7% 34.6% 36.8%
Depreciation & Amortization 3 2 4 9 18
Capital Expenditures 0 3 2 6 11
EBITDA without Special Items 29 44 30 64 167
NETWORK
Orders 0 0 0 230 230
Backlog - - - - -
Sales 0 0 0 230 230
Operating Profit (Loss) 0 0 0 12 12
OP (Loss) without Special Items 0 0 0 12 12
OP Margin w/o Special Items N/A N/A N/A 5.2% 5.2%
Depreciation & Amortization 0 0 0 5 5
Capital Expenditures 0 0 0 0 0
EBITDA without Special Items 0 0 0 17 17
RADIO
Orders 43 50 42 81 216
Backlog - - - - -
Sales 43 50 42 81 216
Operating Profit (Loss) 7 16 12 20 55
OP (Loss) without Special Items 7 16 12 20 55
OP Margin w/o Special Items 16.3% 32.0% 28.6% 24.7% 25.5%
Depreciation & Amortization 4 4 4 4 16
Capital Expenditures 1 1 3 4 9
EBITDA without Special Items 11 20 16 24 71
OTHER BROADCASTING
Orders 34 43 42 46 165
Backlog - - - - -
Sales 34 43 42 46 165
Operating Profit (Loss) 0 5 5 (14) (4)
OP (Loss) without Special Items 0 5 5 (14) (4)
OP Margin w/o Special Items 0.0% 11.6% 11.9% -30.4% -2.4%
Depreciation & Amortization 2 2 2 12 18
Capital Expenditures 1 2 4 5 12
EBITDA without Special Items 2 7 7 (2) 14
TOTAL BROADCASTING
Orders 151 183 166 516 1,016
Backlog - - - - -
Sales 151 183 166 516 1,016
Operating Profit (Loss) 33 63 43 73 212
OP (Loss) without Special Items 33 63 43 73 212
OP Margin w/o Special Items 21.9% 34.4% 25.9% 14.1% 20.9%
Depreciation & Amortization 9 8 10 30 57
Capital Expenditures 2 6 9 15 32
EBITDA without Special Items 42 71 53 103 269
</TABLE>
<PAGE> 5
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Mar 31 June 30 Sep 30 Dec 31 Dec 31
1995 1995 1995 1995 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 377 281 240 333 1,231
Backlog 3,397 3,376 3,309 3,203 3,203
Sales 284 332 306 447 1,369
Operating Profit (Loss) 6 27 13 68 114
OP (Loss) without Special Items 6 33 14 77 130
OP Margin w/o Special Items 2.1% 9.9% 4.6% 17.2% 9.5%
Depreciation & Amortization 13 12 14 10 49
Capital Expenditures 5 8 7 17 37
EBITDA without Special Items 19 45 28 87 179
POWER GENERATION
Orders 579 358 621 842 2,400
Backlog 2,939 2,844 2,848 3,106 3,106
Sales 322 440 395 612 1,769
Operating Profit (Loss) (31) (13) (23) 51 (16)
OP (Loss) without Special Items (31) (13) 5 51 12
OP Margin w/o Special Items -9.6% -3.0% 1.3% 8.3% 0.7%
Depreciation & Amortization 11 12 11 10 44
Capital Expenditures 4 14 11 35 64
EBITDA without Special Items (20) (1) 16 61 56
OTHER POWER SYSTEMS
Orders (4) (9) (4) (62) (79)
Backlog (621) (606) (583) (610) (610)
Sales (37) (28) (34) (39) (138)
Operating Profit (Loss) (14) (17) (61) (213) (305)
OP (Loss) without Special Items (14) (17) (16) (22) (69)
OP Margin w/o Special Items 37.8% 60.7% 47.1% 56.4% 50.0%
Depreciation & Amortization 0 0 0 0 0
Capital Expenditures 0 0 0 0 0
EBITDA without Special Items (14) (17) (16) (22) (69)
TOTAL POWER SYSTEMS
Orders 952 630 857 1,113 3,552
Backlog 5,715 5,614 5,574 5,699 5,699
Sales 569 744 667 1,020 3,000
Operating Profit (Loss) (39) (3) (71) (94) (207)
OP (Loss) without Special Items (39) 3 3 106 73
OP Margin w/o Special Items -6.9% 0.4% 0.4% 10.4% 2.4%
Depreciation & Amortization 24 24 25 20 93
Capital Expenditures 9 22 18 52 101
EBITDA without Special Items (15) 27 28 126 166
THERMO KING
Orders 312 280 200 223 1,015
Backlog 316 307 232 174 174
Sales 273 284 271 237 1,065
Operating Profit (Loss) 44 47 45 40 176
OP (Loss) without Special Items 44 47 45 40 176
OP Margin w/o Special Items 16.1% 16.5% 16.6% 16.9% 16.5%
Depreciation & Amortization 4 4 5 2 15
Capital Expenditures 6 6 4 7 23
EBITDA without Special Items 48 51 50 42 191
</TABLE>
<PAGE> 6
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
1995 BY QUARTER
(in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Twelve Months Ended
Mar 31 June 30 Sep 30 Dec 31 Dec 31
1995 1995 1995 1995 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
GOVERNMENT OPERATIONS
Orders 5 7 4 3 19
Backlog 67 61 57 39 39
Sales 27 34 38 56 155
Operating Profit (Loss) 15 19 25 22 81
OP (Loss) without Special Items 15 19 25 22 81
OP Margin w/o Special Items 55.6% 55.9% 65.8% 39.3% 52.3%
Depreciation & Amortization 0 0 1 0 1
Capital Expenditures 0 1 0 1 2
EBITDA without Special Items 15 19 26 22 82
COMMUNICATION & INFORMATION
SYSTEMS
Orders 84 79 76 84 323
Backlog 156 153 149 97 97
Sales 70 81 79 131 361
Operating Profit (Loss) 2 (1) 0 (2) (1)
OP (Loss) without Special Items 2 (1) 3 (2) 2
OP Margin w/o Special Items 2.9% -1.2% 3.8% -1.5% 0.6%
Depreciation & Amortization 3 2 3 3 11
Capital Expenditures 1 1 1 2 5
EBITDA without Special Items 5 1 6 1 13
CORPORATE & OTHER
Orders 136 111 65 35 347
Backlog 146 88 66 46 46
Sales 133 139 85 36 393
Operating Profit (Loss) (21) (37) (88) (14) (160)
OP (Loss) without Special Items (21) (37) (49) (14) (121)
OP Margin w/o Special Items -15.8% -26.6% -57.6% -38.9% -30.8%
Depreciation & Amortization 8 7 8 2 25
Capital Expenditures 5 4 6 5 20
EBITDA without Special Items (13) (30) (41) (12) (96)
INTERSEGMENT
Orders (21) (18) (16) (16) (71)
Backlog (12) (10) (9) (4) (4)
Sales (21) (20) (22) (4) (67)
TOTAL CONTINUING OPERATIONS
Orders 1,619 1,272 1,352 1,958 6,201
Backlog 6,388 6,213 6,069 6,051 6,051
Sales 1,202 1,445 1,284 1,992 5,923
Operating Profit (Loss) 34 88 (46) 25 101
OP (Loss) without Special Items 34 94 70 225 423
OP Margin w/o Special Items 2.8% 6.5% 5.5% 11.3% 7.1%
Depreciation & Amortization 48 45 52 57 202
Capital Expenditures 23 40 38 82 183
EBITDA without Special Items 82 139 122 282 625
</TABLE>
<PAGE> 7
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1994, 1993, AND 1992
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
TOTAL BROADCASTING:
TV
Orders 325 287 304
Backlog - - -
Sales 325 287 304
Operating Profit (Loss) 130 92 99
OP (Loss) without Special Items 130 92 99
OP Margin w/o Special Items 40.0% 32.1% 32.6%
Depreciation & Amortization 9 9 9
Capital Expenditures 12 12 10
EBITDA without Special Items 139 101 108
NETWORK
Orders 0 0 0
Backlog - - -
Sales 0 0 0
Operating Profit (Loss) 0 0 0
OP (Loss) without Special Items 0 0 0
OP Margin w/o Special Items N/A N/A N/A
Depreciation & Amortization 0 0 0
Capital Expenditures 0 0 0
EBITDA without Special Items 0 0 0
RADIO
Orders 175 181 177
Backlog - - -
Sales 175 181 177
Operating Profit (Loss) 47 44 34
OP (Loss) without Special Items 47 44 34
OP Margin w/o Special Items 26.9% 24.3% 19.2%
Depreciation & Amortization 16 15 15
Capital Expenditures 8 3 3
EBITDA without Special Items 63 59 49
OTHER BROADCASTING
Orders 150 150 151
Backlog - - -
Sales 150 150 151
Operating Profit (Loss) 20 3 28
OP (Loss) without Special Items 18 15 28
OP Margin w/o Special Items 12.0% 10.0% 18.5%
Depreciation & Amortization 6 8 6
Capital Expenditures 15 7 7
EBITDA without Special Items 24 23 34
TOTAL BROADCASTING
Orders 650 618 632
Backlog - - -
Sales 650 618 632
Operating Profit (Loss) 197 139 161
OP (Loss) without Special Items 195 151 161
OP Margin w/o Special Items 30.0% 24.4% 25.5%
Depreciation & Amortization 31 32 30
Capital Expenditures 35 22 20
EBITDA without Special Items 226 183 191
</TABLE>
<PAGE> 8
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1994, 1993, AND 1992
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 1,359 1,500 1,152
Backlog 3,259 3,267 3,151
Sales 1,364 1,420 1,389
Operating Profit (Loss) 114 164 186
OP (Loss) without Special Items 140 209 186
OP Margin w/o Special Items 10.3% 14.7% 13.4%
Depreciation & Amortization 49 50 51
Capital Expenditures 39 42 37
EBITDA without Special Items 189 259 237
POWER GENERATION
Orders 2,524 2,239 2,027
Backlog 2,683 2,342 2,103
Sales 1,715 1,786 1,856
Operating Profit (Loss) 130 (2) 134
OP (Loss) without Special Items 125 124 134
OP Margin w/o Special Items 7.3% 6.9% 7.2%
Depreciation & Amortization 46 46 44
Capital Expenditures 48 38 40
EBITDA without Special Items 171 170 178
OTHER POWER SYSTEMS
Orders (33) (33) (28)
Backlog (636) (694) (717)
Sales (149) (123) (91)
Operating Profit (Loss) (79) (201) (51)
OP (Loss) without Special Items (79) (76) (51)
OP Margin w/o Special Items 53.0% 61.8% 56.0%
Depreciation & Amortization 0 0 0
Capital Expenditures 0 0 0
EBITDA without Special Items (79) (76) (51)
TOTAL POWER SYSTEMS
Orders 3,850 3,706 3,151
Backlog 5,306 4,915 4,537
Sales 2,930 3,083 3,154
Operating Profit (Loss) 165 (39) 269
OP (Loss) without Special Items 186 257 269
OP Margin w/o Special Items 6.3% 8.3% 8.5%
Depreciation & Amortization 95 96 95
Capital Expenditures 87 80 77
EBITDA without Special Items 281 353 364
THERMO KING
Orders 995 766 699
Backlog 280 159 130
Sales 877 719 705
Operating Profit (Loss) 135 113 106
OP (Loss) without Special Items 135 113 106
OP Margin w/o Special Items 15.4% 15.7% 15.0%
Depreciation & Amortization 13 12 12
Capital Expenditures 19 15 10
EBITDA without Special Items 148 125 118
</TABLE>
<PAGE> 9
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
TOTAL YEAR 1994, 1993, AND 1992
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
Dec 31
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
GOVERNMENT OPERATIONS
Orders 46 81 20
Backlog 70 67 9
Sales 133 104 107
Operating Profit (Loss) 77 71 79
OP (Loss) without Special Items 77 71 79
OP Margin w/o Special Items 57.9% 68.3% 73.8%
Depreciation & Amortization 2 1 1
Capital Expenditures 2 2 1
EBITDA without Special Items 79 72 80
COMMUNICATION & INFORMATION
SYSTEMS
Orders 349 311 127
Backlog 154 116 25
Sales 312 279 165
Operating Profit (Loss) 7 (3) 4
OP (Loss) without Special Items 7 8 4
OP Margin w/o Special Items 2.2% 2.9% 2.4%
Depreciation & Amortization 10 11 10
Capital Expenditures 5 3 5
EBITDA without Special Items 17 19 14
CORPORATE & OTHER
Orders 578 669 727
Backlog 139 220 203
Sales 676 688 750
Operating Profit (Loss) (159) (279) (147)
OP (Loss) without Special Items (159) (169) (147)
OP Margin w/o Special Items -23.5% -24.6% -19.6%
Depreciation & Amortization 40 41 37
Capital Expenditures 22 28 29
EBITDA without Special Items (119) (128) (110)
INTERSEGMENT
Orders (72) (83) (90)
Backlog (12) (12) (7)
Sales (88) (90) (103)
TOTAL CONTINUING OPERATIONS
Orders 6,396 6,068 5,266
Backlog 5,937 5,465 4,897
Sales 5,490 5,401 5,410
Operating Profit (Loss) 422 2 472
OP (Loss) without Special Items 441 431 472
OP Margin w/o Special Items 8.0% 8.0% 8.7%
Depreciation & Amortization 191 193 185
Capital Expenditures 170 150 142
EBITDA without Special Items 632 624 657
</TABLE>
<PAGE> 1
Exhibit 99.3
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1996 AND 1995 BY QUARTER
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended
March 31
------------------
1996 1995
------------------
<S> <C> <C>
Sales and operating revenues $1,956 $1,202
Operating costs and expenses (2,812) (1,168)
------ ------
Operating profit (856) 34
Operating profit margin -43.8% 2.8%
Other income and expenses, net (146) (2)
Interest expense (146) (48)
------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest (1,148) (16)
Income taxes 385 9
Effective tax rate 33.5% 56.5%
Minority interest (1) (2)
------ ------
Income (loss) from Continuing Operations ($764) ($9)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (10) 24
Estimated gain (loss) on disposal of
Discontinued Operations 1,018 -
------ ------
Income (loss) Discontinued Operations 1,008 24
------ ------
Extraordinary item:
Loss on early extinguishment of debt (63) -
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - -
Other postretirement benefits - -
Income taxes - -
Net Income (loss) $181 $15
====== ======
Dividend requirements for Series B
preferred stock - 13
Net income (loss) applicable to common stock $181 $2
====== ======
Average shares outstanding - primary 439 398
Average shares outstanding - fully diluted 440 398
Primary earnings (loss) per common share:
Continuing Operations ($1.74) ($0.05)
Discontinued Operations $2.29 $0.06
Extraordinary item ($0.14) $0.00
Cumulative effect of changes in
accounting principles $0.00 $0.00
------ ------
Primary earnings (loss) per common share $0.41 $0.01
====== ======
Fully diluted earnings (loss) per common share:
Continuing Operations ($1.74) ($0.05)
Discontinued Operations $2.29 $0.06
Extraordinary item ($0.14) $0.00
Cumulative effect of changes in
accounting principles $0.00 $0.00
------ ------
Fully diluted earnings (loss) per common share $0.41 $0.01
====== ======
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1995 BY QUARTER
(unaudited)
<TABLE>
<CAPTION>
Three Three Six Three Nine Three Twelve
Months Months Months Months Months Months Months
(in millions except per share data) Ended Ended Ended Ended Ended Ended Ended
Mar 31 Jun 30 Jun 30 Sep 30 Sep 30 Dec 31 Dec 31
------ ------ ------ ------ ------ ------ ------
1995 1995 1995 1995 1995 1995 1995
---- ---- ---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $ 1,202 $ 1,445 $ 2,647 $ 1,284 $ 3,931 $ 1,992 $ 5,923
Operating costs and expenses (1,168) (1,357) (2,525) (1,330) (3,855) (1,967) (5,822)
------- ------- ------- ------- ------- ------- -------
Operating profit 34 88 122 (46) 76 25 101
Operating profit margin 2.8% 6.1% 4.6% -3.6% 1.9% 1.3% 1.7%
Other income and expenses, net (2) 1 (1) 136 135 14 149
Interest expense (48) (47) (95) (43) (138) (99) (237)
------- ------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations before
income taxes and minority interest (16) 42 26 47 73 (60) 13
Income taxes 9 (14) (5) (19) (24) 10 (14)
Effective tax rate 56.5% 32.4% 16.9% 40.0% 31.9% 15.9% 107.2%
Minority interest (2) (3) (5) (1) (6) (5) (11)
------- ------- ------- ------- ------- ------- -------
Income (loss) from Continuing Operations ($9) $25 $16 $27 $43 ($55) ($12)
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 24 34 58 (3) 55 48 103
Estimated gain (loss) on disposal of Discontinued
Operations -- -- -- (76) (76) -- (76)
------- ------- ------- ------- ------- ------- -------
Income (loss) Discontinued Operations 24 34 58 (79) (21) 48 27
------- ------- ------- ------- ------- ------- -------
Extraordinary item:
Loss on early extinguishment of debt -- -- -- -- -- -- --
Cumulative effect of changes in accounting
principles:
Other postemployment benefits -- -- -- -- -- -- --
Other postretirement benefits -- -- -- -- -- -- --
Income taxes -- -- -- -- -- -- --
Net Income (loss) $15 $59 $74 ($52) $22 ($7) $15
======= ======= ======= ======= ======= ======= =======
Dividend requirements for Series B
preferred stock 13 12 25 9 34 0 34
Net income (loss) applicable to common stock $2 $47 $49 ($61) ($12) ($7) ($19)
======= ======= ======= ======= ======= ======= =======
Average shares outstanding - primary 398 399 398 409 403 435 410
Average shares outstanding - fully diluted 398 399 399 434 432 436 433
Primary earnings (loss) per common share:
Continuing Operations ($0.05) $0.03 ($0.02) $0.04 $0.02 ($0.13) ($0.11)
Discontinued Operations $0.06 $0.09 $0.14 ($0.19) ($0.05) $0.11 $0.06
Extraordinary item $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------- ------- ------- ------- ------- ------- -------
Primary earnings (loss) per common share $0.01 $0.12 $0.12 ($0.15) ($0.03) ($0.02) ($0.05)
======= ======= ======= ======= ======= ======= =======
Fully diluted earnings (loss) per common share:
Continuing Operations ($0.05) $0.03 ($0.02) $0.06 $0.10 ($0.13) ($0.03)
Discontinued Operations $0.06 $0.09 $0.14 ($0.18) ($0.05) $0.11 $0.06
Extraordinary item $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------- ------- ------- ------- ------- ------- -------
Fully diluted earnings (loss) per common share $0.01 $0.12 $0.12 ($0.12) $0.05 ($0.02) $0.03
======= ======= ======= ======= ======= ======= =======
</TABLE>
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1994, 1993 AND 1992
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Twelve Months Ended
----------------------------
1994 1993 1992
----------------------------
<S> <C> <C> <C>
Sales and operating revenues $5,490 $5,401 $5,410
Operating costs and expenses (5,068) (5,399) (4,938)
------ ------ -------
Operating profit 422 2 472
Operating profit margin 7.7% 0.0% 8.7%
Other income and expenses, net (285) (73) (32)
Interest expense (134) (165) (169)
------ ------ -------
Income (loss) from Continuing Operations before
income taxes and minority interest 3 (236) 271
Income taxes 5 71 (82)
Effective tax rate -164.6% 30.2% 30.3%
Minority interest (9) (9) (5)
------ ------ -------
Income (loss) from Continuing Operations ($1) ($174) $184
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 78 (1) 143
Estimated gain (loss) on disposal of Discontinued
Operations - (95) (1,383)
------ ------ -------
Income (loss) Discontinued Operations 78 (96) (1,240)
------ ------ -------
Extraordinary item:
Loss on early extinguishment of debt - - -
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - (56) -
Other postretirement benefits - - (742)
Income taxes - - 404
Net Income (loss) $77 ($326) ($1,394)
====== ====== =======
Dividend requirements for Series B
preferred stock 50 50 28
Net income (loss) applicable to common stock $27 ($376) ($1,422)
====== ====== =======
Average shares outstanding - primary 384 353 346
Average shares outstanding - fully diluted 384 353 346
Primary earnings (loss) per common share:
Continuing Operations ($0.13) ($0.64) $0.45
Discontinued Operations $0.20 ($0.27) ($3.58)
Extraordinary item $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 ($0.16) ($0.98)
------ ------ -------
Primary earnings (loss) per common share $0.07 ($1.07) ($4.11)
====== ====== =======
Fully diluted earnings (loss) per common share:
Continuing Operations ($0.13) ($0.64) $0.45
Discontinued Operations $0.20 ($0.27) ($3.58)
Extraordinary item $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 ($0.16) ($0.98)
------ ------ -------
Fully diluted earnings (loss) per common share $0.07 ($1.07) ($4.11)
====== ====== =======
</TABLE>
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