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Previous: WAUSAU PAPER MILLS CO, 10-Q/A, 1997-07-28 |
Next: VANGUARD FIXED INCOME SECURITIES FUND INC, 497, 1997-07-28 |
<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): July 28, 1997
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 July 28, 1997, the Registrant issued a press release concerning
earnings for the quarter and six months ended June 30, 1997. A copy of the
press release is attached hereto as Exhibit 99.1 and is incorporated herein. On
July 14, 1997, the Registrant filed Form 10-K/A, Amendment No. 1 to the
Registrant's 1996 Form 10-K. In this Form 10-K/A, the Registrant restated the
Corporation's loss from Continuing Operations for the periods 1992 through 1996
and related per share amounts. See note 24 to the financial statements of Form
10-K/A, Amendment No. 1. In connection with this action, the income statement
for the Registrant has been restated for 1996 and 1995, 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 99.2
and is incorporated herein in its entirety. Also in connection with this
action, the Registrant has restated segment results for 1996 and 1995 by
quarter, to allow comparisons between the segments. Total year 1994, 1993, and
1992 segment results have also been restated. A copy of the restated segment
financial results for these periods is attached hereto as Exhibit 99.3 and is
incorporated herein in its entirety. Also in connection with the restatement of
the Corporation's loss from Continuing Operations for the periods 1992 through
1996 in the Registrant's Form 10-K/A, Amendment No. 1, filed July 14, 1997,
special items included in results of operations for 1996, by quarter, have been
restated. Special items for 1996, by quarter, and total year 1996, 1995, and
1994 have been attached hereto as Exhibit 99.4 and have been incorporated
herein in their entirety.
Item 7. Financial Statements, Pro Forma Financial Information and Exhibits
(c) Exhibits
<TABLE>
<CAPTION>
Exhibit No.
<S> <C>
99.1 Press Release concerning earnings of the Registrant for the
quarter and six months ended June 30, 1997 is filed as
Exhibit 99.1 to this Report.
99.2 Condensed Consolidated Statement of Income for the 1997 first
and second quarters, 1996 and 1995, by quarter, and total year
1994, 1993, and 1992 is filed as Exhibit 99.2 to this Report.
99.3 Segment Results for the 1997 first and second quarters, 1996
and 1995, by quarter, and total year 1994, 1993, and 1992 is
filed as Exhibit 99.3 to this Report.
99.4 Special items included in results of operations for 1996, by
quarter, and total year 1996, 1995, and 1994 is filed as
Exhibit 99.4 to this Report.
</TABLE>
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/ Carol V. Savage
-------------------------------
Carol V. Savage
Vice President and
Chief Accounting Officer
Date: July 28, 1997
<PAGE> 3
EXHIBIT INDEX
<TABLE>
<CAPTION>
Exhibit No. Description Sequential Page No.
- ----------- ----------- -------------------
<S> <C> <C>
99.1 Press Release
99.2 Condensed Consolidated Statement
of Income for the 1997 first and
second quarters, 1996 and 1995,
by quarter, and total year 1994,
1993, and 1992.
99.3 Segment Results for the 1997 first
and second quarters, 1996 and 1995,
by quarter, and total year 1994, 1993,
and 1992.
99.4 Special items included in results of
operations for 1996, by quarter, and
total year 1996, 1995, and 1994.
</TABLE>
<PAGE> 1
Exhibit 99.1
[WESTINGHOUSE LOGO]
- -------------------------------------------------------------------------------
WESTINGHOUSE PUBLIC RELATIONS WESTINGHOUSE ELECTRIC CORPORATION
WESTINGHOUSE BUILDING, GATEWAY CENTER
PITTSBURGH, PENNSYLVANIA 15222
Contact: Jack Bergen Contact: Kevin Ramundo
Telephone: (212) 975-3835 Telephone: (412) 642-4989
FOR USE: IMMEDIATE
WESTINGHOUSE REPORTS 1997 SECOND QUARTER RESULTS
PITTSBURGH, July 28, 1997 - Westinghouse Electric Corporation
(NYSE:WX) reported net income and income from continuing operations of $1
million, or $.00 per share, for the quarter ended June 30, 1997. These results
compare to last year's second quarter net loss of $89 million or $.20 per
share. The second quarter of 1996 included an after-tax charge of $114 million,
or $.26 per share.
For the first half of 1997, Westinghouse had a net loss of $150
million, or $.23 per share, compared with a net loss of $152 million or $.36
per share, excluding special items, in the year-ago period.
WESTINGHOUSE/CBS GROUP
In the second quarter, Westinghouse's media group reported earnings
before interest, taxes, depreciation and amortization (EBITDA) of $261 million
compared with $340 million in the year-ago quarter, on a proforma basis.
Infinity's contribution to EBITDA for the quarter was offset by decreased
revenue at the television network and a less favorable effect of purchase price
accounting for program rights. On a proforma basis, sales in the media group
were essentially flat.
The CBS Radio Group continued to outperform the radio industry,
growing at a double-digit rate. The Group's EBITDA of $157 million represents
an increase of nearly 23 percent compared with the year-ago quarter, on a
proforma basis.
--more--
<PAGE> 2
WESTINGHOUSE REPORTS 1997 SECOND QUARTER RESULTS -2-
Television station revenues declined 4 percent on a comparable station
basis, and EBITDA was essentially flat. Cost reduction programs instituted over
the past 18 months made significant contributions to EBITDA for the quarter.
During the quarter, the company combined the radio group and the
television stations into a consolidated CBS Station Group, and took several
initiatives to improve advertising sales in its local markets. Commenting on
the changes, Michael H. Jordan, Westinghouse chairman and chief executive
officer, said: "Momentum at our television stations has improved rapidly as a
result of our recent management actions and a strong May Book. We expect our
ongoing growth, particularly in the major markets, to benefit significantly
from greater interaction among our television, radio and outdoor businesses."
At the TV network, EBITDA decreased significantly, primarily due to
the previously mentioned effect of purchase price accounting and higher
programming costs. Although key demographics have declined slightly, the
network is continuing to grow audience share.
Summarizing the performance and prospects for the media businesses,
Mr. Jordan said: "We completed the 1996-1997 broadcast season with a strong
May sweeps performance, and we look forward to continual strengthening of our
ratings. The new season's strong price increases in the upfront market
demonstrate substantial improvement in advertisers' outlook for the CBS network
and are another positive sign for the TV stations. On the cable front, we
expect to complete our acquisition of The Nashville Network and Country Music
Television before the end of the third quarter. And finally, our radio and
outdoor advertising businesses continue to set the pace for the industry - and
the company - with exceptional top-line and bottom-line growth."
--more--
<PAGE> 3
WESTINGHOUSE REPORTS 1997 SECOND QUARTER RESULTS -3-
THERMO KING
Operating profit increased more than 6 percent for the quarter.
Profitability was enhanced by a surge in bus air conditioning sales, improved
conditions in the North American truck and trailer industry, lower material
costs and productivity improvements. Thermo King revenues were essentially
flat, primarily due to the strong U.S. dollar.
"Thermo King's performance is excellent. Not only have they continued
to outperform the market, but they also have delivered solid earnings growth
quarter-to-quarter over the last five-plus years," Mr. Jordan said.
INDUSTRIES AND TECHNOLOGY GROUP
Financial performance improved in every business in the Industries and
Technology Group compared with last year's second quarter. Total revenues
increased 14 percent compared to a year ago, primarily due to increased service
sales in Power Generation.
At Power Systems, which includes the Power Generation and Energy
Systems businesses, revenues increased nearly 15 percent, and operating profit
improved by $36 million. Despite relatively flat sales, operating profit at
Energy Systems increased $15 million. At Power Generation, service and new
equipment sales drove revenues up 26 percent and helped narrow the operating
loss to $2 million from $20 million in last year's second quarter.
Operating profit in the Government Operations unit increased more than
40 percent, largely due to the timing of fees from several government
contracts.
--more--
<PAGE> 4
WESTINGHOUSE REPORTS 1997 SECOND QUARTER RESULTS -4-
Commenting on the Industries and Technology Group's performance and
prospects, Mr. Jordan said: "The performance of our industrial businesses
continued to strengthen during the past quarter. As an independent company,
under the leadership of its new chief executive officer, Ernie Drew, this focus
on performance will intensify. We are confident that this new enterprise will
emerge after the spin-off with the financial strength and stability to continue
as a strong competitor in its markets."
##1000-1314##
<PAGE> 1
Exhibit 99.2
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
SECOND QUARTER
(unaudited)
<TABLE>
<CAPTION>
(in millions except per share data) Three Months Ended
March 31
----------------------
1997 1996
---- ----
<S> <C> <C>
Sales and operating revenues $2,223 $2,039
Operating costs and expenses (2,353) (2,745)
------ ------
Operating profit (loss) (130) (706)
Other income and expenses, net 34 (146)
Interest expense (114) (146)
------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest (210) (998)
Income tax benefit (expense) 59 341
Effective tax rate 28.2% 34.2%
Minority interest -- (1)
------ ------
Income (loss) from Continuing Operations (151) (658)
------ ------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations -- (51)
Estimated gain (loss) on disposal of Discontinued
Operations -- 1,018
------ ------
Income (loss) from Discontinued Operations -- 967
------ ------
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) ($151) $246
====== ======
Average shares outstanding 642 439
Earnings (loss) per common share:
Continuing Operations ($0.23) ($1.50)
Discontinued Operations $0.00 $2.20
Extraordinary item $0.00 ($0.14)
Cumulative effect of changes in
accounting principles $0.00 $0.00
------ ------
Earnings (loss) per common share ($0.23) $0.56
====== ======
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
SECOND QUARTER
(unaudited)
(in millions except per share data)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
1997 1996 1997 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
Sales and operating revenues $2,413 $2,148 $4,636 $4,187
Operating costs and expenses (2,267) (2,178) (4,620) (4,923)
------ ------ ------ ------
Operating profit (loss) 146 (30) 16 (736)
Other income and expenses, net 18 8 52 (138)
Interest expense (122) (109) (236) (255)
------ ------ ------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest 42 (131) (168) (1,129)
Income tax benefit (expense) (40) 43 19 384
Effective tax rate 96.4% 33.0% 11.3% 34.0%
Minority interest (1) (1) (1) (2)
------ ------ ------ ------
Income (loss) from Continuing Operations 1 (89) (150) (747)
------ ------ ------ ------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations -- -- -- (51)
Estimated gain (loss) on disposal of Discontinued
Operations -- -- -- 1,018
------ ------ ------ ------
Income (loss) from Discontinued Operations -- -- -- 967
------ ------ ------ ------
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) $1 ($89) ($150) $ 157
====== ====== ====== ======
Average shares outstanding 644 443 643 441
Earnings (loss) per common share:
Continuing Operations $0.00 ($0.20) ($0.23) ($1.70)
Discontinued Operations $0.00 $0.00 $0.00 $2.20
Extraordinary item $0.00 $0.00 $0.00 ($0.14)
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------
Earnings (loss) per common share $0.00 ($0.20) ($0.23) $0.36
====== ====== ====== ======
</TABLE>
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1996 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
-------- -------- -------- ------- -------- ------- --------
1996 1996 1996 1996 1996 1996 1996
-------- -------- -------- ------- -------- ------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Sales and operating revenues $2,039 $2,148 $4,187 $1,967 $6,154 $2,451 $8,605
Operating costs and expenses (2,745) (2,178) (4,923) (1,877) (6,800) (2,453) (9,253)
-------- -------- -------- ------- -------- ------ --------
Operating profit (loss) (706) (30) (736) 90 (646) (2) (648)
Other income and expenses, net (146) 8 (138) 25 (113) 27 (86)
Interest expense (146) (109) (255) (103) (358) (98) (456)
-------- -------- -------- ------- -------- ------ --------
Income (loss) from Continuing Operations before
income taxes and minority interest (998) (131) (1,129) 12 (1,117) (73) (1,190)
Income tax benefit (expense) 341 43 384 (4) 380 43 423
Effective tax rate 34.2% 33.0% 34.0% 34.5% 34.0% 59.2% 35.6%
Minority interest (1) (1) (2) (2) (4) (2) (6)
-------- -------- -------- ------- -------- ------ --------
Income (loss) from Continuing Operations (658) (89) (747) 6 (741) (32) (773)
-------- -------- -------- ------- -------- ------ --------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (51) - (51) (4) (55) (2) (57)
Estimated gain (loss) on disposal of Discontinued
Operations 1,018 - 1,018 - 1,018 - 1,018
-------- -------- -------- ------- -------- ------ --------
Income (loss) from Discontinued Operations 967 - 967 (4) 963 (2) 961
-------- -------- -------- ------- -------- ------ --------
Extraordinary item:
Loss on early extinguishment of debt (63) - (63) (30) (93) - (93)
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - - - - - - -
Other postretirement benefits - - - - - - -
Income taxes - - - - - - -
-------- -------- -------- ------- -------- ----- --------
Net income (loss) $246 ($89) $157 ($28) $129 ($34) $95
======== ======== ======== ======= ======= ======= ========
Average shares outstanding 439 443 441 444 442 448 443
Earnings (loss) per common share:
Continuing Operations ($1.50) ($0.20) ($1.70) $0.01 ($1.68) ($0.07) ($1.74)
Discontinued Operations $2.20 $0.00 $2.20 ($0.01) $2.18 ($0.01) $2.17
Extraordinary item ($0.14) $0.00 ($0.14) ($0.06) ($0.21) $0.00 ($0.21)
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-------- -------- -------- ------ ------- ------- -------
Earnings (loss) per common share $0.56 ($0.20) $0.36 ($0.06) $0.29 ($0.08) $0.22
======== ======== ======== ====== ======= ======= =======
</TABLE>
<PAGE> 4
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 $1,128 $1,367 $2,495 $1,204 $3,699 $1,849 $5,548
Operating costs and expenses (1,109) (1,282) (2,391) (1,259) (3,650) (1,838) (5,488)
------ ------ ------ ------ ------ ------ ------
Operating profit (loss) 19 85 104 (55) 49 11 60
Other income and expenses, net (2) 1 (1) 124 123 14 137
Interest expense (48) (47) (95) (43) (138) (98) (236)
------ ------ ------ ------ ------ ------ ------
Income (loss) from Continuing
Operations before income taxes
and minority interest (31) 39 8 26 34 (73) (39)
Income tax benefit (expense) 15 (13) 2 (10) (8) 14 6
Effective tax rate 48.4% 33.3% -25.0% 38.5% 23.5% 19.2% 15.4%
Minority interest (2) (3) (5) (1) (6) (5) (11)
------ ------ ------ ------ ------ ------ ------
Income (loss) from Continuing Operations (18) 23 5 15 20 (64) (44)
------ ------ ------ ------ ------ ------ ------
Discontinued Operations, net of
income taxes:
Income (loss) from Discontinued
Operations 26 33 59 4 63 47 110
Estimated gain (loss) on disposal of
Discontinued Operations -- -- -- (76) (76) -- (76)
------ ------ ------ ------ ------ ------ ------
Income (loss) from Discontinued Operations 26 33 59 (72) (13) 47 34
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) $8 $56 $64 ($57) $7 ($17) ($10)
====== ====== ====== ====== ====== ====== ======
Average shares outstanding 398 399 398 409 403 435 410
Earnings (loss) per common share:
Continuing Operations ($0.08) $0.03 ($0.05) $0.02 ($0.04) ($0.15) ($0.19)
Discontinued Operations $0.07 $0.08 $0.15 ($0.18) ($0.03) $0.11 $0.08
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
------ ------ ------ ------ ------ ------ ------
Earnings (loss) per common share ($0.01) $0.11 $0.10 ($0.16) ($0.07) ($0.04) ($0.11)
====== ====== ====== ====== ====== ====== ======
</TABLE>
<PAGE> 5
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1994, 1993, AND 1992
(unaudited)
<TABLE>
<CAPTION>
Twelve Months Ended
(in millions except per share data) ------------------------------------------
1994 1993 1992
------------------------------------------
<S> <C> <C> <C>
Sales and operating revenues $5,125 $5,153 $5,272
Operating costs and expenses (4,764) (5,152) (4,812)
------------------------------------------
Operating profit (loss) 361 1 460
Other income and expenses, net (285) (75) (32)
Interest expense (134) (164) (169)
------------------------------------------
Income (loss) from Continuing Operations before
income taxes and minority interest (58) (238) 259
Income tax benefit (expense) 30 73 (79)
Effective tax rate 51.7% 30.7% 30.5%
Minority interest (9) (9) (5)
------------------------------------------
Income (loss) from Continuing Operations (37) (174) 175
------------------------------------------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 85 (4) 147
Estimated gain (loss) on disposal of Discontinued
Operations - (95) (1,383)
------------------------------------------
Income (loss) from Discontinued Operations 85 (99) (1,236)
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) $48 ($329) ($1,399)
==========================================
Average shares outstanding 384 353 346
Earnings (loss) per common share:
Continuing Operations ($0.23) ($0.64) $0.43
Discontinued Operations $0.22 ($0.28) ($3.57)
Extraordinary item $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 ($0.16) ($0.98)
------------------------------------------
Earnings (loss) per common share ($0.01) ($1.08) ($4.12)
==========================================
</TABLE>
<PAGE> 1
Exhibit 99.3
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
<S> <C> <C> <C>
TOTAL MEDIA:
TV
Orders 177 188 -5.9%
Backlog -- -- N/A
Sales 177 188 -5.9%
Operating Profit (Loss) 56 54 3.7%
OP (Loss) without Special Items 56 54 3.7%
OP Margin w/o Special Items 31.6% 28.7% N/A
Depreciation & Amortization 11 14 -21.4%
Capital Expenditures 2 3 -33.3%
EBITDA without Special Items 67 68 -1.5%
NETWORK
Orders 793 766 3.5%
Backlog -- -- N/A
Sales 793 766 3.5%
Operating Profit (Loss) (60) -- N/A
OP (Loss) without Special Items (60) -- N/A
OP Margin w/o Special Items -7.6% -- N/A
Depreciation & Amortization 16 10 60.0%
Capital Expenditures 9 14 -35.7%
EBITDA without Special Items (44) 10 -540.0%
RADIO
Orders 313 121 158.7%
Backlog -- -- N/A
Sales 313 121 158.7%
Operating Profit (Loss) 47 20 135.0%
OP (Loss) without Special Items 47 20 135.0%
OP Margin w/o Special Items 15.0% 16.5% N/A
Depreciation & Amortization 44 10 340.0%
Capital Expenditures 3 1 200.0%
EBITDA without Special Items 91 30 203.3%
OTHER MEDIA BUSINESSES
Orders 60 49 22.4%
Backlog -- -- N/A
Sales 60 49 22.4%
Operating Profit (Loss) (4) 4 -200.0%
OP (Loss) without Special Items (4) 4 -200.0%
OP Margin w/o Special Items -6.7% 8.2% N/A
Depreciation & Amortization 4 3 33.3%
Capital Expenditures 6 1 500.0%
EBITDA without Special Items -- 7 -100.0%
OTHER
Orders (17) (6) -183.3%
Backlog -- -- N/A
Sales (17) (6) -183.3%
Operating Profit (Loss) (35) (76) 53.9%
OP (Loss) without Special Items (35) (35) --
OP Margin w/o Special Items 205.9% 583.3% N/A
Depreciation & Amortization 31 30 3.3%
Capital Expenditures 1 1 --
EBITDA without Special Items (4) (5) 20.0%
TOTAL MEDIA
Orders 1,326 1,118 18.6%
Backlog -- -- N/A
Sales 1,326 1,118 18.6%
Operating Profit (Loss) 4 2 100.0%
OP (Loss) without Special Items 4 43 -90.7%
OP Margin w/o Special Items 0.3% 3.8% N/A
Depreciation & Amortization 106 67 58.2%
Capital Expenditures 21 20 5.0%
EBITDA without Special Items 110 110 --
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
<S> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 246 322 -23.6%
Backlog 2,935 3,189 -8.0%
Sales 187 231 -19.0%
Operating Profit (Loss) (60) (26) -130.8%
OP (Loss) without Special Items (60) (5) -1100.0%
OP Margin w/o Special Items -32.1% -2.2% N/A
Depreciation & Amortization 12 12 --
Capital Expenditures 4 7 -42.9%
EBITDA without Special Items (48) 7 -785.7%
POWER GENERATION
Orders 219 488 -55.1%
Backlog 2,546 3,172 -19.7%
Sales 474 433 9.5%
Operating Profit (Loss) (39) (117) 66.7%
OP (Loss) without Special Items (39) (62) 37.1%
OP Margin w/o Special Items -8.2% -14.3% N/A
Depreciation & Amortization 10 14 -28.6%
Capital Expenditures 11 6 83.3%
EBITDA without Special Items (29) (48) 39.6%
OTHER POWER SYSTEMS
Orders (8) (103) 92.2%
Backlog (539) (659) 18.2%
Sales (51) (50) -2.0%
Operating Profit (Loss) (17) (306) 94.4%
OP (Loss) without Special Items (17) (17) --
OP Margin w/o Special Items 33.3% 34.0% N/A
Depreciation & Amortization -- -- N/A
Capital Expenditures -- -- N/A
EBITDA without Special Items (17) (17) --
TOTAL POWER SYSTEMS
Orders 457 707 -35.4%
Backlog 4,942 5,702 -13.3%
Sales 610 614 -0.7%
Operating Profit (Loss) (116) (449) 74.2%
OP (Loss) without Special Items (116) (84) -38.1%
OP Margin w/o Special Items -19.0% -13.7% N/A
Depreciation & Amortization 22 26 -15.4%
Capital Expenditures 15 13 15.4%
EBITDA without Special Items (94) (58) -62.1%
GOVERNMENT OPERATIONS
Orders 5 1 400.0%
Backlog 16 31 -48.4%
Sales 23 25 -8.0%
Operating Profit (Loss) 10 18 -44.4%
OP (Loss) without Special Items 10 18 -44.4%
OP Margin w/o Special Items 43.5% 72.0% N/A
Depreciation & Amortization -- -- N/A
Capital Expenditures -- 1 -100.0%
EBITDA without Special Items 10 18 -44.4%
TOTAL INDUSTRIES & TECHNOLOGY
Orders 462 708 -34.7%
Backlog 4,958 5,733 -13.5%
Sales 633 639 -0.9%
Operating Profit (Loss) (106) (431) 75.4%
OP (Loss) without Special Items (106) (66) -60.6%
OP Margin w/o Special Items -16.7% -10.3% N/A
Depreciation & Amortization 22 26 -15.4%
Capital Expenditures 15 14 7.1%
EBITDA without Special Items (84) (40) -110.0%
</TABLE>
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
<S> <C> <C> <C>
THERMO KING
Orders 302 288 4.9%
Backlog 186 209 -11.0%
Sales 251 257 -2.3%
Operating Profit (Loss) 47 45 4.4%
OP (Loss) without Special Items 47 45 4.4%
OP Margin w/o Special Items 18.7% 17.5% N/A
Depreciation & Amortization 4 4 --
Capital Expenditures 4 4 --
EBITDA without Special Items 51 49 4.1%
CORPORATE & OTHER
Orders 16 40 -60.0%
Backlog 30 41 -26.8%
Sales 20 34 -41.2%
Operating Profit (Loss) (75) (322) 76.7%
OP (Loss) without Special Items (75) (74) -1.4%
OP Margin w/o Special Items -375.0% -217.6% N/A
Depreciation & Amortization 2 7 -71.4%
Capital Expenditures (1) 1 -200.0%
EBITDA without Special Items (73) (67) -9.0%
INTERSEGMENT
Orders (8) (9) 11.1%
Backlog (11) (8) -37.5%
Sales (7) (9) 22.2%
TOTAL CONTINUING OPERATIONS
Orders 2,098 2,145 -2.2%
Backlog 5,163 5,975 -13.6%
Sales 2,223 2,039 9.0%
Operating Profit (Loss) (130) (706) 81.6%
OP (Loss) without Special Items (130) (52) -150.0%
OP Margin w/o Special Items -5.8% -2.6% N/A
Depreciation & Amortization 134 104 28.8%
Capital Expenditures 39 39 --
EBITDA without Special Items 4 52 -92.3%
</TABLE>
<PAGE> 4
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1997 1996 % Change 1997 1996 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TOTAL MEDIA:
TV
Orders 213 226 -5.8% 390 414 -5.8%
Backlog -- -- N/A -- -- N/A
Sales 213 226 -5.8% 390 414 -5.8%
Operating Profit (Loss) 87 90 -3.3% 143 144 -0.7%
OP (Loss) without Special Items 87 90 -3.3% 143 144 -0.7%
OP Margin w/o Special Items 40.8% 39.8% N/A 36.7% 34.8% N/A
Depreciation & Amortization 12 11 9.1% 23 25 -8.0%
Capital Expenditures 5 3 66.7% 7 6 16.7%
EBITDA without Special Items 99 101 -2.0% 166 169 -1.8%
NETWORK
Orders 631 681 -7.3% 1,424 1,447 -1.6%
Backlog -- -- N/A -- -- N/A
Sales 631 681 -7.3% 1,424 1,447 -1.6%
Operating Profit (Loss) (22) 87 -125.3% (82) 87 -194.3%
OP (Loss) without Special Items (22) 87 -125.3% (82) 87 -194.3%
OP Margin w/o Special Items -3.5% 12.8% N/A -5.8% 6.0% N/A
Depreciation & Amortization 15 20 -25.0% 31 30 3.3%
Capital Expenditures 8 2 300.0% 17 16 6.3%
EBITDA without Special Items (7) 107 -106.5% (51) 117 -143.6%
RADIO
Orders 378 145 160.7% 691 266 159.8%
Backlog -- -- N/A -- -- N/A
Sales 378 145 160.7% 691 266 159.8%
Operating Profit (Loss) 113 47 140.4% 160 67 138.8%
OP (Loss) without Special Items 113 47 140.4% 160 67 138.8%
OP Margin w/o Special Items 29.9% 32.4% N/A 23.2% 25.2% N/A
Depreciation & Amortization 44 8 450.0% 88 18 388.9%
Capital Expenditures 3 1 200.0% 6 2 200.0%
EBITDA without Special Items 157 55 185.5% 248 85 191.8%
OTHER MEDIA BUSINESSES
Orders 77 58 32.8% 137 107 28.0%
Backlog -- -- N/A -- -- N/A
Sales 77 58 32.8% 137 107 28.0%
Operating Profit (Loss) 2 9 -77.8% (2) 13 -115.4%
OP (Loss) without Special Items 2 9 -77.8% (2) 13 -115.4%
OP Margin w/o Special Items 2.6% 15.5% N/A -1.5% 12.1% N/A
Depreciation & Amortization 4 2 100.0% 8 5 60.0%
Capital Expenditures 2 -- N/A 8 1 700.0%
EBITDA without Special Items 6 11 -45.5% 6 18 -66.7%
OTHER
Orders (16) (10) -60.0% (33) (16) -106.3%
Backlog -- -- N/A -- -- N/A
Sales (16) (10) -60.0% (33) (16) -106.3%
Operating Profit (Loss) (25) (41) 39.0% (60) (117) 48.7%
OP (Loss) without Special Items (25) (41) 39.0% (60) (76) 21.1%
OP Margin w/o Special Items 156.3% 410.0% N/A 181.8% 475.0% N/A
Depreciation & Amortization 31 34 -8.8% 62 64 -3.1%
Capital Expenditures 1 11 -90.9% 2 12 -83.3%
EBITDA without Special Items 6 (7) 185.7% 2 (12) 116.7%
TOTAL MEDIA
Orders 1,283 1,100 16.6% 2,609 2,218 17.6%
Backlog -- -- N/A -- -- N/A
Sales 1,283 1,100 16.6% 2,609 2,218 17.6%
Operating Profit (Loss) 155 192 -19.3% 159 194 -18.0%
OP (Loss) without Special Items 155 192 -19.3% 159 235 -32.3%
OP Margin w/o Special Items 12.1% 17.5% N/A 6.1% 10.6% N/A
Depreciation & Amortization 106 75 41.3% 212 142 49.3%
Capital Expenditures 19 17 11.8% 40 37 8.1%
EBITDA without Special Items 261 267 -2.2% 371 377 -1.6%
</TABLE>
<PAGE> 5
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1997 1996 % Change 1997 1996 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 229 337 -32.0% 475 659 -27.9%
Backlog 2,966 3,217 -7.8% 2,966 3,217 -7.8%
Sales 309 304 1.6% 496 535 -7.3%
Operating Profit (Loss) 17 2 750.0% (43) (24) -79.2%
OP (Loss) without Special Items 17 13 30.8% (43) 8 -637.5%
OP Margin w/o Special Items 5.5% 4.3% N/A -8.7% 1.5% N/A
Depreciation & Amortization 11 12 -8.3% 23 24 -4.2%
Capital Expenditures 6 7 -14.3% 10 14 -28.6%
EBITDA without Special Items 28 25 12.0% (20) 32 -162.5%
POWER GENERATION
Orders 629 699 -10.0% 848 1,187 -28.6%
Backlog 2,586 3,419 -24.4% 2,586 3,419 -24.4%
Sales 585 465 25.8% 1,059 898 17.9%
Operating Profit (Loss) (2) (20) 90.0% (41) (137) 70.1%
OP (Loss) without Special Items (2) (20) 90.0% (41) (82) 50.0%
OP Margin w/o Special Items -0.3% -4.3% N/A -3.9% -9.1% N/A
Depreciation & Amortization 11 9 22.2% 21 23 -8.7%
Capital Expenditures 9 6 50.0% 20 12 66.7%
EBITDA without Special Items 9 (11) 181.8% (20) (59) 66.1%
OTHER POWER SYSTEMS
Orders (23) (11) -109.1% (31) (114) 72.8%
Backlog (492) (636) 22.6% (492) (636) 22.6%
Sales (56) (37) -51.4% (107) (87) -23.0%
Operating Profit (Loss) (14) (17) 17.6% (31) (323) 90.4%
OP (Loss) without Special Items (14) (17) 17.6% (31) (34) 8.8%
OP Margin w/o Special Items 25.0% 45.9% N/A 29.0% 39.1% N/A
Depreciation & Amortization -- -- N/A -- -- N/A
Capital Expenditures -- -- N/A -- -- N/A
EBITDA without Special Items (14) (17) 17.6% (31) (34) 8.8%
TOTAL POWER SYSTEMS
Orders 835 1,025 -18.5% 1,292 1,732 -25.4%
Backlog 5,060 6,000 -15.7% 5,060 6,000 -15.7%
Sales 838 732 14.5% 1,448 1,346 7.6%
Operating Profit (Loss) 1 (35) 102.9% (115) (484) 76.2%
OP (Loss) without Special Items 1 (24) 104.2% (115) (108) -6.5%
OP Margin w/o Special Items 0.1% -3.3% N/A -7.9% -8.0% N/A
Depreciation & Amortization 22 21 4.8% 44 47 -6.4%
Capital Expenditures 15 13 15.4% 30 26 15.4%
EBITDA without Special Items 23 (3) 866.7% (71) (61) -16.4%
GOVERNMENT OPERATIONS
Orders 1 1 -- 6 2 200.0%
Backlog 14 23 -39.1% 14 23 -39.1%
Sales 24 26 -7.7% 47 51 -7.8%
Operating Profit (Loss) 19 13 46.2% 29 31 -6.5%
OP (Loss) without Special Items 19 13 46.2% 29 31 -6.5%
OP Margin w/o Special Items 79.2% 50.0% N/A 61.7% 60.8% N/A
Depreciation & Amortization 1 2 -50.0% 1 2 -50.0%
Capital Expenditures 1 1 -- 1 2 -50.0%
EBITDA without Special Items 20 15 33.3% 30 33 -9.1%
TOTAL INDUSTRIES & TECHNOLOGY
Orders 836 1,026 -18.5% 1,298 1,734 -25.1%
Backlog 5,074 6,023 -15.8% 5,074 6,023 -15.8%
Sales 862 758 13.7% 1,495 1,397 7.0%
Operating Profit (Loss) 20 (22) 190.9% (86) (453) 81.0%
OP (Loss) without Special Items 20 (11) 281.8% (86) (77) -11.7%
OP Margin w/o Special Items 2.3% -1.5% N/A -5.8% -5.5% N/A
Depreciation & Amortization 23 23 -- 45 49 -8.2%
Capital Expenditures 16 14 14.3% 31 28 10.7%
EBITDA without Special Items 43 12 258.3% (41) (28) -46.4%
</TABLE>
<PAGE> 6
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Six Months Ended
June 30 June 30
1997 1996 % Change 1997 1996 % Change
---- ---- -------- ---- ---- --------
<S> <C> <C> <C> <C> <C> <C>
THERMO KING
Orders 272 244 11.5% 574 532 7.9%
Backlog 166 162 2.5% 166 162 2.5%
Sales 263 265 -0.8% 514 522 -1.5%
Operating Profit (Loss) 49 46 6.5% 96 91 5.5%
OP (Loss) without Special Items 49 46 6.5% 96 91 5.5%
OP Margin w/o Special Items 18.6% 17.4% N/A 18.7% 17.4% N/A
Depreciation & Amortization 5 4 25.0% 9 8 12.5%
Capital Expenditures 4 2 100.0% 8 6 33.3%
EBITDA without Special Items 54 50 8.0% 105 99 6.1%
CORPORATE & OTHER
Orders 10 33 -69.7% 26 73 -64.4%
Backlog 20 44 -54.5% 20 44 -54.5%
Sales 18 34 -47.1% 38 68 -44.1%
Operating Profit (Loss) (78) (246) 68.3% (153) (568) 73.1%
OP (Loss) without Special Items (78) (82) 4.9% (153) (156) 1.9%
OP Margin w/o Special Items -433.3% -241.2% N/A -402.6% -229.4% N/A
Depreciation & Amortization 2 3 -33.3% 4 10 -60.0%
Capital Expenditures 2 2 -- 1 3 -66.7%
EBITDA without Special Items (76) (79) 3.8% (149) (146) -2.1%
INTERSEGMENT
Orders (10) (8) -25.0% (18) (17) -5.9%
Backlog (9) (6) -50.0% (9) (6) -50.0%
Sales (13) (9) -44.4% (20) (18) -11.1%
TOTAL CONTINUING OPERATIONS
Orders 2,391 2,395 -0.2% 4,489 4,540 -1.1%
Backlog 5,251 6,223 -15.6% 5,251 6,223 -15.6%
Sales 2,413 2,148 12.3% 4,636 4,187 10.7%
Operating Profit (Loss) 146 (30) 586.7% 16 (736) 102.2%
OP (Loss) without Special Items 146 145 0.7% 16 93 -82.8%
OP Margin w/o Special Items 6.1% 6.8% N/A 0.3% 2.2% N/A
Depreciation & Amortization 136 105 29.5% 270 209 29.2%
Capital Expenditures 41 35 17.1% 80 74 8.1%
EBITDA without Special Items 282 250 12.8% 286 302 -5.3%
</TABLE>
<PAGE> 7
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended Three Months Ended Total Year
September 30 September 30 December 31 December 31
1996 1996 1996 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
TOTAL MEDIA:
TV
Orders 169 583 226 809
Backlog -- -- -- --
Sales 169 583 226 809
Operating Profit (Loss) 47 191 104 295
OP (Loss) without Special Items 47 191 104 295
OP Margin w/o Special Items 27.8% 32.8% 46.0% 36.5%
Depreciation & Amortization 11 36 9 45
Capital Expenditures 3 9 18 27
EBITDA without Special Items 58 227 113 340
NETWORK
Orders 550 1,997 584 2,581
Backlog -- -- -- --
Sales 550 1,997 584 2,581
Operating Profit (Loss) 24 111 (86) 25
OP (Loss) without Special Items 24 111 (86) 25
OP Margin w/o Special Items 4.4% 5.6% -14.7% 1.0%
Depreciation & Amortization 15 45 15 60
Capital Expenditures 10 26 8 34
EBITDA without Special Items 39 156 (71) 85
RADIO
Orders 136 402 152 554
Backlog -- -- -- --
Sales 136 402 152 554
Operating Profit (Loss) 42 109 52 161
OP (Loss) without Special Items 42 109 52 161
OP Margin w/o Special Items 30.9% 27.1% 34.2% 29.1%
Depreciation & Amortization 8 26 10 36
Capital Expenditures 2 4 2 6
EBITDA without Special Items 50 135 62 197
OTHER MEDIA BUSINESSES
Orders 60 167 60 227
Backlog -- -- -- --
Sales 60 167 60 227
Operating Profit (Loss) 3 16 (9) 7
OP (Loss) without Special Items 3 16 (9) 7
OP Margin w/o Special Items 5.0% 9.6% -15.0% 3.1%
Depreciation & Amortization 3 8 3 11
Capital Expenditures 4 5 4 9
EBITDA without Special Items 6 24 (6) 18
OTHER
Orders (5) (21) (5) (26)
Backlog -- -- -- --
Sales (5) (21) (5) (26)
Operating Profit (Loss) (34) (151) (27) (178)
OP (Loss) without Special Items (34) (110) (27) (137)
OP Margin w/o Special Items 680.0% 523.8% 540.0% 526.9%
Depreciation & Amortization 30 94 31 125
Capital Expenditures 1 13 4 17
EBITDA without Special Items (4) (16) 4 (12)
TOTAL MEDIA
Orders 910 3,128 1,017 4,145
Backlog -- -- -- --
Sales 910 3,128 1,017 4,145
Operating Profit (Loss) 82 276 34 310
OP (Loss) without Special Items 82 317 34 351
OP Margin w/o Special Items 9.0% 10.1% 3.3% 8.5%
Depreciation & Amortization 67 209 68 277
Capital Expenditures 20 57 36 93
EBITDA without Special Items 149 526 102 628
</TABLE>
<PAGE> 8
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended Three Months Ended Total Year
September 30 September 30 December 31 December 31
1996 1996 1996 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 279 938 235 1,173
Backlog 3,292 3,292 3,207 3,207
Sales 280 815 419 1,234
Operating Profit (Loss) 15 (9) (21) (30)
OP (Loss) without Special Items 15 23 71 94
OP Margin w/o Special Items 5.4% 2.8% 16.9% 7.6%
Depreciation & Amortization 9 33 14 47
Capital Expenditures 5 19 15 34
EBITDA without Special Items 24 56 85 141
POWER GENERATION
Orders 538 1,725 775 2,500
Backlog 2,957 2,957 2,792 2,792
Sales 527 1,425 747 2,172
Operating Profit (Loss) 5 (132) 57 (75)
OP (Loss) without Special Items 5 (77) 75 (2)
OP Margin w/o Special Items 0.9% -5.4% 10.0% -0.1%
Depreciation & Amortization 5 28 18 46
Capital Expenditures 20 32 6 38
EBITDA without Special Items 10 (49) 93 44
OTHER POWER SYSTEMS
Orders (8) (122) (5) (127)
Backlog (445) (445) (585) (585)
Sales (38) (125) (47) (172)
Operating Profit (Loss) (20) (343) (19) (362)
OP (Loss) without Special Items (20) (54) (19) (73)
OP Margin w/o Special Items 52.6% 43.2% 40.4% 42.4%
Depreciation & Amortization -- -- -- --
Capital Expenditures -- -- -- --
EBITDA without Special Items (20) (54) (19) (73)
TOTAL POWER SYSTEMS
Orders 809 2,541 1,005 3,546
Backlog 5,804 5,804 5,414 5,414
Sales 769 2,115 1,119 3,234
Operating Profit (Loss) -- (484) 17 (467)
OP (Loss) without Special Items -- (108) 127 19
OP Margin w/o Special Items -- -5.1% 11.3% 0.6%
Depreciation & Amortization 14 61 32 93
Capital Expenditures 25 51 21 72
EBITDA without Special Items 14 (47) 159 112
GOVERNMENT OPERATIONS
Orders 1 3 2 5
Backlog 22 22 16 16
Sales 27 78 43 121
Operating Profit (Loss) 18 49 14 63
OP (Loss) without Special Items 18 49 22 71
OP Margin w/o Special Items 66.7% 62.8% 51.2% 58.7%
Depreciation & Amortization 1 3 -- 3
Capital Expenditures -- 2 -- 2
EBITDA without Special Items 19 52 22 74
TOTAL INDUSTRIES & TECHNOLOGY
Orders 810 2,544 1,007 3,551
Backlog 5,826 5,826 5,430 5,430
Sales 796 2,193 1,162 3,355
Operating Profit (Loss) 18 (435) 31 (404)
OP (Loss) without Special Items 18 (59) 149 90
OP Margin w/o Special Items 2.3% -2.7% 12.8% 2.7%
Depreciation & Amortization 15 64 32 96
Capital Expenditures 25 53 21 74
EBITDA without Special Items 33 5 181 186
</TABLE>
<PAGE> 9
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Nine Months Ended Three Months Ended Total Year
September 30 September 30 December 31 December 31
1996 1996 1996 1996
---- ---- ---- ----
<S> <C> <C> <C> <C>
THERMO KING
Orders 213 745 260 1,005
Backlog 135 135 130 130
Sales 237 759 254 1,013
Operating Profit (Loss) 46 137 43 180
OP (Loss) without Special Items 46 137 49 186
OP Margin w/o Special Items 19.4% 18.1% 19.3% 18.4%
Depreciation & Amortization 3 11 4 15
Capital Expenditures 3 9 11 20
EBITDA without Special Items 49 148 53 201
CORPORATE & OTHER
Orders 17 90 (5) 85
Backlog 16 16 38 38
Sales 31 99 34 133
Operating Profit (Loss) (56) (624) (110) (734)
OP (Loss) without Special Items (56) (212) (84) (296)
OP Margin w/o Special Items -180.6% -214.1% -247.1% -222.6%
Depreciation & Amortization 4 14 3 17
Capital Expenditures 1 4 (3) 1
EBITDA without Special Items (52) (198) (81) (279)
INTERSEGMENT
Orders (7) (24) (7) (31)
Backlog (9) (9) (7) (7)
Sales (7) (25) (16) (41)
TOTAL CONTINUING OPERATIONS
Orders 1,943 6,483 2,272 8,755
Backlog 5,968 5,968 5,591 5,591
Sales 1,967 6,154 2,451 8,605
Operating Profit (Loss) 90 (646) (2) (648)
OP (Loss) without Special Items 90 183 148 331
OP Margin w/o Special Items 4.6% 3.0% 6.0% 3.8%
Depreciation & Amortization 89 298 107 405
Capital Expenditures 49 123 65 188
EBITDA without Special Items 179 481 255 736
</TABLE>
<PAGE> 10
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Total Year
Mar. 31 June 30 Sep. 30 Dec. 31 December 31
1995 1995 1995 1995 1995
--- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
TOTAL MEDIA:
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 -- 3 2 6 11
EBITDA without Special Items 29 44 30 64 167
NETWORK
Orders -- -- -- 230 230
Backlog -- -- -- -- --
Sales -- -- -- 230 230
Operating Profit (Loss) -- -- -- 12 12
OP (Loss) without Special Items -- -- -- 12 12
OP Margin w/o Special Items N/A N/A N/A 5.2% 5.2%
Depreciation & Amortization -- -- -- 5 5
Capital Expenditures -- -- -- -- --
EBITDA without Special Items -- -- -- 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 MEDIA BUSINESSES
Orders 34 43 42 45 164
Backlog -- -- -- -- --
Sales 34 43 42 45 164
Operating Profit (Loss) -- 5 5 -- 10
OP (Loss) without Special Items -- 5 5 -- 10
OP Margin w/o Special Items -- 11.6% 11.9% -- 6.1%
Depreciation & Amortization 2 2 2 2 8
Capital Expenditures 1 2 4 4 11
EBITDA without Special Items 2 7 7 2 18
OTHER
Orders -- -- -- 1 1
Backlog -- -- -- -- --
Sales -- -- -- 1 1
Operating Profit (Loss) -- -- -- (14) (14)
OP (Loss) without Special Items -- -- -- (14) (14)
OP Margin w/o Special Items N/A N/A N/A -1400.0% -1400.0%
Depreciation & Amortization -- -- -- 10 10
Capital Expenditures -- -- -- 1 1
EBITDA without Special Items -- -- -- (4) (4)
TOTAL MEDIA
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> 11
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Total Year
Mar. 31 June 30 Sep. 30 Dec. 31 December 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 3,056 2,968 2,983 3,262 3,262
Sales 310 433 384 591 1,718
Operating Profit (Loss) (43) (17) (32) 35 (57)
OP (Loss) without Special Items (43) (17) (4) 35 (29)
OP Margin w/o Special Items -13.9% -3.9% -1.0% 5.9% -1.7%
Depreciation & Amortization 11 12 11 10 44
Capital Expenditures 4 14 11 35 64
EBITDA without Special Items (32) (5) 7 45 15
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 -- -- -- -- --
Capital Expenditures -- -- -- -- --
EBITDA without Special Items (14) (17) (16) (22) (69)
TOTAL POWER SYSTEMS
Orders 952 630 857 1,113 3,552
Backlog 5,832 5,738 5,709 5,855 5,855
Sales 557 737 656 999 2,949
Operating Profit (Loss) (51) (7) (80) (110) (248)
OP (Loss) without Special Items (51) (1) (6) 90 32
OP Margin w/o Special Items -9.2% -0.1% -0.9% 9.0% 1.1%
Depreciation & Amortization 24 24 25 20 93
Capital Expenditures 9 22 18 52 101
EBITDA without Special Items (27) 23 19 110 125
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 -- -- 1 -- 1
Capital Expenditures -- 1 -- 1 2
EBITDA without Special Items 15 19 26 22 82
TOTAL INDUSTRIES & TECHNOLOGY
Orders 957 637 861 1,116 3,571
Backlog 5,899 5,799 5,766 5,894 5,894
Sales 584 771 694 1,055 3,104
Operating Profit (Loss) (36) 12 (55) (88) (167)
OP (Loss) without Special Items (36) 18 19 112 113
OP Margin w/o Special Items -6.2% 2.3% 2.7% 10.6% 3.6%
Depreciation & Amortization 24 24 26 20 94
Capital Expenditures 9 23 18 53 103
EBITDA without Special Items (12) 42 45 132 207
</TABLE>
<PAGE> 12
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Three Months Ended Total Year
Mar. 31 June 30 Sep. 30 Dec. 31 December 31
1995 1995 1995 1995 1995
---- ---- ---- ---- ----
<S> <C> <C> <C> <C> <C>
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
CORPORATE & OTHER
Orders 136 111 65 35 347
Backlog 146 88 66 46 46
Sales 133 139 85 36 393
Operating Profit (Loss) (22) (37) (88) (14) (161)
OP (Loss) without Special Items (22) (38) (48) (14) (122)
OP Margin w/o Special Items -16.5% -27.3% -56.5% -38.9% -31.0%
Depreciation & Amortization 9 7 8 3 27
Capital Expenditures 6 4 6 5 21
EBITDA without Special Items (13) (31) (40) (11) (95)
INTERSEGMENT
Orders (11) (9) (8) (7) (35)
Backlog (12) (10) (8) (4) (4)
Sales (13) (10) (12) 5 (30)
TOTAL CONTINUING OPERATIONS
Orders 1,545 1,202 1,284 1,883 5,914
Backlog 6,349 6,184 6,056 6,110 6,110
Sales 1,128 1,367 1,204 1,849 5,548
Operating Profit (Loss) 19 85 (55) 11 60
OP (Loss) without Special Items 19 90 59 211 379
OP Margin w/o Special Items 1.7% 6.6% 4.9% 11.4% 6.8%
Depreciation & Amortization 46 43 49 55 193
Capital Expenditures 23 39 37 80 179
EBITDA without Special Items 65 133 108 266 572
</TABLE>
<PAGE> 13
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Total Year
December 31
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
TOTAL MEDIA:
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 -- -- --
Backlog -- -- --
Sales -- -- --
Operating Profit (Loss) -- -- --
OP (Loss) without Special Items -- -- --
OP Margin w/o Special Items N/A N/A N/A
Depreciation & Amortization -- -- --
Capital Expenditures -- -- --
EBITDA without Special Items -- -- --
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 MEDIA BUSINESSES
Orders 150 150 151
Backlog -- -- --
Sales 150 150 151
Operating Profit (Loss) 21 16 21
OP (Loss) without Special Items 21 16 21
OP Margin w/o Special Items 14.0% 10.7% 13.9%
Depreciation & Amortization 6 7 5
Capital Expenditures 12 5 6
EBITDA without Special Items 27 23 26
OTHER
Orders -- -- --
Backlog -- -- --
Sales -- -- --
Operating Profit (Loss) (1) (13) 7
OP (Loss) without Special Items (3) (1) 7
OP Margin w/o Special Items N/A N/A N/A
Depreciation & Amortization -- 1 1
Capital Expenditures 3 2 1
EBITDA without Special Items (3) -- 8
TOTAL MEDIA
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> 14
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Total Year
December 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 1,630 1,781 1,847
Operating Profit (Loss) 82 (7) 126
OP (Loss) without Special Items 77 119 126
OP Margin w/o Special Items 4.7% 6.7% 6.8%
Depreciation & Amortization 46 46 44
Capital Expenditures 48 38 40
EBITDA without Special Items 123 165 170
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 -- -- --
Capital Expenditures -- -- --
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 2,845 3,078 3,145
Operating Profit (Loss) 117 (44) 261
OP (Loss) without Special Items 138 252 261
OP Margin w/o Special Items 4.9% 8.2% 8.3%
Depreciation & Amortization 95 96 95
Capital Expenditures 87 80 77
EBITDA without Special Items 233 348 356
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
TOTAL INDUSTRIES & TECHNOLOGY
Orders 3,896 3,787 3,171
Backlog 5,376 4,982 4,546
Sales 2,978 3,182 3,252
Operating Profit (Loss) 194 27 340
OP (Loss) without Special Items 215 323 340
OP Margin w/o Special Items 7.2% 10.2% 10.5%
Depreciation & Amortization 97 97 96
Capital Expenditures 89 82 78
EBITDA without Special Items 312 420 436
</TABLE>
<PAGE> 15
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
SECOND QUARTER 1997 REPORT
($ in millions) (unaudited)
<TABLE>
<CAPTION>
Total Year
December 31
1994 1993 1992
---- ---- ----
<S> <C> <C> <C>
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
CORPORATE & OTHER
Orders 578 669 727
Backlog 139 220 203
Sales 674 688 750
Operating Profit (Loss) (165) (278) (147)
OP (Loss) without Special Items (165) (168) (147)
OP Margin w/o Special Items -24.5% -24.4% -19.6%
Depreciation & Amortization 39 41 37
Capital Expenditures 21 28 29
EBITDA without Special Items (126) (127) (110)
INTERSEGMENT
Orders (37) (46) (55)
Backlog (12) (11) (7)
Sales (54) (54) (67)
TOTAL CONTINUING OPERATIONS
Orders 6,082 5,794 5,174
Backlog 5,783 5,350 4,872
Sales 5,125 5,153 5,272
Operating Profit (Loss) 361 1 460
OP (Loss) without Special Items 380 419 460
OP Margin w/o Special Items 7.4% 8.1% 8.7%
Depreciation & Amortization 180 182 175
Capital Expenditures 164 147 137
EBITDA without Special Items 560 601 635
</TABLE>
<PAGE> 1
Exhibit 99.4
WESTINGHOUSE ELECTRIC CORPORATION
SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(in millions except per share amounts) (unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED
MARCH 31, 1996
PRE-TAX AFTER-TAX PER-SHARE
AMOUNT AMOUNT IMPACT
------- ------ ------
<S> <C> <C> <C>
CONTINUING OPERATIONS:
Operating Profit:
Restructuring ($123)
Litigation matters (486)
Impairment of assets (15)
Environmental remediation activities -
Other (30)
------
Total impact on operating profit (654) ($433)
------
Other income and expense:
Gain on the sale of an investment -
Pension settlement -
Loss on assets held for sale (152)
------
Total impact on other income & exp. (152) (99)
------ ------
Total impact on Continuing Operations ($806) (532) ($1.21)
======
DISCONTINUED OPERATIONS:
Net gain on disposal of businesses 1,018 2.32
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt (63) (0.14)
------ ------
NET AMOUNT OF SPECIAL ITEMS $423 $0.97
====== ======
</TABLE>
<PAGE> 2
WESTINGHOUSE ELECTRIC CORPORATION
SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(in millions except per share amounts) (unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED SIX MONTHS ENDED
JUNE 30, 1996 JUNE 30, 1996
PRE-TAX AFTER-TAX PER-SHARE PRE-TAX AFTER-TAX PER-SHARE
AMOUNT AMOUNT IMPACT AMOUNT AMOUNT IMPACT
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CONTINUING OPERATIONS:
Operating Profit:
Restructuring - ($123)
Litigation matters - (486)
Impairment of assets - (15)
Environmental remediation activities ($175) (175)
Other - (30)
------ ------
Total impact on operating profit (175) ($114) (829) ($547)
------ ------
Other income and expense:
Gain on the sale of an investment - -
Pension settlement - -
Loss on assets held for sale - (152)
------ ------
Total impact on other income & exp. - - (152) (99)
------ ------ ------ ------
Total impact on Continuing Operations ($175) (114) ($0.26) ($981) (646) ($1.46)
====== ======
DISCONTINUED OPERATIONS:
Net gain on disposal of businesses - - 1,018 2.32
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt - - (63) (0.14)
------ ------ ----- -----
NET AMOUNT OF SPECIAL ITEMS ($114) ($0.26) $309 $0.72
====== ====== ===== =====
</TABLE>
<PAGE> 3
WESTINGHOUSE ELECTRIC CORPORATION
SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(in millions except per share amounts) (unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPT 30, 1996 SEPT 30, 1996
PRE-TAX AFTER-TAX PER-SHARE PRE-TAX AFTER-TAX PER-SHARE
AMOUNT AMOUNT IMPACT AMOUNT AMOUNT IMPACT
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CONTINUING OPERATIONS:
Operating Profit:
Restructuring - ($123)
Litigation matters - (486)
Impairment of assets - (15)
Environmental remediation activities - (175)
Other - (30)
------ ------
Total impact on operating profit - - (829) ($547)
------ ------
Other income and expense:
Gain on the sale of an investment - -
Pension settlement - -
Loss on assets held for sale - (152)
------ ------
Total impact on other income & exp. - - (152) (99)
------ ------ ------ ------
Total impact on Continuing Operations - - ($981) (646) ($1.46)
====== ======
DISCONTINUED OPERATIONS:
Net gain on disposal of businesses - - 1,018 2.30
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt (30) ($0.06) (93) (0.21)
------ ------ ------ ------
NET AMOUNT OF SPECIAL ITEMS ($30) ($0.06) $279 $0.63
====== ====== ====== ======
</TABLE>
<PAGE> 4
WESTINGHOUSE ELECTRIC CORPORATION
SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 and 1996
(in millions except per share amounts) (unaudited)
<TABLE>
<CAPTION>
THREE MONTHS ENDED TWELVE MONTHS ENDED
DEC 31, 1996 DEC 31, 1996
PRE-TAX AFTER-TAX PER-SHARE PRE-TAX AFTER-TAX PER-SHARE
AMOUNT AMOUNT IMPACT AMOUNT AMOUNT IMPACT
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CONTINUING OPERATIONS:
Operating Profit:
Restructuring ($150) ($273)
Litigation matters - (486)
Impairment of assets - (15)
Environmental remediation activities - (175)
Other - (30)
------- --------
Total impact on operating profit (150) ($91) (979) ($638)
------- --------
Other income and expense:
Gain on the sale of an investment - -
Pension settlement - -
Loss on assets held for sale - (152)
------- --------
Total impact on other income & exp. - - (152) (99)
------- ----- -------- --------
Total impact on Continuing Operations ($150) (91) ($0.20) ($1,131) (737) ($1.66)
======= ========
DISCONTINUED OPERATIONS:
Net gain on disposal of businesses - 1,018 2.30
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt - (93) (0.21)
----- ------ -------- ------
NET AMOUNT OF SPECIAL ITEMS ($91) ($0.20) $188 $0.43
===== ====== ======== ======
</TABLE>
<PAGE> 5
WESTINGHOUSE ELECTRIC CORPORATION
SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS
THREE MONTHS AND SIX MONTHS ENDED JUNE 30, 1997 AND 1996
(in millions except per share amounts) (unaudited)
<TABLE>
<CAPTION>
TWELVE MONTHS ENDED TWELVE MONTHS ENDED
DEC 31, 1995 DEC 31, 1994
PRE-TAX AFTER-TAX PER-SHARE PRE-TAX AFTER-TAX PER-SHARE
AMOUNT AMOUNT IMPACT AMOUNT AMOUNT IMPACT
------ ------ ------ ------ ------ ------
<S> <C> <C> <C> <C> <C> <C>
CONTINUING OPERATIONS:
Operating Profit:
Restructuring ($83) ($19)
Litigation matters (236) -
Impairment of assets - -
Environmental remediation activities - -
Other - -
-------- --------
Total impact on operating profit (319) ($198) (19) ($12)
-------- --------
Other income and expense:
Gain on the sale of an investment 115 -
Pension settlement - (308)
Loss on assets held for sale - -
------- --------
Total impact on other income & exp. 115 66 (308) (195)
------- ------ -------- ---------
Total impact on Continuing Operations ($204) (132) ($0.32) ($327) (207) ($0.54)
======== ========
DISCONTINUED OPERATIONS:
Net gain (loss) on disposal of businesses (76) ($0.19) - -
EXTRAORDINARY ITEM:
Loss on early extinguishment of debt - - - -
------ ------- --------- -------
NET AMOUNT OF SPECIAL ITEMS ($208) ($0.51) ($207) ($0.54)
====== ======= ========= =======
</TABLE>
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