-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, a8qIo6a9moDHNjfhw74qWnFzCY6oK/pn77/mITumybcKHmjuNAdcgpi4DAqnPUFy hX/34/3F3Iu5WNSdEuK4yg== 0000106413-94-000002.txt : 19940310 0000106413-94-000002.hdr.sgml : 19940310 ACCESSION NUMBER: 0000106413-94-000002 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940309 ITEM INFORMATION: 1 FILED AS OF DATE: 19940309 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: 3585 IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 34 SEC FILE NUMBER: 001-00977 FILM NUMBER: 94515179 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 8-K 1 8-K FILING 1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ---------------------------------- FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): March 7, 1994 WESTINGHOUSE ELECTRIC CORPORATION --------------------------------- (Exact name of registrant as specified in its charter) Pennsylvania 1-977 25-0877540 - ---------------------------- --------------- -------------- (State or other jurisdiction (Commission File (IRS Employer of incorporation) Number) Identification Number) Westinghouse Bldg., 11 Stanwix St., Pittsburgh, PA 15222-1384 - -------------------------------------------------- ---------- (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code: (412) 244-2000 -------------- Page 1 of 5 Pages Exhibit Index on Page 3 2 Item 5. Other Events ------------ On March 7, 1994, the Registrant issued a press release concerning expected earnings for the quarter ending March 31, 1994. A copy of the press release is attached hereto as Exhibit 99 and is incorporated herein in its entirety. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits ------------------------------------------------------------------ (c) Exhibits Press Release concerning expected earnings of the Registrant for the quarter ending March 31, 1994 is filed as Exhibit 99 to this Report. Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. WESTINGHOUSE ELECTRIC CORPORATION (Registrant) By: /S/ Robert E. Faust --------------------------- Robert E. Faust Vice President & Controller Date: March 9, 1994 3 EXHIBIT INDEX ------------- Exhibit No. Description Sequential Page No. - ----------- ----------- ------------------- 99 Press release 4 4 Westinghouse Electric Corporation Contact: Jim Schmitt Telephone: (412) 642-4642 FOR USE: Immediate AS EXPECTED, WESTINGHOUSE ANTICIPATES FIRST QUARTER RESULTS TO BE DOWN PITTSBURGH, March 7 -- Westinghouse Electric Corporation Chairman and CEO Mike Jordan today announced that, in keeping with his earlier indications, reported earnings per share for the first quarter are expected to be down approximately $0.10 per share from the $0.14 per share reported for the same period of 1993. Reported earnings in the first quarter of 1994 are expected to be impacted by higher pension expense, reduced licensee income, and a one-time gain from the sale of two radio stations. A change in accounting for nuclear fuel revenues favorably affected first quarter 1993 earnings. Operating profit for the first quarter of 1994 is expected to be down approximately 10 percent compared to the same period of 1993, after considering the effects of higher pension expense and reduced licensee income in 1994, and a change in accounting for nuclear fuel revenues that favorably impacted the first quarter of 1993. The decline in the first quarter of 1994 operating profit is expected to be caused primarily by the nuclear energy business of the Power Systems segment, and two businesses within the Environmental segment, Resource Energy Systems and Controlmatic, both scheduled to be sold. "I indicated that first quarter earnings would be off during the meeting we had with security analysts in January and, most recently, when we reported our 1993 year-end results, so none of this should come as a surprise to our stakeholders. This announcement is in keeping with my commitment to avoid surprises," Mr. Jordan said. "While I am disappointed that first quarter results will not be better, I am pleased with the significant events that have taken place in the same period, including the sale of the Westinghouse Electric Supply Company and the Distribution and Control business, which collectively brought in approximately $1.4 billion in cash." Cash proceeds from these two sales have enabled Westinghouse to reduce its total net debt to under $4 billion at the end of February 1994, down from $8.4 billion a little over a year ago. "These and other actions taken to strengthen our balance sheet, enabled us to take advantage of an opportunity to make a strategic acquisition of Norden Systems in the first quarter to help grow our Electronic Systems business. - more - 5 "We are committed to making fundamental change throughout Westinghouse that will improve earnings by reducing our costs, increasing productivity, and growing our core businesses. While we see this occurring over the next several years, we expect to begin seeing results during this year," Mr. Jordan said. ##1000-1133## -----END PRIVACY-ENHANCED MESSAGE-----