-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, HJNaPck2bNXaYE0Du/Yb/zASMSTWvgfs8Cm5+5imn+ajD9GFkkTIchbct0ePvpUn 0c0gbJ2/hiylrevX1iNffw== 0000950128-96-000277.txt : 19960503 0000950128-96-000277.hdr.sgml : 19960503 ACCESSION NUMBER: 0000950128-96-000277 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19960331 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19960502 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: AIR COND & WARM AIR HEATING EQUIP & COMM & INDL REFRIG EQUIP [3585] IRS NUMBER: 250877540 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-00977 FILM NUMBER: 96555577 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 WESTINGHOUSE ELEC. 8-K 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) 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 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 EX-99.1 2 WESTINGHOUSE ELEC. 8-K 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- 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 $1 billion were comparable to last year, excluding a one-time, non-cash accounting adjustment in the current quarter. The group reported a slight operating loss before special items as a result of losses largely in the power systems businesses. Price compression on existing power generation equipment orders and lower revenues in power generation and energy systems due to delays in customer service requirements were responsible for the losses. -more- 3 WESTINGHOUSE ANNOUNCES FIRST QUARTER RESULTS -3- Operating profit at Thermo King was approximately equal to the year-ago quarter reflecting a more favorable product mix and softness in the container segment. Profitability increased at the government operations business. Commenting on the industries and technology group, Mr. Jordan said, "We anticipate that orders will be up nicely in the second quarter reflecting increased demand in power generation." Looking longer-term, he added, "Over the past six months, Westinghouse has moved aggressively to integrate CBS, reduce acquisition-related debt, improve the performance of the industries and technology portfolio, and reduce the future financial impact of legacies. We strongly believe that our actions will lead to improved operating performance and enhanced shareholder value." ##1000-1246## -5/2/96- EX-99.2 3 WESTINGHOUSE ELEC. 8-K 1 Exhibit 99.2 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FIRST QUARTER ($ in millions) (unaudited)
Three Months Ended March 31 1996 1995 % Change ---- ---- -------- 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%
2 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FIRST QUARTER ($ in millions) (unaudited)
Three Months Ended March 31 1996 1995 % Change ---- ---- -------- 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%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 3 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FIRST QUARTER ($ in millions) (unaudited)
Three Months Ended March 31 1996 1995 % Change ---- ---- -------- 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%
4 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION 1995 BY QUARTER (in millions) (unaudited)
Three Months Ended Twelve Months Ended Mar 31 June 30 Sep 30 Dec 31 Dec 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- 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
5 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION 1995 BY QUARTER (in millions) (unaudited)
Three Months Ended Twelve Months Ended Mar 31 June 30 Sep 30 Dec 31 Dec 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- 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
6 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION 1995 BY QUARTER (in millions) (unaudited)
Three Months Ended Twelve Months Ended Mar 31 June 30 Sep 30 Dec 31 Dec 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- 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
7 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION TOTAL YEAR 1994, 1993, AND 1992 ($ in millions) (unaudited)
Twelve Months Ended Dec 31 1994 1993 1992 ---- ---- ---- 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
8 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION TOTAL YEAR 1994, 1993, AND 1992 ($ in millions) (unaudited)
Twelve Months Ended Dec 31 1994 1993 1992 ---- ---- ---- 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
9 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION TOTAL YEAR 1994, 1993, AND 1992 ($ in millions) (unaudited)
Twelve Months Ended Dec 31 1994 1993 1992 ---- ---- ---- 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
EX-99.3 4 WESTINGHOUSE ELEC. 8-K 1 Exhibit 99.3 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1996 AND 1995 BY QUARTER (unaudited)
(in millions except per share data) Three Months Ended March 31 ------------------ 1996 1995 ------------------ 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 ====== ======
2 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1995 BY QUARTER (unaudited)
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 ---- ---- ---- ---- ---- ---- ---- 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 ======= ======= ======= ======= ======= ======= =======
3 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1994, 1993 AND 1992 (unaudited)
(in millions except per share data) Twelve Months Ended ---------------------------- 1994 1993 1992 ---------------------------- 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) ====== ====== =======
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