-----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, ASn45haIPtncWQo2L0WsFe1uBpHYG18Cmt5tZ47BsX2d3IlILCOI44Z/mTqPdUnn aq/ckYrebNG2vG8e3CjfjA== 0000950128-97-000865.txt : 19970729 0000950128-97-000865.hdr.sgml : 19970729 ACCESSION NUMBER: 0000950128-97-000865 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19970728 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970728 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: TELEVISION BROADCASTING STATIONS [4833] 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: 97646318 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 ELECTRIC 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): 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) 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
Exhibit No. 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.
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 3 EXHIBIT INDEX
Exhibit No. Description Sequential Page No. - ----------- ----------- ------------------- 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.
EX-99.1 2 WESTINGHOUSE ELECTRIC 8-K 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-- 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-- 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-- 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## EX-99.2 3 WESTINGHOUSE ELECTRIC 8-K 1 Exhibit 99.2 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION SECOND QUARTER (unaudited)
(in millions except per share data) Three Months Ended March 31 ---------------------- 1997 1996 ---- ---- 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 ====== ======
2 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION SECOND QUARTER (unaudited) (in millions except per share data)
Three Months Ended Six Months Ended June 30 June 30 ------------------ ---------------- 1997 1996 1997 1996 ---- ---- ---- ---- 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 ====== ====== ====== ======
3 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1996 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 -------- -------- -------- ------- -------- ------- -------- 1996 1996 1996 1996 1996 1996 1996 -------- -------- -------- ------- -------- ------- -------- 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 ======== ======== ======== ====== ======= ======= =======
4 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 $1,128 $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) ====== ====== ====== ====== ====== ====== ======
5 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1994, 1993, AND 1992 (unaudited)
Twelve Months Ended (in millions except per share data) ------------------------------------------ 1994 1993 1992 ------------------------------------------ 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) ($4.12) ==========================================
EX-99.3 4 WESTINGHOUSE ELECTRIC 8-K 1 Exhibit 99.3 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- 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 --
2 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- 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%
3 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- 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%
4 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- 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%
5 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- 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%
6 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- 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%
7 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Nine Months Ended Three Months Ended Total Year September 30 September 30 December 31 December 31 1996 1996 1996 1996 ---- ---- ---- ---- 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
8 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Nine Months Ended Three Months Ended Total Year September 30 September 30 December 31 December 31 1996 1996 1996 1996 ---- ---- ---- ---- 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
9 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Nine Months Ended Three Months Ended Total Year September 30 September 30 December 31 December 31 1996 1996 1996 1996 ---- ---- ---- ---- 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
10 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Total Year Mar. 31 June 30 Sep. 30 Dec. 31 December 31 1995 1995 1995 1995 1995 --- ---- ---- ---- ---- 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
11 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Total Year Mar. 31 June 30 Sep. 30 Dec. 31 December 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 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
12 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Three Months Ended Total Year Mar. 31 June 30 Sep. 30 Dec. 31 December 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- 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
13 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Total Year December 31 1994 1993 1992 ---- ---- ---- 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
14 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Total Year December 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 1,630 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
15 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION SECOND QUARTER 1997 REPORT ($ in millions) (unaudited)
Total Year December 31 1994 1993 1992 ---- ---- ---- 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
EX-99.4 5 WESTINGHOUSE ELECTRIC 8-K 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)
THREE MONTHS ENDED MARCH 31, 1996 PRE-TAX AFTER-TAX PER-SHARE AMOUNT AMOUNT IMPACT ------- ------ ------ 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 ====== ======
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)
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 ------ ------ ------ ------ ------ ------ 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 ====== ====== ===== =====
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)
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 ------ ------ ------ ------ ------ ------ 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 ====== ====== ====== ======
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)
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 ------ ------ ------ ------ ------ ------ 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 ===== ====== ======== ======
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)
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 ------ ------ ------ ------ ------ ------ 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) ====== ======= ========= =======
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