-----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, HxepjxjKqYtcVG0PWIaWZyblGH3PQEq6pwVf3k2lpO2QzUa6944jNv/eZfytUrIN zCf/3gKT+oSf1l4QPoAtcw== 0000950128-97-000501.txt : 19970221 0000950128-97-000501.hdr.sgml : 19970221 ACCESSION NUMBER: 0000950128-97-000501 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 19970211 ITEM INFORMATION: Other events ITEM INFORMATION: Financial statements and exhibits FILED AS OF DATE: 19970211 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP CENTRAL INDEX KEY: 0000106413 STANDARD INDUSTRIAL CLASSIFICATION: ENGINES & TURBINES [3510] 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: 97523905 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): February 11, 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 February 11, 1997, the Registrant issued a press release concerning earnings for the quarter and year ended December 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 Communication and Information Systems Segment. 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 with the reclassification of the Communication and Information Systems Segment into Discontinued Operations, the Registrant has realigned 1996 and 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 99.3 and is incorporated herein in its entirety. Special items included in results of operations for 1996, by quarter, and total year 1996, 1995, and 1994 have been restated to move Communication and Information Systems into Discontinued Operations. A copy of the restated special items included in results of operations for these time periods is attached hereto as Exhibit 99.4 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 and year ended December 31, 1996 is filed as Exhibit 99.1 to this Report. 99.2 Condensed Consolidated Statement of Income for 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 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) /s/ CAROL V. SAVAGE By: ------------------------------- Carol V. Savage Vice President and Chief Accounting Officer Date: February 11, 1997 3 EXHIBIT INDEX
EXHIBIT NO. DESCRIPTION SEQUENTIAL PAGE NO. - ----------- ----------- ------------------- 99.1 Press Release 99.2 Condensed Consolidated Statement of Income for 1996 and 1995, by quarter, and total year 1994, 1993, and 1992. 99.3 Segment Results for 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 LETTERHEAD] WESTINGHOUSE REPORTS FOURTH QUARTER AND YEAR-END RESULTS o Radio posts 37% EBITDA gain for quarter o Cost reductions boost television stations' quarterly EBITDA by 17% o Industries and Technology Group profits for quarter rise by 18% PITTSBURGH, February 11, 1997 -- Westinghouse Electric Corporation (NYSE:WX) reported net income of $30 million, or $.07 per share, for the year ended December 31, 1996, compared with $15 million a year ago. The results for 1996 included income of $111 million, or $.25 per share, from special items including the gain from the sale of the defense electronics business, partially offset by expenses for restructuring and other charges. Net income for 1995 included a loss of $208 million, or $.51 per share, for special items. For the fourth quarter of 1996, Westinghouse had a net loss of $34 million, or $.08 per share, compared with a net loss of $7 million, or $.02 per share, in the year-ago quarter. Continuing operations reported a fourth quarter 1996 loss of $32 million, or $.07 per share compared to a loss of $54 million, or $.13 per share, in the 1995 quarter. The 1996 fourth quarter included an after-tax loss of $91 million for a previously announced restructuring plan, while the 1995 fourth quarter included a $125 million after-tax restructuring and litigation charge. 2 Westinghouse ...2 On December 31st, Westinghouse completed the $4.9 billion merger with Infinity Broadcasting Corporation, which creates, along with CBS Radio, the premier radio group in the world with total revenues of approximately $1 billion from 79 stations, including 64 stations in top 10 markets. As part of Westinghouse's plan to exit the Communication and Information Systems segment, the company completed the sale of its largest component, the residential security business, for approximately $425 million, including the assumption of liabilities by the purchaser. Westinghouse/CBS Group In the fourth quarter, Westinghouse's media group reported earnings before interest, taxes, depreciation, and amortization (EBITDA) of $102 million, compared to $103 million in the year-ago quarter. For the year, the media group reported EBITDA, excluding a $41 million restructuring charge taken in the first quarter of 1996, of $628 million, compared with $269 million in 1995. These comparisons include only 37 days of CBS results in last year's fourth quarter. No results for Infinity are included in any period. PROFORMA RESULTS (INCLUDES CBS FOR FULL 1995 PERIODS): For the fourth quarter, sales were flat at over $1 billion and EBITDA increased nearly 4% over last year's fourth quarter. Radio results continued to be strong with a 37% increase in EBITDA for the quarter, reflecting a 10% rise in sales coupled with cost improvements; for the year radio was up 38% on an 11% rise in sales. Network EBITDA fell due to lower demographic ratings as well as increased costs associated with political coverage and sports rights. 3 Westinghouse ...3 Those factors and increased costs associated with affiliate compensation and primetime advertising/promotion resulted in a decrease in the network's full-year EBITDA of $77 million. Although television station revenues benefitted from political advertising, they were flat in the fourth quarter due to lower ratings in certain markets; EBITDA increased nearly 17% in the period as a result of cost reductions. For the year, EBITDA at the TV stations was down 4% on a 5% decrease in sales. Results for the cable business were strong for 1996, although EBITDA declined in the fourth quarter due to start-up expenses related to TeleNoticias, a Spanish-language 24-hour news service acquired in 1996, and the costs to develop Eye On People, a new cable channel. Commenting on the media businesses, Michael H. Jordan, the company's chairman and chief executive officer, said: "We are encouraged by the strong EBITDA growth in radio which should accelerate as we leverage the new opportunities in the combined Infinity and CBS Radio groups. We also see encouraging signs for the TV business in the 1997-1998 advertising season. As the only one of the top three networks to increase household ratings during the fall season, the CBS Network is solidifying its move into second place in the ratings. And in the recent November sweeps, CBS had the most affiliates ranked first in their markets, a 41% improvement over last year. The recent increase in household ratings and our management actions at the TV stations in the three largest markets should create the opportunity for a strong upside at our TV station group in 1997." The Industries and Technology Group Sales in the Industries and Technology Group increased nearly 8% for the fourth quarter compared with last year's quarter. Operating profit, excluding the fourth quarter special charges in both years, was up nearly 18% for the period. For the full year 1996, sales were flat with 1995, and profits, excluding special items, were down 10%. 4 Westinghouse ...4 Sales for the 1996 fourth quarter in the Power Systems group increased 10% over the same period a year ago, and were up slightly for the year. Profits, excluding special items in both years, rose $21 million for the fourth quarter, but decreased $34 million for the full year compared with 1995. Despite a strong fall outage season, Energy Systems profits were down for the year, primarily due to shortfalls during the first half of the year. After a difficult year in 1995, the Power Generation Business Unit increased profits before special charges due to higher revenues from new apparatus and project sales. Orders for Power Systems for 1996 were consistent with 1995 at over $3.5 billion. Thermo King continued its track record of success despite cyclical weakness in certain markets. Thermo King's ability to compete in the growing European, Latin America, and Asian markets was strengthened by the acquisitions in late 1996 of Sabroe, a Danish company with strong presence in the seagoing container market, and Thermal, a German manufacturer of bus air conditioning. Excluding the effects of these acquisitions, operating profit in the fourth quarter grew by 5% while sales decreased 3%. For the year, Thermo King reported a 2% increase in operating profit, despite a 7% decline in revenue from a sluggish North America truck and trailer market, particularly in the first half of the year. In the government operations unit, profits were flat for the quarter and down for the year. While profits were adversely affected by the loss of the Hanford contract, reduced Navy funding, and increased bid and proposal costs, new business development successes during the year should position the government business for a strong 1997. 5 Westinghouse ...5 Commenting on the performance of the Industries and Technology Group, Mr. Jordan said: "Our industrial businesses steadily improved during 1996. As we prepare for the spin-off of the Industries and Technology Group as an independent company later in 1997, we believe that this Group is positioned to grow in all of its markets. A strong fourth quarter performance in Power Systems, where sales rose 10% and operating profit was up 20%, is a positive sign that our actions to strengthen our power businesses are taking hold. Thermo King had an impressive year despite soft market conditions, which we expect will begin to rebound in 1997. 1997 should also see the benefit from the restructuring of the group headquarters and the business units that we undertook in late 1996." ##1000-1297## Contacts: Jack Bergen/Westinghouse 212/975-3835 Kevin Ramundo/Westinghouse 412/642-4989 EX-99.2 3 WESTINGHOUSE ELECTRIC 8-K 1 EXHIBIT 99.2 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 $1,883 $1,140 Operating costs and expenses (2,697) (1,109) ------ ------ Operating profit (loss) (814) 31 Operating profit margin -43.2% 2.7% Other income and expenses, net (146) (2) Interest expense (146) (48) ------ ------ Income (loss) from Continuing Operations before income taxes and minority interest (1,106) (19) Income tax benefit (expense) 384 10 Effective tax rate 34.7% 52.9% Minority interest (1) (2) ------ ------ Income (loss) from Continuing Operations (723) (11) ------ ------ Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations (51) 26 Estimated gain (loss) on disposal of Discontinued Operations 1,018 -- ------ ------ Income (loss) Discontinued Operations 967 26 ------ ------ Extraordinary item: Loss on early extinguishment of debt (63) -- ------ ------ 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 439 398 Earnings (loss) per common share: Continuing Operations ($1.65) ($0.06) Discontinued Operations $2.20 $0.07 Extraordinary item ($0.14) $0.00 ------ ------ Earnings (loss) per common share $0.41 $0.01 ====== ======
2 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1996 AND 1995 BY QUARTER (unaudited)
(in millions except per share data) Three Months Ended Six Months Ended June 30 June 30 ------------------------- ----------------------- 1996 1995 1996 1995 ------------------------- ----------------------- Sales and operating revenues $2,148 $1,374 $4,031 $2,514 Operating costs and expenses (2,178) (1,285) (4,875) (2,394) ------ ------ ------ ------ Operating profit (loss) (30) 89 (844) 120 Operating profit margin -1.4% 6.5% -20.9% 4.8% Other income and expenses, net 8 1 (138) (1) Interest expense (109) (47) (255) (95) ------ ------ ------ ------ Income (loss) from Continuing Operations before income taxes and minority interest (131) 43 (1,237) 24 Income tax benefit (expense) 43 (14) 427 (4) Effective tax rate 33.0% 32.5% 34.5% 15.8% Minority interest (1) (3) (2) (5) ------ ------ ------ ------ Income (loss) from Continuing Operations (89) 26 (812) 15 ------ ------ ------ ------ Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations -- 33 (51) 59 Estimated gain (loss) on disposal of Discontinued Operations -- -- 1,018 -- ------ ------ ------ ------ Income (loss) Discontinued Operations -- 33 967 59 ------ ------ ------ ------ Extraordinary item: Loss on early extinguishment of debt -- -- (63) -- ------ ------ ------ ------ Net Income (loss) ($89) $59 $92 $74 ====== ====== ====== ====== Dividend requirements for Series B preferred stock -- 12 -- 25 Net income (loss) applicable to common stock ($89) $47 $92 $49 ====== ====== ====== ====== Average shares outstanding 443 399 441 398 Earnings (loss) per common share: Continuing Operations ($0.20) $0.04 ($1.85) ($0.03) Discontinued Operations $0.00 $0.08 $2.20 $0.15 Extraordinary item $0.00 $0.00 ($0.14) $0.00 ------ ----- ------ ------ Earnings (loss) per common share ($0.20) $0.12 $0.21 $0.12 ====== ====== ====== ======
3 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1996 AND 1995 BY QUARTER (unaudited)
(in millions except per share data) Three Months Ended Nine Months Ended Sept 30 Sept 30 ---------------------- --------------------- 1996 1995 1996 1995 ---------------------- --------------------- Sales and operating revenues $1,967 $1,215 $5,998 $3,729 Operating costs and expenses (1,877) (1,261) (6,752) (3,655) ------ ------ ------ ------ Operating profit (loss) 90 (46) (754) 74 Operating profit margin 4.6% -3.8% -12.6% 2.0% Other income and expenses, net 25 124 (113) 123 Interest expense (103) (43) (358) (138) ------ ------ ------ ------ Income (loss) from Continuing Operations before income taxes and minority interest 12 35 (1,225) 59 Income tax benefit (expense) (4) (14) 423 (18) Effective tax rate 34.5% 41.9% 34.5% 31.3% Minority interest (2) (1) (4) (6) ------ ------ ------ ------ Income (loss) from Continuing Operations 6 20 (806) 35 ------ ------ ------ ------ Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations (4) 4 (55) 63 Estimated gain (loss) on disposal of Discontinued Operations -- (76) 1,018 (76) ------ ------ ------ ------ Income (loss) Discontinued Operations (4) (72) 963 (13) ------ ------ ------ ------ Extraordinary item: Loss on early extinguishment of debt (30) -- (93) -- ------ ------ ------ ------ Net Income (loss) ($28) ($52) $64 $22 ====== ====== ====== ====== Dividend requirements for Series B preferred stock -- 9 -- 34 Net income (loss) applicable to common stock ($28) ($61) $64 ($12) ====== ====== ====== ====== Average shares outstanding 444 409 442 403 Earnings (loss) per common share: Continuing Operations $0.01 $0.03 ($1.83) $0.00 Discontinued Operations ($0.01) ($0.18) $2.18 ($0.03) Extraordinary item ($0.06) $0.00 ($0.21) $0.00 ------ ------ ------ ------ Earnings (loss) per common share ($0.06) ($0.15) $0.14 ($0.03) ====== ====== ====== ======
4 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1996 AND 1995 BY QUARTER (unaudited)
(in millions except per share data) Three Months Ended Twelve Months Ended Dec 31 Dec 31 --------------------- ----------------------- 1996 1995 1996 1995 ---------------------- ----------------------- Sales and operating revenues $2,451 $1,870 $8,449 $5,599 Operating costs and expenses (2,453) (1,843) (9,205) (5,498) ------ ------ ------ ------ Operating profit (loss) (2) 27 (756) 101 Operating profit margin -0.1% 1.4% -8.9% 1.8% Other income and expenses, net 27 14 (86) 137 Interest expense (98) (98) (456) (236) ------ ------ ------ ------ Income (loss) from Continuing Operations before income taxes and minority interest (73) (57) (1,298) 2 Income tax benefit (expense) 43 8 466 (10) Effective tax rate 59.2% 14.9% 35.9% 521.6% Minority interest (2) (5) (6) (11) ------ ------ ------ ------ Income (loss) from Continuing Operations (32) (54) (838) (19) ------ ------ ------ ------ Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations (2) 47 (57) 110 Estimated gain (loss) on disposal of Discontinued Operations -- -- 1,018 (76) ------ ------ ------ ------ Income (loss) Discontinued Operations (2) 47 961 34 ------ ------ ------ ------ Extraordinary item: Loss on early extinguishment of debt -- -- (93) -- ------ ------ ------ ------ Net Income (loss) ($34) ($7) $30 $15 ====== ====== ====== ====== Dividend requirements for Series B preferred stock -- -- -- 34 Net income (loss) applicable to common stock ($34) ($7) $30 ($19) ====== ====== ====== ====== Average shares outstanding 448 435 443 410 Earnings (loss) per common share: Continuing Operations ($0.07) ($0.13) ($1.89) ($0.13) Discontinued Operations ($0.01) $0.11 $2.17 $0.08 Extraordinary item $0.00 $0.00 ($0.21) $0.00 ------ ------ ------ ------ Earnings (loss) per common share ($0.08) ($0.02) $0.07 ($0.05) ====== ====== ====== ======
5 WESTINGHOUSE ELECTRIC CORPORATION EARNINGS INFORMATION 1994, 1993, AND 1992
(in millions except per share data) Twelve Months Ended -------------------------------------- 1994 1993 1992 -------------------------------------- Sales and operating revenues $5,210 $5,158 $5,281 Operating costs and expenses (4,801) (5,152) (4,813) -------------------------------------- Operating profit (loss) 409 6 468 Operating profit margin 7.9% 0.1% 8.9% Other income and expenses, net (285) (75) (32) Interest expense (134) (164) (169) -------------------------------------- Income (loss) from Continuing Operations before income taxes and minority interest (10) (233) 267 Income tax benefit (expense) 11 71 (82) Effective tax rate 107.2% 30.3% 30.7% Minority interest (9) (9) (5) -------------------------------------- Income (loss) from Continuing Operations (8) (171) 180 -------------------------------------- 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) Discontinued Operations 85 (99) (1,236) 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 384 353 346 Earnings (loss) per common share: Continuing Operations ($0.15) ($0.63) $0.44 Discontinued Operations $0.22 ($0.28) ($3.57) Cumulative effect of changes in accounting principles $0.00 ($0.16) ($0.98) ---------------------------------------- Earnings (loss) per common share $0.07 ($1.07) ($4.11) ========================================
EX-99.3 4 WESTINGHOUSE ELECTRIC 8-K 1 EXHIBIT 99.3 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended March 31 1996 1995 % Change ---- ---- -------- TOTAL MEDIA: TV Orders 188 74 154.1% Backlog -- -- N/A 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 -- N/A EBITDA without Special Items 68 29 134.5% NETWORK Orders 766 -- N/A Backlog -- -- N/A Sales 766 -- N/A Operating Profit (Loss) -- -- N/A OP (Loss) without Special Items -- -- N/A OP Margin w/o Special Items -- N/A N/A Depreciation & Amortization 10 -- N/A Capital Expenditures -- -- N/A EBITDA without Special Items 10 -- N/A RADIO Orders 121 43 181.4% Backlog -- -- N/A 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 -- 1 -100.0% EBITDA without Special Items 30 11 172.7% OTHER MEDIA BUSINESSES Orders 49 34 44.1% Backlog -- -- N/A Sales 49 34 44.1% Operating Profit (Loss) 4 -- N/A OP (Loss) without Special Items 4 -- N/A OP Margin w/o Special Items 8.2% -- N/A Depreciation & Amortization 3 2 50.0% Capital Expenditures -- 1 -100.0% EBITDA without Special Items 7 2 250.0% OTHER Orders (6) -- N/A Backlog -- -- N/A Sales (6) -- N/A Operating Profit (Loss) (76) -- N/A OP (Loss) without Special Items (35) -- N/A OP Margin w/o Special Items 583.3% N/A N/A Depreciation & Amortization 30 -- N/A Capital Expenditures -- -- N/A EBITDA without Special Items (5) -- N/A TOTAL MEDIA Orders 1,118 151 640.4% Backlog -- -- N/A 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 -- EBITDA without Special Items 110 42 161.9%
2 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ 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 -- -- N/A Capital Expenditures -- -- 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 -- Capital Expenditures 4 6 -33.3% EBITDA without Special Items 49 48 2.1%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 3 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ 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 -- -- N/A Capital Expenditures 1 -- N/A EBITDA without Special Items 18 15 20.0% TOTAL INDUSTRIES & TECHNOLOGY Orders 996 1,269 -21.5% Backlog 5,942 6,098 -2.6% Sales* 740 869 -14.8% Operating Profit (Loss) (494) 20 -2570.0% OP (Loss) without Special Items (1) 20 -105.0% OP Margin w/o Special Items -0.1% 2.3% N/A Depreciation & Amortization 30 28 7.1% Capital Expenditures 18 15 20.0% EBITDA without Special Items 29 48 -39.6% CORPORATE & OTHER Orders 40 136 -70.6% Backlog 41 146 -71.9% Sales 34 133 -74.4% Operating Profit (Loss) (322) (22) -1363.6% OP (Loss) without Special Items (74) (22) -236.4% OP Margin w/o Special Items -217.6% -16.5% N/A Depreciation & Amortization 7 9 -22.2% Capital Expenditures 1 6 -83.3% EBITDA without Special Items (67) (13) -415.4% INTERSEGMENT Orders (9) (11) 18.2% Backlog (8) (12) 33.3% Sales (9) (13) 30.8% TOTAL CONTINUING OPERATIONS Orders 2,145 1,545 38.8% Backlog 5,975 6,232 -4.1% Sales* 1,883 1,140 65.2% Operating Profit (Loss) (814) 31 -2725.8% OP (Loss) without Special Items (32) 31 -203.2% OP Margin w/o Special Items -1.7% 2.7% N/A Depreciation & Amortization 104 46 126.1% Capital Expenditures 21 23 -8.7% EBITDA without Special Items 72 77 -6.5%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 4 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Six Months Ended June 30 June 30 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- TOTAL MEDIA: TV Orders 226 90 151.1% 414 164 152.4% Backlog -- -- N/A -- -- N/A Sales 226 90 151.1% 414 164 152.4% Operating Profit (Loss) 90 42 114.3% 144 68 111.8% OP (Loss) without Special Items 90 42 114.3% 144 68 111.8% OP Margin w/o Special Items 39.8% 46.7% N/A 34.8% 41.5% N/A Depreciation & Amortization 11 2 450.0% 25 5 400.0% Capital Expenditures 4 3 33.3% 6 3 100.0% EBITDA without Special Items 101 44 129.5% 169 73 131.5% NETWORK Orders 681 -- N/A 1,447 -- N/A Backlog -- -- N/A -- -- N/A Sales 681 -- N/A 1,447 -- N/A Operating Profit (Loss) 87 -- N/A 87 -- N/A OP (Loss) without Special Items 87 -- N/A 87 -- N/A OP Margin w/o Special Items 12.8% N/A N/A 6.0% N/A N/A Depreciation & Amortization 20 -- N/A 30 -- N/A Capital Expenditures 16 -- N/A 16 -- N/A EBITDA without Special Items 107 -- N/A 117 -- N/A RADIO Orders 145 50 190.0% 266 93 186.0% Backlog -- -- N/A -- -- N/A Sales 145 50 190.0% 266 93 186.0% Operating Profit (Loss) 47 16 193.8% 67 23 191.3% OP (Loss) without Special Items 47 16 193.8% 67 23 191.3% OP Margin w/o Special Items 32.4% 32.0% N/A 25.2% 24.7% N/A Depreciation & Amortization 8 4 100.0% 18 8 125.0% Capital Expenditures 2 1 100.0% 2 2 -- EBITDA without Special Items 55 20 175.0% 85 31 174.2% OTHER MEDIA BUSINESSES Orders 58 43 34.9% 107 77 39.0% Backlog -- -- N/A -- -- N/A Sales 58 43 34.9% 107 77 39.0% Operating Profit (Loss) 9 5 80.0% 13 5 160.0% OP (Loss) without Special Items 9 5 80.0% 13 5 160.0% OP Margin w/o Special Items 15.5% 11.6% N/A 12.1% 6.5% N/A Depreciation & Amortization 2 2 -- 5 4 25.0% Capital Expenditures 1 2 -50.0% 1 3 -66.7% EBITDA without Special Items 11 7 57.1% 18 9 100.0% OTHER Orders (10) -- N/A (16) -- N/A Backlog -- -- N/A -- -- N/A Sales (10) -- N/A (16) -- N/A Operating Profit (Loss) (41) -- N/A (117) -- N/A OP (Loss) without Special Items (41) -- N/A (76) -- N/A OP Margin w/o Special Items 410.0% N/A N/A 475.0% N/A N/A Depreciation & Amortization 34 -- N/A 64 -- N/A Capital Expenditures 12 -- N/A 12 -- N/A EBITDA without Special Items (7) -- N/A (12) -- N/A TOTAL MEDIA Orders 1,100 183 501.1% 2,218 334 564.1% Backlog -- -- N/A -- -- N/A Sales 1,100 183 501.1% 2,218 334 564.1% Operating Profit (Loss) 192 63 204.8% 194 96 102.1% OP (Loss) without Special Items 192 63 204.8% 235 96 144.8% OP Margin w/o Special Items 17.5% 34.4% N/A 10.6% 28.7% N/A Depreciation & Amortization 75 8 837.5% 142 17 735.3% Capital Expenditures 35 6 483.3% 37 8 362.5% EBITDA without Special Items 267 71 276.1% 377 113 233.6%
5 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Six Months Ended June 30 June 30 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- TOTAL POWER SYSTEMS: ENERGY SYSTEMS Orders 337 281 19.9% 659 658 0.2% Backlog 3,217 3,376 -4.7% 3,217 3,376 -4.7% Sales 304 332 -8.4% 535 616 -13.1% Operating Profit (Loss) 2 27 -92.6% (24) 33 -172.7% OP (Loss) without Special Items 13 33 -60.6% 8 39 -79.5% OP Margin w/o Special Items 4.3% 9.9% N/A 1.5% 6.3% N/A Depreciation & Amortization 12 12 -- 24 25 -4.0% Capital Expenditures 7 8 -12.5% 14 13 7.7% EBITDA without Special Items 25 45 -44.4% 32 64 -50.0% POWER GENERATION Orders 699 358 95.3% 1,187 937 26.7% Backlog 3,419 2,844 20.2% 3,419 2,844 20.2% Sales* 465 440 5.7% 742 762 -2.6% Operating Profit (Loss) (20) (13) -53.8% (245) (44) -456.8% OP (Loss) without Special Items (20) (13) -53.8% (62) (44) -40.9% OP Margin w/o Special Items -4.3% -3.0% N/A -8.4% -5.8% N/A Depreciation & Amortization 9 12 -25.0% 23 23 -- Capital Expenditures 6 14 -57.1% 12 18 -33.3% EBITDA without Special Items (11) (1) -1000.0% (39) (21) -85.7% OTHER POWER SYSTEMS Orders (11) (9) -22.2% (114) (13) -776.9% Backlog (636) (606) -5.0% (636) (606) -5.0% Sales (37) (28) -32.1% (87) (65) -33.8% Operating Profit (Loss) (17) (17) -- (323) (31) -941.9% OP (Loss) without Special Items (17) (17) -- (34) (31) -9.7% OP Margin w/o Special Items 45.9% 60.7% N/A 39.1% 47.7% N/A Depreciation & Amortization -- -- N/A -- -- N/A Capital Expenditures -- -- N/A -- -- N/A EBITDA without Special Items (17) (17) -- (34) (31) -9.7% TOTAL POWER SYSTEMS Orders 1,025 630 62.7% 1,732 1,582 9.5% Backlog 6,000 5,614 6.9% 6,000 5,614 6.9% Sales* 732 744 -1.6% 1,190 1,313 -9.4% Operating Profit (Loss) (35) (3) -1066.7% (592) (42) -1309.5% OP (Loss) without Special Items (24) 3 -900.0% (88) (36) -144.4% OP Margin w/o Special Items -3.3% 0.4% N/A -7.4% -2.7% N/A Depreciation & Amortization 21 24 -12.5% 47 48 -2.1% Capital Expenditures 13 22 -40.9% 26 31 -16.1% EBITDA without Special Items (3) 27 -111.1% (41) 12 -441.7% THERMO KING Orders 244 280 -12.9% 532 592 -10.1% Backlog 162 307 -47.2% 162 307 -47.2% Sales 265 284 -6.7% 522 557 -6.3% Operating Profit (Loss) 46 47 -2.1% 91 91 -- OP (Loss) without Special Items 46 47 -2.1% 91 91 -- OP Margin w/o Special Items 17.4% 16.5% N/A 17.4% 16.3% N/A Depreciation & Amortization 4 4 -- 8 8 -- Capital Expenditures 2 6 -66.7% 6 12 -50.0% EBITDA without Special Items 50 51 -2.0% 99 99 --
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 6 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Six Months Ended June 30 June 30 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- GOVERNMENT OPERATIONS Orders 1 7 -85.7% 2 12 -83.3% Backlog 23 61 -62.3% 23 61 -62.3% Sales 26 34 -23.5% 51 61 -16.4% Operating Profit (Loss) 13 19 -31.6% 31 34 -8.8% OP (Loss) without Special Items 13 19 -31.6% 31 34 -8.8% OP Margin w/o Special Items 50.0% 55.9% N/A 60.8% 55.7% N/A Depreciation & Amortization 2 -- N/A 2 -- N/A Capital Expenditures 1 1 -- 2 1 100.0% EBITDA without Special Items 15 19 -21.1% 33 34 -2.9% TOTAL INDUSTRIES & TECHNOLOGY Orders 1,270 917 38.5% 2,266 2,186 3.7% Backlog 6,185 5,982 3.4% 6,185 5,982 3.4% Sales* 1,023 1,062 -3.7% 1,763 1,931 -8.7% Operating Profit (Loss) 24 63 -61.9% (470) 83 -666.3% OP (Loss) without Special Items 35 69 -49.3% 34 89 -61.8% OP Margin w/o Special Items 3.4% 6.5% N/A 1.9% 4.6% N/A Depreciation & Amortization 27 28 -3.6% 57 56 1.8% Capital Expenditures 16 29 -44.8% 34 44 -22.7% EBITDA without Special Items 62 97 -36.1% 91 145 -37.2% CORPORATE & OTHER Orders 33 111 -70.3% 73 247 -70.4% Backlog 44 88 -50.0% 44 88 -50.0% Sales 34 139 -75.5% 68 272 -75.0% Operating Profit (Loss) (246) (37) -564.9% (568) (59) -862.7% OP (Loss) without Special Items (82) (38) -115.8% (156) (60) -160.0% OP Margin w/o Special Items -241.2% -27.3% N/A -229.4% -22.1% N/A Depreciation & Amortization 3 7 -57.1% 10 16 -37.5% Capital Expenditures 2 4 -50.0% 3 10 -70.0% EBITDA without Special Items (79) (31) -154.8% (146) (44) -231.8% INTERSEGMENT Orders (8) (9) 11.1% (17) (20) 15.0% Backlog (6) (10) 40.0% (6) (10) 40.0% Sales (9) (10) 10.0% (18) (23) 21.7% TOTAL CONTINUING OPERATIONS Orders 2,395 1,202 99.3% 4,540 2,747 65.3% Backlog 6,223 6,060 2.7% 6,223 6,060 2.7% Sales* 2,148 1,374 56.3% 4,031 2,514 60.3% Operating Profit (Loss) (30) 89 -133.7% (844) 120 -803.3% OP (Loss) without Special Items 145 94 54.3% 113 125 -9.6% OP Margin w/o Special Items 6.8% 6.8% N/A 2.8% 5.0% N/A Depreciation & Amortization 105 43 144.2% 209 89 134.8% Capital Expenditures 53 39 35.9% 74 62 19.4% EBITDA without Special Items 250 137 82.5% 322 214 50.5%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 7 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- TOTAL MEDIA: TV Orders 169 82 106.1% 583 246 137.0% Backlog -- -- N/A -- -- N/A Sales 169 82 106.1% 583 246 137.0% Operating Profit (Loss) 47 26 80.8% 191 94 103.2% OP (Loss) without Special Items 47 26 80.8% 191 94 103.2% OP Margin w/o Special Items 27.8% 31.7% N/A 32.8% 38.2% N/A Depreciation & Amortization 11 4 175.0% 36 9 300.0% Capital Expenditures 3 2 50.0% 9 5 80.0% EBITDA without Special Items 58 30 93.3% 227 103 120.4% NETWORK Orders 550 -- N/A 1,997 -- N/A Backlog -- -- N/A -- -- N/A Sales 550 -- N/A 1,997 -- N/A Operating Profit (Loss) 24 -- N/A 111 -- N/A OP (Loss) without Special Items 24 -- N/A 111 -- N/A OP Margin w/o Special Items 4.4% N/A N/A 5.6% N/A N/A Depreciation & Amortization 15 -- N/A 45 -- N/A Capital Expenditures 10 -- N/A 26 -- N/A EBITDA without Special Items 39 -- N/A 156 -- N/A RADIO Orders 136 42 223.8% 402 135 197.8% Backlog -- -- N/A -- -- N/A Sales 136 42 223.8% 402 135 197.8% Operating Profit (Loss) 42 12 250.0% 109 35 211.4% OP (Loss) without Special Items 42 12 250.0% 109 35 211.4% OP Margin w/o Special Items 30.9% 28.6% N/A 27.1% 25.9% N/A Depreciation & Amortization 8 4 100.0% 26 12 116.7% Capital Expenditures 2 3 -33.3% 4 5 -20.0% EBITDA without Special Items 50 16 212.5% 135 47 187.2% OTHER MEDIA BUSINESSES Orders 60 42 42.9% 167 119 40.3% Backlog -- -- N/A -- -- N/A Sales 60 42 42.9% 167 119 40.3% Operating Profit (Loss) 3 5 -40.0% 16 10 60.0% OP (Loss) without Special Items 3 5 -40.0% 16 10 60.0% OP Margin w/o Special Items 5.0% 11.9% N/A 9.6% 8.4% N/A Depreciation & Amortization 3 2 50.0% 8 6 33.3% Capital Expenditures 4 4 -- 5 7 -28.6% EBITDA without Special Items 6 7 -14.3% 24 16 50.0% OTHER Orders (5) -- N/A (21) -- N/A Backlog -- -- N/A -- -- N/A Sales (5) -- N/A (21) -- N/A Operating Profit (Loss) (34) -- N/A (151) -- N/A OP (Loss) without Special Items (34) -- N/A (110) -- N/A OP Margin w/o Special Items 680.0% N/A N/A 523.8% N/A N/A Depreciation & Amortization 30 -- N/A 94 -- N/A Capital Expenditures 1 -- N/A 13 -- N/A EBITDA without Special Items (4) -- N/A (16) -- N/A TOTAL MEDIA Orders 910 166 448.2% 3,128 500 525.6% Backlog -- -- N/A -- -- N/A Sales 910 166 448.2% 3,128 500 525.6% Operating Profit (Loss) 82 43 90.7% 276 139 98.6% OP (Loss) without Special Items 82 43 90.7% 317 139 128.1% OP Margin w/o Special Items 9.0% 25.9% N/A 10.1% 27.8% N/A Depreciation & Amortization 67 10 570.0% 209 27 674.1% Capital Expenditures 20 9 122.2% 57 17 235.3% EBITDA without Special Items 149 53 181.1% 526 166 216.9%
8 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- TOTAL POWER SYSTEMS: ENERGY SYSTEMS Orders 279 240 16.3% 938 898 4.5% Backlog 3,292 3,309 -0.5% 3,292 3,309 -0.5% Sales 280 306 -8.5% 815 922 -11.6% Operating Profit (Loss) 15 13 15.4% (9) 46 -119.6% OP (Loss) without Special Items 15 14 7.1% 23 53 -56.6% OP Margin w/o Special Items 5.4% 4.6% N/A 2.8% 5.7% N/A Depreciation & Amortization 9 14 -35.7% 33 39 -15.4% Capital Expenditures 5 7 -28.6% 19 20 -5.0% EBITDA without Special Items 24 28 -14.3% 56 92 -39.1% POWER GENERATION Orders 538 621 -13.4% 1,725 1,558 10.7% Backlog 2,957 2,848 3.8% 2,957 2,848 3.8% Sales* 527 395 33.4% 1,269 1,157 9.7% Operating Profit (Loss) 5 (23) 121.7% (240) (67) -258.2% OP (Loss) without Special Items 5 5 -- (57) (39) -46.2% OP Margin w/o Special Items 0.9% 1.3% N/A -4.5% -3.4% N/A Depreciation & Amortization 5 11 -54.5% 28 34 -17.6% Capital Expenditures 20 11 81.8% 32 29 10.3% EBITDA without Special Items 10 16 -37.5% (29) (5) -480.0% OTHER POWER SYSTEMS Orders (8) (4) -100.0% (122) (17) -617.6% Backlog (445) (583) 23.7% (445) (583) 23.7% Sales (38) (34) -11.8% (125) (99) -26.3% Operating Profit (Loss) (20) (61) 67.2% (343) (92) -272.8% OP (Loss) without Special Items (20) (16) -25.0% (54) (47) -14.9% OP Margin w/o Special Items 52.6% 47.1% N/A 43.2% 47.5% N/A Depreciation & Amortization -- -- N/A -- -- N/A Capital Expenditures -- -- N/A -- -- N/A EBITDA without Special Items (20) (16) -25.0% (54) (47) -14.9% TOTAL POWER SYSTEMS Orders 809 857 -5.6% 2,541 2,439 4.2% Backlog 5,804 5,574 4.1% 5,804 5,574 4.1% Sales* 769 667 15.3% 1,959 1,980 -1.1% Operating Profit (Loss) -- (71) 100.0% (592) (113) -423.9% OP (Loss) without Special Items -- 3 -100.0% (88) (33) -166.7% OP Margin w/o Special Items -- 0.4% N/A -4.5% -1.7% N/A Depreciation & Amortization 14 25 -44.0% 61 73 -16.4% Capital Expenditures 25 18 38.9% 51 49 4.1% EBITDA without Special Items 14 28 -50.0% (27) 40 -167.5% THERMO KING Orders 213 200 6.5% 745 792 -5.9% Backlog 135 232 -41.8% 135 232 -41.8% Sales 237 271 -12.5% 759 828 -8.3% Operating Profit (Loss) 46 45 2.2% 137 136 0.7% OP (Loss) without Special Items 46 45 2.2% 137 136 0.7% OP Margin w/o Special Items 19.4% 16.6% N/A 18.1% 16.4% N/A Depreciation & Amortization 3 5 -40.0% 11 13 -15.4% Capital Expenditures 3 4 -25.0% 9 16 -43.8% EBITDA without Special Items 49 50 -2.0% 148 149 -0.7%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 9 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- GOVERNMENT OPERATIONS Orders 1 4 -75.0% 3 16 -81.3% Backlog 22 57 -61.4% 22 57 -61.4% Sales 27 38 -28.9% 78 99 -21.2% Operating Profit (Loss) 18 25 -28.0% 49 59 -16.9% OP (Loss) without Special Items 18 25 -28.0% 49 59 -16.9% OP Margin w/o Special Items 66.7% 65.8% N/A 62.8% 59.6% N/A Depreciation & Amortization 1 1 -- 3 1 200.0% Capital Expenditures -- -- N/A 2 1 100.0% EBITDA without Special Items 19 26 -26.9% 52 60 -13.3% TOTAL INDUSTRIES & TECHNOLOGY Orders 1,023 1,061 -3.6% 3,289 3,247 1.3% Backlog 5,961 5,863 1.7% 5,961 5,863 1.7% Sales* 1,033 976 5.8% 2,796 2,907 -3.8% Operating Profit (Loss) 64 (1) 6500.0% (406) 82 -595.1% OP (Loss) without Special Items 64 73 -12.3% 98 162 -39.5% OP Margin w/o Special Items 6.2% 7.5% N/A 3.5% 5.6% N/A Depreciation & Amortization 18 31 -41.9% 75 87 -13.8% Capital Expenditures 28 22 27.3% 62 66 -6.1% EBITDA without Special Items 82 104 -21.2% 173 249 -30.5% CORPORATE & OTHER Orders 17 65 -73.8% 90 312 -71.2% Backlog 16 66 -75.8% 16 66 -75.8% Sales 31 85 -63.5% 99 357 -72.3% Operating Profit (Loss) (56) (88) 36.4% (624) (147) -324.5% OP (Loss) without Special Items (56) (48) -16.7% (212) (108) -96.3% OP Margin w/o Special Items -180.6% -56.5% N/A -214.1% -30.3% N/A Depreciation & Amortization 4 8 -50.0% 14 24 -41.7% Capital Expenditures 1 6 -83.3% 4 16 -75.0% EBITDA without Special Items (52) (40) -30.0% (198) (84) -135.7% INTERSEGMENT Orders (7) (8) 12.5% (24) (28) 14.3% Backlog (9) (8) -12.5% (9) (8) -12.5% Sales (7) (12) 41.7% (25) (35) 28.6% TOTAL CONTINUING OPERATIONS Orders 1,943 1,284 51.3% 6,483 4,031 60.8% Backlog 5,968 5,921 0.8% 5,968 5,921 0.8% Sales* 1,967 1,215 61.9% 5,998 3,729 60.8% Operating Profit (Loss) 90 (46) 295.7% (754) 74 -1118.9% OP (Loss) without Special Items 90 68 32.4% 203 193 5.2% OP Margin w/o Special Items 4.6% 5.6% N/A 3.4% 5.2% N/A Depreciation & Amortization 89 49 81.6% 298 138 115.9% Capital Expenditures 49 37 32.4% 123 99 24.2% EBITDA without Special Items 179 117 53.0% 501 331 51.4%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 10 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Total Year December 31 December 31 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- TOTAL MEDIA: TV Orders 226 159 42.1% 809 405 99.8% Backlog -- -- N/A -- -- N/A Sales 226 159 42.1% 809 405 99.8% Operating Profit (Loss) 104 55 89.1% 295 149 98.0% OP (Loss) without Special Items 104 55 89.1% 295 149 98.0% OP Margin w/o Special Items 46.0% 34.6% N/A 36.5% 36.8% N/A Depreciation & Amortization 9 9 -- 45 18 150.0% Capital Expenditures 18 6 200.0% 27 11 145.5% EBITDA without Special Items 113 64 76.6% 340 167 103.6% NETWORK Orders 584 230 153.9% 2,581 230 1022.2% Backlog -- -- N/A -- -- N/A Sales 584 230 153.9% 2,581 230 1022.2% Operating Profit (Loss) (86) 12 -816.7% 25 12 108.3% OP (Loss) without Special Items (86) 12 -816.7% 25 12 108.3% OP Margin w/o Special Items -14.7% 5.2% N/A 1.0% 5.2% N/A Depreciation & Amortization 15 5 200.0% 60 5 1100.0% Capital Expenditures 8 -- N/A 34 -- N/A EBITDA without Special Items (71) 17 -517.6% 85 17 400.0% RADIO Orders 152 81 87.7% 554 216 156.5% Backlog -- -- N/A -- -- N/A Sales 152 81 87.7% 554 216 156.5% Operating Profit (Loss) 52 20 160.0% 161 55 192.7% OP (Loss) without Special Items 52 20 160.0% 161 55 192.7% OP Margin w/o Special Items 34.2% 24.7% N/A 29.1% 25.5% N/A Depreciation & Amortization 10 4 150.0% 36 16 125.0% Capital Expenditures 2 4 -50.0% 6 9 -33.3% EBITDA without Special Items 62 24 158.3% 197 71 177.5% OTHER MEDIA BUSINESSES Orders 60 45 33.3% 227 164 38.4% Backlog -- -- N/A -- -- N/A Sales 60 45 33.3% 227 164 38.4% Operating Profit (Loss) (9) -- N/A 7 10 -30.0% OP (Loss) without Special Items (9) -- N/A 7 10 -30.0% OP Margin w/o Special Items -15.0% -- N/A 3.1% 6.1% N/A Depreciation & Amortization 3 2 50.0% 11 8 37.5% Capital Expenditures 4 4 -- 9 11 -18.2% EBITDA without Special Items (6) 2 -400.0% 18 18 -- OTHER Orders (5) 1 -600.0% (26) 1 -2700.0% Backlog -- -- N/A -- -- N/A Sales (5) 1 -600.0% (26) 1 -2700.0% Operating Profit (Loss) (27) (14) -92.9% (178) (14) -1171.4% OP (Loss) without Special Items (27) (14) -92.9% (137) (14) -878.6% OP Margin w/o Special Items 540.0% -1400.0% N/A 526.9% -1400.0% N/A Depreciation & Amortization 31 10 210.0% 125 10 1150.0% Capital Expenditures 4 1 300.0% 17 1 1600.0% EBITDA without Special Items 4 (4) 200.0% (12) (4) -200.0% TOTAL MEDIA Orders 1,017 516 97.1% 4,145 1,016 308.0% Backlog -- -- N/A -- -- N/A Sales 1,017 516 97.1% 4,145 1,016 308.0% Operating Profit (Loss) 34 73 -53.4% 310 212 46.2% OP (Loss) without Special Items 34 73 -53.4% 351 212 65.6% OP Margin w/o Special Items 3.3% 14.1% N/A 8.5% 20.9% N/A Depreciation & Amortization 68 30 126.7% 277 57 386.0% Capital Expenditures 36 15 140.0% 93 32 190.6% EBITDA without Special Items 102 103 -1.0% 628 269 133.5%
11 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Total Year December 31 December 31 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- TOTAL POWER SYSTEMS: ENERGY SYSTEMS Orders 235 333 -29.4% 1,173 1,231 -4.7% Backlog 3,207 3,203 0.1% 3,207 3,203 0.1% Sales 419 447 -6.3% 1,234 1,369 -9.9% Operating Profit (Loss) (21) 68 -130.9% (30) 114 -126.3% OP (Loss) without Special Items 71 77 -7.8% 94 130 -27.7% OP Margin w/o Special Items 16.9% 17.2% N/A 7.6% 9.5% N/A Depreciation & Amortization 14 10 40.0% 47 49 -4.1% Capital Expenditures 15 17 -11.8% 34 37 -8.1% EBITDA without Special Items 85 87 -2.3% 141 179 -21.2% POWER GENERATION Orders 775 842 -8.0% 2,500 2,400 4.2% Backlog 2,792 3,106 -10.1% 2,792 3,106 -10.1% Sales* 747 612 22.1% 2,016 1,769 14.0% Operating Profit (Loss) 57 51 11.8% (183) (16) -1043.8% OP (Loss) without Special Items 75 51 47.1% 18 12 50.0% OP Margin w/o Special Items 10.0% 8.3% N/A 0.9% 0.7% N/A Depreciation & Amortization 18 10 80.0% 46 44 4.5% Capital Expenditures 6 35 -82.9% 38 64 -40.6% EBITDA without Special Items 93 61 52.5% 64 56 14.3% OTHER POWER SYSTEMS Orders (5) (62) 91.9% (127) (79) -60.8% Backlog (585) (610) 4.1% (585) (610) 4.1% Sales (47) (39) -20.5% (172) (138) -24.6% Operating Profit (Loss) (19) (213) 91.1% (362) (305) -18.7% OP (Loss) without Special Items (19) (22) 13.6% (73) (69) -5.8% OP Margin w/o Special Items 40.4% 56.4% N/A 42.4% 50.0% N/A Depreciation & Amortization -- -- N/A -- -- N/A Capital Expenditures -- -- N/A -- -- N/A EBITDA without Special Items (19) (22) 13.6% (73) (69) -5.8% TOTAL POWER SYSTEMS Orders 1,005 1,113 -9.7% 3,546 3,552 -0.2% Backlog 5,414 5,699 -5.0% 5,414 5,699 -5.0% Sales* 1,119 1,020 9.7% 3,078 3,000 2.6% Operating Profit (Loss) 17 (94) 118.1% (575) (207) -177.8% OP (Loss) without Special Items 127 106 19.8% 39 73 -46.6% OP Margin w/o Special Items 11.3% 10.4% N/A 1.3% 2.4% N/A Depreciation & Amortization 32 20 60.0% 93 93 -- Capital Expenditures 21 52 -59.6% 72 101 -28.7% EBITDA without Special Items 159 126 26.2% 132 166 -20.5% THERMO KING Orders 260 223 16.6% 1,005 1,015 -1.0% Backlog 130 174 -25.3% 130 174 -25.3% Sales 254 237 7.2% 1,013 1,065 -4.9% Operating Profit (Loss) 43 40 7.5% 180 176 2.3% OP (Loss) without Special Items 49 40 22.5% 186 176 5.7% OP Margin w/o Special Items 19.3% 16.9% N/A 18.4% 16.5% N/A Depreciation & Amortization 4 2 100.0% 15 15 -- Capital Expenditures 11 7 57.1% 20 23 -13.0% EBITDA without Special Items 53 42 26.2% 201 191 5.2%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 12 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Three Months Ended Total Year December 31 December 31 1996 1995 % Change 1996 1995 % Change ---- ---- -------- ---- ---- -------- GOVERNMENT OPERATIONS Orders 2 3 -33.3% 5 19 -73.7% Backlog 16 39 -59.0% 16 39 -59.0% Sales 43 56 -23.2% 121 155 -21.9% Operating Profit (Loss) 14 22 -36.4% 63 81 -22.2% OP (Loss) without Special Items 22 22 -- 71 81 -12.3% OP Margin w/o Special Items 51.2% 39.3% N/A 58.7% 52.3% N/A Depreciation & Amortization -- -- N/A 3 1 200.0% Capital Expenditures -- 1 -100.0% 2 2 -- EBITDA without Special Items 22 22 -- 74 82 -9.8% TOTAL INDUSTRIES & TECHNOLOGY Orders 1,267 1,339 -5.4% 4,556 4,586 -0.7% Backlog 5,560 5,912 -6.0% 5,560 5,912 -6.0% Sales* 1,416 1,313 7.8% 4,212 4,220 -0.2% Operating Profit (Loss) 74 (32) 331.3% (332) 50 -764.0% OP (Loss) without Special Items 198 168 17.9% 296 330 -10.3% OP Margin w/o Special Items 14.0% 12.8% N/A 7.0% 7.8% N/A Depreciation & Amortization 36 22 63.6% 111 109 1.8% Capital Expenditures 32 60 -46.7% 94 126 -25.4% EBITDA without Special Items 234 190 23.2% 407 439 -7.3% CORPORATE & OTHER Orders (5) 35 -114.3% 85 347 -75.5% Backlog 38 46 -17.4% 38 46 -17.4% Sales 34 36 -5.6% 133 393 -66.2% Operating Profit (Loss) (110) (14) -685.7% (734) (161) -355.9% OP (Loss) without Special Items (84) (14) -500.0% (296) (122) -142.6% OP Margin w/o Special Items -247.1% -38.9% N/A -222.6% -31.0% N/A Depreciation & Amortization 3 3 -- 17 27 -37.0% Capital Expenditures (3) 5 -160.0% 1 21 -95.2% EBITDA without Special Items (81) (11) -636.4% (279) (95) -193.7% INTERSEGMENT Orders (7) (7) -- (31) (35) 11.4% Backlog (7) (4) -75.0% (7) (4) -75.0% Sales (16) 5 -420.0% (41) (30) -36.7% TOTAL CONTINUING OPERATIONS Orders 2,272 1,883 20.7% 8,755 5,914 48.0% Backlog 5,591 5,954 -6.1% 5,591 5,954 -6.1% Sales* 2,451 1,870 31.1% 8,449 5,599 50.9% Operating Profit (Loss) (2) 27 -107.4% (756) 101 -848.5% OP (Loss) without Special Items 148 227 -34.8% 351 420 -16.4% OP Margin w/o Special Items 6.0% 12.1% N/A 4.2% 7.5% N/A Depreciation & Amortization 107 55 94.5% 405 193 109.8% Capital Expenditures 65 80 -18.8% 188 179 5.0% EBITDA without Special Items 255 282 -9.6% 756 613 23.3%
*First quarter 1996 sales were reduced by a $180 million one-time adjustment to previous accounting for certain long-term contracts. 13 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ 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 FOURTH QUARTER 1996 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* 1,715 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 -- -- -- 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* 2,930 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
15 WESTINGHOUSE ELECTRIC CORPORATION SEGMENT INFORMATION FOURTH QUARTER 1996 REPORT ($ in millions)(unaudited)
Total Year December 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 TOTAL INDUSTRIES & TECHNOLOGY Orders 4,891 4,553 3,870 Backlog 5,656 5,141 4,676 Sales 3,940 3,906 3,966 Operating Profit (Loss) 377 145 454 OP (Loss) without Special Items 398 441 454 OP Margin w/o Special Items 10.1% 11.3% 11.4% Depreciation & Amortization 110 109 108 Capital Expenditures 108 97 88 EBITDA without Special Items 508 550 562 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* 5,210 5,158 5,281 Operating Profit (Loss) 409 6 468 OP (Loss) without Special Items 428 424 468 OP Margin w/o Special Items 8.2% 8.2% 8.9% Depreciation & Amortization 180 182 175 Capital Expenditures 164 147 137 EBITDA without Special Items 608 606 643
EX-99.4 5 WESTINGHOUSE ELECTRIC 8-K 1 EXHIBIT 99.4 WESTINGHOUSE ELECTRIC CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 1996, 1995 AND 1994 (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 -- Contract accounting adjustments (128) Other (30) ----- Total impact on operating profit (782) ($510) ----- 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 ($934) (609) ($1.39) ===== 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 $346 $0.79 ===== =====
2 WESTINGHOUSE ELECTRIC CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 1996, 1995 AND 1994 (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) Contract accounting adjustments -- (128) Other -- (30) ----- ------- Total impact on operating profit (175) ($114) (957) ($624) ----- ------- 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) ($1,109) (723) ($1.64) ===== ======= 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) $232 $0.54 ===== ====== ===== ======
3 WESTINGHOUSE ELECTRIC CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 1996, 1995 AND 1994 (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) Contract accounting adjustments -- (128) Other -- (30) ---- ------- Total impact on operating profit -- -- (957) ($624) ---- ------- 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 -- -- ($1,109) (723) ($1.64) ==== ======= 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) $202 $0.45 ==== ====== ===== =====
4 WESTINGHOUSE ELECTRIC CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 1996, 1995 AND 1994 (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) Contract accounting adjustments -- (128) Other -- (30) ----- ------- Total impact on operating profit (150) ($91) (1,107) ($715) ----- ------- 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) ($1,259) (814) ($1.84) ===== ======= 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) $111 $0.25 ==== ====== ===== =====
5 WESTINGHOUSE ELECTRIC CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS TWELVE MONTHS ENDED DECEMBER 31, 1996, 1995 AND 1994 (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 -- -- Contract accounting adjustments -- -- 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 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) ===== ====== ===== ======
-----END PRIVACY-ENHANCED MESSAGE-----