-----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, I/fl6K8Ys/V04MF7hkXLVRWjs13tcgO4astfPrSXsl5tBvWd+MVL7n9nTlXi3JG1 /jilh7LdBY8Jt0z7KiJz8g== 0000950128-97-001099.txt : 19971212 0000950128-97-001099.hdr.sgml : 19971212 ACCESSION NUMBER: 0000950128-97-001099 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19971211 ITEM INFORMATION: ITEM INFORMATION: FILED AS OF DATE: 19971211 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CBS 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: SEC FILE NUMBER: 001-00977 FILM NUMBER: 97736137 BUSINESS ADDRESS: STREET 1: WESTINGHOUSE BLDG STREET 2: 11 STANWIX STREET CITY: PITTSBURGH STATE: PA ZIP: 15222-1384 BUSINESS PHONE: 4122442000 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC CORP DATE OF NAME CHANGE: 19920703 FORMER COMPANY: FORMER CONFORMED NAME: WESTINGHOUSE ELECTRIC & MANUFACTURING CO DATE OF NAME CHANGE: 19710510 8-K 1 CBS CORPRATION 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): December 11, 1997 Commission file number 1-977 ----- CBS 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 Due to the sale of Thermo King, the pending sale of Power Generation, and the pending separation of the remaining industrial businesses, the Registrant has placed these businesses in Discontinued Operations and restated its financial results accordingly. In connection with this action, the income statement for the Registrant has been restated for the 1997 first, second, and third quarters, 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 99.1 and is incorporated herein in its entirety. Also in connection with this action, the Registrant has restated segment results for the 1997 first, second, and third quarters, 1996 and 1995, by quarter, and total year 1994, 1993, and 1992 to allow comparisons between the segments. A copy of the restated segment financial results for these periods is attached hereto as Exhibit 99.2 and is incorporated herein in its entirety. Also in connection with this action, special items included in results of operations for 1996, by quarter, and total year 1995 and 1994 have been restated. Special items for these periods have been attached hereto as Exhibit 99.3 and have been incorporated herein in their entirety. Item 7. Financial Statements, Pro Forma Financial Information and Exhibits (c) Exhibits Exhibit No. 99.1 Condensed Consolidated Statement of Income for the 1997 first, second, and third quarters, 1996 and 1995, by quarter, and total year 1994, 1993, and 1992 is filed as Exhibit 99.1 to this Report. 99.2 Segment Results for the 1997 first, second, and third quarters, 1996 and 1995, by quarter, and total year 1994, 1993, and 1992 is filed as Exhibit 99.2 to this Report. 99.3 Special items included in results of operations for 1996, by quarter, and total year 1995 and 1994 is filed as Exhibit 99.3 to this Report. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CBS CORPORATION (Registrant) By: /s/ Carol V. Savage ------------------------ Carol V. Savage Vice President and Chief Accounting Officer Date: December 11, 1997 3 EXHIBIT INDEX ------------- Exhibit No. Description Sequential Page No. - ----------- ----------- ------------------- 99.1 Condensed Consolidated Statement of Income for the 1997 first, second, and third quarters, 1996 and 1995, by quarter, and total year 1994, 1993, and 1992. 99.2 Segment Results for the 1997 first, second, and third quarters, 1996 and 1995, by quarter, and total year 1994, 1993, and 1992. 99.3 Special items included in results of operations for 1996, by quarter, and total year 1995 and 1994. EX-99.1 2 CBS CORPRATION 1 Exhibit 99.1 CBS CORPORATION EARNINGS INFORMATION (unaudited)
(in millions except per share data) Three Months Ended March 31 ------------------------ 1997 1996 ------------------------ Sales and operating revenues $ 1,326 $ 1,117 Operating costs and expenses (1,380) (1,189) ------- ------- Operating profit (loss) (54) (72) Other income and expenses, net 41 6 Interest expense (101) (132) ------- ------- Income (loss) from Continuing Operations before income taxes and minority interest (114) (198) Income tax benefit (expense) 22 47 Minority interest 1 -- ------- ------- Income (loss) from Continuing Operations (91) (151) Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations (60) 460 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 $ (0.14) $ (0.34) Discontinued Operations $ (0.09) $ 1.04 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 CBS CORPORATION EARNINGS INFORMATION (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 $ 1,283 $ 1,100 $ 2,609 $ 2,217 Operating costs and expenses (1,179) (963) (2,559) (2,152) ------- ------- ------- ------- Operating profit (loss) 104 137 50 65 Other income and expenses, net 16 7 57 13 Interest expense (102) (96) (203) (228) ------- ------- ------- ------- Income (loss) from Continuing Operations before income taxes and minority interest 18 48 (96) (150) Income tax benefit (expense) (29) (29) (7) 18 Minority interest -- -- 1 -- ------- ------- ------- ------- Income (loss) from Continuing Operations (11) 19 (102) (132) Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations 12 (108) (48) 352 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 $ (0.02) $ 0.04 $ (0.16) $ (0.30) Discontinued Operations $ 0.02 $ (0.24) $ (0.07) $ 0.80 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 CBS CORPORATION EARNINGS INFORMATION (unaudited)
(in millions except per share data) Three Months Ended Nine Months Ended Sept 30 Sept 30 ------------------------------ ------------------------- 1997 1996 1997 1996 ------------------------------ ------------------------- Sales and operating revenues $ 1,283 $ 910 $ 3,892 $ 3,127 Operating costs and expenses (1,180) (870) (3,739) (3,022) ------- ------- ------- ------- Operating profit (loss) 103 40 153 105 Other income and expenses, net 4 22 61 35 Interest expense (102) (88) (305) (316) ------- ------- ------- ------- Income (loss) from Continuing Operations before income taxes and minority interest 5 (26) (91) (176) Income tax benefit (expense) (25) 1 (32) 19 Minority interest 1 (1) 2 (1) ------- ------- ------- ------- Income (loss) from Continuing Operations (19) (26) (121) (158) Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations (143) 28 (191) 380 Extraordinary item: Loss on early extinguishment of debt -- (30) -- (93) Cumulative effect of changes in accounting principles: Other postemployment benefits -- -- -- -- Other postretirement benefits -- -- -- -- Income taxes -- -- -- -- ------- ------- ------- ------- Net Income (loss) $ (162) $ (28) $ (312) $ 129 ======= ======= ======= ======= Average shares outstanding 648 444 645 442 Earnings (loss) per common share: Continuing Operations $ (0.03) $ (0.06) $ (0.19) $ (0.36) Discontinued Operations $ (0.22) $ 0.06 $ (0.29) $ 0.86 Extraordinary item $ 0.00 $ (0.06) $ 0.00 $ (0.21) Cumulative effect of changes in accounting principles $ 0.00 $ 0.00 $ 0.00 $ 0.00 ------- ------- ------- ------- Earnings (loss) per common share $ (0.25) $ (0.06) $ (0.48) $ 0.29 ======= ======= ======= =======
4 CBS CORPORATION EARNINGS INFORMATION (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 $ 1,117 $ 1,100 $ 2,217 $ 910 $ 3,127 $ 1,016 $ 4,143 Operating costs and expenses (1,189) (963) (2,152) (870) (3,022) (1,067) (4,089) ------- ------- ------- ------- ------- ------- ------- Operating profit (loss) (72) 137 65 40 105 (51) 54 Other income and expenses, net 6 7 13 22 35 20 55 Interest expense (132) (96) (228) (88) (316) (85) (401) ------- ------- ------- ------- ------- ------- ------- Income (loss) from Continuing Operations before income taxes and minority interest (198) 48 (150) (26) (176) (116) (292) Income tax benefit (expense) 47 (29) 18 1 19 52 71 Minority interest -- -- -- (1) (1) 1 -- ------- ------- ------- ------- ------- ------- ------- Income (loss) from Continuing Operations (151) 19 (132) (26) (158) (63) (221) Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations 460 (108) 352 28 380 29 409 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 $ (0.34) $ 0.04 $ (0.30) $ (0.06) $ (0.36) $ (0.14) $ (0.50) Discontinued Operations $ 1.04 $ (0.24) $ 0.80 $ 0.06 $ 0.86 $ 0.06 $ 0.93 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 ======= ======= ======= ======= ======= ======= =======
5 CBS CORPORATION EARNINGS INFORMATION (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 $ 176 $ 217 $ 393 $ 165 $ 558 $ 516 $ 1,074 Operating costs and expenses (144) (166) (310) (169) (479) (435) (914) ------- ------- ------- ------- ------- ------- ------- Operating profit (loss) 32 51 83 (4) 79 81 160 Other income and expenses, net -- 7 7 125 132 20 152 Interest expense (35) (33) (68) (31) (99) (85) (184) ------- ------- ------- ------- ------- ------- ------- Income (loss) from Continuing Operations before income taxes and minority interest (3) 25 22 90 112 16 128 Income tax benefit (expense) (1) (14) (15) (40) (55) (20) (75) Minority interest (1) (2) (3) 1 (2) (4) (6) ------- ------- ------- ------- ------- ------- ------- Income (loss) from Continuing Operations (5) 9 4 51 55 (8) 47 Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations 13 47 60 (108) (48) (9) (57) 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 $ (0.04) $ (0.01) $ (0.05) $ 0.10 $ 0.05 $ (0.02) $ 0.03 Discontinued Operations $ 0.03 $ 0.12 $ 0.15 $ (0.26) $ (0.12) $ (0.02) $ (0.14) 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) ======= ======= ======= ======= ======= ======= =======
6 CBS CORPORATION EARNINGS INFORMATION (unaudited)
(in millions except per share data) Twelve Months Ended ---------------------------------------------- 1994 1993 1992 ---------------------------------------------- Sales and operating revenues $ 744 $ 684 $ 754 Operating costs and expenses (593) (638) (686) ---------------------------------------------- Operating profit (loss) 151 46 68 Other income and expenses, net (131) 35 (9) Interest expense (26) (55) (76) ---------------------------------------------- Income (loss) from Continuing Operations before income taxes and minority interest (6) 26 (17) Income tax benefit (expense) 1 43 18 Minority interest (5) (6) -- ---------------------------------------------- Income (loss) from Continuing Operations (10) 63 1 Discontinued Operations, net of income taxes: Income (loss) from Discontinued Operations 58 (388) (1,062) Extraordinary item: Loss on early extinguishment of debt -- -- -- Cumulative effect of changes in accounting principles: Other postemployment benefits -- (4) -- 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 $ (0.16) $ 0.03 $ (0.07) Discontinued Operations $ 0.15 $ (1.10) $ (3.07) Extraordinary item $ 0.00 $ 0.00 $ 0.00 Cumulative effect of changes in accounting principles $ 0.00 $ (0.01) $ (0.98) ---------------------------------------------- Earnings (loss) per common share $ (0.01) $ (1.08) $ (4.12) ==============================================
EX-99.2 3 CBS CORPRATION 1 Exhibit 99.2 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- TV Sales 177 188 -5.9% Operating Profit (Loss) 56 54 3.7% Depreciation & Amortization 11 14 -21.4% Capital Expenditures 2 3 -33.3% EBITDA 67 68 -1.5% NETWORK Sales 804 773 4.0% Operating Profit (Loss) (64) (8) -700.0% Depreciation & Amortization 16 11 45.5% Capital Expenditures 9 14 -35.7% EBITDA (48) 3 -1700.0% RADIO Sales 313 121 158.7% Operating Profit (Loss) 47 20 135.0% Depreciation & Amortization 44 10 340.0% Capital Expenditures 3 1 200.0% EBITDA 91 30 203.3% CABLE Sales 49 42 16.7% Operating Profit (Loss) - 12 -100.0% Depreciation & Amortization 3 2 50.0% Capital Expenditures 6 1 500.0% EBITDA 3 14 -78.6% CORPORATE & OTHER Sales (17) (7) -142.9% Operating Profit (Loss) (93) (150) 38.0% OP (Loss) without Special Items (93) (74) -25.7% Depreciation & Amortization 31 30 3.3% Capital Expenditures 1 2 -50.0% EBITDA (62) (120) 48.3% TOTAL CONTINUING OPERATIONS Sales 1,326 1,117 18.7% Operating Profit (Loss) (54) (72) 25.0% OP (Loss) without Special Items (54) 4 -1450.0% Depreciation & Amortization 105 67 56.7% Capital Expenditures 21 21 - EBITDA 51 (5) 1120.0%
2 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- WELCO: 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% 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% 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 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% 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%
3 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended March 31 1997 1996 % Change ---- ---- -------- CORPORATE & OTHER Orders 12 36 -66.7% Backlog 22 39 -43.6% Sales 17 31 -45.2% Operating Profit (Loss) (17) (248) 93.1% OP (Loss) without Special Items (17) (35) 51.4% OP Margin w/o Special Items -100.0% -112.9% N/A Depreciation & Amortization 2 7 -71.4% Capital Expenditures (1) 1 -200.0% TOTAL WELCO Orders 474 744 -36.3% Backlog 4,980 5,772 -13.7% Sales 650 670 -3.0% Operating Profit (Loss) (123) (679) 81.9% OP (Loss) without Special Items (123) (101) -21.8% OP Margin w/o Special Items -18.9% -15.1% N/A Depreciation & Amortization 24 33 -27.3% Capital Expenditures 14 15 -6.7% THERMO KING Orders 298 282 5.7% Backlog 183 203 -9.9% Sales 247 252 -2.0% Operating Profit (Loss) 47 46 2.2% OP (Loss) without Special Items 47 46 2.2% OP Margin w/o Special Items 19.0% 18.3% N/A Depreciation & Amortization 4 3 33.3% Capital Expenditures 5 4 25.0%
WELCO and Thermo King are reported as Discontinued Operations for all periods. 4 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- TV Sales 213 226 -5.8% 390 414 -5.8% Operating Profit (Loss) 87 90 -3.3% 143 144 -0.7% Depreciation & Amortization 12 11 9.1% 23 25 -8.0% Capital Expenditures 5 3 66.7% 7 6 16.7% EBITDA 99 101 -2.0% 166 169 -1.8% NETWORK Sales 645 688 -6.3% 1,449 1,461 -0.8% Operating Profit (Loss) (23) 78 -129.5% (87) 70 -224.3% Depreciation & Amortization 15 20 -25.0% 31 31 - Capital Expenditures 7 1 600.0% 16 15 6.7% EBITDA (8) 98 -108.2% (56) 101 -155.4% RADIO Sales 378 145 160.7% 691 266 159.8% Operating Profit (Loss) 113 47 140.4% 160 67 138.8% Depreciation & Amortization 44 8 450.0% 88 18 388.9% Capital Expenditures 3 1 200.0% 6 2 200.0% EBITDA 157 55 185.5% 248 85 191.8% CABLE Sales 63 51 23.5% 112 93 20.4% Operating Profit (Loss) 3 17 -82.4% 3 29 -89.7% Depreciation & Amortization 3 2 50.0% 6 4 50.0% Capital Expenditures 2 1 100.0% 8 2 300.0% EBITDA 6 19 -68.4% 9 33 -72.7% CORPORATE & OTHER Sales (16) (10) -60.0% (33) (17) -94.1% Operating Profit (Loss) (76) (95) 20.0% (169) (245) 31.0% OP (Loss) without Special Items (76) (95) 20.0% (169) (169) - Depreciation & Amortization 31 34 -8.8% 62 64 -3.1% Capital Expenditures 1 10 -90.0% 2 12 -83.3% EBITDA (45) (61) 26.2% (107) (181) 40.9% TOTAL CONTINUING OPERATIONS Sales 1,283 1,100 16.6% 2,609 2,217 17.7% Operating Profit (Loss) 104 137 -24.1% 50 65 -23.1% OP (Loss) without Special Items 104 137 -24.1% 50 141 -64.5% Depreciation & Amortization 105 75 40.0% 210 142 47.9% Capital Expenditures 18 16 12.5% 39 37 5.4% EBITDA 209 212 -1.4% 260 207 25.6%
5 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- WELCO: 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% 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% 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 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% 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%
6 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Six Months Ended June 30 June 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- CORPORATE & OTHER Orders 4 29 -86.2% 16 65 -75.4% Backlog 15 44 -65.9% 15 44 -65.9% Sales 9 30 -70.0% 26 61 -57.4% Operating Profit (Loss) (29) (193) 85.0% (46) (441) 89.6% OP (Loss) without Special Items (29) (29) - (46) (64) 28.1% OP Margin w/o Special Items -322.2% -96.7% N/A -176.9% -104.9% N/A Depreciation & Amortization 4 5 -20.0% 6 12 -50.0% Capital Expenditures 2 2 - 1 3 -66.7% TOTAL WELCO Orders 840 1,055 -20.4% 1,314 1,799 -27.0% Backlog 5,089 6,067 -16.1% 5,089 6,067 -16.1% Sales 871 788 10.5% 1,521 1,458 4.3% Operating Profit (Loss) (9) (215) 95.8% (132) (894) 85.2% OP (Loss) without Special Items (9) (40) 77.5% (132) (141) 6.4% OP Margin w/o Special Items -1.0% -5.1% N/A -8.7% -9.7% N/A Depreciation & Amortization 27 28 -3.6% 51 61 -16.4% Capital Expenditures 18 16 12.5% 32 31 3.2% THERMO KING Orders 268 239 12.1% 566 521 8.6% Backlog 163 156 4.5% 163 156 4.5% Sales 259 261 -0.8% 506 513 -1.4% Operating Profit (Loss) 51 47 8.5% 98 93 5.4% OP (Loss) without Special Items 51 47 8.5% 98 93 5.4% OP Margin w/o Special Items 19.7% 18.0% N/A 19.4% 18.1% N/A Depreciation & Amortization 4 3 33.3% 8 6 33.3% Capital Expenditures 5 3 66.7% 10 7 42.9%
WELCO and Thermo King are reported as Discontinued Operations for all periods. 7 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- TV Sales 195 169 15.4% 585 583 0.3% Operating Profit (Loss) 67 47 42.6% 210 191 9.9% Depreciation & Amortization 11 11 - 34 36 -5.6% Capital Expenditures 7 3 133.3% 14 9 55.6% EBITDA 78 58 34.5% 244 227 7.5% NETWORK Sales 672 560 20.0% 2,121 2,021 4.9% Operating Profit (Loss) 30 17 76.5% (57) 87 -165.5% Depreciation & Amortization 17 16 6.3% 48 47 2.1% Capital Expenditures 18 10 80.0% 34 25 36.0% EBITDA 47 33 42.4% (9) 134 -106.7% RADIO Sales 374 136 175.0% 1,065 402 164.9% Operating Profit (Loss) 102 42 142.9% 262 109 140.4% Depreciation & Amortization 45 8 462.5% 133 26 411.5% Capital Expenditures 4 2 100.0% 10 4 150.0% EBITDA 147 50 194.0% 395 135 192.6% CABLE Sales 58 50 16.0% 170 143 18.9% Operating Profit (Loss) (1) 10 -110.0% 2 39 -94.9% Depreciation & Amortization 3 2 50.0% 9 6 50.0% Capital Expenditures 2 4 -50.0% 10 6 66.7% EBITDA 2 12 -83.3% 11 45 -75.6% CORPORATE & OTHER Sales (16) (5) -220.0% (49) (22) -122.7% Operating Profit (Loss) (95) (76) -25.0% (264) (321) 17.8% OP (Loss) without Special Items (95) (76) -25.0% (264) (245) -7.8% Depreciation & Amortization 31 31 - 93 95 -2.1% Capital Expenditures 2 1 100.0% 4 13 -69.2% EBITDA (64) (45) -42.2% (171) (226) 24.3% TOTAL CONTINUING OPERATIONS Sales 1,283 910 41.0% 3,892 3,127 24.5% Operating Profit (Loss) 103 40 157.5% 153 105 45.7% OP (Loss) without Special Items 103 40 157.5% 153 181 -15.5% Depreciation & Amortization 107 68 57.4% 317 210 51.0% Capital Expenditures 33 20 65.0% 72 57 26.3% EBITDA 210 108 94.4% 470 315 49.2%
8 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- WELCO: ENERGY SYSTEMS Orders 312 279 11.8% 787 938 -16.1% Backlog 2,697 3,292 -18.1% 2,697 3,292 -18.1% Sales 265 280 -5.4% 761 815 -6.6% Operating Profit (Loss) 7 15 -53.3% (36) (9) -300.0% OP (Loss) without Special Items 7 15 -53.3% (36) 23 -256.5% OP Margin w/o Special Items 2.6% 5.4% N/A -4.7% 2.8% N/A Depreciation & Amortization 13 9 44.4% 36 33 9.1% Capital Expenditures 4 5 -20.0% 14 19 -26.3% POWER GENERATION Orders 204 538 -62.1% 1,052 1,725 -39.0% Backlog 2,354 2,957 -20.4% 2,354 2,957 -20.4% Sales 405 527 -23.1% 1,464 1,425 2.7% Operating Profit (Loss) (232) 5 -4740.0% (273) (132) -106.8% OP (Loss) without Special Items (232) 5 -4740.0% (273) (77) -254.5% OP Margin w/o Special Items -57.3% 0.9% N/A -18.6% -5.4% N/A Depreciation & Amortization 11 5 120.0% 32 28 14.3% Capital Expenditures 8 20 -60.0% 28 32 -12.5% OTHER POWER SYSTEMS Orders (48) (8) -500.0% (79) (122) 35.2% Backlog (533) (445) -19.8% (533) (445) -19.8% Sales (48) (38) -26.3% (155) (125) -24.0% Operating Profit (Loss) (21) (20) -5.0% (52) (343) 84.8% OP (Loss) without Special Items (21) (20) -5.0% (52) (54) 3.7% OP Margin w/o Special Items 43.8% 52.6% N/A 33.5% 43.2% N/A Depreciation & Amortization - - N/A - - N/A Capital Expenditures - - N/A - - N/A TOTAL POWER SYSTEMS Orders 468 809 -42.2% 1,760 2,541 -30.7% Backlog 4,518 5,804 -22.2% 4,518 5,804 -22.2% Sales 622 769 -19.1% 2,070 2,115 -2.1% Operating Profit (Loss) (246) - N/A (361) (484) 25.4% OP (Loss) without Special Items (246) - N/A (361) (108) -234.3% OP Margin w/o Special Items -39.5% - N/A -17.4% -5.1% N/A Depreciation & Amortization 24 14 71.4% 68 61 11.5% Capital Expenditures 12 25 -52.0% 42 51 -17.6% GOVERNMENT OPERATIONS Orders 18 1 1700.0% 24 3 700.0% Backlog 25 22 13.6% 25 22 13.6% Sales 25 27 -7.4% 72 78 -7.7% Operating Profit (Loss) 13 18 -27.8% 42 49 -14.3% OP (Loss) without Special Items 13 18 -27.8% 42 49 -14.3% OP Margin w/o Special Items 52.0% 66.7% N/A 58.3% 62.8% N/A Depreciation & Amortization - 1 -100.0% 1 3 -66.7% Capital Expenditures - - N/A 1 2 -50.0%
9 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Nine Months Ended September 30 September 30 1997 1996 % Change 1997 1996 % Change ---- ---- -------- ---- ---- -------- CORPORATE & OTHER Orders 18 12 50.0% 34 77 -55.8% Backlog 17 21 -19.0% 17 21 -19.0% Sales 13 28 -53.6% 39 89 -56.2% Operating Profit (Loss) (21) (17) -23.5% (67) (458) 85.4% OP (Loss) without Special Items (21) (17) -23.5% (67) (81) 17.3% OP Margin w/o Special Items -161.5% -60.7% N/A -171.8% -91.0% N/A Depreciation & Amortization 5 4 25.0% 11 16 -31.3% Capital Expenditures (1) 1 -200.0% - 4 -100.0% TOTAL WELCO Orders 504 822 -38.7% 1,818 2,621 -30.6% Backlog 4,560 5,847 -22.0% 4,560 5,847 -22.0% Sales 660 824 -19.9% 2,181 2,282 -4.4% Operating Profit (Loss) (254) 1 -25500.0% (386) (893) 56.8% OP (Loss) without Special Items (254) 1 -25500.0% (386) (140) -175.7% OP Margin w/o Special Items -38.5% 0.1% N/A -17.7% -6.1% N/A Depreciation & Amortization 29 19 52.6% 80 80 - Capital Expenditures 11 26 -57.7% 43 57 -24.6% THERMO KING Orders 264 210 25.7% 830 731 13.5% Backlog 180 121 48.8% 180 121 48.8% Sales 262 234 12.0% 768 747 2.8% Operating Profit (Loss) 53 49 8.2% 151 142 6.3% OP (Loss) without Special Items 53 49 8.2% 151 142 6.3% OP Margin w/o Special Items 20.2% 20.9% N/A 19.7% 19.0% N/A Depreciation & Amortization 3 3 - 11 9 22.2% Capital Expenditures 6 3 100.0% 16 10 60.0%
WELCO and Thermo King are reported as Discontinued Operations for all periods. 10 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year December 31 December 31 1996 1996 ---- ---- TV Sales 226 809 Operating Profit (Loss) 104 295 Depreciation & Amortization 9 45 Capital Expenditures 18 27 EBITDA 113 340 NETWORK Sales 596 2,617 Operating Profit (Loss) (96) (9) Depreciation & Amortization 16 63 Capital Expenditures 9 34 EBITDA (80) 54 RADIO Sales 152 554 Operating Profit (Loss) 52 161 Depreciation & Amortization 10 36 Capital Expenditures 2 6 EBITDA 62 197 CABLE Sales 48 191 Operating Profit (Loss) 1 40 Depreciation & Amortization 2 8 Capital Expenditures 3 9 EBITDA 3 48 CORPORATE & OTHER Sales (6) (28) Operating Profit (Loss) (112) (433) OP (Loss) without Special Items (103) (348) Depreciation & Amortization 32 127 Capital Expenditures 4 17 EBITDA (80) (306) TOTAL CONTINUING OPERATIONS Sales 1,016 4,143 Operating Profit (Loss) (51) 54 OP (Loss) without Special Items (42) 139 Depreciation & Amortization 69 279 Capital Expenditures 36 93 EBITDA 18 333
11 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year December 31 December 31 1996 1996 ---- ---- WELCO: ENERGY SYSTEMS Orders 235 1,173 Backlog 3,207 3,207 Sales 419 1,234 Operating Profit (Loss) (21) (30) OP (Loss) without Special Items 71 94 OP Margin w/o Special Items 16.9% 7.6% Depreciation & Amortization 14 47 Capital Expenditures 15 34 POWER GENERATION Orders 775 2,500 Backlog 2,792 2,792 Sales 747 2,172 Operating Profit (Loss) 57 (75) OP (Loss) without Special Items 75 (2) OP Margin w/o Special Items 10.0% -0.1% Depreciation & Amortization 18 46 Capital Expenditures 6 38 OTHER POWER SYSTEMS Orders (5) (127) Backlog (585) (585) Sales (47) (172) Operating Profit (Loss) (19) (362) OP (Loss) without Special Items (19) (73) OP Margin w/o Special Items 40.4% 42.4% Depreciation & Amortization - - Capital Expenditures - - TOTAL POWER SYSTEMS Orders 1,005 3,546 Backlog 5,414 5,414 Sales 1,119 3,234 Operating Profit (Loss) 17 (467) OP (Loss) without Special Items 127 19 OP Margin w/o Special Items 11.3% 0.6% Depreciation & Amortization 32 93 Capital Expenditures 21 72 GOVERNMENT OPERATIONS Orders 2 5 Backlog 16 16 Sales 43 121 Operating Profit (Loss) 14 63 OP (Loss) without Special Items 22 71 OP Margin w/o Special Items 51.2% 58.7% Depreciation & Amortization - 3 Capital Expenditures - 2
12 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year December 31 December 31 1996 1996 ---- ---- CORPORATE & OTHER Orders (8) 69 Backlog 34 34 Sales 23 112 Operating Profit (Loss) (27) (485) OP (Loss) without Special Items (10) (91) OP Margin w/o Special Items -43.5% -81.3% Depreciation & Amortization 3 19 Capital Expenditures (2) 2 TOTAL WELCO Orders 999 3,620 Backlog 5,464 5,464 Sales 1,185 3,467 Operating Profit (Loss) 4 (889) OP (Loss) without Special Items 139 (1) OP Margin w/o Special Items 11.7% 0.0% Depreciation & Amortization 35 115 Capital Expenditures 19 76 THERMO KING Orders 257 988 Backlog 127 127 Sales 249 996 Operating Profit (Loss) 45 187 OP (Loss) without Special Items 51 193 OP Margin w/o Special Items 20.5% 19.4% Depreciation & Amortization 4 13 Capital Expenditures 11 21
WELCO and Thermo King are reported as Discontinued Operations for all periods. 13 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year Mar. 31 June 30 Sep. 30 Dec. 31 December 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- TV Sales 74 90 82 159 405 Operating Profit (Loss) 26 42 26 55 149 Depreciation & Amortization 3 2 4 9 18 Capital Expenditures - 3 2 6 11 EBITDA 29 44 30 64 167 NETWORK Sales 5 5 4 238 252 Operating Profit (Loss) (8) (8) (6) 4 (18) Depreciation & Amortization - - - 5 5 Capital Expenditures - - - 1 1 EBITDA (8) (8) (6) 9 (13) RADIO Sales 43 50 42 81 216 Operating Profit (Loss) 7 16 12 20 55 Depreciation & Amortization 4 4 4 4 16 Capital Expenditures 1 1 3 4 9 EBITDA 11 20 16 24 71 CABLE Sales 30 38 37 38 143 Operating Profit (Loss) 8 13 12 7 40 Depreciation & Amortization 1 1 2 2 6 Capital Expenditures 1 2 3 3 9 EBITDA 9 14 14 9 46 CORPORATE & OTHER Sales 24 34 - - 58 Operating Profit (Loss) (1) (12) (48) (5) (66) OP (Loss) without Special Items (1) (12) (23) (5) (41) Depreciation & Amortization 1 1 - 10 12 Capital Expenditures - - - 2 2 EBITDA - (11) (48) 5 (54) TOTAL CONTINUING OPERATIONS Sales 176 217 165 516 1,074 Operating Profit (Loss) 32 51 (4) 81 160 OP (Loss) without Special Items 32 51 21 81 185 Depreciation & Amortization 9 8 10 30 57 Capital Expenditures 2 6 8 16 32 EBITDA 41 59 6 111 217
14 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year Mar. 31 June 30 Sep. 30 Dec. 31 December 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- WELCO: 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 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 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 - - - - - 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 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
15 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Three Months Ended Total Year Mar. 31 June 30 Sep. 30 Dec. 31 December 31 1995 1995 1995 1995 1995 ---- ---- ---- ---- ---- CORPORATE & OTHER Orders 103 76 66 36 281 Backlog 125 72 61 47 47 Sales 102 101 80 48 331 Operating Profit (Loss) (22) (26) (43) (21) (112) OP (Loss) without Special Items (22) (26) (29) (21) (98) OP Margin w/o Special Items -21.6% -25.7% -36.3% -43.8% -29.6% Depreciation & Amortization 8 6 9 3 26 Capital Expenditures 5 4 5 6 20 TOTAL WELCO Orders 1,060 713 927 1,152 3,852 Backlog 6,024 5,871 5,827 5,941 5,941 Sales 686 872 774 1,103 3,435 Operating Profit (Loss) (58) (14) (98) (109) (279) OP (Loss) without Special Items (58) (8) (10) 91 15 OP Margin w/o Special Items -8.5% -0.9% -1.3% 8.3% 0.4% Depreciation & Amortization 32 30 35 23 120 Capital Expenditures 14 27 23 59 123 THERMO KING Orders 305 273 192 217 987 Backlog 314 304 228 169 169 Sales 266 278 264 231 1,039 Operating Profit (Loss) 45 48 47 40 180 OP (Loss) without Special Items 45 48 47 40 180 OP Margin w/o Special Items 16.9% 17.3% 17.8% 17.3% 17.3% Depreciation & Amortization 4 4 4 2 14 Capital Expenditures 6 6 4 7 23
WELCO and Thermo King are reported as Discontinued Operations for all periods. 16 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Total Year December 31 1994 1993 1992 ---- ---- ---- TV Sales 325 287 304 Operating Profit (Loss) 130 92 99 Depreciation & Amortization 9 9 9 Capital Expenditures 12 12 10 EBITDA 139 101 108 NETWORK Sales 26 31 43 Operating Profit (Loss) (13) (13) (5) Depreciation & Amortization 1 2 1 Capital Expenditures 1 - - EBITDA (12) (11) (4) RADIO Sales 175 181 177 Operating Profit (Loss) 47 44 34 Depreciation & Amortization 16 15 15 Capital Expenditures 8 3 3 EBITDA 63 59 49 CABLE Sales 125 119 108 Operating Profit (Loss) 35 29 27 Depreciation & Amortization 5 5 4 Capital Expenditures 11 5 6 EBITDA 40 34 31 CORPORATE & OTHER Sales 93 66 122 Operating Profit (Loss) (48) (106) (87) OP (Loss) without Special Items (50) (66) (87) Depreciation & Amortization 10 3 1 Capital Expenditures 5 3 1 EBITDA (38) (103) (86) TOTAL CONTINUING OPERATIONS Sales 744 684 754 Operating Profit (Loss) 151 46 68 OP (Loss) without Special Items 149 86 68 Depreciation & Amortization 41 34 30 Capital Expenditures 37 23 20 EBITDA 192 80 98
17 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Total Year December 31 1994 1993 1992 ---- ---- ---- WELCO: 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 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 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 - - - 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 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
18 CBS CORPORATION SEGMENT INFORMATION ($ in millions) (unaudited)
Total Year December 31 1994 1993 1992 ---- ---- ---- CORPORATE & OTHER Orders 468 587 575 Backlog 122 211 194 Sales 552 593 580 Operating Profit (Loss) (123) (186) (56) OP (Loss) without Special Items (123) (104) (56) OP Margin w/o Special Items -22.3% -17.5% -9.7% Depreciation & Amortization 30 40 37 Capital Expenditures 20 27 28 TOTAL WELCO Orders 4,364 4,374 3,746 Backlog 5,498 5,193 4,740 Sales 3,530 3,775 3,832 Operating Profit (Loss) 71 (159) 284 OP (Loss) without Special Items 92 219 284 OP Margin w/o Special Items 2.6% 5.8% 7.4% Depreciation & Amortization 127 137 133 Capital Expenditures 109 109 106 THERMO KING Orders 972 735 679 Backlog 279 153 129 Sales 851 694 686 Operating Profit (Loss) 140 114 108 OP (Loss) without Special Items 140 114 108 OP Margin w/o Special Items 16.5% 16.4% 15.7% Depreciation & Amortization 13 12 12 Capital Expenditures 19 14 10
WELCO and Thermo King are reported as Discontinued Operations for all periods. EX-99.3 4 CBS CORPRATION 1 Exhibit 99.3 CBS CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS (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 $ (48) Litigation matters (28) ------- Total impact on operating profit (76) $ (58) ------- Other income and expense: Gain on the sale of an investment -- Pension settlement -- ------- Total impact on other income & exp. -- -- ------- ------- Total impact on Continuing Operations $ (76) (58) $ (0.13) ======= ------- ------- DISCONTINUED OPERATIONS: Net gain (loss) on disposal of businesses $ 1,886 1,018 2.32 WELCO special items: Restructuring (75) Litigation matters (458) Impairment of assets (15) Environmental remediation activities -- Other matters (30) Pension settlement -- Loss on assets held for sale (152) ------- Total WELCO special items (730) (474) (1.08) Thermo King special items: Restructuring -- -- -- ------- ------- ------- Total impact on Discontinued Operations $ 1,156 544 1.24 ======= ------- ------- EXTRAORDINARY ITEM: Loss on early extinguishment of debt (63) (0.14) ------- ------- NET AMOUNT OF SPECIAL ITEMS $ 423 $ 0.97 ======= =======
2 CBS CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS (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 -- $ (48) Litigation matters -- (28) ------- ------- Total impact on operating profit -- -- (76) $ (58) ------- ------- Other income and expense: Gain on the sale of an investment -- -- Pension settlement -- -- ------- ------- Total impact on other income & exp. -- -- -- -- ------- ------- ------- ------- Total impact on Continuing Operations -- -- -- $ (76) (58) $ (0.13) ======= ------- ------- ======= DISCONTINUED OPERATIONS: Net gain (loss) on disposal of businesses -- -- -- $ 1,886 1,018 2.32 WELCO special items: Restructuring -- (75) Litigation matters -- (458) Impairment of assets -- (15) Environmental remediation activities $ (175) (175) Other matters -- (30) Pension settlement -- -- Loss on assets held for sale -- (152) ------ ------- Total WELCO special items (175) (114) $ (0.26) (905) (588) (1.33) Thermo King special items: Restructuring -- -- -- -- -- -- ------ ------- ------- ------- ------- -------- Total impact on Discontinued Operations $ (175) (114) (0.26) $ 981 430 0.99 ======= ------- ------- ======= ------- -------- EXTRAORDINARY ITEM: Loss on early extinguishment of debt -- -- (63) (0.14) ------- ------- ------- -------- NET AMOUNT OF SPECIAL ITEMS $ (114) $ (0.26) $ 309 $ 0.72 ======= ======= ======= ========
3 CBS CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS (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 -- $ (48) Litigation matters -- (28) ------- ------- Total impact on operating profit -- -- (76) $ (58) ------- ------- Other income and expense: Gain on the sale of an investment -- -- Pension settlement -- -- ------- ------- Total impact on other income & exp. -- -- -- -- ------- ------- ------- ------- Total impact on Continuing Operations -- -- -- $ (76) (58) $(0.13) ======= ------- ------- ======= DISCONTINUED OPERATIONS: Net gain (loss) on disposal of businesses -- -- -- $ 1,886 1,018 2.30 WELCO special items: Restructuring -- (75) Litigation matters -- (458) Impairment of assets -- (15) Environmental remediation activities -- (175) Other matters -- (30) Pension settlement -- -- Loss on assets held for sale -- (152) ------- ------- Total WELCO special items -- -- -- (905) (588) (1.33) Thermo King special items: Restructuring -- -- -- -- -- -- ------- ------- ------- ------- ------- ------ Total impact on Discontinued Operations -- -- -- $ 981 430 0.97 ======= ------- ------- ======= ------- ------ 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 CBS CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS (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 $ (9) $ (57) Litigation matters -- (28) ------- ------- Total impact on operating profit (9) $ (3) (85) $ (61) ------- ------- Other income and expense: Gain on the sale of an investment -- -- Pension settlement -- -- ------- ------- Total impact on other income & exp. -- -- -- -- ------- ------- ------- ------ Total impact on Continuing Operations $ (9) (3) $ 0.00 $ (85) (61) $ (0.13) ======= ======= DISCONTINUED OPERATIONS: Net gain (loss) on disposal of businesses -- -- -- $ 1,886 1,018 2.30 WELCO special items: Restructuring $ (135) (210) Litigation matters -- (458) Impairment of assets -- (15) Environmental remediation activities -- (175) Other matters -- (30) Pension settlement -- -- Loss on assets held for sale -- (152) ------- ------- Total WELCO special items (135) (88) (0.20) (1,040) (676) (1.53) Thermo King special items: Restructuring (6) -- -- (6) -- -- ------- ------- ------ ------- ------- ------ Total impact on Discontinued Operations $ (141) (88) (0.20) $ 840 342 0.77 ======= ------- ------ ======= ------- ------ EXTRAORDINARY ITEM: Loss on early extinguishment of debt -- -- (93) (0.21) ------- ------ ------- ------ NET AMOUNT OF SPECIAL ITEMS $ (91) $(0.20) $ 188 $ 0.43 ======= ====== ======= ======
5 CBS CORPORATION SPECIAL ITEMS INCLUDED IN RESULTS OF OPERATIONS (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 $ (25) $ 2 Litigation matters -- -- ----- ----- Total impact on operating profit (25) $ (7) 2 $ 1 ----- ----- Other income and expense: Gain on the sale of an investment 115 -- Pension settlement -- (170) ----- ----- Total impact on other income & exp. 115 66 (170) (105) ----- ----- ----- ------- Total impact on Continuing Operations $ 90 59 $ 0.15 $(168) (104) $ (0.27) ===== ===== DISCONTINUED OPERATIONS: Net gain (loss) on disposal of businesses $(108) (76) ($0.19) -- -- -- WELCO special items: Restructuring (58) $ (21) Litigation matters (236) -- Impairment of assets -- -- Environmental remediation activities -- -- Other matters -- -- Pension settlement -- (138) Loss on assets held for sale -- -- ----- ----- Total WELCO special items (294) (191) (0.47) (159) (103) (0.27) Thermo King special items: Restructuring -- -- -- -- -- -- ----- ----- ------- ----- ------- ------- Total impact on Discontinued Operations $(402) (267) (0.66) $(159) (103) (0.27) ===== ----- ------- ===== ------- ------- EXTRAORDINARY ITEM: Loss on early extinguishment of debt -- -- -- -- ----- ------- ------- ------- NET AMOUNT OF SPECIAL ITEMS $(208) $ (0.51) $ (207) $ (0.54) ===== ======= ======= =======
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