-----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, CL3H9pUulAJ8VCZPUPI1ar5DXn7ebjCt1341V+8ZSAVmvA0eRPpL3TMmV96TuCvu XxfRVmS76HZisSUxiiKXEw== 0000745448-95-000028.txt : 19951119 0000745448-95-000028.hdr.sgml : 19951119 ACCESSION NUMBER: 0000745448-95-000028 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 19950930 FILED AS OF DATE: 19951114 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: MASCOTECH INC CENTRAL INDEX KEY: 0000745448 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 382513957 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 001-12068 FILM NUMBER: 95592248 BUSINESS ADDRESS: STREET 1: 21001 VAN BORN RD CITY: TAYLOR STATE: MI ZIP: 48180 BUSINESS PHONE: 3132747405 MAIL ADDRESS: STREET 1: 21001 VAN BORN ROAD CITY: TAYLOR STATE: MI ZIP: 48180 FORMER COMPANY: FORMER CONFORMED NAME: MASCO INDUSTRIES INC DATE OF NAME CHANGE: 19930629 10-Q 1 SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 For Quarterly Period Ended September 30, 1995 Commission File Number 1-12068 MASCOTECH, INC. (Exact name of Registrant as specified in its Charter) Delaware 38-2513957 (State or other jurisdiction of (I.R.S. Employer incorporation or organization) Identification No.) 21001 Van Born Road, Taylor, Michigan 48180 (Address of principal executive offices) (Zip Code) (313) 274-7405 (Telephone Number) Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months, and (2) has been subject to such filing requirements for the past 90 days. Yes X No Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practical date. Shares Outstanding at Class October 31, 1995 Common stock, par value $1 per share 55,670,000 MASCOTECH, INC. INDEX Page No. Part I. Financial Information Item 1. Financial Statements Consolidated Condensed Balance Sheet - September 30, 1995 and December 31, 1994 1 Consolidated Condensed Statements of Income for the Three and Nine Months Ended September 30, 1995 and 1994 2 Consolidated Condensed Statement of Cash Flows for the Nine Months Ended September 30, 1995 and 1994 3 Notes to Consolidated Condensed Financial Statements 4-5 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 6-7 Part II. Other Information and Signature 8-9 PART I. FINANCIAL INFORMATION Item 1. Financial Statements MASCOTECH, INC. CONSOLIDATED CONDENSED BALANCE SHEET September 30, 1995 and December 31, 1994 (Dollars in thousands) September 30, December 31, ASSETS 1995 1994 Current assets: Cash and cash investments $ 13,710 $ 61,950 Marketable securities 7,650 62,110 Receivables 202,480 171,870 Inventories 98,120 91,950 Deferred and refundable income taxes 10,080 23,800 Prepaid expenses and other assets 29,550 39,800 Net current assets of businesses held for disposition 76,790 146,690 Total current assets 438,380 598,170 Equity and other investments in affiliates 231,400 173,230 Property and equipment, net 423,180 379,330 Excess of cost over net assets of acquired companies 94,600 93,820 Notes receivable and other assets 58,970 53,770 Net non-current assets of businesses held for disposition 180,490 232,370 Total assets $1,427,020 $1,530,690 LIABILITIES Current liabilities: Accounts payable $ 85,780 $ 111,860 Accrued liabilities 93,290 72,090 Current portion of long-term debt 6,250 3,670 Total current liabilities 185,320 187,620 Long-term debt 728,030 868,240 Deferred income taxes and other long-term liabilities 100,550 93,690 Total liabilities 1,013,900 1,149,550 SHAREHOLDERS' EQUITY Preferred stock, $1 par, shares authorized: 25 million; outstanding: 10.8 million 10,800 10,800 Common stock, $1 par, shares authorized: 250 million; outstanding: 56.1 million and 56.6 million 56,110 56,610 Paid-in capital 313,600 318,960 Retained earnings (deficit) 23,040 (7,590) Cumulative translation adjustments 9,570 2,360 Total shareholders' equity 413,120 381,140 Total liabilities and shareholders' equity $1,427,020 $1,530,690 The accompanying notes are an integral part of the consolidated condensed financial statements. -1- MASCOTECH, INC. CONSOLIDATED CONDENSED STATEMENTS OF INCOME For the Three and Nine Months Ended September 30, 1995 and 1994 (Dollars in thousands except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 Net sales $ 404,900 $ 416,500 $ 1,289,200 $ 1,261,690 Cost of sales (337,850) (343,060) (1,076,440) (1,018,250) Selling, general and administrative expenses (42,060) (49,330) (135,340) (143,300) Gains on disposition of businesses, net 7,790 --- 5,290 --- Operating profit 32,780 24,110 82,710 100,140 Other income (expense), net: Interest expense (10,950) (13,160) (38,750) (36,080) Equity and interest income from affiliates 5,470 11,570 23,880 24,260 Gain from change in investment of equity affiliate --- --- 5,100 --- Other income, net 400 4,100 3,160 32,020 (5,080) 2,510 (6,610) 20,200 Income before income taxes and extraordinary income 27,700 26,620 76,100 120,340 Income taxes 11,740 10,840 31,580 48,820 Income before extraordinary income 15,960 15,780 44,520 71,520 Extraordinary income (net of income taxes) --- 2,600 --- 2,600 Net income $ 15,960 $ 18,380 $ 44,520 $ 74,120 Preferred stock dividends $ 3,240 $ 3,240 $ 9,720 $ 9,720 Earnings attributable to common stock $ 12,720 $ 15,140 $ 34,800 $ 64,400 Earnings per common and common equivalent share: Primary: Income before extraordinary income $ .22 $ .21 $ .61 $ .96 Extraordinary income -- .04 -- .03 Earnings attributable to common stock $ .22 $ .25 $ .61 $ .99 Fully diluted: Income before extraordinary income $ .22 $ .21 $ .61 $ .93 Extraordinary income -- .04 -- .03 Earnings attributable to common stock $ .22 $ .25 $ .61 $ .96 Cash dividends declared $ .04 $ .03 $ .07 $ .07 The accompanying notes are an integral part of the consolidated condensed financial statements. -2-
MASCOTECH, INC. CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS For the Nine Months Ended September 30, 1995 and 1994 (Dollars in thousands) Nine Months Ended September 30, 1995 1994 CASH FROM (USED FOR): OPERATIONS: Net cash from earnings $ 68,550 $ 80,490 (Increase) in inventories (1,000) (15,550) (Increase) in receivables (22,400) (27,890) Increase (decrease) in accounts payable and accrued liabilities ( 9,450) 6,560 (Increase) decrease in prepaid expenses and other assets 12,440 (32,120) (Increase) decrease in marketable securities, net 54,460 (42,520) Other, net 18,840 7,670 Net cash from (used for) operating activities 121,440 (23,360) FINANCING: Issuance of convertible debt --- 337,240 Retirement of Senior Subordinated notes (233,150) (253,120) Payment of other debt (40,040) (86,040) Increase in other debt 129,900 69,760 Retirement of Company Common Stock (5,990) (54,130) Payment of preferred stock dividends (9,720) (9,720) Payment of common stock dividends (5,910) (4,670) Other, net (3,110) (3,400) Net cash (used for) financing activities (168,020) (4,080) INVESTMENTS: Capital expenditures (57,920) (86,350) Cash proceeds from sale of businesses 94,880 41,220 Acquisition of businesses (22,810) --- Receipt of cash from notes receivable 5,360 13,590 Sale of common stock of affiliate --- 18,180 Net assets of businesses held for disposition (18,500) (2,560) Other, net (2,670) (2,490) Net cash from (used for) investing activities (1,660) (18,410) CASH AND CASH INVESTMENTS: (Decrease) for the nine months (48,240) (45,850) At January 1 61,950 83,200 At September 30 $ 13,710 $ 37,350 Supplemental Cash Flow Information: Net cash paid during the period for: Interest $ 40,830 $ 50,100 Income taxes $ 5,460 $ 21,350 The accompanying notes are an integral part of the consolidated condensed financial statements. -3- MASCOTECH, INC. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS A. In the opinion of the Company, the accompanying unaudited consolidated condensed financial statements contain all adjustments, which are normal and recurring in nature, necessary to present fairly its financial position as at September 30, 1995, the results of operations for the three and nine months ended September 30, 1995 and 1994, and cash flows for the nine months ended September 30, 1995 and 1994. In addition, the balance sheet as of September 30, 1995 and December 31, 1994 reflects the segregation of net current and net non-current assets related to the plan, adopted in late 1994, to dispose of certain businesses. Primary earnings per common share was calculated based on 58.7 million and 74.6 million weighted average common shares outstanding for the nine months ended September 30, 1995 and 1994, respectively. The convertible preferred stock does not meet the criteria for inclusion in the primary earnings per share calculation for the nine months and three months ended September 30, 1995 and the three months ended September 30, 1994 as it would be anti-dilutive. Fully diluted earnings per common share are only presented when the assumed conversion of convertible securities is dilutive. Fully diluted earnings per common share for the nine months and three months ended September 30, 1994 were calculated based on 84.8 million and 70.3 million weighted average common shares outstanding, respectively. Convertible securities did not have a dilutive effect on earnings per common share for the nine months and three months ended September 30, 1995. B. Inventories by component are as follows (in thousands): September 30, December 31, 1995 1994 Finished goods $ 21,550 $ 15,990 Work in process 35,650 29,260 Raw materials 40,920 46,700 $ 98,120 $ 91,950 C. Property and equipment, net reflects accumulated depreciation of $276 million and $247 million as at September 30, 1995 and December 31, 1994, respectively. D. Other income, net for the nine months ended September 30, 1994 includes gains, primarily during the first six months of 1994, aggregating approximately $18 million pre-tax from the sale by the Company of a portion of its common stock holdings of an equity affiliate. E. The Company recognized gains aggregating approximately $25 million from the sale of certain businesses held for disposition in the third quarter of 1995. These gains were offset by reductions in the estimated net proceeds the Company expects to receive from businesses to be sold, aggregating $12 million and which reduced net non-current assets of businesses held for disposition, and by certain exit costs incurred in 1995. At December 31, 1994, the Company had accrued $17 million of exit costs, during 1995 $4 million has been charged against this accrual and the balance at September 30, 1995 is $16 million. -4- MASCOTECH, INC. NOTES TO CONSOLIDATED CONDENSED FINANCIAL STATEMENTS (concluded) F. In June, 1995 Titan Wheel International, Inc. ("Titan") an equity affiliate sold newly issued common stock in a public offering and issued common stock as a result of the conversion of convertible securities. The Company recognized pre-tax income of approximately $5.1 million (approximately $.05 per common share after-tax) as a result of the change in the Company's equity ownership interest in Titan which approximates 15 percent at September 30, 1995. G. The Company, as part of its disposition of non-core businesses, exchanged a business unit with annual sales and net book value of approximately $60 million and $37 million in the first quarter of 1995, respectively. The exchange resulted in the Company receiving cash and notes receivable due from, and a 29 percent equity ownership interest in, the acquiring company, Saturn Electronics and Engineering, Inc. H. On March 15, 1995, the Company redeemed at maturity $233 million of its 10% Senior Subordinated Notes. I. The following presents combined supplemental financial data of the Company and TriMas Corporation as one entity, with MascoTech as the parent company. The Company had an equity ownership interest in TriMas of approximately 42 percent at September 30, 1995 and September 30, 1994. Intercompany transactions have been eliminated. Approximate combined condensed financial data are as follows (in thousands): September 30 1995 1994 Current assets $ 681,290 $ 865,720 Current liabilities (242,360) (262,950) Working capital 438,930 602,770 Property and equipment, net 592,670 731,630 Excess of cost over net assets of acquired companies 180,330 522,890 Other assets 441,240 256,970 Long-term debt (915,220) (1,106,300) Deferred income taxes and other long-term liabilities (133,060) (165,720) Equity of the other shareholders of TriMas (191,770) (163,150) Equity of shareholders of MascoTech $ 413,120 $ 679,090 Net sales $1,717,850 $1,672,540 Operating profit $ 159,640 $ 170,840 Net income $ 44,520 $ 74,120 Earnings attributable to common stock $ 34,800 $ 64,400 -5- MASCOTECH, INC. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Sales for the third quarter ended September 30, 1995 declined to $405 million from $417 million in 1994, reflecting the disposition of certain businesses in 1995 as part of the Company's previously announced restructuring plan. Sales of the Company's core transportation-related businesses, which approximated $281 million, increased 11 percent in the third quarter of 1995, while sales of the Company's businesses held for sale or sold, which approximated $124 million, decreased 24 percent from the comparable period. Net sales for the nine month period ended September 30, 1995 increased two percent over the comparable period in 1994. Sales of the Company's core transportation-related businesses for the nine months ended September 30, 1995 which approximated $880 million increased 14 percent compared to the prior year period, while sales of the Company's businesses held for sale or sold, which approximated $409 million, decreased 16 percent from the comparable period in 1994. Income for the third quarter 1995, after preferred stock dividends, was $12.7 million or $.22 per common share, compared with $12.5 million or $.21 per common share, before extraordinary income of $2.6 million or $.04 per common share, in the comparable period in 1994. Operating profit for the Company's core businesses before general corporate expenses and gains on disposition of businesses, net for the nine months and three months ended September 30, 1995 was $95 million and $28 million, respectively as compared with $108 million and $28 million, respectively for the comparable periods in 1994. The core businesses' operating performance for the nine and three month periods was negatively impacted by increased costs and expenses reflecting start-up costs associated with the Company's expanded capital investment programs, launch costs for new products, and increased steel costs. Businesses held for sale or sold had an operating loss before general corporate expenses and gains on disposition of businesses, net of approximately $7 million for the nine months ended September 30, 1995 as compared to an operating profit of approximately $3 million in the comparable period in 1994. For the three months ended September 30, 1995 and September 30, 1994, businesses held for sale performed at an approximate break-even operating profit level. In December 1994, the Company announced the planned disposition of a number of businesses, including its Architectural Products, Defense and certain of its transportation-related businesses, as part of its long-term strategic plan to increase the focus on its core operating capabilities. The Company recognized gains aggregating approximately $25 million from the sale of certain businesses held for disposition in the third quarter of 1995. These gains were offset by reductions in the estimated net proceeds the Company expects to receive from businesses to be sold, aggregating $12 million and which reduced net non-current assets of businesses held for disposition, and by certain exit costs incurred in 1995. To date, the Company has disposed of business units with annual sales of approximately $270 million. Net assets of businesses held for disposition decreased by approximately $122 million as a result of such dispositions and the reduction of assets employed in these businesses through operating activity, asset sales and the redeployment of assets. The Company continues to believe that the divestiture of the remaining businesses held for sale will be largely completed in 1995. The Company expects that the disposition of these non-core businesses will have a favorable long-term effect on the Company's balance sheet and future per common share earnings. -6- MASCOTECH, INC. Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (concluded) Results for the nine months ended September 30, 1994 include gains, primarily during the first six months of 1994, of approximately $18 million pre- tax from the sale by the Company of a portion of its common stock holdings of an equity affiliate. On March 15, 1995, the Company redeemed at maturity $233 million of 10% Senior Subordinated Notes utilizing additional borrowings under the Company's revolving credit agreement. The Company paid a cash dividend of $.04 per common share in the third quarter of 1995 and the Board of Directors declared a dividend of $.04 per common share on October 2, 1995 payable on November 20, 1995. In 1995, the Financial Accounting Standards Board issued Statements of Financial Accounting Standards No. 121 and No. 123, "Accounting for the Impairment of Long-Lived Assets and for Long-Lived Assets to Be Disposed Of" and "Accounting for Stock-Based Compensation," respectively. The effective date is for periods beginning after December 15, 1995. The Company does not expect that these statements will have a material impact on its financial statements when adopted in 1996. The Company's anticipated internal cash flow, additional borrowings available under the Company's revolving credit agreements and otherwise, and the divestiture of businesses held for sale are expected to provide sufficient liquidity to fund its near term working capital and capital expansion programs. The Company believes that its longer-term working capital and other general corporate requirements will be satisfied through its internal cash flow, revolving credit agreement, the disposition of certain financial assets and, to the extent necessary, future financings in the financial markets. At September 30, 1995, current assets were in excess of two times current liabilities. -7- PART II. OTHER INFORMATION MASCOTECH, INC. Items 1 through 5 are not applicable. Item 6. Exhibits and Reports on Form 8-K (a) Exhibits: Exhibit 11 Computation of Earnings Per Common Share - Primary and Fully Diluted Exhibit 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends Exhibit 27 Financial Data Schedule (b) Reports on Form 8-K: None -8- 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 thereunto duly authorized. MASCOTECH, INC. (Registrant) Date: November 14, 1995 By: /s/ Timothy Wadhams Timothy Wadhams Vice President - Controller and Treasurer (Chief accounting officer and authorized signatory) -9- MASCOTECH, INC. EXHIBIT INDEX Exhibit Exhibit 11 Computation of Earnings Per Common Share - Primary and Fully Diluted Exhibit 12 Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends Exhibit 27 Financial Data Schedule -10- EX-11 2 Exhibit 11 MASCOTECH, INC. Computation of Earnings Per Common Share Primary and Fully Diluted (In thousands except per share amounts)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 PRIMARY: Income before extraordinary income $15,960 $15,780 $44,520 $71,520 Preferred stock dividends 3,240 3,240 9,720 9,720 Income before extraordinary income attributable to common stock 12,720 12,540 34,800 61,800 Add convertible preferred stock dividend --- (A) --- (B) --- (A) 9,720 Add after tax interest expense reduction on conversion of stock options and warrants 230 --- 860 --- Earnings attributable to common stock, before extraordinary income, as adjusted 12,950 12,540 35,660 71,520 Extraordinary income (net of income taxes) --- 2,600 --- 2,600 Earnings attributable to common stock, as adjusted $12,950 $15,140 $35,660 $74,120 Weighted average number of common shares outstanding during each period 56,110 58,270 56,310 59,690 Addition from assumed exercise of stock options and warrants, net of assumed repurchases 2,400 1,930 2,420 4,110 Addition from assumed conversion of preferred stock --- (A) --- (B) --- (A) 10,800 Weighted average number of common shares and equivalents outstanding during each period--without dilution 58,510 60,200 58,730 74,600 Primary earnings per common and common equivalent share: Income before extraordinary income $.22 $.21 $.61 $.96 Extraordinary income -- .04 -- .03 Earnings attributable to common stock $.22 $.25 $.61 $.99 Earnings per common share for the periods ended September 30, 1995 were computed based on the modified treasury stock method which results in an assumed interest expense reduction and incremental shares based on assumed conversion of all stock options and warrants and, in 1994, on the treasury stock method. (A) Anti-dilutive for the three and nine months ended September 30,1995. (B) Anti-dilutive for the three months ended September 30, 1994.
Exhibit 11 MASCOTECH, INC. Computation of Earnings Per Common Share Primary and Fully Diluted (In thousands except per share amounts) (concluded)
Three Months Ended Nine Months Ended September 30, September 30, 1995 1994 1995 1994 FULLY DILUTED: Income before extraordinary income $15,960 $15,780 $44,520 $71,520 Preferred stock dividends 3,240 3,240 9,720 9,720 Income before extraordinary income attributable to common stock 12,720 12,540 34,800 61,800 Add after-tax convertible debenture related expenses --- (A) 2,390 --- (A) 7,000 Add convertible preferred stock dividends --- (A) --- (B) --- (A) 9,720 Add after tax interest expense reduction on conversion of stock options and warrants 220 --- 860 --- Earnings attributable to common stock, before extraordinary income, as adjusted 12,940 14,930 35,660 78,520 Extraordinary income (net of income taxes) --- 2,600 --- 2,600 Earnings attributable to common stock, as adjusted $12,940 $17,530 $35,660 $81,120 Weighted average number of common shares outstanding during each period 56,110 58,270 56,310 59,690 Addition from assumed conversion of convertible debentures as of the issue date --- (A) 10,090 --- (A) 10,150 Addition from assumed exercise of stock options and warrants, net of assumed repurchases 2,400 1,930 2,420 4,110 Addition from assumed conversion of preferred stock --- (A) --- (B) --- (A) 10,800 Weighted average number of common shares and equivalents outstanding during each period--fully diluted basis 58,510 70,290 58,730 84,750 Fully diluted earnings per common and common equivalent share: Income before extraordinary income $.22 $.21 $.61 $.93 Extraordinary income -- .04 -- .03 Earnings attributable to common stock $.22 $.25 $.61 $.96 Earnings per common share for the periods ended September 30, 1995 were computed based on the modified treasury stock method which results in an assumed interest expense reduction and incremental shares based on assumed conversion of all stock options and warrants and, in 1994, on the treasury stock method. (A) Anti-dilutive for the three and nine months ended September 30, 1995. (B) Anti-dilutive for the three months ended September 30, 1994.
EX-12 3 Exhibit 12 MASCOTECH, INC. Computation of Ratio of Earnings to Combined Fixed Charges and Preferred Stock Dividends (Dollars in thousands)
9 Months Ended Sept. 30, For The Years Ended December 31 1995 1994 1993 1992 1991 1990 Earnings Before Income Taxes and Fixed Charges: Income (loss) from continuing operations before income taxes and extraordinary income..................... $ 76,100 $(264,490) $121,180 $ 68,250 $(12,470) $(30,240) Deduct equity in undistributed earnings of less-than-fifty- percent owned companies.... (24,040) (23,350) (19,930) (21,760) (3,530) (3,430) Add interest on indebtedness, net.......... 39,910 51,290 83,000 87,830 124,220 139,770 Add amortization of debt expense.................... 1,300 3,450 4,390 1,930 2,230 2,670 Estimated interest factor for rentals................ 5,180 6,220 5,550 5,740 5,220 4,520 Earnings before income taxes and fixed charges.... $ 98,450 $(226,880) $194,190 $141,990 $115,670 $113,290 Fixed Charges: Interest on indebtedness, net........................ $ 40,050 $ 51,540 $ 83,110 $ 87,980 $124,370 $140,380 Amortization of debt expense.................... 1,300 3,450 4,390 1,930 2,230 2,670 Estimated interest factor for rentals................ 5,180 6,220 5,550 5,740 5,220 4,520 Total fixed charges...... 46,530 61,210 93,050 95,650 131,820 147,570 Preferred stock dividend requirement (a)............ 16,610 14,630 25,860 17,140 11,350 120 Combined fixed charges and preferred stock dividends.. $ 63,140 $ 75,840 $118,910 $112,790 $143,170 $147,690 Ratio of earnings to fixed charges................ 2.1 --(b) 2.1 1.5 .9(d) .8(f) Ratio of earnings to combined fixed charges and preferred stock dividends.............. 1.6 --(c) 1.6 1.3 .8(e) .8(g) (a)Represents amount of income before provision for income taxes required to meet the preferred stock dividend requirements of the Company and its 50% owned companies. (b)1994 results of operations are inadequate to cover fixed charges by $288,090. (c)1994 results of operations are inadequate to cover combined fixed charges and preferred stock dividends by $302,720. (d)1991 earnings are inadequate to cover fixed charges by $16,150. (e)1991 earnings are inadequate to cover combined fixed charges and preferred stock dividends by $27,500. (f)1990 earnings are inadequate to cover fixed charges by $34,280. (g)1990 earnings are inadequate to cover combined fixed charges and preferred stock dividends by $34,400.
EX-27 4
5 THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM SEPTEMBER 30, 1995 AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS. 1,000 9-MOS DEC-31-1995 SEP-30-1995 13,710 7,650 202,480 0 98,120 438,380 698,970 (275,790) 1,427,020 185,320 728,030 56,110 0 10,800 346,210 1,427,020 1,289,200 1,289,200 1,076,440 1,076,440 (5,290) 0 38,750 76,100 31,580 44,520 0 0 0 44,520 .61 .61
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