Allegheny Technologies Reports Fourth Quarter Earnings.Business Editors PITTSBURGH--(BUSINESS WIRE)--Jan. 17, 2001 Allegheny Technologies Allegheny Technologies, Inc. NYSE: ATI is a specialty metals company headquartered in Pittsburgh, Pennsylvania, USA. It is the 17th largest employer in Allegheny County and one of the last "steel" companies with its headquarters in "The Steel City" and major manufacturing Incorporated (NYSE NYSE See: New York Stock Exchange :ATI (ATI Technologies Inc., Markham Ontario, http://ati.amd.com) A leading manufacturer of graphics chips and display adapters. Founded in 1985 by K. Y. Ho, Benny Lau and Lee Lau, ATI chips and boards are widely used by OEMs. ): Fourth quarter 2000 key points from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the before special items compared to 1999: - The idling of a high-cost titanium sponge production facility at the Oremet plant in Oregon, with estimated annual cost savings of $7 million beginning in the second quarter 2001. - An electrical power cogeneration system designed to significantly reduce energy costs at the Wah Chang facility in Oregon beginning in the third quarter 2001. - A 10 percent salaried workforce reduction at the Company's Allegheny Ludlum operations, with estimated annual cost savings of $9 million, taking full effect in the third quarter 2001. - Energy-related cost reduction efforts at all of the Company's domestic facilities. These efforts should be enhanced by a recently signed energy management agreement with DukeSolutions, a subsidiary of Duke Energy. Full year 2000 highlights from continuing operations before special items compared to 1999: - Revenues increased 7%; net income increased 24%; earnings per share increased 44% - $92 million in cost reductions achieved in 2000 - Cash flow from operations Cash flow from operations A firm's net cash inflow resulting directly from its regular operations (disregarding extraordinary items such as the sale of fixed assets or transaction costs associated with issuing securities), calculated as the sum of net income plus noncash expenses improved by $33 million, or 32% - Shares repurchased in 2000 reduced outstanding shares by 11% - Safety improvement exceeded 30% Allegheny Technologies Incorporated (NYSE:ATI) reported net income from continuing operations before special items of $25.4 million, or $0.32 per share, on sales of $584.7 million for the fourth quarter ended December December: see month. 31, 2000. Fourth quarter net income was reduced by $20 million, or $0.25 per share, for special items resulting from the idling of high-cost titanium titanium (tītā`nēəm, tĭ–) [from Titan], metallic chemical element; symbol Ti; at. no. 22; at. wt. 47.88; m.p. 1,675°C;; b.p. 3,260°C;; sp. gr. 4.54 at 20°C;; valence +2, +3, or +4. sponge production assets, an announced salaried workforce reduction at the Company's Allegheny Allegheny (ăl`əgā'nē, ăl`əgä'nē), river, 325 mi (523 km) long, rising in N central Pa., and flowing NW into N.Y., then SW through Pa. Ludlum operations, and costs related to recent changes in the Company's executive management. During the same period in 1999, net income from continuing operations before special items was $21.0 million, or $0.22 per share, on sales of $575.4 million.
Three Months Ended Twelve Months Ended
Continuing Operations December 31 December 31
--------------------- ------------------ -------------------
Millions of Dollars
2000 1999 2000 1999
---- ---- ---- ----
Sales $584.7 $575.4 $2,460.4 $2,296.1
Net income before special
items and extraordinary
gains 25.4 21.0 147.5 118.9
Special items, after tax (20.0) (7.9) (15.0) (7.9)
------- ------- -------- ---------
Net income from continuing
operations before
extraordinary items $5.4 $13.1 $132.5 $111.0
Dollars per Diluted Share
Net income before special items
and extraordinary gains $0.32 $0.22 $1.78 $1.24
Special items, after tax (0.25) (0.08) (0.18) (0.08)
------- ------- -------- ---------
Net income from continuing
operations before
extraordinary items $0.07 $0.14 $1.60 $1.16
For the twelve months ended December 31, 2000, net income from continuing operations before special items and extraordinary gains was $147.5 million, or $1.78 per share, on sales of $2,460.4 million compared to 1999 twelve months net income from continuing operations before special items and extraordinary gains of $118.9 million, or $1.24 per share, on sales of $2,296.1 million. Earnings for the twelve months ended December 31, 1999 were reduced by net special items of $7.9 million, or $0.08 per share. "We made considerable progress during our first year as a focused specialty A contract under seal. A specialty is a written document that has been sealed and delivered and is given as security for the payment of a specifically indicated debt. materials company, following the spin-offs and sales of non-specialty materials businesses in 1999," said Robert Robert, Henry Martyn 1837-1923. American army engineer and parliamentary authority. He designed the defenses for Washington, D.C., during the Civil War and later wrote Robert's Rules of Order (1876). Noun 1. P. Bozzone, chairman, president and chief executive officer. "During 2000, earnings from continuing operations before transformation and restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). costs and other income increased 37 percent on 7 percent higher sales. Shipments of our high performance metals were strong to the aerospace, energy, and oil and gas markets, as these markets continued to improve throughout the year. However, a slowing global economy and rapidly rising energy costs in the U.S. negatively impacted operating results in the 2000 fourth quarter. "In the fourth quarter, our continued emphasis on cost reduction and the breadth Breadth The percentage of assets or stocks advancing relative to those unchanged or declining. Also the number of independent forecasts available per year. A stock picker forecasting returns to 100 stocks every quarter exhibits a breadth of 400, assuming each forecast is of our specialty materials products helped to offset most of the negative impacts resulting from severe market conditions for commodity stainless steel stainless steel: see steel. stainless steel Any of a family of alloy steels usually containing 10–30% chromium. The presence of chromium, together with low carbon content, gives remarkable resistance to corrosion and heat. and $16 million in higher energy costs. However, fourth quarter 2000 operating profit Operating profit (or loss) Revenue from a firm's regular activities less costs and expenses and before income deductions. operating profit See operating income. declined by $2.1 million, or 6 percent, compared to the 1999 period," Bozzone said. "The Company remains in a strong financial position with excellent cash flow. In the fourth quarter of 2000, cash flow from operating activities was $85 million as a result of significant reductions in managed working capital and the effect of the annual reimbursement Reimbursement Payment made to someone for out-of-pocket expenses has incurred. of retiree health care costs from the Company's overfunded pension plan Overfunded pension plan A pension plan that has a positive surplus (i.e., assets exceed liabilities). investments. Strong cash flow enables Allegheny Technologies to continue to pay our attractive dividend, make strategic investments that enhance our growth and cost reduction initiatives, and continue our stock repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. program while maintaining a strong balance sheet. In addition, Allegheny Technologies remains in a very strong operating position with diverse products serving growing global markets, technology leadership, and highly skilled and experienced people focused on serving our broad customer base. "To strengthen our competitiveness and further improve cash flow, we have identified company-wide cost reduction programs for 2001 totaling $110 million. This builds on our success in reducing 2000 operating costs operating costs npl → gastos mpl operacionales by $92 million." Major cost reduction initiatives under way include: - The idling of a high-cost titanium sponge production facility at the Oremet plant in Oregon, with estimated annual cost savings of $7 million beginning in the second quarter 2001. - An electrical power cogeneration system designed to significantly reduce energy costs at the Wah Chang facility in Oregon beginning in the third quarter 2001. - A 10 percent salaried workforce reduction at the Company's Allegheny Ludlum operations, with estimated annual cost savings of $9 million, taking full effect in the third quarter 2001. - Energy-related cost reduction efforts at all of the Company's domestic facilities. These efforts should be enhanced by a recently signed energy management agreement with DukeSolutions, a subsidiary of Duke Energy. Bozzone continued, "Looking ahead to the first quarter 2001, while we are encouraged by recent Federal Reserve Board actions, at this time we are concerned about continuing volatile With regard to computer memory, it means "temporary" and not "highly changeable," which is the usual meaning of the word. See volatile memory. 1. (programming) volatile - volatile variable. 2. (storage) volatile - See non-volatile storage. energy costs and current market conditions in the stainless steel business. Beyond the first quarter 2001, the diversification Diversification A risk management technique that mixes a wide variety of investments within a portfolio. It is designed to minimize the impact of any one security on overall portfolio performance. Notes: Diversification is possibly the greatest way to reduce the risk. of our products, the strength in certain global markets, notably aerospace, power generation, and oil and gas, and recently announced price increases and energy surcharges for many of our products, combined with our continued aggressive cost reductions, should provide a greater impact on the Company's financial performance." The Company also estimated that beginning in the first quarter 2001 excess pension income will be approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $0.09 per share lower than the amount in the fourth quarter 2000. The current estimated excess pension income for the full year 2001 is $66 million, compared to $99.9 million in 2000. Flat-Rolled Products Fourth quarter 2000 operating profit grew 108 percent to $15.8 million from $7.6 million in the same year-ago period, in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite higher natural gas costs, which reduced the segment's operating profit by $7 million in the quarter. Sales declined nearly 2 percent to $326.5 million compared to the prior year period. Comparing the 2000 fourth quarter with the same year-ago period, the average price per ton increased 13 percent to $2,340 from $2,072. Total strip, Precision Rolled Strip(R), super stainless steel, nickel-alloy, and titanium product shipments grew by 4 percent in the 2000 fourth quarter compared to the same period last year. Total shipments of finished products in the fourth quarter 2000 were 8 percent lower at 138,700 tons (Transparent Optical Networking Services) A marketing term for providing dark fiber to a customer. The customer is responsible for generating the transmission signal and interpreting it at the other end. See dark fiber. compared to 151,400 tons in the year-ago period, due to lower shipments of commodity stainless steel products, which declined 12 percent. On January January: see month. 8, 2001, price increases ranging from 4 to 8 percent were announced for the segment's super stainless steel and nickel-based flat-rolled products, which account for approximately 10 percent of Flat-Rolled Products segment sales. Demand for premium melted melt v. melt·ed, melt·ing, melts v.intr. 1. To be changed from a solid to a liquid state especially by the application of heat. 2. specialty alloys This is a list of alloys for which an article exists in Wikipedia (or is proposed but not yet written). They are grouped by base metal, in order of increasing atomic number. Within these headings they are in no particular order. is very strong. Due to normal long lead times for these products, the price increases are expected to primarily benefit performance in the second half of 2001 and beyond. High Performance Metals During the fourth quarter 2000, sales of $190.1 million improved nearly 6 percent compared to the prior year period. Shipments continued to be strong for high-value products serving the aerospace, oil and gas and electrical power generation markets. Shipments of nickel-based and specialty steel products grew by 10 percent and shipments of titanium mill products were up 45 percent compared to the year ago period. However, fourth quarter 2000 operating profit decreased 45 percent to $13.8 million from $25.1 million in the same year-ago period, primarily due to unusually high energy costs, particularly at the Wah Chang Wah Ming Chang (August 2, 1917–December 22, 2003) was a Chinese American designer, sculptor, and artist. He is known primarily for his sculpture and the props he designed for (the original series), including the tricorder, and communicator. operation in Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , which negatively impacted segment profitability by $9 million. In addition, fourth quarter 2000 operating profit was negatively impacted by higher operating costs at the Company's titanium sponge facility, which is to be idled in 2001. Also, in last year's fourth quarter, sales and operating profit benefited from unusually strong shipments of high-value zirconium zirconium (zərkō`nēəm), metallic chemical element; symbol Zr; at. no. 40; at. wt. 91.22; m.p. about 1,852°C;; b.p. 4,377°C;; sp. gr. 6.5 at 20°C;; valence +2, +3, or +4. and niobium niobium (nīō`bēəm), metallic chemical element; symbol Nb; at. no. 41; at. wt. 92.9064; m.p. about 2,468°C;; b.p. 4,742°C;; sp. gr. 8.57 at 20°C;; valence +2, +3, +4, or +5. products. On January 2, 2001, price increases ranging from 4 to 8 percent were announced for the segment's nickel-based, titanium and specialty steel products, which account for approximately 75 percent of High Performance Metals segment sales. Due to normal long lead times and existing contracts for these products, the price increases are expected to primarily benefit performance in the second half of 2001 and beyond. Industrial Products Fourth quarter 2000 operating profit improved to $3.0 million from $2.0 million in the same 1999 period. Segment sales grew by 9 percent to $68.1 million compared to the prior year. These increases reflect improved performance at Metalworking Products due to better industrial demand and the impact of cost reduction initiatives, offset by lower results at Portland Portland, town, England Portland, town (1991 pop. 12,945), Dorset, S England. It is on the Isle of Portland, a small rocky peninsula. Portland stone has been used in St. Paul's Cathedral and other important London buildings. Lobsters and crabs are harvested. Forge and Casting Service. Other Comments The emphasis on safety performance resulted in substantial improvement during 2000. The OSHA OSHA n. Occupational Safety and Health Administration, a branch of the US Department of Labor responsible for establishing and enforcing safety and health standards in the workplace. Total Recordable Incident Rate improved by 30 percent and the Lost Workday Case Rate improved by 33 percent as compared to 1999. Corporate expenses for the fourth quarter 2000 decreased 27 percent to $8.1 million from $11.1 million in the year ago period due to continued cost controls, including 20 percent fewer corporate employees. For the twelve months ended December 31, 2000, cash flow from operating activities was $135.5 million, 32 percent higher than the same period in 1999. Net debt as a percent of total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. increased to 33.2 percent at December 31, 2000 from 20.1 percent one year ago, primarily due to share repurchases Share Repurchase A program by which a company buys back its own shares from the marketplace, reducing the number of outstanding shares. This is usually an indication that the company's management thinks the shares are undervalued. . Total debt was reduced by $62.2 million in the fourth quarter 2000 compared to the third quarter 2000 as the result of improved working capital and the annual reimbursement of retiree health care costs from the Company's defined benefit pension plans. Fourth quarter 2000 net interest expense increased to $9.1 million from $6.2 million in the prior year period due to higher debt. Excess pension income increased to $27.3 million in the fourth quarter 2000 compared to $14.9 million in the same 1999 period due to higher pension assets as a result of strong investment performance during 1999 and reduced post-retirement benefit liabilities. As a result of the lower performance of worldwide equity markets in 2000, the preliminary estimate for surplus pension income in 2001 is $66 million, or $16.5 million per quarter, compared to $99.9 million in 2000. The Company's defined benefit pension plans remain overfunded. The fair value of pension plan assets at December 31, 2000 exceeds the plan benefit obligation by approximately $750 million. During the fourth quarter of 2000, the Company repurchased approximately 0.8 million shares of its stock. From the inception INCEPTION. The commencement; the beginning. In making a will, for example, the writing is its inception. 3 Co. 31 b; Plowd. 343. Vide Consummation; Progression. of the share repurchase program in October October: see month. 1998 through January 16, 2001, the Company has repurchased approximately 20.4 million shares, reducing shares outstanding by 20 percent. The Company has authorization The right or permission to use a system resource; the process of granting access. See access control. to repurchase re·pur·chase tr.v. re·pur·chased, re·pur·chas·ing, re·pur·chas·es To buy (something) again. n. The act of buying something that one previously sold or owned. Noun 1. an additional 4.6 million shares of stock under its existing program. For the twelve-month period ending December 31, 2000, return on capital employed Return on capital employed (ROCE) Indicator of profitability of the firm's capital investments. Determined by dividing Earnings Before Interest and Taxes by (capital employed plus short-term loans minus intangible assets). before special items was 10.3 percent, and return on stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. before special items was 13.2 percent. Comparative data by business segments for the fourth quarter and twelve months ended December 31, 2000 is contained in the accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. statements. Net income from discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and extraordinary gains for the fourth quarter and twelve months ended December 31, 1999, reflected on the Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Statements of Income, represents income from operations that were spun off or sold in 1999. Allegheny Technologies will conduct a conference call with investors and analysts on January 17, 2001 at 10 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy to discuss the earnings news release. The conference call will be broadcast live on www.alleghenytechnologies.com. To access the broadcast, click on "Fourth Quarter Conference Call". In addition, the conference call will be available through Investor Broadcast Networks' Vcall website, located at www.vcall.com. This news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. including those related to anticipated business, economic and market conditions, operational actions, including special charges taken to respond to market conditions, sales and earnings, financial condition, financial performance and growth, prices, price increases and the effect of price increases on performance, product demand, raw material and energy costs, cost reductions, anticipated cost savings, including the anticipated time periods in which savings may be realized, capital investments and the impact of investment on the Company's capabilities, working capital, cash flow, dividends, potential repurchases of Company stock, projected pension surplus, excess pension income and reimbursement of retiree health care expenditures. Such forward-looking statements are based on management's current expectations and include known and unknown risks, uncertainties and other factors, many of which the Company is unable to predict or control, that may cause the Company's actual results or performance to materially differ from any future results or performance expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. by such statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in the Company's filings with the Securities and Exchange Commission, including its Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the year ended December 31, 1999 and its Reports on Form 10-Q Form 10-Q See 10-Q. . Allegheny Technologies Incorporated (NYSE:ATI) is one of the largest and most diversified diversified (di·verˑ·s producers of specialty materials in the world. Our talented people use innovative technologies to offer growing global markets a wide range of specialty materials including stainless steel, nickel-based and cobalt-based alloys and superalloys, titanium and titanium alloys Titanium alloys are metallic materials which contain a mixture of titanium and other chemical elements. Such alloys have very high tensile strength and toughness (even at extreme temperatures), light weight, extraordinary corrosion resistance, and ability to withstand extreme , specialty steel alloys, zirconium and related alloys, and tungsten-based specialty materials. Our goal is to be the low cost, high quality supplier to global markets. Allegheny Technologies' website can be found at http://www.alleghenytechnologies.com.
Allegheny Technologies Incorporated and Subsidiaries
Consolidated Statements of Income
(Quarter unaudited - in millions of dollars except per share amounts)
Three Months Ended Twelve Months Ended
December 31 December 31
------------------ -------------------
2000 1999 2000 1999
---- ---- ---- ----
Sales $584.7 $575.4 $2,460.4 $2,296.1
Costs and expenses:
Cost of sales 482.5 485.3 1,998.5 1,877.9
Selling and administrative
expenses 54.7 70.0 203.7 229.1
Interest expense, net 9.1 6.2 34.4 25.9
------ ------ ------ ------
Earnings from continuing
operations before
transformation and
restructuring costs
and other income 38.4 13.9 223.8 163.2
Other income (expense), net (0.2) 13.0 14.5 16.6
------ ------ ------ ------
Earnings from continuing
operations before
transformation and
restructuring costs 38.2 26.9 238.3 179.8
Transformation and
restructuring costs (29.5) (5.6) (29.5) (5.6)
------ ------ ------ ------
Income from continuing
operations before taxes
and extraordinary gains 8.7 21.3 208.8 174.2
Provision for income taxes 3.3 8.2 76.3 63.2
------ ------ ------ ------
Income from continuing
operations before
extraordinary gains 5.4 13.1 132.5 111.0
Income from discontinued
operations, net of tax - 1.6 - 59.6
Extraordinary gains on sales
of operations, net of tax - - - 129.6
------ ------ ------ ------
Net income $5.4 $14.7 $132.5 $300.2
------ ------ ------ ------
------ ------ ------ ------
Basic net income
per common share:
Income from continuing
operations before
extraordinary gains $0.07 $0.14 $1.60 $1.17
Income from discontinued
operations - 0.02 - 0.62
Extraordinary gains - - - 1.36
------ ------ ------ ------
Basic net income
per common share $0.07 $0.16 $1.60 $3.15
------ ------ ------ ------
------ ------ ------ ------
Weighted average common
shares outstanding -
basic (millions) 80.4 93.0 83.0 95.4
Diluted net income
per common share:
Income from continuing
operations before
extraordinary gains $0.07 $0.14 $1.60 $1.16
Income from discontinued
operations - 0.02 - 0.62
Extraordinary gains - - - 1.35
------ ------ ------ ------
Diluted net income
per common share $0.07 $0.16 $1.60 $3.13
------ ------ ------ ------
------ ------ ------ ------
Weighted average common
shares outstanding -
diluted (millions) 80.4 93.2 83.0 95.9
Actual common shares
outstanding - end of
quarter (millions) 80.3 90.4 80.3 90.4
Allegheny Technologies Incorporated and Subsidiaries
Sales and Operating Profit by Business Segment
(Quarter unaudited - in millions of dollars)
Three Months Ended Twelve Months Ended
December 31 December 31
------------------ -------------------
2000 1999 2000 1999
---- ---- ---- ----
Sales:
Flat-Rolled Products $ 326.5 $ 333.7 $1,444.1 $1,296.7
High Performance Metals 190.1 179.0 735.4 722.7
Industrial Products 68.1 62.7 280.9 276.7
------- ------- -------- --------
Total Sales $ 584.7 $ 575.4 $2,460.4 $2,296.1
------- ------- -------- --------
Operating Profit:
Flat-Rolled Products $ 15.8 $ 7.6 $ 119.6 $ 85.2
Operating Profit as a
% of Sales 4.8% 2.3% 8.3% 6.6%
High Performance Metals 13.8 25.1 66.5 87.0
Operating Profit as a
% of Sales 7.3% 14.0% 9.0% 12.0%
Industrial Products 3.0 2.0 21.7 12.2
Operating Profit as a
% of Sales 4.4% 3.2% 7.7% 4.4%
---- ---- ---- ----
Operating Profit $ 32.6 $ 34.7 $ 207.8 $ 184.4
Operating Profit as a
% of Sales 5.6% 6.0% 8.4% 8.0%
Corporate expenses (8.1) (11.1) (30.6) (38.9)
Interest expense, net (9.1) (6.2) (34.4) (25.9)
Transformation and
restructuring costs,
gains on asset sales and
other (34.0) (11.0) (33.9) (5.8)
Excess pension income 27.3 14.9 99.9 60.4
---- ---- ---- ----
Income from continuing
operations before income
taxes and extraordinary
gains $ 8.7 $ 21.3 $ 208.8 $ 174.2
------- ------- -------- --------
------- ------- -------- --------
Allegheny Technologies Incorporated and Subsidiaries
Consolidated Balance Sheets
(In millions of dollars)
December 31, December 31,
2000 1999
------------ ------------
Assets
Current Assets:
Cash $ 26.2 $ 50.7
Receivables 325.3 341.2
Inventories 585.7 558.3
Deferred income taxes and other 85.6 83.3
------------ ------------
Total current assets 1,022.8 1,033.5
Property and equipment 872.0 912.4
Prepaid pension cost 593.6 503.7
Other assets 287.8 301.0
------------ ------------
Total Assets $2,776.2 $2,750.6
------------ ------------
------------ ------------
Liabilities and Stockholders' Equity
Current Liabilities:
Accounts payable $ 169.3 $ 172.9
Accrued liabilities 191.0 214.4
Short-term debt and current
portion of long-term debt 53.2 152.7
------------ ------------
Total current liabilities 413.5 540.0
Long-term debt 490.6 200.3
Accrued postretirement benefits 525.9 544.8
Deferred income taxes and other 307.0 265.3
------------ ------------
1,737.0 1,550.4
------------ ------------
Total stockholders' equity 1,039.2 1,200.2
------------ ------------
Total Liabilities and Stockholders' Equity $2,776.2 $2,750.6
------------ ------------
------------ ------------
Consolidated Statements of Cash Flows
(In millions of dollars)
Twelve Months Ended
-------------------
December 31, December 31,
2000 1999
------------ ------------
Cash provided by operating
activities (including depreciation
and amortization of $99.7 and
$95.3, respectively) $ 135.5 $ 102.9
Cash provided by (used in) investing
activities (70.0) 429.7
Cash used in financing activities (90.0) (525.4)
Cash used in disposed operations - (30.7)
------------ ------------
Decrease in cash and cash equivalents (24.5) (23.5)
Cash and cash equivalents at beginning
of period 50.7 74.2
------------ ------------
Cash and cash equivalents at end of period $ 26.2 $ 50.7
------------ ------------
------------ ------------
Allegheny Technologies Incorporated and Subsidiaries
Selected Financial Data
(Unaudited)
Three Months Ended
------------------
December 31, December 31,
2000 1999 Change
------------ ------------ ------
Volume:
Flat-Rolled Finished Products (tons) 138,700 151,400 (8%)
High Performance Metals -
nickel-based and specialty
steel alloys (000's lbs.) 11,706 10,671 10%
High Performance Metals - titanium
mill products (000's lbs.) 7,388 5,087 45%
High Performance Metals - zirconium
and related alloys (000's lbs.) 804 1,220 (34%)
Average Prices:
Flat-Rolled Finished Products
(per ton) $ 2,340 $ 2,072 13%
High Performance Metals -
nickel-based and specialty
steel alloys (per lb.) $ 6.02 $ 5.82 3%
High Performance Metals - titanium
mill products (per lb.) $ 10.03 $ 11.25 (11%)
High Performance Metals - zirconium
and related alloys (per lb.) $ 39.06 $ 35.39 10%
Twelve Months Ended
-------------------
December 31, December 31,
2000 1999 Change
------------ ------------ ------
Volume:
Flat-Rolled Finished Products (tons) 605,650 592,550 2%
High Performance Metals -
nickel-based and specialty
steel alloys (000's lbs.) 46,612 43,905 6%
High Performance Metals - titanium
mill products (000's lbs.) 24,872 22,792 9%
High Performance Metals - zirconium
and related alloys (000's lbs.) 3,781 3,756 1%
Average Prices:
Flat-Rolled Finished Products
(per ton) $ 2,365 $ 2,081 14%
High Performance Metals -
nickel-based and specialty
steel alloys (per lb.) $ 5.86 $ 5.98 (2%)
High Performance Metals - titanium
mill products (per lb.) $ 10.84 $ 11.70 (7%)
High Performance Metals - zirconium
and related alloys (per lb.) $ 34.83 $ 34.77 --
Certain amounts for prior periods have been reclassified to conform
with 2000 presentation.
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