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WESTINGHOUSE REPORTS FIRST QUARTER RESULTS

 WESTINGHOUSE REPORTS FIRST QUARTER RESULTS
 PITTSBURGH, April 10 /PRNewswire/ -- Operating profit of the


Westinghouse Electric Corporation (NYSE: WX) increased by 24 percent in the first quarter of 1992 compared to the same period of 1991 while net income decreased as expected, Chairman Paul E. Lego announced today.
 Operating profit increased to $194,000,000 in the first quarter of 1992 from $157,000,000 in the same quarter last year. Operating profit margins were 6.9 percent in the quarter compared with 5.7 percent in the first quarter of 1991.
 First-quarter 1992 net income, before the corporation's adoption of two new accounting standards, was $92,000,000 or 27 cents per share on revenues of $2,826,000,000 compared with net income of $98,000,000 or 34 cents per share on revenues of $2,777,000,000 for the first quarter of 1991. Including the effects of the new accounting standards, the corporation reported a first-quarter net loss of $246,000,000 or 72 cents per share.
 As announced earlier, in the first quarter Westinghouse adopted the Statement of Financial Accounting Standards (SFAS) No. 106, "Employers' Accounting for Postretirement Benefits Other Than Pensions" and SFAS No. 109, "Accounting for Income Taxes." SFAS No. 106 requires that certain postretirement benefits, principally health care and life insurance, be recognized in the financial statements on an accrual basis rather than a cash basis. Westinghouse elected to adopt this standard on an immediate recognition basis. The principal change resulting from SFAS No. 109 is the ability to recognize deferred tax benefits currently.
 The corporation in the first quarter recorded a one-time after-tax charge of $742,000,000 which reflects the cumulative expense and liability for postretirement benefits for all employees, both active and retired. The adoption of SFAS No. 109 resulted in recognition of tax benefits of $404,000,000, bringing the net after-tax charge to first-quarter earnings to $338,000,000. These amounts are consistent with those referenced in the 1991 annual report and there is no cash flow impact from the net charge to earnings.
 Other income decreased for the quarter. Included in other income for the prior year quarter was the gain on the sale of the Bryant Division. Interest expense increased for this year's quarter due to the expense associated with the revolving credit facility.
 "First-quarter results were in line with our expectations." Lego said. "The operating profit increases in part reflect the impact of the cost reduction efforts initiated in late 1991. While some of our businesses are recording slight improvements in order rates, most of our businesses are late cycle and have yet to experience increased order activity."
 Segment Information
 Broadcasting's operating profit was up for the first quarter compared to the same period of 1991 primarily due to the impact of cost improvements. Revenues for the quarter were about even with the prior year's quarter.
 Operating profit for the Electronic Systems segment was up substantially for the first quarter compared to the first quarter of 1991 due to increased revenues and cost improvements.
 Revenues in the Environmental segment were down slightly for the quarter compared with the same period of a year ago while operating profit for the quarter was up due to cost reductions and additional incinerator income.
 Revenues and operating profit for the Financial Services segment were down substantially as expected for the first quarter of 1992 compared with the first quarter of 1991. Operating profit was at breakeven for 1992. A gain on the sale of an equity participation was offset by an addition to the reserve.
 Revenues were up slightly for the Industries segment for the first quarter of 1992 as compared to the first quarter of 1991. Operating profit was up significantly compared to the same quarter last year due to the increased volume and the impact of cost reductions.
 The Knoll Group's revenues and operating profit were down substantially for the first quarter of 1992 compared to the first quarter of 1991 due primarily to deteriorating construction markets in Europe.
 Revenues and operating profit for the Power Systems segment were up in the first quarter of 1992 compared to the same quarter last year mainly due to licensee income.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information
 First Quarter 1992 (unaudited)
 (in millions except per-share data)
 Three Months Ended
 March 31
 1991 1992
 Sales and operating revenues
 Products and services $2,456 $2,557
 WFSI 321 269
 $2,777 $2,826
 Operating costs and expenses
 Products and services (2,336) (2,390)
 WFSI, including interest (284) (242)
 (2,620) (2,632)
 Operating profit before unusual items 157 194
 Operating profit margin 5.7 pct. 6.9 pct.
 Other income and expenses, net 41 7
 Interest expense, excluding WFSI (57) (66)
 Income before income taxes and
 minority interest 141 135
 Income taxes (39) (37)
 Effective tax rate 28.0 pct. 27.5 pct.
 Minority interest (4) (6)
 Net Income before cumulative effect of changes
 in accounting principles 98 92
 Cumulative effect on prior years of changing
 to a new method of accounting for:
 Other postretirement benefits -- (742)
 Income taxes -- 404
 Net Income 98 (246)
 Average shares outstanding 294 344
 Earnings per share
 Net income before cumulative effect of changes
 in accounting principles $0.34 $0.27
 Cumulative effect on prior years of changing
 to a new method of accounting for:
 Other postretirement benefits -- ($2.16)
 Income taxes -- $1.17
 Net earnings per share $0.34 ($0.72)
 -0- 4/10/92
 /CONTACT: Jay A. McCaffrey of Westinghouse Electric, 412-642-3366/
 (WX) CO: Westinghouse Electric Corporation ST: Pennsylvania IN: CPR ARO TLS SU: ERN


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Date:Apr 10, 1992
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