Printer Friendly

WESTINGHOUSE CREDIT REPORTS SECOND-QUARTER RESULTS

 WESTINGHOUSE CREDIT REPORTS SECOND-QUARTER RESULTS
 PITTSBURGH, July 14 /PRNewswire/ -- Westinghouse Credit Corp. had net income of $2.1 million for the three months ended June 30, 1992, it was announced today.
 Revenues were $172.2 million. For the same period of 1991, net income was $19.5 million and revenues were $264 million.
 For the first six months of 1992, Westinghouse Credit had net income of $6.3 million and revenues of $367.9 million, compared to net income of $40.6 million and revenues of $522.2 million for the same period of 1991.
 Chairman Leo W. Yochum said, "Overall, the company's performance was in line with our expectations for both the second quarter and the first six months of 1992."
 He attributed the reduced revenues for both 1992 periods to lower yields and to lower asset levels that resulted from the continuing strategy to reduce assets and debt. He said the decline in net income for both periods of 1992 resulted from reduced margin, partially offset by lower provisions for losses for the second quarter and increased equity gains for the six-month period.
 Robert A. Watson, named president and chief executive officer July 1, said, "Westinghouse Credit has made consistent progress since the third quarter of 1991 in executing its strategy to downsize assets and reduce debt. We will continue to carry out that strategy and pursue our objective to position the company ultimately to service its own debt and support its own credit ratings."
 Westinghouse Credit is the principal unit of Westinghouse Financial Services, Inc., which is owned by Westinghouse Electric Corporation (NYSE: WX).
 WESTINGHOUSE CREDIT CORPORATION
 Selected Financial Data (in thousands, unaudited)
 Period ended Six Months Three Months
 June 30 1991 1992 1991 1992
 Revenues $522,206 $367,917 $264,036 $172,218
 Income (loss) before
 income taxes 46,544 (1,036) 22,218 (1,871)
 Net income 40,626 6,290 19,468 2,072
 Selected Financial Data (in millions)
 At Dec. 31, 1991 At June 30, 1992
 (unaudited)
 Assets $8,573 $8,413
 Debt 7,030 6,884
 Shareholders' equity 1,062 1,059
 Assets held for investment:
 Receivables 5,139 4,715
 Allowance for credit
 losses (345) (280)
 Other investments 479 608
 Assets held for
 investment, net 5,273 5,043
 Assets held for sale or
 restructuring:
 Receivables 2,910 2,226
 Other investments 877 1,101
 Valuation allowance (1,616) (1,095)
 Assets held for sale or
 restructuring, net 2,171 2,232
 Total portfolio
 investments 7,444 7,275
 Investing commitments with
 off-balance-sheet credit
 risk 2,814 2,211
 Nonearning receivables 1,485 1,334
 Reduced earning receivables 1,065 862
 Real Estate Owned 615 668
 -0- 7/14/92
 /CONTACT: Brad Hemstreet of Westinghouse Credit, 412-393-3232/
 (WX) CO: Westinghouse Credit Corp.; Westinghouse Electric Corp. ST: Pennsylvania IN: FIN SU: ERN


CD-LJ -- PG001 -- 8972 07/14/92 09:19 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 14, 1992
Words:479
Previous Article:AMERICAN EXPRESS LAUNCHES PROGRAM TO HELP CORPORATIONS RECAPTURE FOREIGN VALUE-ADDED TAXES
Next Article:WALBRO CORPORATION REPORTS RECORD SECOND-QUARTER SALES, INCOME
Topics:


Related Articles
WESTINGHOUSE AND GE END TALKS ON FINANCIAL SERVICES
WESTINGHOUSE CREDIT REPORTS LOSS FOR QUARTER AND YEAR
WESTINGHOUSE REPORTS SECOND QUARTER RESULTS
WESTINGHOUSE CREDIT REPORTS THIRD-QUARTER RESULTS
WESTINGHOUSE TO MERGE FINANCE SUBSIDIARIES INTO PARENT
WESTINGHOUSE CREDIT PREFERRED STOCKHOLDERS CONSENT TO MERGER
WESTINGHOUSE COMPLETES MERGER OF CREDIT CORPORATION
WESTINGHOUSE REPORTS SECOND QUARTER AND FIRST HALF RESULTS
WESTINGHOUSE SENIOR DEBT LOWERED TO 'BBB', ON FITCHALERT NEGATIVE -- FITCH FINANCIAL WIRE --

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters