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WESTINGHOUSE RECORDS LOSS FOR YEAR AS EXPECTED

 WESTINGHOUSE RECORDS LOSS FOR YEAR AS EXPECTED
 PITTSBURGH, Jan. 17 /PRN -- Westinghouse Electric Corporation


(NYSE: WX) recorded a net loss for 1991, due to actions taken in connection with its financial services unit, Chairman Paul E. Lego announced today in reporting unaudited results.
 Westinghouse reported a net loss for 1991 of $1,086,000,000, or $3.46 a share, on revenues of $12,794,000,000 compared with net income for 1990 of $268,000,000, or 91 cents per share, on revenues of $12,915,000,000.
 The corporation recorded an operating loss of $867,000,000 in 1991 compared with operating profit of $502,000,000 the previous year. Excluding the $160,000,000 provision for costs associated with workforce reductions and the $1,680,000,000 valuation provision recorded in 1991, operating profit was $973,000,000. This compares to 1990's operating profit of $1,477,000,000 prior to the $975,000,000 provision recorded that year.
 Fourth-quarter 1991 net income was $171,000,000, or 51 cents per share, on revenues of $3,417,000,000 compared with a net loss of $449,000,000, or $1.53 per share, on revenues of $3,703,000,000 for the fourth quarter of 1990.
 Fourth-quarter operating profit was $328,000,000 compared with an operating loss of $535,000,000 in the fourth quarter of the previous year. Excluding the $975,000,000 valuation allowance recorded in the fourth quarter of 1990, operating profit for the corporation was $440,000,000 that year.
 For the year and the fourth quarter, other income was down substantially, principally due to lower levels of gains recognized on the sales of assets compared with 1990.
 "Despite the adverse conditions of 1991, the corporation produced close to one billion dollars in operating profit for the year exclusive of special charges," Lego said.
 Segment Information
 Broadcasting's total revenues for the quarter and the year were about even with the previous periods, while operating profit was down substantially for both periods, principally because of lower television advertising revenues attributable to the Persian Gulf War and to the recession.
 Operating profit for Electronic Systems was down substantially in the quarter and for the year compared to the previous year due to an unfavorable sales mix and costs associated with expanding the non-defense business. Revenues for 1991 were about even with the 1990 level primarily due to the settlement received for the cancellation of the A-12 attack aircraft program in 1991.
 Operating profit for the Environmental Group was down significantly for the quarter and for the year principally due to cost overruns and construction delays in the waste-to-energy business and the effects of the economy on the other activities in the segment. Revenues for both the quarter and the year were down compared with the same periods of a year ago.
 Financial Services revenues were lower for the quarter and for the year. Excluding the $975,000,000 valuation allowance recorded in the fourth quarter of 1990, operating profit for the fourth quarter of 1991 was down slightly compared with the fourth quarter of 1990. Operating profit for the year was down substantially, primarily due to the $1,680,000,000 pre-tax charge taken in the third quarter of 1991.
 Operating profit for Industries was lower for the quarter and down substantially for the year due to the continuing depressed economic conditions in the United States, Brazil and Canada. Revenues were down in both the quarter and for the year compared with the same periods of the previous year.
 The Knoll Group's operating profits for the quarter and for the year were lower compared with the same periods of a year earlier. Revenues for the quarter were essentially even with the fourth quarter of 1990, but were substantially higher for the year due to the acquisition of Knoll International, Inc., in August of 1990.
 Revenues for Power Systems were up in both the quarter and for the year compared with the same periods of 1990 as a result of increased demand in most of the energy-related businesses. Operating profit for the quarter was significantly higher than the same quarter of 1990 due to volume increases. Operating profit for the year was down due to reduced income from both licensing and plant completions.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information
 Fourth Quarter 1991
 (unaudited)
 (in millions except per-share data)
 Period ended Three months Twelve months
 Dec. 31 Dec. 31
 1991 1990 1991 1990
 Sales and operating
 revenues
 Products and services $3,088 $3,331 $11,472 $11,565
 WFSI 329 372 1,322 1,350
 Total $3,417 $3,703 $12,794 $12,915
 Operating costs and
 expenses
 Products and services (2,811) (2,938) (10,801) (10,297)
 WFSI, including interest (278) (1,300) (2,860) (2,116)
 Total (3,089) (4,238) (13,661) (12,413)
 Operating profit before
 unusual items 328 (535) (867) 502
 Operating profit
 margin (pct.) 9.6 -14.4 -6.8 3.9
 Other income and
 expenses, net (29) 28 5 173
 Interest expense,
 excluding WFSI (57) (70) (234) (247)
 Income before income
 taxes and minority
 interest 242 (577) (1,096) 428
 Income taxes (67) 132 25 (144)
 Effective tax rate (pct.) 28.0 22.9 2.3 33.6
 Minority interest (4) (4) (15) (16)
 Net Income 171 (449) (1,086) 268
 Average shares outstanding 336 294 314 294
 Earnings per share $0.51 ($1.53) ($3.46) $0.91
 -0- 1/17/92
 /CONTACT: Ronald E. Hart of Westinghouse Electric, 412-642-3373/
 (WX) CO: Westinghouse Electric Corporation ST: Pennsylvania IN: TLS CPR SU: ERN


DM -- PG002 -- 0856 01/17/92 08:49 EST
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Date:Jan 17, 1992
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