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WESTINGHOUSE REPORTS FIRST QUARTER RESULTS

 PITTSBURGH, April 13 /PRNewswire/ -- Westinghouse Electric Corporation's (NYSE: WX) net income increased for the first quarter of 1993 compared to the same period in 1992, Gary M. Clark, president and acting chief executive officer, announced today.
 Net income and income of Continuing Operations for the first quarter of 1993 was $64 million or 15 cents per share. This compares to a net loss of $246 million or 71 cents per share for the first quarter of 1992. The first quarter of 1992 included an after-tax charge of $338 million or 99 cents per share due to the adoption of two new accounting standards - SFAS 106 "Employers' Accounting for Postretirement Benefits Other Than Pensions" and SFAS 109 "Accounting for Income Taxes." Income from Continuing Operations for the first quarter of 1992 was $65 million or 19 cents per share. Revenues of continuing operations for the first quarter of 1993 were $1.859 billion compared to $1.854 billion for the same quarter last year.
 Operating profit of Continuing Operations was $145 million in the first quarter of 1993 compared to $148 million in the same quarter last year. Operating profit margins were 7.8 percent in the quarter compared to 8.0 percent in the first quarter of 1992.
 On April 8, 1993, Westinghouse announced that it had agreed to sell most of the remaining commercial real estate assets of its financial services unit at amounts exceeding the reserved value of the assets. This will enable Westinghouse to substantially liquidate its commercial real estate portfolio by mid-year. Also, Westinghouse Financial Services, Inc., (WFSI) sold assets for cash of approximately $700 million during the first quarter of 1993, which was in excess of their reserved values.
 "Last week's announcement of the asset sale at WFSI accelerates the implementation of our comprehensive plan. We are now well ahead of schedule and we expect to remain ahead of our plan throughout the year," Clark said. "First quarter results from Continuing Operations were as expected. Our objective remains to have improved operating results for the full year compared to 1992, with improvement occurring in the second half of 1993."
 -- Segment Information
 Broadcasting's revenues and operating profits were up for the first quarter compared to the same period of 1992 due to stronger television and radio markets.
 Revenues and operating profits for Electronic Systems were down substantially for the first quarter compared to the first quarter of 1992 due to the divestiture of two units in 1992 and lower revenue on Department of Defense contracts.
 Revenues and operating profits in the Environmental segment were flat for the quarter compared with the same period of a year ago.
 Revenues were down slightly for the Industries segment for the first quarter of 1993 as compared to the first quarter of 1992. Operating profit was down compared to the same quarter last year due to continuing weakness in industry products and services.
 Revenues for Power Systems were up substantially in the first quarter of 1993 compared to the same quarter last year due to increased project sales in the Power Generation Business Unit and increased nuclear fuel revenues. Operating profit was up substantially, primarily due to the increased nuclear fuel revenues.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information
 First Quarter 1993
 (unaudited)
 (in millions except per-share data)
 1993 1992
 Sales and operating revenues $1,859 $1,854
 Operating costs and expenses (1,714) (1,706)
 Operating profit 145 148
 Operating profit margin 7.8 pct. 8.0 pct.
 Other income and expenses, net 4 --
 Interest expense (44) (50)
 Income before income taxes and
 minority interest 105 98
 Income taxes (38) (33)
 Effective tax rate 36.0 pct. 33.4 pct.
 Minority interest (3) --
 Income from Continuing Operations $ 64 $ 65
 Discontinued Operations, net of income taxes:
 Income(loss)from Discontinued Operations -- 27
 Cumulative effect of changes in accounting
 principles:
 Other postretirement benefits -- (742)
 Income taxes -- 404
 Net Income(loss) $ 64 ($246)
 Dividend requirements for Series B
 preferred stock 13 --
 Net income applicable to common stock $51 ($246)
 Average shares outstanding 351 344
 Earnings(loss)per common share:
 Continuing Operations $0.15 $0.19
 Discontinued Operations $0.00 $0.08
 Cumulative effect of changes in
 accounting principals $0.00 ($0.99)
 Earnings(loss)per common share $0.15 ($0.71)
 /delval/
 -0- 4/13/93
 /CONTACT: Jay A. McCaffrey of Westinghouse Electric, 412-642-3366/
 (WX)


CO: Westinghouse Electric Corporation ST: Pennsylvania IN: ARO TRN CPR SU: ERN

CD -- PG003 -- 5078 04/13/93 09:06 EDT
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Publication:PR Newswire
Date:Apr 13, 1993
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