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WESTINGHOUSE REPORTS THIRD QUARTER RESULTS

 WESTINGHOUSE REPORTS THIRD QUARTER RESULTS
 PITTSBURGH, Oct. 12 /PRNewswire/ -- Chairman Paul E. Lego announced


today that Westinghouse Electric Corporation's (NYSE: WX) net income for the third quarter was $14,000,000.
 Included in the third quarter results is a $155,000,000 pre-tax provision for losses related to Westinghouse Financial Services, Inc.'s (WFSI) investment in Phar-Mor, Inc. and for increased credit reserves and valuation allowances at WFSI. The majority of the provision, $100,000,000, pertains to investments in Phar-Mor, Inc. and the settlement of the suit filed by a mutual fund, related to its March purchase of Phar-Mor stock from Westinghouse Credit.
 Third quarter net income of $14,000,000 resulted in zero cents per common share on revenues of $3,039,000,000. This compares to a net loss of $1,482,000,000 or a loss of $4.86 per share on revenues of $3,426,000,000 for the third quarter of 1991. In the third quarter of 1991, the corporation recorded a $1,680,000,000 valuation provision at WFSI and a $160,000,000 provision for corporate-wide cost reductions.
 Net income for the first nine months of 1992, before the effects of two new accounting standards adopted in the first quarter -- SFAS 106 and 109 -- was $228,000,000 or 62 cents per share on revenues of $9,011,000,000 compared with a net loss of $1,257,000,000 or a loss of $4.11 per share on revenues of $9,377,000,000 for the first nine months of 1991. Including the effects of the new accounting standards, the corporation reported a net loss in the first nine months of 1992 of $110,000,000 or 36 cents per share.
 Excluding Financial Services, operating profit for the third quarter was $244,000,000 with operating profit margins of 8.5 percent. Operating profit in the third quarter of 1991 was $242,000,000 with operating profit margins of 7.6 percent, excluding Financial Services and the provision for corporate-wide cost reductions. Third quarter operating profit for 1992, including Financial Services, was $89,000,000 with operating profit margin of 2.9 percent compared with an operating loss of $1,604,000,000 for the same quarter last year.
 Excluding Financial Services, operating profit for the first nine months of 1992 was $690,000,000 with an operating profit margin of 8.2 percent. Operating profit for the first nine months of 1991 was $620,000,000 with an operating profit margin of 7.3 percent, excluding Financial Services and the provision for corporate-wide cost reductions. Operating profit, including Financial Services, for the first nine months of 1992 was $535,000,000 with an operating profit margin of 5.9 percent compared to last year's operating loss of $1,195,000,000.
 "Order rates were down substantially in most operations for the quarter and nine months because of continued weak economic conditions in most of our markets," Lego said. "Despite reduced order rates and our continued difficulty at Financial Services, the rest of the corporation generated almost $700,000,000 in operating profit and margins improved to 8.2 percent."
 Segment Information
 In order to allow for a more meaningful comparison of changes between periods, segment information excludes the effect of the 1991 corporate-wide cost reduction provision from the 1991 third quarter results.
 Operating profit for Broadcasting was up for the quarter and first nine months primarily due to an improvement in television advertising revenues and operations. Broadcasting's revenues for the quarter and first nine months were up slightly compared to the same period of last year.
 Operating profit for Electronic Systems was up for both the quarter and first nine months of the year mainly due to improvements in the non-Department of Defense business. Revenues were down substantially in the quarter and down for the first nine months for Electronic Systems due to the settlement received for the cancellation of the A-12 program in 1991. The settlement had no impact on operating profit as it was a reimbursement of costs incurred.
 Operating profit for the Environmental Group for the quarter and the first nine months was up substantially due to cost reductions and higher operating results in both the environmental services business and the government-owned facilities. Also, the third quarter of 1991 included cost overruns at the waste-to-energy business. Environmental Systems revenues were flat for the quarter and down slightly for the first nine months mainly due to the impact of the recession on the Electrical Products and Services businesses.
 Financial Services revenues were down substantially for the quarter and first nine months. Third quarter results included a provision for losses related to the Phar-Mor investment and an increase in credit reserves and valuation allowances.
 Industries operating profit was up for the quarter and up substantially for the first nine months due to cost improvements and a stronger domestic truck and trailer market in the transport refrigeration business as well as improved operations at Distribution and Control. Revenues were up slightly for the quarter and first nine months.
 The Knoll Group's revenues and operating profit were down significantly for the quarter and the first nine months of the year due to continued weak demand for Knoll products.
 Revenues for the Power Systems segment were down for the quarter and operating profit was down significantly. Revenues were up slightly for the first nine months while operating profits were down substantially because of an unfavorable sales mix.
 WESTINGHOUSE ELECTRIC CORPORATION
 Earnings Information Third Quarter 1992
 (unaudited)
 (in millions except per-share data)
 Three Months Ended Nine Months Ended
 September 30 September 30
 1992 1991 1992 1991
 Sales and operating revenues
 Products and service $2,813 $3,088 $8,279 $8,384
 WFSI 226 338 732 993
 3,039 3,426 9,011 9,377
 Operating costs and expenses
 Products and services (2,591) (3,034) (7,649) (7,990)
 WFSI, including interest (359) (1,996) (827) (2,582)
 (2,950) (5,030) (8,476) (10,572)
 Operating profit 89 (1,604) 535 (1,195)
 Operating profit
 margin (pct.) 2.9 -46.8 5.9 -12.7
 Operating profit without the Financial
 Services portion of WFSI 244 82 690 460
 Operating profit margin without the
 Financial Services portion
 of WFSI (pct.) 8.5 2.6 8.2 5.4
 Other income and expenses, net (2) 7 (3) 34
 Interest expense,
 excluding WFSI (61) (63) (194) (177)
 Income before income taxes and
 minority interest 26 (1,660) 338 (1,338)
 Income taxes (7) 182 (93) 92
 Effective tax rate (pct.) 27.5 11.0 27.5 6.9
 Minority interest (5) (4) (17) (11)
 Income before cumulative effect of
 changes in accounting
 principles $14 ($1,482) $228 ($1,257)
 Cumulative effect on prior years
 of changing to a new method of
 accounting for:
 Other postretirement benefits - - (742) -
 Income taxes - - 404 -
 Net Income 14 (1,482) (110) (1,257)
 Dividend requirements for Series B
 preferred stock (13) - (15) -
 Net income applicable to
 common stock 1 (1,482) (125) (1,257)
 Average shares outstanding 347 306 345 306
 Earnings per common share:
 Income before cumulative effect
 of changes in accounting
 principles ($0.00) ($4.86) $0.62 ($4.11)
 Cumulative effect on prior years of
 changing to a new method of
 accounting for:
 Other postretirement benefits - - ($2.15) -
 Income taxes - - $1.17 -
 Earnings per common share on
 Net Income ($0.00) ($4.86) ($0.36) ($4.11)
 /delval/
 -0- 10/12/92
 /CONTACT: Jay A. McCaffrey of Westinghouse Electric, 412-642-3366/
 (WX) CO: Westinghouse Electric Corporation ST: Pennsylvania IN: TLS CPR ARO FIN SU: ERN


DM -- PG010 -- 8938 10/12/92 16:02 EDT
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Date:Oct 12, 1992
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