KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
FIVE-YEAR FINANCIAL DATA
CONSOLIDATED BALANCE SHEETS
December 31,
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(In millions of dollars) 1997 1996 1995 1994 1993
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ASSETS
Current assets:
Cash and cash equivalents $ 15.8 $ 81.3 $ 21.7 $ 12.0 $ 14.2
Receivables 345.3 255.6 310.2 200.5 236.0
Inventories 568.3 562.2 525.7 468.0 426.9
Prepaid expenses and other current
assets 121.3 127.8 76.6 158.0 60.7
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Total current assets 1,050.7 1,026.9 934.2 838.5 737.8
Investments in and advances to
unconsolidated affiliates 148.6 168.4 178.2 169.7 183.2
Property, plant, and equipment - net 1,171.8 1,168.7 1,109.6 1,133.2 1,163.7
Deferred income taxes 329.0 263.3 268.8 271.0 210.3
Other assets 317.2 308.6 323.5 281.2 233.2
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Total $ 3,017.3 $ 2,935.9 $ 2,814.3 $ 2,693.6 $ 2,528.2
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LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accruals $ 457.6 $ 453.1 $ 448.0 $ 434.1 $ 339.6
Accrued postretirement medical
benefit obligation - current 45.3 50.1 46.8 47.0 47.6
Payable to affiliates 82.4 96.9 95.3 85.2 62.4
Long-term debt - current portion 8.8 8.9 8.9 11.5 8.7
Notes payable to parent - current
portion - 8.6 10.7 21.2 12.6
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Total current liabilities 594.1 617.6 609.7 599.0 470.9
Long-term liabilities 492.0 458.1 548.5 495.5 501.7
Accrued postretirement medical benefit
obligation 720.3 722.5 734.0 734.9 713.1
Long-term debt 962.9 953.0 749.2 751.1 720.2
Notes payable to parent - - 8.6 23.5 18.9
Minority interests 98.4 92.5 91.4 85.4 69.7
Redeemable preference stock 27.7 27.5 29.6 29.0 33.6
Stockholders' equity (deficit):
Preference stock 1.6 1.7 1.7 1.8 1.8
Common stock 15.4 15.4 15.4 15.4 15.4
Additional capital 1,939.8 1,829.8 1,730.7 1,626.3 1,471.2
Retained earnings (accumulated
deficit) (152.3) (201.3) (210.9) (271.5) (165.2)
Additional minimum pension
liability - (2.8) (13.8) (9.1) (21.6)
Less: Note receivable from parent (1,682.6) (1,578.1) (1,479.8) (1,387.7) (1,301.5)
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Total stockholders' equity
(deficit) 121.9 64.7 43.3 (24.8) .1
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Total $ 3,017.3 $ 2,935.9 $ 2,814.3 $ 2,693.6 $ 2,528.2
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KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
FIVE-YEAR FINANCIAL DATA
STATEMENTS OF CONSOLIDATED INCOME (LOSS)
Year Ended December 31,
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(In millions of dollars) 1997 1996 1995 1994 1993
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Net sales $ 2,373.2 $ 2,190.5 $ 2,237.8 $ 1,781.5 $ 1,719.1
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Costs and expenses:
Cost of products sold 1,962.6 1,869.1 1,798.4 1,625.5 1,587.7
Depreciation 91.1 96.0 94.3 95.4 97.1
Selling, administrative, research
and development, and general 129.9 125.3 134.0 116.5 121.6
Restructuring of operations 19.7 - - - 35.8
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Total costs and expenses 2,203.3 2,090.4 2,026.7 1,837.4 1,842.2
Operating income (loss) 169.9 100.1 211.1 (55.9) (123.1)
Other income (expense):
Interest expense (110.7) (93.4) (93.9) (88.6) (84.2)
Other - net 2.8 (2.6) (14.1) (7.3) (1.5)
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Income (loss) before income taxes,
minority interests, extraordinary
loss, and cumulative effect of
changes in accounting principles 62.0 4.1 103.1 (151.8) (208.8)
Credit (provision) for income taxes (9.4) 8.4 (37.4) 54.0 86.9
Minority interests (.5) .7 (.4) 1.6 4.3
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Income (loss) before extraordinary loss
and cumulative effect of changes in
accounting principles 52.1 13.2 65.3 (96.2) (117.6)
Extraordinary loss on early
extinguishments of debt, net of
tax benefits of $2.9 and $11.2 for
1994 and 1993, respectively - - - (5.4) (21.8)
Cumulative effect of changes in
accounting principles, net of tax
benefit of $237.7 - - - - (507.9)
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Net income (loss) $ 52.1 $ 13.2 $ 65.3 $ (101.6) $ (647.3)
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KAISER ALUMINUM & CHEMICAL CORPORATION AND SUBSIDIARY COMPANIES
QUARTERLY FINANCIAL DATA (UNAUDITED)
Quarter Ended
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(In millions of dollars) March 31 June 30 September 30 December 31
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1997
Net sales $ 547.4 $ 597.1 $ 634.1 $ 594.6
Operating income 32.8 35.6 (1) 54.6 46.9
Net income 4.3 14.6 (2) 18.4 14.8
1996
Net sales $ 531.1 $ 567.6 $ 553.4 $ 538.4
Operating income 40.6 36.8 11.4 11.3 (3)
Net income (loss) 11.1 9.4 (4.8) (2.5)(3)
(1) Includes a $19.7 pre-tax charge for restructuring of operations and a
$5.8 pre-tax charge for litigation matters.
(2) Includes a $19.7 pre-tax charge for restructuring of operations, an
offsetting after-tax benefit of $12.5 related to the
settlement of certain tax matters and a $5.8 pre-tax charge for litigation
matters.
(3) Includes approximately $17.0 on an after tax basis resulting from
settlements of certain tax matters.