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EXHIBIT 99(A)
ITT DESTINATIONS, INC.
COMBINED INCOME
(In millions)
SIX MONTHS ENDED
SECOND QUARTER JUNE 30,
----------------- -----------------
1995 1994 1995 1994
------ ------ ------ ------
Revenues............................................... $1,697 $1,240 $2,982 $2,116
Costs and Expenses:
Salaries, benefits and other operating............... 1,231 983 2,216 1,687
Selling, general and administrative, net of service
fee income of $26, $23, $52 and $43............... 195 124 373 235
Depreciation and amortization........................ 72 33 128 66
------ ------ ------ ------
1,498 1,140 2,717 1,988
------ ------ ------ ------
199 100 265 128
Interest Expense (net of interest income of $8, $4, $13
and $8).............................................. (90) (34) (157) (46)
Miscellaneous Income (Expense), net.................... 3 (5) 9 (8)
------ ------ ------ ------
112 61 117 74
Income Tax............................................. (51) (26) (55) (31)
Minority Equity........................................ (15) (6) (9) (6)
------ ------ ------ ------
Net Income............................................. $ 46 $ 29 $ 53 $ 37
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EXHIBIT 99(A)
ITT DESTINATIONS, INC.
COMBINED BALANCE SHEET
(In millions)
JUNE 30, DECEMBER 31,
1995 1994
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ASSETS
Current Assets:
Cash and cash equivalents.......................................... $ 384 $ 191
Receivables, net................................................... 675 498
Inventories........................................................ 91 59
Prepaid expenses and other......................................... 93 217
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Total current assets............................................ 1,243 965
Plant, Property and Equipment, net................................... 3,954 2,882
Investments in Uncombined Affiliates................................. 1,340 655
Goodwill, net........................................................ 1,340 232
Notes Receivable, net................................................ 58 133
Other Assets......................................................... 286 145
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$8,221 $5,012
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LIABILITIES AND INVESTMENTS AND ADVANCES FROM ITT INDUSTRIES, INC.
Current Liabilities:
Accounts payable................................................... $ 279 $ 72
Accrued expenses................................................... 553 426
Notes payable and current maturities of long-term debt............. 168 31
Other current liabilities.......................................... 132 95
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Total current liabilities....................................... 1,132 624
Long-Term Debt....................................................... 667 600
Deferred Income Taxes................................................ 85 39
Other Liabilities.................................................... 287 192
Minority Interest.................................................... 244 204
Investments and Advances from ITT Industries, Inc.................... 5,806 3,353
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$8,221 $5,012
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