1
EXHIBIT 99.3
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
FIRST QUARTER 1997 REPORT
($ in millions) (unaudited)
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
TOTAL MEDIA:
TV
Orders 177 188 -5.9%
Backlog -- -- N/A
Sales 177 188 -5.9%
Operating Profit (Loss) 56 54 3.7%
OP (Loss) without Special Items 56 54 3.7%
OP Margin w/o Special Items 31.6% 28.7% N/A
Depreciation & Amortization 11 14 -21.4%
Capital Expenditures 2 3 -33.3%
EBITDA without Special Items 67 68 -1.5%
NETWORK
Orders 793 766 3.5%
Backlog -- -- N/A
Sales 793 766 3.5%
Operating Profit (Loss) (60) -- N/A
OP (Loss) without Special Items (60) -- N/A
OP Margin w/o Special Items -7.6% -- N/A
Depreciation & Amortization 16 10 60.0%
Capital Expenditures 9 14 -35.7%
EBITDA without Special Items (44) 10 -540.0%
RADIO
Orders 313 121 158.7%
Backlog -- -- N/A
Sales 313 121 158.7%
Operating Profit (Loss) 47 20 135.0%
OP (Loss) without Special Items 47 20 135.0%
OP Margin w/o Special Items 15.0% 16.5% N/A
Depreciation & Amortization 44 10 340.0%
Capital Expenditures 3 1 200.0%
EBITDA without Special Items 91 30 203.3%
OTHER MEDIA BUSINESSES
Orders 60 49 22.4%
Backlog -- -- N/A
Sales 60 49 22.4%
Operating Profit (Loss) (4) 4 -200.0%
OP (Loss) without Special Items (4) 4 -200.0%
OP Margin w/o Special Items -6.7% 8.2% N/A
Depreciation & Amortization 4 3 33.3%
Capital Expenditures 6 1 500.0%
EBITDA without Special Items -- 7 -100.0%
OTHER
Orders (17) (6) -183.3%
Backlog -- -- N/A
Sales (17) (6) -183.3%
Operating Profit (Loss) (35) (76) 53.9%
OP (Loss) without Special Items (35) (35) --
OP Margin w/o Special Items 205.9% 583.3% N/A
Depreciation & Amortization 31 30 3.3%
Capital Expenditures 1 1 --
EBITDA without Special Items (4) (5) 20.0%
TOTAL MEDIA
Orders 1,326 1,118 18.6%
Backlog -- -- N/A
Sales 1,326 1,118 18.6%
Operating Profit (Loss) 4 2 100.0%
OP (Loss) without Special Items 4 43 -90.7%
OP Margin w/o Special Items 0.3% 3.8% N/A
Depreciation & Amortization 106 67 58.2%
Capital Expenditures 21 20 5.0%
EBITDA without Special Items 110 110 --
2
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
FIRST QUARTER 1997 REPORT
($ in millions) (unaudited)
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
TOTAL POWER SYSTEMS:
ENERGY SYSTEMS
Orders 246 322 -23.6%
Backlog 2,935 3,189 -8.0%
Sales 187 231 -19.0%
Operating Profit (Loss) (60) (26) -130.8%
OP (Loss) without Special Items (60) (5) -1100.0%
OP Margin w/o Special Items -32.1% -2.2% N/A
Depreciation & Amortization 12 12 --
Capital Expenditures 4 7 -42.9%
EBITDA without Special Items (48) 7 -785.7%
POWER GENERATION
Orders 219 488 -55.1%
Backlog 2,546 3,172 -19.7%
Sales* 474 277 71.1%
Operating Profit (Loss) (39) (225) 82.7%
OP (Loss) without Special Items (39) (42) 7.1%
OP Margin w/o Special Items -8.2% -15.2% N/A
Depreciation & Amortization 10 14 -28.6%
Capital Expenditures 11 6 83.3%
EBITDA without Special Items (29) (28) -3.6%
OTHER POWER SYSTEMS
Orders (8) (103) 92.2%
Backlog (539) (659) 18.2%
Sales (51) (50) -2.0%
Operating Profit (Loss) (17) (306) 94.4%
OP (Loss) without Special Items (17) (17) --
OP Margin w/o Special Items 33.3% 34.0% N/A
Depreciation & Amortization -- -- N/A
Capital Expenditures -- -- N/A
EBITDA without Special Items (17) (17) --
TOTAL POWER SYSTEMS
Orders 457 707 -35.4%
Backlog 4,942 5,702 -13.3%
Sales* 610 458 33.2%
Operating Profit (Loss) (116) (557) 79.2%
OP (Loss) without Special Items (116) (64) -81.3%
OP Margin w/o Special Items -19.0% -14.0% N/A
Depreciation & Amortization 22 26 -15.4%
Capital Expenditures 15 13 15.4%
EBITDA without Special Items (94) (38) -147.4%
THERMO KING
Orders 302 288 4.9%
Backlog 186 209 -11.0%
Sales 251 257 -2.3%
Operating Profit (Loss) 47 45 4.4%
OP (Loss) without Special Items 47 45 4.4%
OP Margin w/o Special Items 18.7% 17.5% N/A
Depreciation & Amortization 4 4 --
Capital Expenditures 4 4 --
EBITDA without Special Items 51 49 4.1%
*First quarter 1996 sales were reduced by a $180
million one-time adjustment to previous accounting
for certain long-term contracts.
3
WESTINGHOUSE ELECTRIC CORPORATION
SEGMENT INFORMATION
FIRST QUARTER 1997 REPORT
($ in millions) (unaudited)
Three Months Ended
March 31
1997 1996 % Change
---- ---- --------
GOVERNMENT OPERATIONS
Orders 5 1 400.0%
Backlog 16 31 -48.4%
Sales 23 25 -8.0%
Operating Profit (Loss) 10 18 -44.4%
OP (Loss) without Special Items 10 18 -44.4%
OP Margin w/o Special Items 43.5% 72.0% N/A
Depreciation & Amortization -- -- N/A
Capital Expenditures -- 1 -100.0%
EBITDA without Special Items 10 18 -44.4%
TOTAL INDUSTRIES & TECHNOLOGY
Orders 764 996 -23.3%
Backlog 5,144 5,942 -13.4%
Sales* 884 740 19.5%
Operating Profit (Loss) (59) (494) 88.1%
OP (Loss) without Special Items (59) (1) -5800.0%
OP Margin w/o Special Items -6.7% -0.1% N/A
Depreciation & Amortization 26 30 -13.3%
Capital Expenditures 19 18 5.6%
EBITDA without Special Items (33) 29 -213.8%
CORPORATE & OTHER
Orders 16 40 -60.0%
Backlog 30 41 -26.8%
Sales 20 34 -41.2%
Operating Profit (Loss) (75) (322) 76.7%
OP (Loss) without Special Items (75) (74) -1.4%
OP Margin w/o Special Items -375.0% -217.6% N/A
Depreciation & Amortization 2 7 -71.4%
Capital Expenditures (1) 1 -200.0%
EBITDA without Special Items (73) (67) -9.0%
INTERSEGMENT
Orders (8) (9) 11.1%
Backlog (11) (8) -37.5%
Sales (7) (9) 22.2%
TOTAL CONTINUING OPERATIONS
Orders 2,098 2,145 -2.2%
Backlog 5,163 5,975 -13.6%
Sales* 2,223 1,883 18.1%
Operating Profit (Loss) (130) (814) 84.0%
OP (Loss) without Special Items (130) (32) -306.3%
OP Margin w/o Special Items -5.8% -1.7% N/A
Depreciation & Amortization 134 104 28.8%
Capital Expenditures 39 39 --
EBITDA without Special Items 4 72 -94.4%
*First quarter 1996 sales were reduced by a $180
million one-time adjustment to previous accounting
for certain long-term contracts.