1
Exhibit 99.2
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
SECOND QUARTER
(unaudited)
(in millions except per share data) Three Months Ended
March 31
----------------------
1997 1996
---- ----
Sales and operating revenues $2,223 $2,039
Operating costs and expenses (2,353) (2,745)
------ ------
Operating profit (loss) (130) (706)
Other income and expenses, net 34 (146)
Interest expense (114) (146)
------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest (210) (998)
Income tax benefit (expense) 59 341
Effective tax rate 28.2% 34.2%
Minority interest -- (1)
------ ------
Income (loss) from Continuing Operations (151) (658)
------ ------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations -- (51)
Estimated gain (loss) on disposal of Discontinued
Operations -- 1,018
------ ------
Income (loss) from Discontinued Operations -- 967
------ ------
Extraordinary item:
Loss on early extinguishment of debt -- (63)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- --
Other postretirement benefits -- --
Income taxes -- --
------ ------
Net Income (loss) ($151) $246
====== ======
Average shares outstanding 642 439
Earnings (loss) per common share:
Continuing Operations ($0.23) ($1.50)
Discontinued Operations $0.00 $2.20
Extraordinary item $0.00 ($0.14)
Cumulative effect of changes in
accounting principles $0.00 $0.00
------ ------
Earnings (loss) per common share ($0.23) $0.56
====== ======
2
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
SECOND QUARTER
(unaudited)
(in millions except per share data)
Three Months Ended Six Months Ended
June 30 June 30
------------------ ----------------
1997 1996 1997 1996
---- ---- ---- ----
Sales and operating revenues $2,413 $2,148 $4,636 $4,187
Operating costs and expenses (2,267) (2,178) (4,620) (4,923)
------ ------ ------ ------
Operating profit (loss) 146 (30) 16 (736)
Other income and expenses, net 18 8 52 (138)
Interest expense (122) (109) (236) (255)
------ ------ ------ ------
Income (loss) from Continuing Operations before
income taxes and minority interest 42 (131) (168) (1,129)
Income tax benefit (expense) (40) 43 19 384
Effective tax rate 96.4% 33.0% 11.3% 34.0%
Minority interest (1) (1) (1) (2)
------ ------ ------ ------
Income (loss) from Continuing Operations 1 (89) (150) (747)
------ ------ ------ ------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations -- -- -- (51)
Estimated gain (loss) on disposal of Discontinued
Operations -- -- -- 1,018
------ ------ ------ ------
Income (loss) from Discontinued Operations -- -- -- 967
------ ------ ------ ------
Extraordinary item:
Loss on early extinguishment of debt -- -- -- (63)
Cumulative effect of changes in accounting principles:
Other postemployment benefits -- -- -- --
Other postretirement benefits -- -- -- --
Income taxes -- -- -- --
------ ------ ------ ------
Net Income (loss) $1 ($89) ($150) $ 157
====== ====== ====== ======
Average shares outstanding 644 443 643 441
Earnings (loss) per common share:
Continuing Operations $0.00 ($0.20) ($0.23) ($1.70)
Discontinued Operations $0.00 $0.00 $0.00 $2.20
Extraordinary item $0.00 $0.00 $0.00 ($0.14)
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------
Earnings (loss) per common share $0.00 ($0.20) ($0.23) $0.36
====== ====== ====== ======
3
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1996 BY QUARTER
(unaudited)
Three Three Six Three Nine Three Twelve
Months Months Months Months Months Months Months
(in millions except per share data) Ended Ended Ended Ended Ended Ended Ended
Mar 31 Jun 30 Jun 30 Sep 30 Sep 30 Dec 31 Dec 31
-------- -------- -------- ------- -------- ------- --------
1996 1996 1996 1996 1996 1996 1996
-------- -------- -------- ------- -------- ------- --------
Sales and operating revenues $2,039 $2,148 $4,187 $1,967 $6,154 $2,451 $8,605
Operating costs and expenses (2,745) (2,178) (4,923) (1,877) (6,800) (2,453) (9,253)
-------- -------- -------- ------- -------- ------ --------
Operating profit (loss) (706) (30) (736) 90 (646) (2) (648)
Other income and expenses, net (146) 8 (138) 25 (113) 27 (86)
Interest expense (146) (109) (255) (103) (358) (98) (456)
-------- -------- -------- ------- -------- ------ --------
Income (loss) from Continuing Operations before
income taxes and minority interest (998) (131) (1,129) 12 (1,117) (73) (1,190)
Income tax benefit (expense) 341 43 384 (4) 380 43 423
Effective tax rate 34.2% 33.0% 34.0% 34.5% 34.0% 59.2% 35.6%
Minority interest (1) (1) (2) (2) (4) (2) (6)
-------- -------- -------- ------- -------- ------ --------
Income (loss) from Continuing Operations (658) (89) (747) 6 (741) (32) (773)
-------- -------- -------- ------- -------- ------ --------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations (51) - (51) (4) (55) (2) (57)
Estimated gain (loss) on disposal of Discontinued
Operations 1,018 - 1,018 - 1,018 - 1,018
-------- -------- -------- ------- -------- ------ --------
Income (loss) from Discontinued Operations 967 - 967 (4) 963 (2) 961
-------- -------- -------- ------- -------- ------ --------
Extraordinary item:
Loss on early extinguishment of debt (63) - (63) (30) (93) - (93)
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - - - - - - -
Other postretirement benefits - - - - - - -
Income taxes - - - - - - -
-------- -------- -------- ------- -------- ----- --------
Net income (loss) $246 ($89) $157 ($28) $129 ($34) $95
======== ======== ======== ======= ======= ======= ========
Average shares outstanding 439 443 441 444 442 448 443
Earnings (loss) per common share:
Continuing Operations ($1.50) ($0.20) ($1.70) $0.01 ($1.68) ($0.07) ($1.74)
Discontinued Operations $2.20 $0.00 $2.20 ($0.01) $2.18 ($0.01) $2.17
Extraordinary item ($0.14) $0.00 ($0.14) ($0.06) ($0.21) $0.00 ($0.21)
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
-------- -------- -------- ------ ------- ------- -------
Earnings (loss) per common share $0.56 ($0.20) $0.36 ($0.06) $0.29 ($0.08) $0.22
======== ======== ======== ====== ======= ======= =======
4
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1995 BY QUARTER
(unaudited)
Three Three Six Three Nine Three Twelve
Months Months Months Months Months Months Months
(in millions except per share data) Ended Ended Ended Ended Ended Ended Ended
Mar 31 Jun 30 Jun 30 Sep 30 Sep 30 Dec 31 Dec 31
------ ------ ------ ------ ------ ------ ------
1995 1995 1995 1995 1995 1995 1995
------ ------ ------ ------ ------ ------ ------
Sales and operating revenues $1,128 $1,367 $2,495 $1,204 $3,699 $1,849 $5,548
Operating costs and expenses (1,109) (1,282) (2,391) (1,259) (3,650) (1,838) (5,488)
------ ------ ------ ------ ------ ------ ------
Operating profit (loss) 19 85 104 (55) 49 11 60
Other income and expenses, net (2) 1 (1) 124 123 14 137
Interest expense (48) (47) (95) (43) (138) (98) (236)
------ ------ ------ ------ ------ ------ ------
Income (loss) from Continuing
Operations before income taxes
and minority interest (31) 39 8 26 34 (73) (39)
Income tax benefit (expense) 15 (13) 2 (10) (8) 14 6
Effective tax rate 48.4% 33.3% -25.0% 38.5% 23.5% 19.2% 15.4%
Minority interest (2) (3) (5) (1) (6) (5) (11)
------ ------ ------ ------ ------ ------ ------
Income (loss) from Continuing Operations (18) 23 5 15 20 (64) (44)
------ ------ ------ ------ ------ ------ ------
Discontinued Operations, net of
income taxes:
Income (loss) from Discontinued
Operations 26 33 59 4 63 47 110
Estimated gain (loss) on disposal of
Discontinued Operations -- -- -- (76) (76) -- (76)
------ ------ ------ ------ ------ ------ ------
Income (loss) from Discontinued Operations 26 33 59 (72) (13) 47 34
Extraordinary item:
Loss on early extinguishment of debt -- -- -- -- -- -- --
Cumulative effect of changes in accounting
principles:
Other postemployment benefits -- -- -- -- -- -- --
Other postretirement benefits -- -- -- -- -- -- --
Income taxes -- -- -- -- -- -- --
------ ------ ------ ------ ------ ------ ------
Net Income (loss) $8 $56 $64 ($57) $7 ($17) ($10)
====== ====== ====== ====== ====== ====== ======
Average shares outstanding 398 399 398 409 403 435 410
Earnings (loss) per common share:
Continuing Operations ($0.08) $0.03 ($0.05) $0.02 ($0.04) ($0.15) ($0.19)
Discontinued Operations $0.07 $0.08 $0.15 ($0.18) ($0.03) $0.11 $0.08
Extraordinary item $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
------ ------ ------ ------ ------ ------ ------
Earnings (loss) per common share ($0.01) $0.11 $0.10 ($0.16) ($0.07) ($0.04) ($0.11)
====== ====== ====== ====== ====== ====== ======
5
WESTINGHOUSE ELECTRIC CORPORATION
EARNINGS INFORMATION
1994, 1993, AND 1992
(unaudited)
Twelve Months Ended
(in millions except per share data) ------------------------------------------
1994 1993 1992
------------------------------------------
Sales and operating revenues $5,125 $5,153 $5,272
Operating costs and expenses (4,764) (5,152) (4,812)
------------------------------------------
Operating profit (loss) 361 1 460
Other income and expenses, net (285) (75) (32)
Interest expense (134) (164) (169)
------------------------------------------
Income (loss) from Continuing Operations before
income taxes and minority interest (58) (238) 259
Income tax benefit (expense) 30 73 (79)
Effective tax rate 51.7% 30.7% 30.5%
Minority interest (9) (9) (5)
------------------------------------------
Income (loss) from Continuing Operations (37) (174) 175
------------------------------------------
Discontinued Operations, net of income taxes:
Income (loss) from Discontinued Operations 85 (4) 147
Estimated gain (loss) on disposal of Discontinued
Operations - (95) (1,383)
------------------------------------------
Income (loss) from Discontinued Operations 85 (99) (1,236)
Extraordinary item:
Loss on early extinguishment of debt - - -
Cumulative effect of changes in accounting
principles:
Other postemployment benefits - (56) -
Other postretirement benefits - - (742)
Income taxes - - 404
------------------------------------------
Net Income (loss) $48 ($329) ($1,399)
==========================================
Average shares outstanding 384 353 346
Earnings (loss) per common share:
Continuing Operations ($0.23) ($0.64) $0.43
Discontinued Operations $0.22 ($0.28) ($3.57)
Extraordinary item $0.00 $0.00 $0.00
Cumulative effect of changes in
accounting principles $0.00 ($0.16) ($0.98)
------------------------------------------
Earnings (loss) per common share ($0.01) ($1.08) ($4.12)
==========================================