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QUARTERLY RESULTS OF OPERATIONS-(Unaudited) Exhibit 13(h)
(In Millions Except Per Share Amounts)
1993
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Quarters
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First Second Third Fourth Year
----- ------ ----- ------ ------
Total Revenues $43.3 $121.7 $87.6 $103.3 $355.9
Gross Profit 3.4 19.2 12.3 20.1 55.0
Net Income (Loss)
Amount (.1) 33.5 7.2 14.0 54.6
Per Common Share (.01) 2.79 .60 1.17 4.55
Second quarter results included income of $34.8 million
pre-tax ($23.0 million after tax) from the bankruptcy
recovery; third quarter results included the effect of
the six-week strike, $6.9 million pre-tax ($5.4 million
after tax); and fourth quarter results included a $1.3
million tax credit representing a prior year adjustment.
1992
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Quarters
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First Second Third Fourth Year
----- ------ ----- ------ -------
Total Revenues $53.4 $ 93.7 $107.7 $72.2 $327.0
Gross Profit 9.5 24.3 20.9 14.9 69.6
Net Income (Loss)
Amount (33.6) 11.7 14.5 (.5) (7.9)
Per Common Share (2.80) .98 1.21 (.05) (.66)
First quarter results included a $38.7 million, or $3.23
per share, after-tax charge for the cumulative effect of
accounting changes; second quarter results included a $5.0
million pre-tax ($3.7 million after tax) provision for
doubtful accounts receivable; third quarter results included
$2.3 million after-tax income from unusual transactions; and
fourth quarter results included a $12.5 million pre-tax
($9.3 million after tax) additional provision for doubtful
accounts receivable and a $1.1 million tax credit due to a
prior year tax adjustment.
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COMMON SHARE PRICE PERFORMANCE AND DIVIDENDS
Price Performance
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1993 1992 Dividends
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High Low High Low 1993 1992
------- ------- ------- ------- ------ ------
First Quarter $36-7/8 $32-1/2 $40-3/8 $35-7/8 $ .30 $ .275
Second Quarter 34-7/8 31-1/2 39-1/4 33 .30 .30
Third Quarter 35-5/8 28-3/4 34-3/4 29-1/2 3.00* .30
Fourth Quarter 37-1/2 31 38-1/2 32-3/8 .30 .30
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Year 37-1/2 28-3/4 40-3/8 29-1/2 $3.90 $1.175
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<FN>
*Includes a $2.70 per share special dividend.
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