1
CONDENSED CONSOLIDATED BALANCE SHEETS EXHIBIT 99
FERRO CORPORATION AND SUBSIDIARIES
MARCH 31, 1998 AND DECEMBER 31, 1997
(Unaudited) (Audited)
(Dollars in Thousands) 1998 1997
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ASSETS
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Current Assets:
Cash and Cash Equivalents $ 70,941 $ 16,337
Net Receivables 247,485 232,927
Inventories 129,536 127,175
Other Current Assets 52,447 50,591
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Total Current Assets $500,409 $427,030
Unamortized Excess of Cost Over Net Assets Acquired 53,002 54,355
Other Assets 64,895 64,114
Net Plant & Equipment 242,068 240,180
$860,374 $785,679
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LIABILITIES
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Current Liabilities:
Notes and Loans Payable $ 21,385 $ 23,269
Accounts Payable, Trade 114,621 109,958
Income Taxes 12,871 6,563
Accrued Payrolls 15,626 17,501
Accrued Expenses and Other Current Liabilities 125,919 120,416
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Total Current Liabilities $290,422 $277,707
Long-Term Debt 156,860 102,020
ESOP Loan Guarantee 11,201 13,815
Postretirement Liabilities 46,205 45,643
Other Liabilities 73,501 73,343
Shareholders' Equity 282,185 273,151
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$860,374 $785,679
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2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1998 1997
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Segment Sales
Coatings, Colors, and Ceramics $199,331 $202,545
Plastics 60,849 59,241
Chemicals 79,583 80,411
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Total Net Sales $339,763 $342,197
Cost of Sales 249,622 255,770
Selling, Administrative and General Expenses 59,375 57,845
Other Charges (Credits):
Interest Expense 3,106 3,030
Net Foreign Currency (Gain) (680) (1,397)
Other Expense - Net 1,023 2,463
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Income Before Taxes 27,317 24,486
Taxes on Income 10,262 9,292
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Net Income 17,055 15,194
Dividend on Preferred Stock, Net of Tax 944 941
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Net Income Available to Common Shareholders $ 16,111 $ 14,253
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Per Common Share Data:
Basic Earnings $0.43 $0.37
Diluted Earnings $0.40 $0.35
Shares Outstanding:
Average Outstanding 37,388,190 38,384,681
Average Diluted 41,792,047 42,364,703
Actual End of Period 37,432,486 38,393,904
3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended
March 31
(Unaudited) (Unaudited)
(Dollars in Thousands) 1998 1997
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Net Cash Provided from Operating Activities $24,855 $28,434
Cash Flow from Investing Activities:
Capital Expenditures for Plant and Equipment (13,544) (9,048)
Other Investing Activities (380) 516
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Net Cash Used for Investing Activities (13,924) (8,532)
Cash Flow from Financing Activities:
Net (Payments) Under Short-Term Lines (1,883) (6,234)
Proceeds from Long-Term Debt 53,888 0
Purchase of Treasury Stock (4,032) (5,751)
Cash Dividend Paid (4,494) (5,053)
Other Financing Activities 1,678 807
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Net Cash (Used for) Provided by Financing Activities 45,157 (16,231)
Effect of Exchange Rate Changes on Cash (1,484) (806)
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Increase in Cash and Cash Equivalents 54,604 2,865
Cash and Cash Equivalents at Beginning of Period 16,337 14,026
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Cash and Cash Equivalents at End of Period $70,941 $16,891
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Cash Paid During the Period for:
Interest, net of amounts capitalized $1,199 $1,504
Income Taxes $3,277 $2,477
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