1
Exhibit 99
CONDENSED CONSOLIDATED BALANCE SHEET
FERRO CORPORATION AND SUBSIDIARIES
JUNE 30, 1998 AND DECEMBER 31, 1997
(Dollars in Thousands)
(Unaudited) (Audited)
1998 1997
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ASSETS
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Current Assets:
Cash and Cash Equivalents $36,016 $16,337
Net Receivables 267,755 232,927
Inventories 134,091 127,175
Other Current Assets 52,509 50,591
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Total Current Assets $490,371 $427,030
Unamortized Excess of Cost Over Net Assets Acquired 52,421 54,355
Other Assets 67,967 64,114
Net Plant & Equipment 248,515 240,180
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$859,274 $785,679
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LIABILITIES
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Current Liabilities:
Notes and Loans Payable $25,390 $23,269
Accounts Payable, Trade 121,737 109,958
Income Taxes 5,017 6,563
Accrued Payrolls 20,533 17,501
Accrued Expenses and Other Current Liabilities 125,184 120,416
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Total Current Liabilities $297,861 $277,707
Long-Term Debt 157,008 102,020
ESOP Loan Guarantee 8,934 13,815
Postretirement Liabilities 46,367 45,643
Other Liabilities 73,177 73,343
Shareholders' Equity 275,927 273,151
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$859,274 $785,679
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2
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30 June 30
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Dollars in Thousands) 1998 1997 1998 1997
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Segment Sales
Coatings, Colors, and Ceramics $208,490 $211,848 $407,821 $414,393
Plastics 61,914 61,251 122,763 120,492
Chemicals 77,600 89,946 157,183 170,357
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Total Net Sales $348,004 $363,045 $687,767 $705,242
Cost of Sales 255,453 270,164 505,075 525,934
Selling, Administrative and General Expenses 59,086 60,225 118,461 118,070
Realignment Expense 0 152,790 0 152,790
Other Charges (Credits):
Interest Expense 3,833 3,040 6,939 6,070
Net Foreign Currency (Gain) (439) (903) (1,119) (2,300)
Other Expense - Net 947 395 1,970 2,858
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Income (Loss) Before Taxes 29,124 (122,666) 56,441 (98,180)
Taxes on Income 10,722 (38,720) 20,984 (29,428)
Net Income (Loss) 18,402 (83,946) 35,457 (68,752)
Dividend on Preferred Stock, Net of Tax 948 940 1,892 1,881
Net Income (Loss) Available to Common Shareholders $ 17,454 ($ 84,886) $ 33,565 ($ 70,633)
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Per Common Share Data:
Basic Earnings (Loss) $0.47 ($2.21) $0.90 ($1.84)
Diluted Earnings (Loss) $0.44 ($2.21) $0.83 ($1.84)
Shares Outstanding:
Average Outstanding 36,955,301 38,451,827 37,171,745 38,418,254
Average Diluted 41,186,318 42,692,641 41,489,182 42,528,672
Actual End of Period 36,596,683 38,484,144 36,596,683 38,484,144
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3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
FERRO CORPORATION AND SUBSIDIARIES
Three Months Ended Six Months Ended
June 30 June 30
(Unaudited) (Unaudited) (Unaudited) (Unaudited)
(Dollars in Thousands) 1998 1997 1998 1997
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Net Cash Provided from Operating Activities $3,656 $34,074 $28,511 $62,508
Cash Flow from Investing Activities:
Capital Expenditures for Plant and Equipment (10,255) (11,648) (23,799) (20,696)
Other Investing Activities (1,144) 2,759 (1,524) 3,275
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Net Cash (Used for) Provided by Investing Activities (11,399) (8,889) (25,323) (17,421)
Cash Flow from Financing Activities:
Net Borrowings (Payments) Under Short-Term Lines 4,005 (11,665) 2,122 (17,899)
Proceeds from Long-Term Debt 382 0 54,270
Purchase of Treasury Stock (26,664) (3,963) (30,696) (9,714)
Cash Dividend Paid (6,507) (5,039) (11,001) (10,092)
Other Financing Activities 1,061 1,272 2,739 2,079
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Net Cash (Used for) Provided by Financing Activities (27,723) (19,395) 17,434 (35,626)
Effect of Exchange Rate Changes on Cash 541 (479) (943) (1,285)
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Increase (Decrease) in Cash and Cash Equivalents (34,925) 5,311 19,679 8,176
Cash and Cash Equivalents at Beginning of Period 70,941 16,891 16,337 14,026
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Cash and Cash Equivalents at End of Period $36,016 $22,202 $36,016 $22,202
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Cash Paid During the Period for:
Interest, net of amounts capitalized $4,695 $5,042 $5,894 $6,546
Income Taxes $17,579 $12,011 $20,856 $14,488
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