QUARTERLY RESULTS OF OPERATIONS-(Unaudited) Exhibit 13(h)
(In Millions, Except Per Share Amounts)
1997
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Quarters
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First Second Third Fourth Year
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Total Revenues $31.3 $122.1 $148.9 $153.4 $455.7
Gross Profit 7.8 19.0 28.5 29.1 84.4
Net Income
Amount 3.0 12.9 21.1 17.9 54.9
Per Common Share
Basic .26 1.14 1.86 1.57 4.83
Diluted .26 1.13 1.85 1.56 4.80
Average Number of Shares
Basic 11.4 11.4 11.4 11.4 11.4
Diluted 11.4 11.4 11.5 11.5 11.5
Second quarter results included a $2.8 million after-tax credit, and fourth
quarter results included a $.4 million after-tax credit, both resulting from
reversal of Savage River Mine closedown obligations recorded in prior years.
Earnings for the third quarter included a $5.6 million tax credit resulting from
the settlement of prior years' tax issues.
1996
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Quarters
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First Second Third Fourth Year
----- ------ ----- ------ ----
Total Revenues $59.8 $140.8 $166.7 $150.8 $518.1
Gross Profit 10.4 30.1 37.1 32.7 110.3
Net Income
Amount 3.6 17.8 21.3 18.3 61.0
Per Common Share
Basic .30 1.52 1.84 1.60 5.26
Diluted .30 1.51 1.83 1.59 5.23
Average Number of Shares
Basic 11.8 11.7 11.5 11.4 11.6
Diluted 11.9 11.7 11.6 11.5 11.7
Second quarter results included a $1.3 million after-tax property damage
insurance recovery on a January, 1996 ore train derailment.
Earnings per share reflect the periodic repurchase of shares under the Company's
stock repurchase program. Total shares repurchased through December 31, 1997
were 893,400 shares (through December 31, 1996 - 780,300).
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COMMON SHARE PRICE PERFORMANCE AND DIVIDENDS
Price Performance
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1997 1996 Dividends
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High Low High Low 1997 1996
------- ------- ------- ------- ------ -----
First Quarter $45-7/8 $41-1/2 $46-7/8 $40-1/4 $ .325 $ .325
Second Quarter 43-1/2 40 44-1/4 37-3/4 .325 .325
Third Quarter 44-7/8 40-11/16 40-1/8 36-1/4 .325 .325
Fourth Quarter 47-1/8 40-7/8 46-1/8 38 .325 .325
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Year 47-1/8 40 46-7/8 36-1/4 $1.30 $1.30
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