STATEMENT OF CONSOLIDATED INCOME Exhibit 13(d) Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions, Except Per Share Amounts) Year Ended December 31 ------------------------------------------------- 1995 1994 1993 - --------------------------------------------------------------------------------------------------------------------- REVENUES Product sales and service $411.2 $334.8 $268.1 Royalties and management fees 49.5 44.7 39.7 ------ ------ ------ Total Operating Revenues 460.7 379.5 307.8 Recoveries on bankruptcy claims -- -- 35.7 Investment income (securities) 9.3 7.9 9.1 Other income 3.1 1.5 3.3 ------ ------ ------ Total Revenues 473.1 388.9 355.9 COSTS AND EXPENSES Cost of goods sold and operating expenses 356.4 299.9 252.8 Administrative, selling and general expenses 15.1 15.9 15.7 Interest expense 6.5 6.6 6.6 Other expenses 23.5 9.0 5.1 ------ ------ ------ Total Costs and Expenses 401.5 331.4 280.2 ------ ------ ------ INCOME BEFORE INCOME TAXES AND EXTRAORDINARY ITEM 71.6 57.5 75.7 INCOME TAXES 10.7 14.7 21.1 ------ ------ ------ INCOME BEFORE EXTRAORDINARY ITEM 60.9 42.8 54.6 EXTRAORDINARY LOSS ON EARLY EXTINGUISHMENT OF DEBT (NET OF TAX BENEFIT, $1.7 MILLION) (3.1) -- -- ------ ------ ------ NET INCOME $ 57.8 $ 42.8 $ 54.6 ====== ====== ====== NET INCOME PER COMMON SHARE Before Extraordinary Item $ 5.10 $ 3.54 $ 4.55 Extraordinary Item (.26) -- -- ------ ------ ------ Net Income $ 4.84 $ 3.54 $ 4.55 ====== ====== ======
See notes to consolidated financial statements. 41