QUARTERLY RESULTS OF OPERATIONS-(Unaudited) Exhibit 13(h) (In Millions Except Per Share Amounts) 1993 -------------------------------------------------------------------- Quarters ----------------------------------------------------- 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 --------------------------------------------------------------------- Quarters ----------------------------------------------------- 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. --------------------------------------------------------------
COMMON SHARE PRICE PERFORMANCE AND DIVIDENDS Price Performance ----------------------------------------------- 1993 1992 Dividends ----------------- ----------------- -------------------- 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 ------ ------ Year 37-1/2 28-3/4 40-3/8 29-1/2 $3.90 $1.175 ====== ====== *Includes a $2.70 per share special dividend.
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