QUARTERLY RESULTS OF OPERATIONS - (Unaudited) Exhibit 13(h)
(In Millions Except Per Share Amounts)
1994
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Quarters
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First Second Third Fourth Year
----- ------ ------ ------ ------
Total Revenues $49.5 $ 85.0 $111.0 $143.4 $388.9
Gross Profit 8.6 19.6 23.6 27.8 79.6
Net Income
Amount 2.2 10.4 14.8 15.4 42.8
Per Common Share .18 .86 1.23 1.27 3.54
Fourth quarter results of operations included Northshore beginning October 1,
1994.
1993
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Quarters
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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 LTV 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.
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COMMON SHARE PRICE PERFORMANCE AND DIVIDENDS
Price Performance
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1994 1993 Dividends
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High Low High Low 1994 1993
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First Quarter $45-1/2 $36-3/8 $36-7/8 $32-1/2 $ .30 $ .30
Second Quarter 42-7/8 34-3/8 34-7/8 31-1/2 .30 .30
Third Quarter 42-1/8 35-5/8 35-5/8 28-3/4 .30 3.00*
Fourth Quarter 40-1/8 34 37-1/2 31 .325 .30
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Year 45-1/2 34 37-1/2 28-3/4 $1.225 $3.90
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*Includes a $2.70 per share special dividend.
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