STATEMENT OF CONSOLIDATED INCOME Exhibit 13(d) Cleveland-Cliffs Inc and Consolidated Subsidiaries
(In Millions, Except Per Share Amounts) Year Ended December 31 ------------------------------------------------ 1997 1996 1995 - -------------------------------------------------------------------------------------------------------------- REVENUES - -------- Product sales and services $391.4 $451.7 $411.2 Royalties and management fees 47.5 51.5 49.5 ------ ------ ------ Total Operating Revenues 438.9 503.2 460.7 Investment income (securities) 6.3 9.5 9.3 Recovery of excess closedown provision 5.0 -- -- Property damage claim recovery -- 2.0 -- Other income 5.5 3.4 3.1 ------ ------ ------ Total Revenues 455.7 518.1 473.1 COSTS AND EXPENSES - ------------------ Cost of goods sold and operating expenses 354.5 392.9 356.4 Administrative, selling and general expenses 17.1 16.7 15.1 Interest expense 2.6 4.6 6.5 Other expenses 8.9 8.4 23.5 ------ ------ ------ Total Costs and Expenses 383.1 422.6 401.5 ------ ------ ------ INCOME BEFORE INCOME TAXES AND EXTRAORDINARY ITEM 72.6 95.5 71.6 INCOME TAXES 17.7 34.5 10.7 ------ ------ ------ INCOME BEFORE EXTRAORDINARY ITEM 54.9 61.0 60.9 EXTRAORDINARY LOSS ON EARLY EXTINGUISHMENT OF DEBT (NET OF TAX BENEFIT, $1.7 MILLION) -- -- (3.1) ------ ------ ------ NET INCOME $ 54.9 $ 61.0 $ 57.8 ====== ====== ====== NET INCOME PER COMMON SHARE - --------------------------- Basic Before Extraordinary Item $ 4.83 $ 5.26 $ 5.10 Extraordinary Item -- -- (.26) ------ ------ ------ Net Income $ 4.83 $ 5.26 $ 4.84 ====== ====== ====== Diluted Before Extraordinary Item $ 4.80 $ 5.23 $ 5.08 Extraordinary Item -- -- (.26) ------ ------ ------ Net Income $ 4.80 $ 5.23 $ 4.82 ====== ====== ====== AVERAGE NUMBER OF SHARES - ------------------------- Basic 11.4 11.6 11.9 Diluted 11.5 11.7 12.0
See notes to consolidated financial statements. 42