QUARTERLY RESULTS OF OPERATIONS - (Unaudited) Exhibit 13(h)
(In Millions, Except Per Share Amounts)
1998
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Quarters
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First Second Third Fourth Year
----- ------ ----- ------ -------
Total revenues $38.0 $158.1 $176.1 $131.7 $503.9
Gross profit 5.3 28.7 32.6 29.2 95.8
Net income
Amount .5 16.9 20.1 19.9 57.4
Per common share
Basic .04 1.49 1.80 1.77 5.10
Diluted .04 1.48 1.78 1.76 5.06
Average number of shares
Basic 11.3 11.3 11.2 11.1 11.2
Diluted 11.4 11.4 11.3 11.3 11.3
Fourth quarter results included a $3.5 million tax credit reflecting a
reassessment of current and prior years' tax obligations resulting from the
audit of prior years' tax returns.
1997
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Quarters
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First Second Third Fourth Year
----- ------ ----- ------ ----
Total revenues $31.3 $122.1 $149.0 $153.7 $456.1
Gross profit 7.8 19.0 28.4 28.8 84.0
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 resulting from
reversal of Savage River Mine closedown obligations recorded in prior years.
Third quarter results included a $5.6 million tax credit resulting from the
settlement of prior years' tax issues.
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Common Share Price Performance and Dividends
Price Performance
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1998 1997 Dividends
--------------- -------------- ------------------
High Low High Low 1998 1997
---- --- ---- --- ---- ----
First Quarter $55.18 $42.75 $45.88 $41.50 $.325 $.325
Second Quarter 57.31 49.81 43.50 40.00 .375 .325
Third Quarter 57.69 36.06 44.88 40.69 .375 .325
Fourth Quarter 41.88 37.00 47.13 40.88 .375 .325
------ ------
Year 57.69 36.06 47.13 40.00 $1.45 $1.30
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