October 15, 1991 |
Westinghouse Electric Corp. is hoping to tap a $1.5-billion line of credit because of little investor interest in its short-term corporate debt, a source said Monday. Westinghouse also plans to meet Friday in New York with 80 lending institutions, including its lead bank, Chemical Bank. It plans to discuss additional borrowing of up to $8 billion to secure more permanent financing and avoid potential funding problems, said the source, who was familiar with the company's finances.
October 13, 1992 |
Westinghouse Electric Corp. reported no earnings per share in the third quarter as it posted $155 million in charges, primarily to cover losses on its holdings in troubled Phar-Mor Inc. The company, in a statement released after the stock market closed, said net income was $14 million, contrasted with a loss of $1.5 billion, or $4.86 a share, last year. The year-ago loss reflected a $1.
April 11, 1992 |
Westinghouse Electric Corp. said Friday that an accounting change for retirement benefits plunged the company into the red during the first quarter. The conglomerate reported a net loss of $246 million, or 72 cents a share, for the period, contrasted with a profit of $98 million, or 34 cents per share, a year earlier. Westinghouse Credit Corp., a subsidiary of Westinghouse Financial Services Inc.
February 28, 1991 |
Westinghouse Electric Corp. on Wednesday said it was taking a $975-million pretax charge against fourth-quarter 1990 earnings to cover the cost of liquidating sour junk bond and real estate investments at its financial services unit. The charge led to restatement of fourth-quarter results to a loss of $449 million, contrasting with a profit of $270 million a year earlier. The vast restructuring of Westinghouse Financial Services Inc.
October 8, 1991 |
Westinghouse Electric Corp. stunned Wall Street on Monday with a dire earnings report, saying that it lost $1.48 billion in the third quarter because of sour real estate investments and that it planned to slash 4,000 jobs to bring costs down. The announcement sent Westinghouse's stock tumbling 12% on the New York Stock Exchange and it knocked down blue chip stocks--already losing ground on worries about third-quarter earnings. The Pittsburgh-based company said the loss arose because of a $1.
March 11, 1992 |
Westinghouse Corp., in one of the most dramatic steps to date to reduce top executives' pay, slashed its chairman's compensation by $1 million in 1991, according to the company's newly released proxy statement. Directors of financially ailing Westinghouse cut Paul E. Lego's pay to $677,083 from the $1.68 million he earned in 1990. But Lego was given a number of financial incentives to improve Westinghouse's performance.