| Koppers RESULTS FOR THE FIRST SIX MONTHS AND SECOND QUARTER 1998 |
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| (MILLIONS EXCEPT EARNINGS PER SHARE) |
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SECOND |
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THREE MONTHS ENDED |
SIX MONTHS ENDED |
QUARTER ENDED |
QUARTER ENDED |
SIX MONTHS |
QUARTER |
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MARCH 31, |
JUNE 30, |
JUNE 30, |
MARCH 31, |
PRO FORMA |
PRO FORMA |
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1998 |
1997 |
1998 |
1997 |
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1997 * |
1997 * |
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(UNAUDITED) |
(UNAUDITED) |
(UNAUDITED) |
(UNAUDITED) |
(UNAUDITED) |
(UNAUDITED) |
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| INCOME STATEMENT DATA: |
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| NET SALES |
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$330.7 |
$291.5 |
$174.2 |
$157.5 |
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$344.9 |
$184.2 |
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| OPERATING EXPENSES: |
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| COST OF SALES |
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$273.8 |
$247.5 |
$142.2 |
$132.3 |
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$285.6 |
$151.0 |
| DEPRECIATION & AMORTIZATION |
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$15.1 |
$11.9 |
$7.6 |
$6.0 |
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$15.4 |
$7.8 |
| SELLING, GEN'L & ADMIN. |
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$18.3 |
$14.7 |
$8.9 |
$7.9 |
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$19.6 |
$10.6 |
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| TOTAL OPERATING EXPENSES |
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$307.2 |
$274.1 |
$158.7 |
$146.2 |
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$320.6 |
$169.4 |
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| OPERATING PROFIT |
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$23.5 |
$17.4 |
$15.5 |
$11.3 |
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$24.3 |
$14.8 |
| EQUITY IN EARNINGS OF AFFILIATES |
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$0.9 |
$3.3 |
$0.9 |
$1.3 |
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$1.6 |
$0.7 |
| OTHER EXPENSE |
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$1.4 |
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$1.4 |
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$1.4 |
$1.4 |
| EARNINGS BEFORE INTEREST & TAXES |
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$24.4 |
$19.3 |
$16.4 |
$11.2 |
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$24.5 |
$14.1 |
| INTEREST EXPENSE |
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$14.7 |
$8.3 |
$7.6 |
$4.2 |
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| INCOME (LOSS) BEFORE TAXES |
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$9.7 |
$11.0 |
$8.8 |
$7.0 |
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| INCOME TAX PROVISION (BENEFIT) |
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$1.2 |
$1.3 |
$1.1 |
$0.7 |
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| MINORITY INTEREST |
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$0.4 |
$0.0 |
$0.2 |
$0.0 |
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| NET INCOME |
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$8.1 |
$9.7 |
$7.5 |
$6.3 |
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| DILUTED EARNINGS PER SHARE |
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$1.91 |
$1.05 |
$1.84 |
$0.69 |
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| EBITDA: |
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| EARNINGS BEFORE INTEREST & TAXES |
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$24.4 |
$19.3 |
$16.4 |
$11.2 |
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$24.5 |
$14.1 |
| PLUS DEPRECIATION & AMORTIZATION |
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$15.1 |
$11.9 |
$7.6 |
$6.0 |
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$15.4 |
$7.8 |
| LESS NON-CASH EQUITY INCOME |
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($0.3) |
$0.9 |
($0.3) |
$2.9 |
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$0.1 |
$1.0 |
| EARNINGS BEFORE INTEREST, TAXES |
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$39.2 |
$32.1 |
$23.7 |
$20.1 |
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$40.0 |
$22.9 |
| DEPRECIATION & AMORTIZATION (EBITDA) |
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| ONE-TIME CHARGES |
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$2.2 |
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$2.2 |
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$2.2 |
$2.2 |
| ADJUSTED EBITDA |
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$39.2 |
$34.3 |
$23.7 |
$22.3 |
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$42.2 |
$25.1 |
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| *-INCLUDES KOPPERS AUSTRALIA 1997 RESULTS @ 1998 EXCHANGE RATES |
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| OTHER DATA: |
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| DILUTED AVERAGE SHARES OUTSTANDING |
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4.3 |
9.2 |
4.1 |
9.3 |
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| CAPITAL EXPENDITURES (EXCL. ACQUISITIONS) |
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$6.6 |
$8.1 |
$3.9 |
$4.6 |
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| TOTAL DEBT |
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$345.1 |
$204.1 |
$345.1 |
$204.1 |
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| EQUITY DIVIDENDS |
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$0.6 |
$4.2 |
$0.6 |
$4.2 |
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$1.7 |
$1.7 |
| LIFO EFFECT ON EARNINGS |
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($0.6) |
($0.9) |
$0.7 |
($0.3) |
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