Article Abstract:
Bell Atlantic Corp and Southern New England Telecommunications report gains for the 3rd qtr, but Nynex Corp, Pacific Telesis Group and US West Inc report earnings declines. Bell Atlantic reports net up 6.5 percent, with revenue up 5.6 percent to $2.9 billion from $2.8 billion in 1988. Southern New England Telecommunications reports that net is up 8.7 percent, with revenue and sales increased to $423.9 million from $394.4 million a year earlier. Nynex's net fell 14.8 percent because of a continuing strike, lower-than-expected profit at the company's New York Telephone unit, and higher taxes and costs. Pacific Telesis Group reports that net declined 12.6 percent, mainly because of regulatory action. U S West said net income dropped 8.9 percent.
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Article Abstract:
Bell Atlantic Corp announces a cost reduction plan that will eliminate 1,200 jobs and consolidate and refinance several telephone units. The reorganization is expected to result in a $300 million or more charge against profits that will eliminate any 4th qtr 1989 earnings and deflate 1990 earnings. A $50 to $100 million savings is projected for 1990, but analysts say that will be canceled out by the medical and dental benefits trust that Bell agreed to in labor negotiations. Bell's 4th qtr 1989 earnings are $302.6 million on revenues of $2.7 billion. The company will also close its Chesapeake and Potomac Telephone Co headquarters and refinance the debt on three telephone company units to get lower interest rates.
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Article Abstract:
Three Bell regional holding companies: Nynex Corp, Bell Atlantic Corp and US West Inc, report moderate earnings gains in their 3rd qtr 1990. Bell Atlantic Corp reports an increase in profits of 4.2 percent, to $358.4 from $344.1 million from the year-ago period. Bell Atlantic's revenues rose 6.5 percent to $3.10 billion from $2.91 billion. Nynex Corp reports an earnings increase of 2.8 percent to $296.7 million, from $288.7 million for the same period a year ago. Nynex's revenues grew to $3.4 billion from $3.31 billion a year ago. At US West earnings are up 17.2 percent, to $302.6 million from $258.1 million for the comparable period a year ago. The firm's revenue jumped to $2.48 billion from $2.32 billion.
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