Article Abstract:
Three Bell operating companies - Nynex Corp, Southwestern Bell Corp and BellSouth Corp - post small profits for 4th qtr 1991 if restructuring and other charges are excluded. Nynex Corp reports a major loss because of a $211 million reorganization charge after its sale of Nynex Business Centers. Revenues for the quarter are down 5.8 percent, from $3.44 billion a year earlier, to $3.24 billion. Customer phone lines are up 1.2 percent, to 15,455,000, in Dec 1991. Southwestern Bell, meanwhile, posts $2.5 billion in revenue, up from $2.4 billion in 1990. The firm is taking a $30 million charge for layoffs in the quarter as well as a one-time charge of $81 million for payment of long-term debts for the year. In 4th qtr 1990, BellSouth is taking a one-time charge $65 million, or 13 cents per share. Revenue is up 1.2 percent, from $3.65 billion to $3.69 billion. Southern New England Telecommunications Corp's (SNET's) finances are also discussed. SNET's revenue is up, to $409.8 billion from 406.1 billion.
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Article Abstract:
Five regional telephone companies report mixed 3rd qtr results, ranging from a 12 percent increase in profits to a 20 percent decrease. BellSouth Corp earnings increased 12 percent despite paying one-time charges of 11 cents a share on an early-retirement incentive program and an accounting change in cellular phone operating; revenue was $3.63 billion. Southwestern Bell Corp added 70,000 customers in the quarter; revenue increased 2.4 percent from $2.37 to $2.42 billion the year previous; and earnings rose 12 percent. NYNEX Corp revenue fell 3.5 percent from $3.39 to $3.27 billion, and the company cited the selling of operations for the decline in operating revenue and expenses. Cincinnati Bell Inc suffered from rising costs and regulated prices. The company reported a 8.3 percent increase in revenue, from $263.2 to $285.2 million, and a 20 percent decrease in earnings for the quarter.
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Article Abstract:
Three of the telephone companies comprising the Bell Regional Holding Companies (BRHC) report 2nd qtr 1990 profits. NYNEX Corp announces a 7.7 percent rise in net income, although overall results are effected by the cost of an early retirement program. BellSouth Corp's revenue for the quarter shows only a 5.7 percent increase because of rate reductions in several southern states. BellSouth's cellular division's move from a $2.6 million loss in the 2nd qtr of 1989 to $13.1 million in income in the same period for 1990 contributes to the company's income growth. Ameritech indicates one of the larger profit increases, an 11.3 percent growth based on installed access lines and usage. Pacific Telesis's 2nd qtr results reveal an 8.9 percent decline in earnings per share while Southwestern Bell's financial report shows basically flat earnings, with net income increasing only 0.4 percent.
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