Article Abstract:
Three regional Bell companies - Nynex Corp, Bell Atlantic and US West - announce moderate growth in 1st qtr earnings and sales, while a fourth company - Pacific Telesis Group - says sales are up, but earnings are down. Nynex's income rises 2.8 percent, to $291.4 million, from $283.6 million a year ago. The parent of New York Telephone and New England Telephone reports revenues that are up 2.2 percent, to $3.3 billion, from $3.23 billion. Pactel's earnings fall to $262 million from $317 million. Revenues are up 1.3 percent, to $2.37 billion, from $2.34 billion. Bell Atlantic reports a 7.4 percent increase in earnings, to $355.3 million, from $330.8 million. Revenues are up 9 percent, to $3.02 billion, from $2.77 billion. US West's earnings are up 7.4 percent, to $271.9 million, from $249.6 million. Revenue is up 1.4 percent, to $2.43 billion, from $2.39 billion.
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Article Abstract:
Pacific Telesis Group and Bell Atlantic Corp post lower fiscal 4th qtr operating profits in Jan 1991. Pacific Telesis reports a 6.3 percent drop in fiscal 4th qtr profits and Bell Atlantic posts a one percent drop. Both companies take a $60 million after-tax loss for parts of their business that suffer from the recessionary US economy. Pacific Telesis announces that it will quit its real estate business and will sell its entire $475 million real estate portfolio over the next several years. Both companies suffer a drop in the number of medium-distance phone calls and a decrease in the growth rate of new telephone lines. Pacific Telesis stock prices fall $3.125 a share on Jan 22, 1991, and close at $41.25 a share; Bell Atlantic stock falls $4 a share and closes at $50 a share.
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Article Abstract:
AT and T's 4th qtr 1990 earnings of $698 million, or 65 cents a share, is off one percent from the same period in 1989 when earnings were $705 million, or 65 cents a share. Sales increased seven percent for the 1990 4th qtr to $9.96 billion as compared with $9.31 billion for the same period in 1989. The long-distance telephone company reports a modest increase in sales and profits for all of 1990. The loss of tax credits, reduced gains from cash investments and asset sales, and higher interest expenses were responsible for diluting a strong increase in the 1990 4th qtr operating profit. AT and T's stock gains 37.5 cents a share on Jan 24, 1991 and closes at $30.875 a share.
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