Article Abstract:
Four regional telephone companies - Nynex Corp, Bell Atlantic Corp, BellSouth Corp and US West - report 1st qtr earnings for 1991 and the results suggest that the recession has had a significant effect. Nynex reports that net income is down 7.5 percent. Net income for the company fell to $269.5 million ($1.34 a share) from $291.4 million ($1.46 a share) in the comparable period a year preceding. Bell Atlantic reports net income of $353.6 million, which is slightly less than the $355.3 million that the company reported last year. BellSouth says net income is down 4.9 percent to $402.3 million (83 cents a share) from $423.2 million (88 cents a share) a year ago. US West says net income is up 5.1 percent, to $285.9 million from $271.9 million. These results tend to confirm a trend established by reports that came out earlier in the week.
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Article Abstract:
For the third quarter, Globalstar Telecommunications Ltd. reported a loss of $219 mil, or $1 per share. Revenue was $1.19 mil. Stock was trading at $2.38, down from a Jan 3 high of $53.75. Loral Space and Communications president Bernard L. Schwartz was quoted as saying his company wasn't going to invest more money in the $4.3 bil network of 52 satellites. Loral holds 38% of Globalstar. Mr. Schwartz later said his remarks were misconstrued. Globalstar said it had 2.3 bil in billable minutes for the third quarter, up from 1.1 mil in the second quarter.
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Article Abstract:
The Securities and Exchange Commission has sued former CEO Joseph P. Nacchio and six other Qwest Communications executives for fraud, and is trying to force them to give back some of their earnings.
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