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ALLTEL NET INCOME UP 11 PERCENT

    LITTLE ROCK, Ark., July 15 /PRNewswire/ -- ALLTEL Corporation (NYSE: AT) announced today its financial results for the quarter ended June 30, 1993.  All earnings per share results have been restated to reflect the recent 2-for-1 stock split.
    Second quarter earnings were 34 cents per share compared to 31 cents per share a year ago, a 10 percent increase.  Net income for the second quarter of 1993 was $63,829,000, compared to $57,418,000 in the second quarter of 1992, an increase of 11 percent.  Revenues and sales were $568,868,000, up 10 percent from $519,336,000 in the corresponding quarter of 1992.
    Earnings per share for the six months ended June 30, 1993 were 68 cents compared to 57 cents a year ago, a 19 percent increase.  Net income was $126,985,000 compared to $107,024,000 in the year-ago period, reflecting an increase of 19 percent.  Revenues and sales were $1,115,592,000, an increase of 9 percent over $1,025,050,000 in 1992.
    The six-month earnings for 1992 reflect first quarter one-time costs of $5 million related to the acquisition of Computer Power, Inc. (CPI). Excluding these one-time costs, net income for the six months was up 13 percent from $112,003,000, and earnings per share were up 13 percent from 60 cents.
    Joe Ford, ALLTEL chairman and CEO, said, "ALLTEL achieved double- digit earnings growth again this quarter.
    "Telephone operations produced strong results due to ongoing cost control efforts coupled with solid revenue increases.
    "Information Services again produced double-digit growth in both revenue and operating income.
    "Cellular, which continued its long-term trend of growth in subscribers, revenues and operating income, is making an increasingly larger contribution to our consolidated growth.
    "Product distribution contributed to earnings but at lower levels than the same period last year, reflecting the uneven progress of the economic recovery."
    ALLTEL Corporation (NYSE: AT) is a leading telecommunications and information services company.  In addition to providing local telephone service, ALLTEL subsidiaries provide cellular telephone service, information services and communications products.
    HIGHLIGHTS
    (Dollars in thousands, except per-share amounts)
                                    THREE MONTHS ENDED JUNE 30
                                                      Increase
                                                     (Decrease)
                                  1993        1992     Amount  Pct
    REVENUES AND SALES:
      Telephone                 $245,987    $230,539   $15,448   7
      Information Services       163,772     141,080    22,692  16
      Product Distribution        97,529      99,942    (2,413) (2)
      Cellular                    48,268      30,663    17,605  57
      Other operations            13,312      17,112    (3,800)(22)
    Total revenues and sales    $568,868    $519,336   $49,532  10
    OPERATING INCOME:
      Telephone                 $ 85,922    $ 75,312   $10,610  14
      Information Services        30,002      25,368     4,634  18
      Product Distribution         4,472       5,473    (1,001)(18)
      Cellular                    10,793       5,996     4,797  80
      Other operations             2,129       1,876       253  13
      Total business segments    133,318     114,025    19,293  17
      Corporate expenses           6,619       6,653       (34) (1)
    Total operating income      $126,699    $107,372   $19,327  18
    Income before merger
    expenses, net gain (loss)
    on disposal of assets,
    other, and income taxes     $103,085    $ 88,711   $14,374  16
    Net income                  $ 63,829    $ 57,418   $ 6,411  11
    Preferred dividends              403         456       (53)(12)
    Net income applicable
    to common shares            $ 63,426    $ 56,962   $ 6,464  11
    EARNINGS PER AVERAGE
    COMMON SHARE OUTSTANDING:
      Primary                       $.34        $.31      $.03  10
      Fully diluted                 $.34        $.31      $.03  10
    EXCLUDING MERGER EXPENSES,
    NET GAIN (LOSS) ON DISPOSAL
    OF ASSETS AND OTHER:
      Net income                 $63,829     $57,418    $6,411  11
      Earnings per share            $.34        $.31      $.03  10
    COMMON SHARES OUTSTANDING:
      Average                186,976,000 185,526,000 1,450,000   1
      End of period          185,117,000 183,846,000 1,271,000   1
    Annual dividend rate
    per common share                $.80        $.74      $.06   8
    Capital expenditures        $104,380     $91,473   $12,907  14
                                      SIX MONTHS ENDED JUNE 30
                                                      Increase
                                                     (Decrease)
                                  1993        1992     Amount  Pct
    REVENUES AND SALES:
      Telephone                 $488,362    $461,645   $26,717   6
      Information Services       321,611     278,749    42,862  15
      Product Distribution       190,360     192,040    (1,680) (1)
      Cellular                    88,885      57,153    31,732  56
      Other operations            26,374      35,463    (9,089)(26)
    Total revenues and sales  $1,115,592  $1,025,050   $90,542   9
    OPERATING INCOME:
      Telephone                 $169,247  $  151,242   $18,005  12
      Information Services        59,052      49,332     9,720  20
      Product Distribution         9,180       9,448      (268) (3)
      Cellular                    18,076       7,901    10,175 129
      Other operations             4,501       3,568       933  26
      Total business segments    260,056     221,491    38,565  17
      Corporate expenses          10,116       9,969       147   1
    Total operating income    $  249,940  $  211,522   $38,418  18
    Income before merger
    expenses, net gain (loss)
    on disposal of assets,
    other, and income taxes   $  204,777  $  173,619   $31,158  18
    Net income                $  126,985  $  107,024   $19,961  19
    Preferred dividends              809         915      (106)(12)
    Net income applicable
    to common shares          $  126,176  $  106,109   $20,067  19
    EARNINGS PER AVERAGE
    COMMON SHARE OUTSTANDING:
      Primary                       $.68        $.57      $.11  19
      Fully diluted                 $.67        $.57      $.10  18
    EXCLUDING MERGER EXPENSES,
    NET GAIN (LOSS) ON DISPOSAL
    OF ASSETS AND OTHER:
      Net income                $126,985    $112,003   $14,982  13
      Earnings per share            $.68        $.60      $.08  13
    COMMON SHARES OUTSTANDING:
      Average                186,875,000 185,252,000 1,623,000   1
    Capital expenditures        $190,623    $171,230   $19,393  11
                                   TWELVE MONTHS ENDED JUNE 30
                                                      Increase
                                                     (Decrease)
                                  1993        1992     Amount  Pct
    REVENUES AND SALES:
      Telephone                 $974,476    $919,268   $55,208   6
      Information Services       612,232     529,063    83,169  16
      Product Distribution       375,356     357,564    17,792   5
      Cellular                   157,263     101,895    55,368  54
      Other operations            53,696      78,856   (25,160)(32)
    Total revenues and sales  $2,173,023  $1,986,646  $186,377   9
    OPERATING INCOME:
      Telephone                 $333,787    $299,852  $ 33,935  11
      Information Services       104,174      81,545    22,629  28
      Product Distribution        18,068      16,502     1,566   9
      Cellular                    31,120      13,417    17,703 132
      Other operations            10,061       7,766     2,295  30
      Total business segments    497,210     419,082    78,128  19
      Corporate expenses          16,050      18,418    (2,368)(13)
    Total operating income      $481,160    $400,664  $ 80,496  20
    Income before merger
    expenses, net gain (loss)
    on disposal of assets,
    other, and income taxes     $394,019    $322,734  $ 71,285  22
    Net income                  $248,597    $207,928  $ 40,669  20
    Preferred dividends            1,636       2,113      (477)(23)
    Net income applicable
    to common shares            $246,961    $205,815  $ 41,146  20
    EARNINGS PER AVERAGE
    COMMON SHARE OUTSTANDING:
      Primary                      $1.32       $1.12      $.20  18
      Fully diluted                $1.32       $1.12      $.20  18
    EXCLUDING MERGER EXPENSES,
    NET GAIN (LOSS) ON DISPOSAL
    OF ASSETS AND OTHER:
      Net income                $248,597    $209,886   $38,711  18
      Earnings per share           $1.32       $1.14      $.18  16
    COMMON SHARES OUTSTANDING:
      Average                186,489,000 182,987,000 3,502,000   2
    Capital expenditures        $386,596    $337,072   $49,524  15
    Total assets              $3,317,738  $3,037,910  $279,828   9
    Telephone access lines     1,329,879   1,280,078    49,801   4
    Cellular customers           210,907     117,607    93,300  79
    CONSOLIDATED STATEMENTS OF INCOME
    (Dollars in thousands, except per-share amounts)
                                         THREE MONTHS ENDED JUNE 30
                                              1993          1992
    REVENUES AND SALES                      $568,868      $519,336
    COSTS AND EXPENSES:
      Cost of products sold                   92,521        96,697
      Operations                             238,957       211,509
      Maintenance                             31,160        29,685
      Depreciation and amortization           64,517        60,319
      Taxes, other than income taxes          15,014        13,754
         Total costs and expenses            442,169       411,964
    OPERATING INCOME                         126,699       107,372
    Other income, net                           (835)        4,193
    Interest during construction                 557           721
    Interest expense                         (23,336)      (23,575)
    Income before merger expenses,
    net gain (loss) on disposal of
    assets, other, and income taxes          103,085        88,711
    Merger expenses, net gain (loss)
    on disposal of assets and other              -             -
    Income before income taxes               103,085        88,711
    Federal and state income taxes            39,256        31,293
    Net income                                63,829        57,418
    Preferred dividends                          403           456
    Net income applicable to common shares  $ 63,426      $ 56,962
    EARNINGS PER SHARE:
      Primary                                   $.34          $.31
      Fully diluted                             $.34          $.31
                                           SIX MONTHS ENDED JUNE 30
                                              1993          1992
    REVENUES AND SALES                    $1,115,592    $1,025,050
    COSTS AND EXPENSES:
      Cost of products sold                  179,050       188,472
      Operations                             466,214       418,939
      Maintenance                             62,578        59,045
      Depreciation and amortization          128,323       119,504
      Taxes, other than income taxes          29,487        27,568
        Total costs and expenses             865,652       813,528
    OPERATING INCOME                         249,940       211,522
    Other income, net                            250         7,655
    Interest during construction                 821         1,286
    Interest expense                         (46,234)      (46,844)
    Income before merger expenses,
    net gain (loss) on disposal of
    assets, other, and income taxes          204,777       173,619
    Merger expenses, net gain (loss)
    on disposal of assets and other              -          (5,512)
    Income before income taxes               204,777       168,107
    Federal and state income taxes            77,792        61,083
    Net income                               126,985       107,024
    Preferred dividends                          809           915
    Net income applicable to common shares $ 126,176     $ 106,109
    EARNINGS PER SHARE:
      Primary                                   $.68          $.57
      Fully diluted                             $.67          $.57
                                        TWELVE MONTHS ENDED JUNE 30
                                              1993          1992
    REVENUES AND SALES                    $2,173,023    $1,986,646
    COSTS AND EXPENSES:
      Cost of products sold                  349,726       357,879
      Operations                             906,325       811,356
      Maintenance                            125,414       117,508
      Depreciation and amortization          253,435       246,106
      Taxes, other than income taxes          56,963        53,133
        Total costs and expenses           1,691,863     1,585,982
    OPERATING INCOME                         481,160       400,664
    Other income, net                          4,002        14,558
    Interest during construction               1,492         2,175
    Interest expense                         (92,635)      (94,663)
    Income before merger expenses,
    net gain (loss) on disposal of
    assets, other, and income taxes          394,019       322,734
    Merger expenses, net gain (loss)
    on disposal of assets and other              -           2,835
    Income before income taxes               394,019       325,569
    Federal and state income taxes           145,422       117,641
    Net income                               248,597       207,928
    Preferred dividends                        1,636         2,113
    Net income applicable to common shares $ 246,961     $ 205,815
    EARNINGS PER SHARE:
      Primary                                  $1.32         $1.12
      Fully diluted                            $1.32         $1.12
    CONSOLIDATED BALANCE SHEETS
    (Dollars in thousands)
    ASSETS
                                     JUNE 30,   DEC. 31,   JUNE 30,
                                       1993       1992       1992
    CURRENT ASSETS:
      Cash and short-term
        investments               $   42,799 $   30,423 $   34,748
      Accounts & notes receivable    269,530    257,290    233,448
      Materials and supplies          23,529     20,455     23,501
      Inventories                     63,238     57,667     69,820
      Prepaid expenses                14,850     12,597     13,592
      Total current assets           413,946    378,432    375,109
    Investments                      169,714    164,771    171,050
    Excess of cost over equity in
      subsidiary companies           397,950    397,774    381,099
    PROPERTY, PLANT AND EQUIPMENT:
      Telephone                    2,901,147  2,851,519  2,714,025
      Information Services           222,252    196,238    169,675
      Other                          199,291    165,075    137,803
      Under construction             145,788     84,559    144,843
      Total property, plant
        and equipment              3,468,478  3,297,391  3,166,346
      Less accumulated
        depreciation               1,313,821  1,235,402  1,190,453
      Net property, plant
        and equipment              2,154,657  2,061,989  1,975,893
      Other assets                   181,471    123,010    134,759
    TOTAL ASSETS                  $3,317,738 $3,125,976 $3,037,910
    LIABILITIES AND CAPITAL
                                     JUNE 30,   DEC. 31,   JUNE 30,
                                       1993       1992       1992
    CURRENT LIABILITIES:
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Copyright 1993 Gale, Cengage Learning. All rights reserved.

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Publication:PR Newswire
Date:Jul 15, 1993
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