BCE Mobile Second Quarter Earnings Up 122 Percent (Part 2 of 2 - Financial Tables).MONTREAL--(BUSINESS WIRE)--July 21, 1997--(ME:BCX BCX Beloreck (Russia) )(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :BCX)
STATEMENTS OF INCOME
(unaudited)
Three months Six months
ended June 30 ended June 30
1997 1996 1997 1996
______________ ______________
Revenues
Cellular service 207,420 177,435 394,582 334,800
Paging service 18,023 16,575 35,147 32,395
Equipment sales & other 37,750 37,625 81,556 60,774
_______ _______ _______ _______
263,193 231,635 511,285 427,969
Cost of revenue 65,566 60,864 138,353 110,745
Selling expense 47,992 55,502 92,133 97,815
General and administrative
expenses 46,413 40,908 89,576 76,775
_______ _______ _______ _______
Operating income before
depreciation, amortization
& special charges 103,222 74,361 191,223 142,634
Depreciation &
amortization 48,468 38,329 95,644 86,266
Special charges 0 0 0 16,250
________ ______ ______ ______
Operating income 54,754 36,032 95,579 40,118
Interest expense (10,111) (9,907) (19,735) (20,124)
Gain on sale of investment 0 0 0 60,356
Other - net 172 1,397 (4) (2,569)
________ ______ _______ _______
Income before
income taxes 44,815 27,522 75,840 77,781
Income taxes - current 19,005 9,809 30,462 16,398
- deferred 140 2,454 1,686 2,854
______ ______ ______ _______
19,145 12,263 32,148 19,252
______ ______ ______ _______
Net income 25,670 15,259 43,692 58,529
______ ______ ______ ______
______ ______ ______ ______
Earnings per common share
(dollars) $0.37 $0.22 $0.63 $0.84
______ ______ ______ ______
______ ______ ______ ______
Net income - US GAAP 26,597 15,431 45,253 55,643
Earnings per common share -
US GAAP
(dollars) $0.38 $0.22 $0.65 $0.80
Average number of common
shares outstanding
(thousands) 69,360 69,345 69,358 69,344
BALANCE SHEETS
($000)
June 30 December 31
1997 1996
__________ ___________
(unaudited) (audited)
Assets
Current assets
Cash & temporary cash 5,642 0
investments
Accounts receivable 177,385 179,195
Inventories 34,912 44,213
Prepaid expenses & other
current assets 31,077 14,079
_________ _________
249,016 237,487
Fixed assets - net 1,011,187 895,618
Investments & other assets 133,167 136,162
_________ _________
1,393,370 1,269,267
Liabilities
Current liabilities
Bank overdraft 0 9,639
Accounts payable 183,160 236,406
Due to related companies 22,452 10,659
Deferred revenue 48,809 40,638
Debt due within one year 5,987 6,113
_________ _________
260,408 303,455
Long-term debt 539,643 417,277
Other liabilities 1,553 691
_________ _________
801,604 721,423
Shareholders' Equity
Share capital and contributed 470,982 470,752
surplus
Retained earnings 120,784 77,092
_________ _________
591,766 547,844
_________ _________
1,393,370 1,269,267
_________ _________
_________ _________
STATEMENTS OF CHANGES IN FINANCIAL POSITION
(unaudited)
($000)
Three months Six months
ended June 30 ended June 30
1997 1996 1997 1996
________ ______ _____ _____
Operating activities
Net income 25,670 15,259 43,692 58,529
Items not affecting cash
Depreciation & amortization 48,468 38,329 95,644 86,266
Deferred income taxes 140 2,454 1,686 2,854
Other 136 (329) 456 (39,174)
______ ______ _______ _______
Cash flow from operations 74,414 55,713 141,478 108,475
Decrease (increase)
in deferred charges (872) 21 (1,303) (66)
Change in working capital 15,576 27,702 (35,507) (8,383)
______ ______ _______ _______
89,118 83,436 104,668 100,026
Financing activities
Increase (decrease) in debt 40,211 (77,644)120,995 (78,054)
Issue of share capital 0 78 230 220
Other 0 720 0 (1,447)
______ ______ ______ _______
40,211 (76,846)121,225 (79,281)
Investing activities
Capital expenditures (116,832) (91,564)(207,042)(134,867)
Proceeds of sale and refund of 0 0 0 92,911
deposit
Investments & acquisitions (1,325) (24,386) (3,588)(37,998)
Other 9 7 18 14
_______ ______ ______ ______
(118,148)(115,943) (210,612)(79,940)
Increase (decrease) in cash 11,181 (109,353) 15,281 (59,195)
Opening cash (deficiency) 109,246 (9,639) 59,088 (5,539)
Closing cash (deficiency) (107) 5,642 (107) 5,642
CONTACT: BCE BCE abbr. 1. Bachelor of Chemical Engineering 2. Bachelor of Civil Engineering BCE Abbreviation for before the Common Era. Mobile Communications Inc. John Gutpell, 514/956-4827 jgutpell@sympatico.ca |
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