Century Telephone Enterprises Inc. reports 39.9% increase in third quarter net income.MONROE Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as , La.--(BUSINESS WIRE)--Nov. 1, 1994--Century Telephone Enterprises Inc. (NYSE NYSE See: New York Stock Exchange :CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) reports substantial growth in third quarter 1994 net income, earnings per share and revenues as compared with the third quarter of 1993. During the quarter, net income increased 39.9% to $24,613,000 from $17,596,000 a year ago. Fully diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of increased 33.3% to 44 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. compared with 33 cents per share during the third quarter of 1993. Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: revenues grew to $141,515,000 from $112,765,000, a 25.5% increase. Operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. increased 32.0% reaching $70,996,000 compared with $53,780,000 a year ago. ``Third quarter increases are a result of our growing customer base, expanded cellular operating areas and continuing efforts to achieve efficiencies in all of our operations,'' said Glen F. Post, III, President and Chief Executive Officer. Telephone revenues for the third quarter of 1994 increased 10.4% to $99,487,000 from $90,092,000. Telephone operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was up 13.9% reaching $33,740,000 compared with $29,616,000 a year ago. Telephone operating cash flow grew to $53,255,000 from $46,776,000, a 13.9% increase. Mobile communications revenues grew 85.4% to $42,028,000 from $22,673,000 during the third quarter of 1993. This increase reflects a rapidly growing cellular customer base resulting from a consistent demand for cellular service, successful marketing efforts and the first quarter acquisition of Celutel Inc. Mobile communications operating income increased 211.9% to $12,041,000 from $3,861,000 a year ago while operating cash flow grew to $17,741,000 from $7,004,000, a 153.3% increase. ``Since the third quarter of 1993, we have achieved a 94.8% increase in the number of cellular subscribers, adding more than 91,000 cellular customers through internal growth and acquisitions,'' Post said. During the first nine months of 1994, operating income increased 32.5% to $123,380,000 from $93,087,000 while net income increased 31.0% to $65,299,000 from $49,853,000 a year ago. Operating cash flow was up 29.0% reaching $192,962,000 compared with $149,640,000 during the same period in 1993. Consolidated revenues grew to $395,375,000 from $316,928,000, a 24.8% increase. Fully diluted earnings per share increased 22.9% to $1.18 per share compared with 96 cents per share a year ago. As of September September: see month. 30, Century served its telephone customers through more than 452,000 access lines in 14 states, owned 7.2 million cellular pops (Century's portion of the population based on ownership interest) and served more than 187,000 cellular subscribers. Century Telephone Enterprises Inc., headquartered in Monroe, is a diversified diversified (di·verˑ·s telecommunications company See telecom company. . Century is the 14th largest local exchange telephone company and the 15th largest cellular operator in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . -0-
Century Telephone Enterprises Inc.
Financial Highlights
Three Months Ended September 30, 1994 and 1993
In thousands, except per Increase
share amounts 1994 1993 (Decrease)
OPERATING REVENUES
Telephone $ 99,487 $ 90,092 10.4%
Mobile communications 42,028 22,673 85.4%
------- ------- ----
141,515 112,765 25.5%
OPERATING EXPENSES BEFORE
DEPRECIATION AND AMORTIZATION
Telephone 46,232 43,316 6.7%
Mobile communications 24,287 15,669 55.0%
------- ------- ----
70,519 58,985 19.6%
OPERATING CASH FLOW (OPERATING INCOME
PLUS DEPR. & AMORT.)
Telephone 53,255 46,776 13.9%
Mobile communications 17,741 7,004 153.3%
------- ------- -----
70,996 53,780 32.0%
DEPRECIATION & AMORTIZATION
Telephone 19,515 17,160 13.7%
Mobile communications 5,700 3,143 81.4%
------- ------- ----
25,215 20,303 24.2%
OPERATING INCOME
Telephone 33,740 29,616 13.9%
Mobile communications 12,041 3,861 211.9%
------- ------- -----
45,781 33,477 36.8%
OTHER INCOME (EXPENSE)
Interest expense (11,513) (7,807) 47.5%
Earnings from unconsolidated
cellular partnerships 4,604 2,596 77.3%
Other income and expense 917 1,141 (19.6%)
INCOME TAX EXPENSE (15,176) (11,811) 28.5%
NET INCOME $ 24,613 $ 17,596 39.9%
EARNINGS PER SHARE
Primary $ 0.46 $ 0.34 35.3%
Fully diluted $ 0.44 $ 0.33 33.3%
SHARES OUTSTANDING
Primary 53,583 51,944 3.2%
Fully diluted 58,332 56,586 3.1%
DIVIDENDS PER COMMON SHARE $ 0.0800 $ 0.0775 3.2%
CAPITAL EXPENDITURES $ 54,286 $ 62,366 (13.0%)
Nine Months Ended September 30, 1994 and 1993
In thousands, except per Increase
share amounts 1994 1993 (Decrease)
OPERATING REVENUES
Telephone $286,226 $255,918 11.8%
Mobile communications 109,149 61,010 78.9%
------- ------- ----
395,375 316,928 24.8%
OPERATING EXPENSES BEFORE
DEPRECIATION AND AMORTIZATION
Telephone 133,374 124,242 7.4%
Mobile communications 69,039 43,046 60.4%
------- ------- ----
202,413 167,288 21.0%
OPERATING CASH FLOW (OPERATING INCOME
PLUS DEPR. & AMORT.)
Telephone 152,852 131,676 16.1%
Mobile communications 40,110 17,964 123.3%
------- ------- -----
192,962 149,640 29.0%
DEPRECIATION & AMORTIZATION
Telephone 54,326 48,245 12.6%
Mobile communications 15,256 8,308 83.6%
------- ------- ----
69,582 56,553 23.0%
OPERATING INCOME
Telephone 98,526 83,431 18.1%
Mobile communications 24,854 9,656 157.4%
------- ------- -----
123,380 93,087 32.5%
OTHER INCOME (EXPENSE)
Interest expense (30,839) (22,188) 39.0%
Gain on sale of asset 0 1,661 (100.0%)
Earnings from unconsolidated
cellular partnerships 10,579 4,938 114.2%
Other income and expense 1,046 2,345 (55.4%)
INCOME TAX EXPENSE (38,867) (29,992) 29.6%
NET INCOME $ 65,299 $ 49,853 31.0%
EARNINGS PER SHARE
Primary $ 1.22 $ 0.98 24.5%
Fully diluted $ 1.18 $ 0.96 22.9%
SHARES OUTSTANDING
Primary 53,299 51,003 4.5%
Fully diluted 58,016 55,703 4.2%
DIVIDENDS PER COMMON SHARE $ 0.2400 $ 0.2325 3.2%
CAPITAL EXPENDITURES $ 141,258 $131,410 7.5%
Consolidated Balance Sheets
September 30, 1994 and December 31, 1993
Sept. 30, Dec. 31,
1994 1993
ASSETS (expressed in thousands)
CURRENT ASSETS $ 86,501 $ 72,472
PROPERTY, PLANT AND EQUIPMENT
Telephone $1,057,225 $ 979,449
Mobile communications 159,322 113,252
Other 82,583 77,737
Accumulated depreciation (375,719) (342,662)
--------- ---------
Net property, plant and
equipment 923,411 827,776
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets
acquired 434,571 297,158
Other 166,576 121,984
--------- ---------
Total investments and other
assets 601,147 419,142
TOTAL ASSETS $1,611,059 $1,319,390
LIABILITIES AND EQUITY
CURRENT LIABILITIES $ 183,340 $ 179,206
LONG-TERM DEBT 637,988 460,933
DEFERRED CREDITS AND OTHER
LIABILITIES 174,553 165,483
STOCKHOLDERS EQUITY 615,178 513,768
TOTAL LIABILITIES AND EQUITY $1,611,059 $1,319,390
Sept. 30, Sept. 30, %
1994 1993 Inc.
Telephone access lines 452,090 432,599 4.5%
Cellular units in service-
majority-owned markets 187,695 90,337 94.8%
CONTACT: Century Telephone Enterprises Inc., Monroe R. Stewart Stewart, river, Canada Stewart, river, 331 mi (533 km) long, rising in the Mackenzie Mts., central Yukon Territory, Canada, and flowing generally W to the Yukon River S of Dawson. Ewing Ew·ing , James 1866-1943. American pathologist. An authority on cancer, he established oncology as a clinical specialty. , 318/388-9500 |
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