Century Telephone Enterprises Inc. reports increases in first quarter operating results.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)--April 27, 1995--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 increases in operating results for the first quarter of 1995 compared with the first quarter of 1994 due to continued growth in its telephone and mobile communications businesses. During the first quarter, 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 increased 17.7% to $142,425,000 from $120,980,000 in 1994. 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 $47,556,000, up from $35,886,000, a 32.5% increase. Net income grew 40.6% to $27,000,000 from $19,201,000 in the first quarter of 1994. 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 34.3% to 47 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. from 35 cents per share. The first quarter of 1995 includes gains on sales of interests in non-strategic cellular markets that increased net income by $2,002,000 and fully diluted earnings per share by 3 cents per share. Excluding these gains, net income and fully diluted earnings per share increased 30.2% and 25.7%, respectively. ``Our improved operating margins Operating Margin A ratio used to measure a company's pricing strategy and operating efficiency. Calculated by: resulted from continuing revenue growth and our ability to control operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. ,'' said Glen F. Post, III, President and Chief Executive Officer. ``Century's 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 28.1% in the first quarter of $73,409,000 from $57,319,000 a year ago.'' Telephone revenues for the first quarter of 1995 increased 9.3% to $100,276,000 from $91,770,000 on a 5.4% increase in access lines. Telephone operating income was up 11.2% to $34,345,000 from $30,890,000, while operating cash flow increased to $54,616,000 from $47,945,000, a 13.9% increase. Mobile communications revenues, including acquisitions, grew 44.3% to $42,149,000 from $29,210,000 during the first quarter of 1994, while the number of cellular customers increased 39.4%. Mobile communications operating income increased 164.4% to $13,211,000 from $4,996,000. Operating cash flow grew to $18,793,000 from $9,374,000 in 1994, an increase of 100.5%. ``We continued to capitalize on Cap´i`tal`ize on` v. t. 1. To turn (an opportunity) to one's advantage; to take advantage of (a situation); to profit from; as, to capitalize on an opponent's mistakes s>. the potential of our cellular business in the first quarter, as it contributed over 70% of the growth in our consolidated operating income,'' said Post. Century recently signed a letter of intent to acquire the wireline cellular license for Michigan Michigan (mĭsh`ĭgən), upper midwestern state of the United States. It consists of two peninsulas thrusting into the Great Lakes and has borders with Ohio and Indiana (S), Wisconsin (W), and the Canadian province of Ontario (N,E). Rural Service Area No. 4 from 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. Cellular Corp. This market, which has a population of approximately 130,000 and includes 95 miles of Interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. 75, is in northeastern north·east n. 1. Abbr. NE The direction or point on the mariner's compass halfway between due north and due east, or 45° east of due north. 2. An area or region lying in the northeast. 3. Michigan and is adjacent to other markets operated by Century. ``This market is an excellent strategic fit for us and enhances the value of our Michigan cellular network,'' said Post. At March 31, 1995, Century provided service to more than 223,000 cellular customers and 465,000 telephone access lines. Century Telephone Inc., headquartered in Monroe, is a diversified diversified (di·verˑ·s telecommunications company See telecom company. . Century is the 16th largest local exchange telephone company and the 17th largest cellular company, based on ownership interest, in the United States. -0-
Century Telephone Enterprises Inc.
Financial Highlights
Three Months Ended March 31, 1995 and 1994
(in thousands, except per share amounts)
Increase
1995 1994 (Decrease)
TELEPHONE OPERATIONS
Operating revenues $ 100,276 $ 91,770 9.3 %
Operating expenses:
Plant operations 21,635 21,213 2.0 %
Customer operations 9,150 8,508 7.5 %
Corporate and other 14,875 14,104 5.5 %
Depreciation and amortization 20,271 17,055 18.9 %
--------- ---------- -------
65,931 60,880 8.3 %
Telephone operating income 34,345 30,890 11.2 %
MOBILE COMMUNICATIONS OPERATIONS
Operating revenues 42,149 29,210 44.3 %
Operating expenses:
Cost of sales and other operating 7,532 6,378 18.1 %
General, administrative and
customer service 8,780 7,180 22.3 %
Sales and marketing 7,044 6,278 12.2 %
Depreciation and amortization 5,582 4,378 27.5 %
-------- ---------- -------
28,938 24,214 19.5 %
Mobile communications operating
income 13,211 4,996 164.4 %
TOTAL OPERATING INCOME 47,556 35,886 32.5 % OTHER INCOME (EXPENSE) Interest expense (11,396) (8,502) 34.0 % Gain on sales of assets 5,909 - - Income from unconsolidated cellular entities 4,724 2,564 84.2 % Other income and expense (1,098) 191 - INCOME TAX EXPENSE (18,695) (10,938) 70.9 % NET INCOME $ 27,000 $ 19,201 40.6% EARNINGS PER SHARE Primary $ 0.48 $ 0.36 33.3 % Fully diluted $ 0.47 $ 0.35 34.3 % SHARES OUTSTANDING Primary 58,184 52,817 6.4 % Fully diluted 58,660 57,478 2.1 % DIVIDENDS PER COMMON SHARE $ 0.0825 $ 0.0800 3.1 % CAPITAL EXPENDITURES Telephone $ 28,839 $ 39,179 (26.4)% Mobile communications 18,655 8,571 117.7 % Other 6,745 1,803 274.1 % Total capital expenditures $ 54,239 $ 49,553 9.5 %
Consolidated Balance Sheets
March 31, 1995 and Dec. 31, 1994
(dollars expressed in thousands)
March 31, Dec. 31,
1995 1994
ASSETS
Current assets $ 78,490 $ 81,228
Property, Plant and Equipment Telephone 1,122,612 1,076,496 Mobile communications 166,063 152,305 Other 90,585 85,406 Accumulated depreciation (394,363) (367,078) Net, property, plant and equipment 984,897 947,131 Investments and Other Assets Excess cost of net assets acquired 447,293 441,436 Other 181,471 173,458 Total investments and other assets 628,764 614,894 Total Assets $ 1,692,151 $ 1,643,253 LIABILITIES AND EQUITY Current liabilities $ 284,205 $ 286,668 Long-term debt 427,022 518,603 Deferred credits and other liabilities 191,876 187,746 Stockholders' equity 789,048 650,236 Total Liabilities and Equity $ 1,692,151 $ 1,643,253
March 31, March 31, %
1995 1994 Inc.
Telephone access lines 465,029 441,289 5.4 %
Cellular units in service-
majority-owned markets 223,404 160,283 39.4 %
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. Jr., 318/388-9500 |
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