D&E Communications Inc. Releases 1998 Earnings.EPHRATA, Pa.--(BUSINESS WIRE)--March 2, 1999--D&E Communications Inc. ("D&E") today released its earnings results for the year ended December 31, 1998. D&E reported a net loss of $12,255,000, a decrease from 1997 net income of $9,565,000. Earnings per common share for the year ended 1998 was a net loss per common share of $1.65, a decrease of $3.23 per share from 1997 earnings per common share of $1.58. The primary reason for the decline in earnings was D&E's decision to return a C-Block PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. license to the Federal Communications Commission Federal Communications Commission (FCC), independent executive agency of the U.S. government established in 1934 to regulate interstate and foreign communications in the public interest. (FCC (1) (Federal Communications Commission, Washington, DC, www.fcc.gov) The U.S. government agency that regulates interstate and international communications including wire, cable, radio, TV and satellite. The FCC was created under the U.S. ) in exchange for an early extinguishment of FCC debt, and as a result, it recorded an extraordinary loss of $7,901,000 net of income tax. Another factor contributing to the results during 1998 was the $6,832,000 loss D&E recorded from its 50% interest in PCS ONE, which was anticipated during PCS ONE's initial year of operations. PCS ONE offers Personal Communications Services See PCS. (PCS) services and related equipment for digital wireless services. Finally, during 1998 and 1997, D&E recorded a gain from the sale of its investments in cellular partnerships. The gain recorded in 1998 is lower than the gain recorded in 1997 by $6,924,000, net of income taxes. D&E's total 1998 operating revenues were $53,311,000, which grew by 10% or $4,827,000 over 1997 results. Total 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. for 1998 were $45,374,000, an increase of $5,910,000 or 15% over the prior year. The increases in both operating revenues and expenses were due primarily to providing professional consulting services to various affiliated joint ventures during 1998. D&E Communications Inc. is a full-service telecommunications company See telecom company. based in Lancaster County, PA. Through its subsidiaries and affiliated companies Affiliated Companies A situation that occurs when one company owns a minority interest (less than 50%) in another company. Also refers to companies that are related to each other in some way. Notes: An affiliated company is sometimes referred to as a subsidiary. , D&E Communications offers both local and long distance service, wireless service, Internet service, paging, voice, data and video communications equipment, and computer networking services. |
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