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LINCOLN TELECOMMUNICATIONS ANNOUNCES FIRST QUARTER FINANCIAL INFORMATION; 1992 ANNUAL STOCKHOLDERS MEETING

 LINCOLN TELECOMMUNICATIONS ANNOUNCES


FIRST QUARTER FINANCIAL INFORMATION; 1992 ANNUAL STOCKHOLDERS MEETING
 LINCOLN, Neb., April 22 /PRNewswire/ -- The Lincoln Telecommunications Co. (LinTelcom) (NASDAQ: LTEC) reviewed first quarter 1992 and 1991 year end financial results at the annual stockholders meeting held today in Lincoln.
 Chairman and Chief Executive Officer James E. Geist reported that LinTelcom first quarter consolidated earnings available for common shares were $6.0 million or 37 cents per share in 1992 compared to $5.6 million or 34 cents per share in 1991. LinTelcom total revenues and sales for the first quarter were $42.8 million in 1992 compared to $41.0 million in 1991.
 Geist also reviewed 1991 year end financial results at the annual meeting. For the year ended Dec. 31, 1991, consolidated earnings available for common stock were $27.4 million or $1.66 per share compared to $24.2 million or $1.47 per share in 1990.
 During the annual meeting, Geist announced that Lincoln Telephone Cellular, in cooperation with Nebraska Cellular Telephone Corp., has installed a new cellular transmission site near Ashland, Neb. "This site, located between Lincoln and Omaha along Interstate 80, will provide our cellular customers with continuous coverage as they travel between the state's two metropolitan areas. Starting today, our customers will no longer have to contend with that annoying 'cellular wasteland' right around the Platte River."
 Lincoln Telecommunications continues to invest in cellular communications. The corporation owns and manages Lincoln Telephone Cellular, which provides cellular service in the Lincoln metropolitan area, and recently became the managing partner of First Cellular Omaha, which provides cellular service in the Omaha metropolitan area. "This new cell site at Ashland demonstrates our commitment to providing our customers with the best cellular service in Nebraska," said Geist.
 In addition to investing in its cellular networks, the corporation is continuing to improve its core landline network in southeast Nebraska. According to Frank Hilsabeck, president and chief operating officer, "Lincoln Telephone will continue to invest heavily in southeast Nebraska during 1992. Digital switching, fiber optic rings and signaling system 7 are three of the new technologies we are using to transform our network into a digital highway for businesses and families in southeast Nebraska." Over $34 million has been budgeted for infrastructure improvements during 1992. By years end, 100 percent of Lincoln Telephone's customer access lines will be served by digital switching equipment.
 LinTelcom board members reelected at the annual meeting include J. Taylor Greer, Frank H. Hilsabeck, Paul C. Schorr, III and James W. Strand. Charles R. Hermes of Hastings and Lyn Wallin Ziegenbein of Omaha are newly-elected members of the board. Continuing directors include Duane W. Acklie, William W. Cook, Jr., Edwin J. Faulkner, James E. Geist, George Kelm, Donald H. Pegler, Jr., Harry P. Seward, Jr., William C. Smith, Durward B. Varner and Thomas C. Woods, III.
 At the board of directors meeting following the annual meeting, LinTelcom officers reelected include James E. Geist, chairman and chief executive officer; Thomas C. Woods, III, vice chairman; Frank H. Hilsabeck, president and chief operating officer; James W. Strand, president-diversified operations; Jack H. Geist, vice president- diversified operations; Robert L. Tyler, senior vice president-chief financial officer; Michael J. Tavlin, vice president-treasurer and secretary; and Robert C. Halvorsen, assistant secretary.
 Lincoln Telephone officers reelected include James E. Geist, chairman and chief executive officer; Thomas C. Woods, III, vice chairman; Frank H. Hilsabeck, president and chief operating officer; James W. Strand, executive vice president-marketing and customer services; Charles P. Arnold, senior vice president-network operations; Robert L. Tyler, senior vice president-chief financial officer; Michael J. Tavlin, vice president-treasurer and secretary; and Robert C. Halvorsen, assistant secretary.
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 HIGHLIGHTS (UNAUDITED)


(Dollars in Thousands Except Per Share Data and Shares Outstanding)
 Three Months Ended
 March 31, Percent
 1992 1991 Change
 Total revenues and sales 42,800 40,970 4.5
 Consolidated net earnings 6,145 5,756 6.8
 Consolidated earnings
 available for common shares 6,032 5,634 7.1
 Earnings per weighted
 average common share .367 .342 7.3
 Dividends declared per
 common share .200 .200 ---
 Weighted average common
 shares outstanding 16,422,188 16,458,661 (.2)
 LINCOLN TELECOMMUNICATIONS CO. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 (Dollars in Thousands)
 March 31,
 1992 1991
 ASSETS
 Property and equipment less
 accumulated depreciation and
 amortization 251,622 248,461
 Investments and other property 39,219 2,866
 Current assets 72,210 97,138
 Deferred charges 6,328 4,564
 Total assets 369,379 353,029
 CAPITALIZATION AND LIABILITIES
 Capitalization:
 Common stock investment 180,661 166,583
 5 percent non-redeemable
 preferred stock 4,499 4,499
 7.64 percent redeemable preferred
 stock - excluding current sinking
 fund requirement 2,720 3,200
 Long-term debt, excluding
 current installments 80,200 85,650
 Total capitalization 268,080 259,932
 Current liabilities:
 Short-term notes payable 16,000 ---
 Current installments of long-term
 debt and 7.64 percent preferred
 stock 5,565 9,565
 Accounts payable and accrued
 liabilities 34,296 35,826
 Total current liabilities 55,861 45,391
 Deferred credits 45,438 47,706
 Total capitalization and
 liabilities 369,379 353,029
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended
 March 31,
 1992 1991
 Telephone operating revenues:
 Local network services 15,978 12,700
 Long distance and access services 14,855 16,633
 Directory advertising, billing
 and other services 4,050 3,904
 Other operating revenues 3,476 3,278
 Total telephone
 operating revenues 38,359 36,515
 Diversified operations revenues
 and sales:
 Long distance services 4,679 4,906
 Product sales 1,390 1,303
 Other revenue 88 83
 Total diversified operations
 revenues and sales 6,157 6,292
 Intercompany revenues (1,716) (1,837)
 Total operating revenues 42,800 40,970
 Operating expenses:
 Depreciation 7,328 6,902
 Cost of goods and services 4,319 4,536
 Other operating expenses 20,730 19,985
 Taxes, other than payroll
 and income 1,234 1,708
 Intercompany expenses (1,716) (1,837)
 Total operating expenses 31,895 31,294
 Operating income before
 income taxes 10,905 9,676
 Non-operating income (expense):
 Income from interest and
 other investments 996 1,077
 Interest expense and other
 deductions (2,376) (2,394)
 Net non-operating expense (1,380) (1,317)
 Earnings before income taxes 9,525 8,359
 Income Taxes 3,380 2,603
 Net earnings 6,145 5,756
 Preferred dividends 113 122
 Earnings available for
 common shares 6,032 5,634
 Earnings per common share based on
 weighted average shares outstanding .367 .342
 Weighted average common shares
 outstanding (in thousands) 16,422 16,459
 -0- 4/22/92
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC) CO: Lincoln Telecommunications Co.; Lincoln Telephone Co. ST: Nebraska IN: TLS SU: ERN PER


MC -- DV021 -- 1513 04/22/92 17:38 EDT
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