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LINCOLN TELECOMMUNICATIONS DECLARES DIVIDEND

 LINCOLN, Neb., March 17 /PRNewswire/ -- The board of directors of the Lincoln Telecommunications Co. (NASDAQ-NMS: LTEC) increased the first quarter common stock dividend 2 cents per share to 24 cents at its regular quarterly meeting today. Dividends are payable April 10, 1993 to stockholders of record on March 31, 1993. The board of The Lincoln Telephone and Telegraph Co. also met and declared the first quarter dividend of $1.25 per share on the company's 5 percent preferred stock.
 Chairman and Chief Executive Officer James E. Geist announced his retirement, effective May 1, 1993. Geist has been with the company for 45 years and has served as chief executive officer since 1988 and as chairman since 1990. He served as president from 1983 to 1990.
 The board elected Frank H. Hilsabeck to serve as chief executive officer, effective May 1. Hilsabeck, who began his career with the company in 1967, has served as president since 1990 and was named chief operating officer in 1992. He will retain the title of president in addition to the title of chief executive officer beginning in May.
 The board of directors also elected Thomas C. Woods, III to serve as chairman of the board, effective May 1. Woods has been with the company since 1969 and has served as vice chairman since 1990.
 The board also approved a one-time charge against earnings related to new accounting rules. As a result, the corporation's financial reports for the first quarter of 1993 will reflect a one-time, non-cash, after-tax charge of approximately $22.2 million for the implementation of new accounting rules for retiree health and life insurance benefits. The new rules, promulgated by the Financial Accounting Standards Board, require large employers to accrue these costs before employees retire rather than as the benefits are paid. The one-time charge will immediately recognize the transition obligation for prior service for financial reporting purposes, rather than amortizing the costs over the next 20 years. The one-time charge will reduce earnings for the first quarter by approximately $1.37 per share.
 The board of directors nominated six individuals to stand for election at the 1993 annual meeting of the corporation scheduled for April 28, 1993. Newly nominated members include Charles N. Wheatley of Chicago, president and chief executive officer of Sahara Enterprises Inc.; John Haessler of Lincoln, president and chief executive officer of Woodmen Accident and Life Co.; and Terry L. Fairfield of Lincoln, president and chief executive officer of the University of Nebraska Foundation. Duane W. Acklie, William C. Smith and Lyn Wallin Ziegenbein were nominated for reelection.
 Harry Seward, Jr. and Durward Varner are retiring from the board. Seward has been on the board for 12 years; Varner for 16.
 -0- 3/17/93
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC)


CO: Lincoln Telecommunications Co. ST: Nebraska IN: TLS SU: DIV PER

MC -- DV005 -- 7138 03/17/93 16:07 EST
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Publication:PR Newswire
Date:Mar 17, 1993
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