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NYNEX REPORTS 1992 FIRST QUARTER RESULTS; NET INCOME INCREASES 25 PERCENT; OPERATING EXPENSES DECLINE 6 PERCENT

 NYNEX REPORTS 1992 FIRST QUARTER RESULTS;


NET INCOME INCREASES 25 PERCENT; OPERATING EXPENSES DECLINE 6 PERCENT
 WHITE PLAINS, N.Y., April 16 /PRNewswire/ -- NYNEX Corporation (NYSE: NYN) today reported net income of $336.2 million for the first quarter of 1992, up 24.7 percent from $269.5 million reported for the same period a year ago. Earnings per share were $1.65, up 23.1 percent from $1.34 per share reported for the first quarter of 1991.
 Results for the 1992 first quarter include interest income from a federal tax settlement. Without the settlement, net income would have been $316.5 million, or $1.55 per share.
 "Our efforts to reduce costs and enhance service quality are beginning to pay off," said William C. Ferguson, chairman and chief executive officer. "While we're eager to get more help from the economy, we're proud of our progress in improving our cost- competitiveness, especially as the NYNEX telephone comwere $3.24 billion, down 3.5 percent from $3.36 billion reported for the first quarter of 1991. Excluding last year's first quarter revenues of the NYNEX Business Centers, a business unit sold in June 1991, and other discontinued operations of NYNEX Business Information Systems, operating revenues were up 1.1 percent. An increase in network usage at the NYNEX telephone companies and growth in cellular customers contributed to the revenue growth.
 Operating expenses in the first quarter of 1992 were $2.60 billion, down 6.1 percent from $2.77 billion reported for the same period last year, primarily the result of a reduction in the company's work force and the sale of the NYNEX Business Centers.
 Since March 31, 1991, NYNEX has reduced its work force by approximately 12 percent to 83,100 employees. NYNEX has 29,400 management employees and 53,700 craft employees, vs. 34,200 management employees and 60,200 craft employees a year ago.
 Telecommunications
 For the first quarter of 1992, the Telecommunications Group reported operating income of $638.5 million, up 4.8 percent from the first quarter of 1991. Telecommunications revenues reached $2.79 billion, up 1.9 percent from $2.74 billion in the first quarter last year, principally the result of an increase in customer demand.
 Customer access lines in service increased to 15,473,000, up 1.0 percent from March 31, 1991, with comparable growth at New England Telephone and New York Telephone. Interstate minutes of use grew 5.0 percent over the same period a year ago.
 Telecommunications operating expenses were $2.22 billion, an increase of 0.5 percent compared with $2.21 billion for the first quarter of 1991. Excluding depreciation and taxes other than income, operating expenses were down 2.5 percent.
 Since March 31, 1991, the Telecommunications Group has reduced its work force by approximately 10 percent to 71,700 employees. The Telecommunications Group now has 46 employees per 10,000 customer access lines, down from 52 a year ago.
 Cellular
 NYNEX Mobile Communications reported operating income of $9.4 million for the first quarter of 1992, up 1.1 percent from $9.3 million reported for the first quarter last year. Cellular operating revenues increased 7.6 percent over last year's first quarter to $78.2 million.
 During the quarter, NYNEX Mobile added approximately 15,300 cellular customers for a total of 322,800 customers, up 20.8 percent from 267,200 on March 31, 1991, the best year-over-year growth rate since the fourth quarter of 1990.
 NYNEX Mobile also continued its network expansion of cell sites, adding 31 new sites during the quarter, compared with the construction of 72 in all of 1991. The company now operates 311 cell sites, the transmitters that relay cellular calls. Cell site expansion adds capacity and further enhances service quality.
 NYNEX is a leader in helping people communicate using information networks and services. Through New England Telephone, New York Telephone and NYNEX Mobile Communications, NYNEX provides telecommunications services to approximately 12 million customers. NYNEX also builds, operates and manages information networks in selected markets around the world through NYNEX Network Systems.
 In addition, NYNEX companies provide directory publishing, data base management, information delivery, software and consulting services in the United States and more than 60 other countries.
 NYNEX CORPORATION
 Financial Results
 (Unaudited)
 (In millions, except EPS and ROE)
 Three months ended Pct.
 March 31 1992(A) 1991 Change
 Operating Revenues $3,237.9 $3,356.5 -3.5
 Net Income $ 336.2 $ 269.5 24.7
 Earnings Per Share $ 1.65 $ 1.34 23.1
 Weighted Aver. Shares
 Outstanding 204.1 200.5 1.8
 Return on Equity (pct) 14.5 11.6 25.0
 (A) -- Results include the effect of a federal tax settlement, which increased earnings per share by 10 cents.
 -0- 4/16/92
 /CONTACT: Sean Healy of NYNEX, 914-644-7250/
 (NYN) CO: NYNEX Corporation ST: New York IN: TLS SU: ERN


GK -- NY018 -- 9104 04/16/92 09:07 EDT
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Date:Apr 16, 1992
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