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PACIFIC TELECOM INC. REPORTS EARNINGS

 VANCOUVER, Wash., July 23 /PRNewswire/ -- Pacific Telecom Inc. (NASDAQ: PTCM) today reports increased revenues and operating income for both the second quarter and six months ended June 30, 1993.
 Net income for the quarter ended June 30, 1993 was $14.0 million or 35 cents per share as compared to $11.9 million or 30 cents per share reported for the same quarter last year. Operating income increased $0.8 million for this period despite the effects of a $2 million accrual of costs associated with an accounting change for other post retirement benefits. These additional costs reflect the adoption of a new accounting requirement in January 1993.
 Contributing to this improvement in net income and operating income were favorable out-of-period revenue adjustments, local exchange access line growth, expanding cellular operations and higher maintenance and restoration revenues on the North Pacific Cable. Offsetting revenue increases were the associated operating expense increases in providing those services and the post retirement benefit accrual. An additional benefit to net income was reduced interest expense due to decreased borrowing levels during the second quarter compared to last year.
 Net income for the six months ended June 30, 1993 was $28.2 million or 71 cents per share as compared to $33.0 million or 83 cents per share for the same period in 1992. The decrease in net income resulted primarily from the effect of a $13.5 million after-tax gain on the sale of Catalina Marketing common stock in 1992, offset in part by $4.5 million in 1992 after-tax valuation adjustments related to certain noncore investments. In addition, the current year accrual for post retirement benefit costs reduced after-tax net income by $2.4 million. Excluding these and certain other less significant items that affect the comparability between years, net income and operating income increased $6.0 million and $5.2 million, or 25 percent and 8 percent, respectively.
 By action of the Board of Directors on July 23, 1993, a dividend of 33 cents per share was declared. The dividend will be payable Sept. 6, 1993 to shareholders of record as of Aug. 20, 1993.
 Pacific Telecom Inc. is an 87 percent-owned subsidiary of PacifiCorp (NYSE: PPW).
 PACIFIC TELECOM INC.
 CONSOLIDATED INCOME STATEMENTS
 (In thousands, except per share amounts)
 Three months ended Six months ended
 June 30, June 30,
 (Unaudited) (Unaudited)
 1993 1992 1993 1992
 Operating revenues $176,237 $169,699 $347,307 $335,924
 Operating expenses 141,896 136,109 280,622 270,470
 Operating income 34,341 33,590 66,685 65,454
 Other income (expense)
 Interest expense (11,359) (13,570) (22,891) (27,025)
 Interest income 128 231 294 556
 Gain on sale of investments - - - 21,442
 Minority interest (145) (16) (149) 38
 Other (2,849) (2,365) (4,409) (11,167)
 Total other income
 (expense) (14,225) (15,720) (27,155) (16,156)
 Income before income taxes 20,116 17,870 39,530 49,298
 Income taxes 6,129 6,017 11,342 16,341
 Net income $ 13,987 $ 11,853 $ 28,188 $ 32,957
 Net income per common share $ 0.35 $ 0.30 $ 0.71 $ 0.83
 Average shares outstanding 39,587 39,525 39,576 39,506
 A PACIFICORP COMPANY
 -0- 7/23/93
 /CONTACT: Brian M. Wirkkala, vice president-treasurer, of Pacific Telecom Inc., 206-696-0983/
 (PTCM PPW)


CO: Pacific Telecom Inc.; PacifiCorp ST: Washington IN: TLS SU: ERN

JH -- SE009 -- 5266 07/23/93 15:45 EDT
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Publication:PR Newswire
Date:Jul 23, 1993
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