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SPRINT REPORTS RECORD RESULTS IN THE FOURTH QUARTER

 KANSAS CITY, Mo., Feb. 2 /PRNewswire -- Sprint (NYSE: FON) today announced record earnings per share from operations in the fourth quarter, along with record long distance operating income, revenues and calling volume.
 Net income in the 1992 fourth quarter was $117 million, or 53 cents per share, up 19 percent from $98 million, or 45 cents per share, in the 1991 fourth quarter. Revenues increased 10 percent in the quarter to $2.41 billion from $2.20 billion in the fourth quarter a year ago.
 For 1992, net income was $457 million, or $2.07 per share, which includes a positive impact of 17 cents per share from a change in accounting standards and a 3 cents per share charge for the early retirement of higher-coupon debt. The 1992 results compared to 1991 net income of $368 million, or $1.68 per share. Revenues in 1992 were $9.23 billion, up 5 percent from $8.78 billion in 1991.
 "We are pleased with our fourth quarter and yearly results and the momentum we have built heading into 1993," said William T. Esrey, Sprint's Chairman and Chief Executive Officer. "Our merger with Centel; the successful introduction of new products such as The Most(sm), the enhanced FONCARD(sm) and Sprint Clarity(sm)/Business Clout(sm); and the continued strong access line growth in our local telephone operations position us to take advantage of new opportunities and for improved long-term performance."
 Long distance operating income in the fourth quarter was $106 million, a 32 percent increase from $80 million in the fourth quarter a year ago, and up 13 percent from $94 million in the third quarter 1992. Long distance revenues increased 11 percent to $1.49 billion in the fourth quarter from $1.34 billion in the fourth quarter a year ago, and were up 4 percent from $1.43 billion in the previous quarter. The results include an increase in data systems sales, which traditionally benefit the fourth quarter.
 Minutes of use in the fourth quarter of 1992 increased 2.1 percent compared with the third quarter 1992, and were up 9.9 percent from the the fourth quarter 1991.
 For the year, long distance operating income was $311 million, an increase from $295 million in 1991. Revenues in 1992 totaled $5.66 billion, a 5 percent increase from 1991. Minutes of use increased 6 percent in 1992 compared to the year earlier.
 "Our underlying long distance business fundamentals continued to improve," said Esrey. "Operating income in the quarter exceeded $100 million for the first time in our history, and we had improved operating margins.
 "We are encouraged by market response to our new products and services. More new residential customers have signed on for The Most since we began to offer it in June than any other product introduction. Our international and large business segments continue to show strong growth. We have seen a significant reduction in customer disconnects as our sales and marketing efforts have become more focused and effective.
 "We continue to roll out new products, with our focus being the soon-to-be portable 800 market. We recently introduced SiteRP, the first call-by-call routing system available that gives large 800 customers the ability to direct calls to the call center best equipped to handle the caller's request. Later today, we will announce innovative new marketing and advertising strategies, including an unprecedented 800 service guarantee, which we believe will distinguish us in this $7.5 billion market."
 Sprint's local telephone operations reported operating income in the fourth quarter of $160 million, down from $164 million from the year earlier period. Revenues increased 7 percent in the quarter to $766 million, from $719 million a year ago.
 For the year, local telephone operations had operating income of $679 million, up 4 percent from $656 million in 1991. Revenues were up 5 percent to $2.97 billion in 1992 from $2.81 billion the year before.
 The number of access lines grew 3.9 percent for the year, a rate of growth higher than the industry average.
 "While fourth quarter operating income was affected by increased costs associated with the upgrade of our customer billing system, our local telephone operations had a solid quarter and year overall," said Esrey. "We continue to upgrade our network and systems to meet the needs of our customers and to better position the company as it faces increasing competitive challenges. More than 93 percent of our local telephone lines are served by digital switching technology, and we continue to deploy fiber optics at the local level."
 Sprint's complementary businesses, which consist primarily of equipment supply and directory publishing, had operating income of $16 million in the quarter, down slightly from $17 million in the 1991 fourth quarter. Revenues increased 14 percent to $222 million from $196 million in the year ago period.
 For the year, the group had operating income of $66 million on revenues of $863 million, compared to operating income of $62 million on revenues of $826 million in 1991.
 In March 1993, Sprint expects to complete its merger with Centel Corporation. On a combined basis, the companies had 1992 revenues of $10.4 billion and assets of more than $13.5 billion. First quarter 1993 results will be impacted by a charge for merger-related costs, the effects of the adoption of the new accounting standard related to post-retirement benefits and the previously announced renegotiated pricing for the FTS 2000 contract that became effective Dec. 1, 1992.
 Sprint is a diversified international telecommunications company with $9.2 billion in annual revenues and the United States' only nationwide all-digital, fiber-optic network. Its divisions provide global long distance voice, data and video products and services, and local telephone services to more than 4 million subscriber lines in 17 states.
 SPRINT CORPORATION
 Consolidated Statements of Income
 (Unaudited)
 Three Months Ended
 Dec. 31,
 1992 1991
 (In Millions Except
 Per Share Data)
 Net operating revenues
 Long distance communications services $1,490.2 $1,342.7
 Local communications services 766.2 719.0
 Complementary businesses 222.4 195.8
 Intercompany revenues (66.1) (60.2)
 Total net operating revenues 2,412.7 2,197.3
 Operating expenses
 Long distance communications services 1,384.7 1,262.5
 Local communications services 606.1 554.9
 Complementary businesses 206.0 179.1
 Intercompany expenses (66.1) (60.2)
 Total operating expenses 2,130.7 1,936.3
 Operating income 282.0 261.0
 Interest charges, net of capitalization 91.8 95.8
 Other (income) expense, net 12.9 (1.1)
 Minority interest 0.0 15.7
 Income before income taxes, extraordinary
 item and cumulative effect of change
 in accounting principle 177.3 150.6
 Income tax provision 59.2 52.5
 Income before extraordinary item and
 cumulative effect of change in
 accounting principle 118.1 98.1
 Extraordinary losses on early extinguishments
 of debt, net of related income tax benefit .9 0.0
 Income before cumulative effect of change
 in accounting principle 117.2 98.1
 Cumulative effect of change in
 accounting for income taxes 0.0 0.0
 Net income 117.2 98.1
 Preferred stock dividends 0.6 0.7
 Earnings applicable to common stock $ 116.6 $ 97.4
 Earnings per common share
 Before extraordinary item and
 cumulative effect of change
 in accounting principle $ 0.53 $ 0.45
 Extraordinary item 0.00 0.00
 Cumulative effect of change in
 accounting principle 0.00 0.00
 Total $ 0.53 $ 0.45
 Weighted average number of common shares 221.5 218.3
 SPRINT CORPORATION
 Consolidated Statements of Income
 (Unaudited)
 Year Ended
 Dec. 31,
 1992 1991
 (In Millions Except
 Per Share Data)
 Net operating revenues
 Long distance communications services $5,658.2 $5,387.6
 Local communications services 2,965.0 2,811.7
 Complementary businesses 862.9 826.0
 Intercompany revenues (255.7) (245.6)
 Total net operating revenues 9,230.4 8,779.7
 Operating expenses
 Long distance communications services 5,347.6 5,092.8
 Local communications services 2,285.8 2,156.2
 Complementary businesses 796.9 764.0
 Intercompany expenses (255.7) (245.6)
 Total operating expenses 8,174.6 7,767.4
 Operating income 1,055.8 1,012.3
 Interest charges, net of capitalization 384.7 406.6
 Other (income) expense, net 15.4 (1.5)
 Minority interest 0.0 48.3
 Income before income taxes, extraordinary
 item and cumulative effect of change
 in accounting principle 655.7 558.9
 Income tax provision 228.5 191.4
 Income before extraordinary item and
 cumulative effect of change in
 accounting principle 427.2 367.5
 Extraordinary losses on early extinguishments
 of debt, net of related income tax benefit 6.5 0.0
 Income before cumulative effect of change
 in accounting principle 420.7 367.5
 Cumulative effect of change in
 accounting for income taxes 36.4 0.0
 Net income 457.1 367.5
 Preferred stock dividends 2.4 2.6
 Earnings applicable to common stock $ 454.7 $ 364.9
 Earnings per common share
 Before extraordinary item and
 cumulative effect of change
 in accounting principle $ 1.93 $ 1.68
 Extraordinary item (0.03) 0.00
 Cumulative effect of change in
 accounting principle 0.17 0.00
 Total $ 2.07 $ 1.68
 Weighted average number of common shares 220.1 217.3
 -0- 2/2/93
 /CONTACT: Bill White, 913-624-2226 or after hours, 816-941-3571; or Steve Dykes, 202-828-7435 of after hours, 703-242-1769; both of Sprint/
 (FON)


CO: Sprint ST: Missouri IN: TLS SU: ERN

DS -- DC003 -- 1665 02/02/93 08:30 EST
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Date:Feb 2, 1993
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