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ACC CORP. REPORTS STRONG SECOND QUARTER EARNINGS AND RECORD REVENUES

 ACC CORP. REPORTS STRONG SECOND QUARTER EARNINGS
 AND RECORD REVENUES
 ROCHESTER, N.Y., July 21 /PRNewswire/ -- ACC Corp. (NASDAQ/NMS: ACCC) today announced net income and record revenues for the quarter ended June 30, 1992. Total revenues for the quarter were a record $19.55 million, an increase of 65 percent compared with second quarter 1991 revenue of $11.87 million. Second quarter 1992 consolidated net income was $489,773 or $.11 per share, up 298 percent, compared with $123,078 or $.04 per share for the same period in 1991. Consolidated six months revenues for 1992 were $37.06 million, up 68 percent, compared to $22.04 million in 1991. Consolidated six months earnings for 1992 were $843,967 or $.19 per share, up 46 percent, compared to $575,049 or $.17 per share in 1991. Per share earnings reflect the results of the company's secondary offering during August of 1991.
 In commenting on the results, Richard T. Aab, chairman of the board and chief executive officer, stated, "We are very pleased with the performance of our consolidated long distance and cellular operations which continue to recognize strong growth."
 Total long distance business segment earnings for the second quarter 1992 increased 119 percent to a record $936,466 or $.21 per share, up from $427,403 or $.13 per share for the same period in 1991. Total long distance revenues increased 60 percent to a record $18.62 million vs. $11.65 million in 1991. Long distance billable minutes increased 52 percent to a record 106.4 million for the second quarter 1992 compared to 69.8 million for the same period in 1991.
 In commenting further, Aab said, "ACC's combined long distance operations continue to show record comparisons reflecting strong internal growth in Canada and sound cost controls throughout the companies. We should see a continuation in these positive growth trends throughout the second half of 1992."
 Revenues from cellular operations were $929,047 for the second quarter vs. $221,109 for the same period last year. The cellular business had a second quarter 1992 net loss of $446,693 or $.10 per share compared to a loss of $304,325 or $.09 per share for the same period in 1991.
 Regarding ACC's cellular business, Aab stated, "We are beginning to see a positive impact on the direction of cellular contributions to earnings as costs stabilize and we experience the benefits of our expanding subscriber base. This should become evident during the second half of 1992. Net subscriber growth for the quarter increased 38 percent to 2863 up from 2067 customers at the end of the March 31, 1992, and compares to 460 on line June 30, 1991."
 ACC Corp. is a diversified telecommunications company based in Rochester, N.Y. The company is a holding company for ACC Long Distance Corp., ACC Long Distance Ltd., ACC Network Corp., ACC Local Fiber Corp., ACC Global Corp. and Danbury Cellular Telephone Co. Through its subsidiaries, the company provides long-distance telephone service in three RSAs in Kentucky.
 ACC CORP.
 COMPARATIVE HIGHLIGHTS
 (IN DOLLARS)
 (UNAUDITED)
 Three Months Ended
 June 30
 1992 1991
 Revenue $19,548,194 $11,867,130
 Net Income $ 489,773 $ 123,078
 Earnings Per Share $ .11 $ .04
 Common and Common Equivalent
 Shares 4,575,005 3,514,077
 Six Months Ended
 June 30
 1992 1991
 Revenue $37,583,317 $22,040,631
 Net Income $ 843,967 $ 575,049
 Earnings Per Share $ .19 $ .17
 Common and Common Equivalent
 Shares 4,559,325 3,496,819
 ACC CORP. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF INCOME
 (UNAUDITED)
 (IN DOLLARS)
 THREE MONTHS ENDED SIX MONTHS ENDED
 JUNE 30 JUNE 30
 1992 1991 1992 1991
 Revenue:
 Toll revenue $18,845,433 $11,466,253 $36,171,340 $21,273,749
 Leased lines,
 equipment
 & other 702,761 400,877 1,411,977 766,882
 Total 19,548,194 11,867,130 37,583,317 22,040,631
 Operating expenses:
 Network costs 11,698,931 7,575,135 22,708,141 13,625,139
 Equipment &
 other costs 492,711 175,157 864,249 218,122
 Depreciation &
 amortization 1,146,955 776,165 2,295,432 1,485,237
 Selling, general
 & admin. 5,050,309 3,103,661 9,769,892 5,703,019
 Total 18,388,906 11,630,118 35,637,714 21,071,517
 Income from
 operations 1,159,288 237,012 1,945,603 969,114
 Other income
 (expense):
 Interest (277,025) (42,465) (442,696) (83,626)
 Other 4,094 2,990 8,638 7,124
 Total (272,931) (39,475) (434,058) (76,502)
 Income before
 provision for
 income taxes 886,357 197,537 1,511,545 892,812
 Provision for
 income taxes 396,584 74,459 667,578 317,563
 Net income $489,773 $123,078 $843,967 $575,049
 Net income per
 common and common
 equivalent share $0.11 $0.04 $0.19 $0.17
 Average number of
 common and common
 equivalent
 shares 4,575,005 3,514,077 4,559,325 3,496,819
 ACC CORP. AND SUBSIDIARIES
 BUSINESS SEGMENT INFORMATION
 (UNAUDITED)
 (IN DOLLARS)
 THREE MONTHS ENDED JUNE 30, 1992
 CELLULAR LONG-DISTANCE CONSOLIDATED
 Revenue:
 Toll revenue $764,517 $18,080,916 $18,845,433
 Leased lines,
 equipment &
 other 164,530 538,231 702,761
 Total 929,047 18,619,147 19,548,194
 Operating expenses:
 Network costs 135,284 11,563,647 11,698,931
 Equipment & other
 costs 286,250 206,461 492,711
 Depreciation and
 amortization 274,033 872,922 1,146,955
 Selling, general
 & admin. 675,102 4,375,207 5,050,309
 Total 1,370,669 17,018,237 18,388,906
 Income (loss) from
 operations (441,622) 1,600,910 1,159,288
 Other income
 (expense):
 Interest (258,368) (18,657) (277,025)
 Other 0 4,094 4,094
 Total (258,368) (14,563) (272,931)
 Income (loss)
 before provision
 for income
 taxes (699,990) 1,586,347 886,357
 Provision for
 (benefit from)
 income taxes (253,297) 649,881 396,584
 Net income (loss) $(446,693) $936,466 $489,773
 Net income (loss)
 per common &
 common equivalent
 share ($0.10) $0.21 $0.11
 ACC CORP. AND SUBSIDIARIES
 BUSINESS SEGMENT INFORMATION
 (UNAUDITED)
 (IN DOLLARS)
 SIX MONTHS ENDED JUNE 30, 1992
 CELLULAR LONG-DISTANCE CONSOLIDATED
 Revenue:
 Toll revenue $1,280,588 $34,890,752 $36,171,340
 Leased lines, equipment,
 and other 288,845 1,123,132 1,411,977
 TOTAL 1,569,433 36,013,884 37,583,317
 Operating Expenses
 Network costs 299,460 22,408,681 22,708,141
 Equipment & other costs 415,225 449,024 864,249
 Depreciation & Amortization 525,570 1,769,862 2,295,432
 Selling, general, & admin. 1,351,593 8,418,299 9,769,892
 TOTAL 2,591,848 33,045,866 35,637,714
 Income (loss) from
 operations (1,022,415) 2,968,018 1,945,603
 Other income (expense):
 Interest (385,998) (56,698) (442,696)
 Other 0 8,638 8,638
 TOTAL (385,998) (48,060) (434,058)
 Income (loss) before provision
 for income taxes (1,408,413) 2,919,958 1,511,545
 Provision for (Benefit from)
 income taxes (494,161) 1,161,739 667,578
 Net income (loss) ($914,252) $1,758,219 $843,967
 Net income (loss) per common &
 Common equivalent share ($0.20) $0.39 $0.19
 -0- 7/21/92
 /CONTACT: Michael R. Daley of ACC Corp., 716-987-3175/
 (ACCC) CO: ACC Corp. ST: New York IN: TLS SU: ERN


KK -- CL009 -- 1179 07/21/92 09:54 EDT
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Date:Jul 21, 1992
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