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ALLTEL EARNINGS UP 13 PERCENT

 LITTLE ROCK, Ark., Oct. 14 /PRNewswire/ -- ALLTEL Corporation (NYSE: AT) today announced financial results for the period ended Sept. 30, 1993. All earnings per share results have been restated to reflect the recent 2-for-1 stock split.
 Third quarter earnings were 35 cents per share, up 13 percent from 31 cents a year ago on 1 percent more average common shares outstanding. Net income advanced 13 percent to $65,975,000 from the $58,457,000 reported in the third quarter last year, while revenues and sales were $571,678,000, up 9 percent from $524,039,000 in the corresponding quarter of 1992.
 Earnings per share for the nine months ended Sept. 30, 1993 were $1.03, up 16 percent from 89 cents a year ago. Net income was $192,960,000, an increase of 17 percent over $165,481,000 last year on revenues and sales of $1,687,270,000, up 9 percent from $1,549,089,000 in the corresponding period last year. The nine-month earnings for 1992 reflect first quarter one-time costs of $5 million related to the acquisition of Computer Power, Inc. (CPI). Excluding these one-time costs, net income for the nine months was up 13 percent from $170,460,000 and earnings per share were up 13 percent from 91 cents.
 Joe Ford, ALLTEL chairman and CEO, said, "ALLTEL achieved double- digit earnings growth again this quarter, despite providing for increased taxes due to recent federal tax law changes.
 "Telephone operations produced solid results this quarter, while cellular operations continued its long-standing trend of making an increasingly larger contribution to the corporation's earnings growth.
 "Information services produced double-digit growth in revenues, while expenses reflect increased R&D expenditures and the effect of the addition of major new outsourcing business. Revenues and profits also continue to be impacted by the number of mergers and consolidations that are taking place in the banking industry.
 "While making a positive contribution to earnings, product distribution continues to be impacted by sluggish market conditions."
 ALLTEL Corporation (NYSE: AT) is a leading telecommunications and information services company. In addition to providing local telephone service, ALLTEL subsidiaries provide cellular telephone service, information services and communications products.
 ALLTEL CORPORATION
 HIGHLIGHTS
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED SEPT. 30
 Increase
 (Decrease)
 1993 1992 Amount PCT
 REVENUES AND SALES:
 Telephone $ 249,928 $ 239,381 $ 10,547 4
 Information Services 164,259 143,551 20,708 14
 Product Distribution 91,878 95,550 (3,672) (4)
 Cellular 52,326 32,998 19,328 59
 Other operations 13,287 12,559 728 6
 Total revenues & sales $ 571,678 $ 524,039 $ 47,639 9
 OPERATING INCOME:
 Telephone $ 86,547 $ 82,207 $ 4,340 5
 Information Services 27,099 25,037 2,062 8
 Product Distribution 4,215 5,005 (790) (16)
 Cellular 12,352 6,784 5,568 82
 Other operations 1,251 2,272 (1,021) (45)
 Total business segments 131,464 121,305 10,159 8
 Corporate expenses 2,262 7,689 (5,427) (71)
 Total operating income $ 129,202 $ 113,616 $ 15,586 14
 Income before merger
 expenses and income
 taxes $ 106,428 $ 92,437 $ 13,991 15
 Net income $ 65,975 $ 58,457 $ 7,518 13
 Preferred dividends 387 418 (31) (7)
 Net income applicable
 to common shares $ 65,588 $ 58,039 $ 7,549 13
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $.35 $.31 $.04 13
 Fully diluted $.35 $.31 $.04 13
 EXCLUDING MERGER
 EXPENSES:
 Net income $ 65,975 $ 58,457 $ 7,518 13
 Earnings per share $.35 $.31 $.04 13
 COMMON SHARES
 OUTSTANDING:
 Average 187,207,000 185,731,000 1,476,000 1
 End of period 185,292,000 183,976,000 1,316,000 1
 Annual dividend rate
 per common share $.80 $.74 $.06 8
 Capital expenditures $102,123 $92,156 $9,967 11
 NINE MONTHS ENDED SEPT. 30
 Increase
 (Decrease)
 1993 1992 Amount PCT
 REVENUES AND SALES:
 Telephone $ 738,290 $ 701,026 $ 37,264 5
 Information Services 485,870 422,300 63,570 15
 Product Distribution 282,238 287,590 (5,352) (2)
 Cellular 141,211 90,151 51,060 57
 Other operations 39,661 48,022 (8,361) (17)
 Total revenues & sales $1,687,270 $1,549,089 $ 138,181 9
 OPERATING INCOME:
 Telephone $ 255,794 $ 233,449 $ 22,345 10
 Information Services 86,151 74,369 11,782 16
 Product Distribution 13,395 14,453 (1,058) (7)
 Cellular 30,428 14,685 15,743 107
 Other operations 5,752 5,840 (88) (2)
 Total business segments 391,520 342,796 48,724 14
 Corporate expenses 12,378 17,658 (5,280) (30)
 Total operating income $ 379,142 $ 325,138 $ 54,004 17
 Income before merger
 expenses and income
 taxes $ 311,205 $ 266,056 $ 45,149 17
 Net income $ 192,960 $ 165,481 $ 27,479 17
 Preferred dividends 1,196 1,333 (137) (10)
 Net income applicable
 to common shares $ 191,764 $ 164,148 $ 27,616 17
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $1.03 $.89 $.14 16
 Fully diluted $1.02 $.88 $.14 16
 EXCLUDING MERGER
 EXPENSES:
 Net income $ 192,960 $ 170,460 $ 22,500 13
 Earnings per share $1.03 $.91 $.12 13
 COMMON SHARES
 OUTSTANDING:
 Average 187,070,000 185,420,000 1,650,000 1
 Capital expenditures $292,746 $263,386 $29,360 11
 TWELVE MONTHS ENDED SEPT. 30
 Increase
 (Decrease)
 1993 1992 Amount PCT
 REVENUES AND SALES:
 Telephone $ 985,023 $ 938,197 $ 46,826 5
 Information Services 632,940 552,418 80,522 15
 Product Distribution 371,684 365,928 5,756 2
 Cellular 176,591 114,753 61,838 54
 Other operations 54,424 67,665 (13,241) (20)
 Total revenues & sales $2,220,662 $2,038,961 $ 181,701 9
 OPERATING INCOME:
 Telephone $ 338,127 $ 311,652 $ 26,475 9
 Information Services 106,236 91,909 14,327 16
 Product Distribution 17,278 17,432 (154) (1)
 Cellular 36,688 17,110 19,578 114
 Other operations 9,040 8,644 396 5
 Total business segments 507,369 446,747 60,622 14
 Corporate expenses 10,623 21,730 (11,107) (51)
 Total operating income $ 496,746 $ 425,017 $ 71,729 17
 Income before merger
 expenses and income
 taxes $ 408,010 $ 345,315 $ 62,695 18
 Net income $ 256,115 $ 216,793 $ 39,322 18
 Preferred dividends 1,605 1,907 (302) (16)
 Net income applicable
 to common shares $ 254,510 $ 214,886 $ 39,624 18
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $1.36 $1.16 $.20 17
 Fully diluted $1.36 $1.16 $.20 17
 EXCLUDING MERGER
 EXPENSES:
 Net income $ 256,115 $ 221,772 $ 34,343 15
 Earnings per share $1.36 $1.19 $.17 14
 COMMON SHARES
 OUTSTANDING:
 Average 186,998,000 184,538,000 2,460,000 1
 Capital expenditures $396,563 $352,564 $43,999 12
 Total assets $3,390,281 $3,092,780 $297,501 10
 Telephone access lines 1,342,748 1,291,818 50,930 4
 Cellular customers 237,049 132,262 104,787 79
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED SEPT. 30
 1993 1992
 REVENUES AND SALES $ 571,678 $ 524,039
 COSTS AND EXPENSES:
 Cost of products sold 86,638 87,827
 Operations 242,783 216,685
 Maintenance 32,634 30,523
 Depreciation and amortization 66,229 61,606
 Taxes, other than income taxes 14,192 13,782
 Total costs and expenses 442,476 410,423
 OPERATING INCOME 129,202 113,616
 Other income, net 288 2,171
 Interest during construction 634 438
 Interest expense (23,696) (23,788)
 Income before merger expenses
 and income taxes 106,428 92,437
 Merger expenses --- ---
 Income before income taxes 106,428 92,437
 Federal and state income taxes 40,453 33,980
 Net income 65,975 58,457
 Preferred dividends 387 418
 Net income applicable
 to common shares $ 65,588 $ 58,039
 EARNINGS PER SHARE:
 Primary $.35 $.31
 Fully diluted $.35 $.31
 NINE MONTHS ENDED SEPT. 30
 1993 1992
 REVENUES AND SALES $ 1,687,270 $ 1,549,089
 COSTS AND EXPENSES:
 Cost of products sold 265,688 276,299
 Operations 708,997 635,624
 Maintenance 95,212 89,568
 Depreciation and amortization 194,552 181,110
 Taxes, other than income taxes 43,679 41,350
 Total costs and expenses 1,308,128 1,223,951
 OPERATING INCOME 379,142 325,138
 Other income, net 538 9,826
 Interest during construction 1,455 1,724
 Interest expense (69,930) (70,632)
 Income before merger expenses
 and income taxes 311,205 266,056
 Merger expenses --- (5,512)
 Income before income taxes 311,205 260,544
 Federal and state income taxes 118,245 95,063
 Net income 192,960 165,481
 Preferred dividends 1,196 1,333
 Net income applicable
 to common shares $ 191,764 $ 164,148
 EARNINGS PER SHARE:
 Primary $1.03 $.89
 Fully diluted $1.02 $.88
 TWELVE MONTHS ENDED SEPT. 30
 1993 1992
 REVENUES AND SALES $ 2,220,662 $ 2,038,961
 COSTS AND EXPENSES:
 Cost of products sold 348,537 357,114
 Operations 932,423 838,563
 Maintenance 127,525 119,221
 Depreciation and amortization 258,058 244,919
 Taxes, other than income taxes 57,373 54,127
 Total costs and expenses 1,723,916 1,613,944
 OPERATING INCOME 496,746 425,017
 Other income, net 2,119 12,707
 Interest during construction 1,688 2,164
 Interest expense (92,543) (94,573)
 Income before merger expenses
 and income taxes 408,010 345,315
 Merger expenses --- (5,512)
 Income before income taxes 408,010 339,803
 Federal and state income taxes 151,895 123,010
 Net income 256,115 216,793
 Preferred dividends 1,605 1,907
 Net income applicable
 to common shares $ 254,510 $ 214,886
 EARNINGS PER SHARE:
 Primary $1.36 $1.16
 Fully diluted $1.36 $1.16
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 ASSETS
 SEPT. 30, DEC. 31, SEPT. 30,
 1993 1992 1992
 CURRENT ASSETS:
 Cash and short-term
 investments $26,574 $30,423 $39,157
 Accounts & notes receivable 293,925 257,290 245,377
 Materials and supplies 23,104 20,455 20,039
 Inventories 60,605 57,667 66,766
 Prepaid expenses 13,642 12,597 13,462
 Total current assets 417,850 378,432 384,801
 Investments 162,166 164,771 172,847
 Excess of cost over equity
 in subsidiary companies 399,037 397,774 377,402
 PROPERTY, PLANT AND
 EQUIPMENT:
 Telephone 2,948,760 2,851,519 2,802,539
 Information Services 229,607 196,238 185,906
 Other 214,835 165,075 150,311
 Under construction 149,743 84,559 103,792
 Total property, plant
 and equipment 3,542,945 3,297,391 3,242,548
 Less accumulated
 depreciation 1,343,532 1,235,402 1,221,097
 Net property, plant
 and equipment 2,199,413 2,061,989 2,021,451
 Other assets 211,815 123,010 136,279
 TOTAL ASSETS $3,390,281 $3,125,976 $3,092,780
 LIABILITIES AND CAPITAL
 SEPT. 30, DEC. 31, SEPT. 30,
 1993 1992 1992
 CURRENT LIABILITIES:
 Current maturities of
 long-term debt $30,902 $36,220 $34,739
 Accounts payable 171,611 149,944 146,989
 Advance payments and
 customers' deposits 54,189 42,388 38,900
 Accrued taxes 47,842 55,536 34,747
 Accrued interest,
 dividends and other 141,062 124,143 123,776
 Other current liabilities 47,143 43,237 36,770
 Total current liabilities 492,749 451,468 415,921
 DEFERRED CREDITS:
 Investment tax credit 40,314 45,977 47,802
 Income taxes 247,754 264,319 282,230
 Total deferred credits 288,068 310,296 330,032
 Long-term debt 1,110,343 1,018,228 1,039,969
 Other liabilities 89,658 31,955 28,908
 Preferred stock, redeemable 8,718 9,575 9,702
 SHAREHOLDERS' EQUITY
 Preferred stock 9,408 9,488 9,513
 Common stock 185,292 92,339 91,988
 Additional capital 322,712 399,955 391,458
 Retained earnings 883,333 802,672 775,289
 Total shareholders' equity 1,400,745 1,304,454 1,268,248
 TOTAL LIABILITIES AND CAPITAL $3,390,281 $3,125,976 $3,092,780
 -0- 10/14/93
 /CONTACT: Ron Payne, vice president-corporate communications, of ALLTEL Corp., 501-661-8989/
 (AT)


CO: ALLTEL Corporation ST: Arkansas IN: TLS SU: ERN

AR -- CL025 -- 2210 10/14/93 12:04 EDT
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Date:Oct 14, 1993
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