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ALLTEL REPORTS 1991 EARNINGS

 ALLTEL REPORTS 1991 EARNINGS
 LITTLE ROCK, Ark., Jan. 29 /PRNewswire/ -- ALLTEL Corporation


(NYSE: AT) announced today its audited 1991 financial results.
 Revenues and sales for 1991 were $1,747,764,000, up 11 percent from $1,573,785,000 a year ago. Net income for 1991 was $188,986,000, compared to the $192,799,000 reported in 1990, while earnings per share were $2.34, compared to $2.35 in the prior year period.
 The results reflect a third quarter 1991 net after-tax gain of $3 million on the disposal of certain assets. Excluding one-time items, 1991 net income was $185,965,000 and earnings per share were $2.30.
 Fourth quarter 1991 net income was $48,575,000, compared to $55,735,000 in 1990, and earnings per share were 60 cents per share, compared to 69 cents a year ago. Revenues and sales were $457,487,000, up 13 percent over the fourth quarter of 1990.
 Joe T. Ford, ALLTEL chairman and president, said, "General economic conditions played a part in the Company's 1991 financial results. The effects of the recession were particularly evident in the distribution business area, which continued to experience reduced sales growth and increased margin pressures.
 "ALLTEL's core telephone business showed modest access line growth. Telephone results were also affected by several regulatory commission orders designed to reduce earnings levels.
 "The Company's cellular operations produced a sharp increase in customers, revenues and operating income. With the number of customers nearly doubling each year, the start-up of new Rural Service Area markets and strong cellular roaming revenues, ALLTEL Mobile is positioned to make an increasing contribution to the company's earnings.
 "Revenues from Systematics -- ALLTEL's information services subsidiary -- also rose sharply. Operating income, however, grew at a slower rate due to increased costs associated with absorbing the rapid growth of new business, as well as start-up costs to pursue the telecommunications and international markets."
 ALLTEL Corporation provides telephone service to 1.2 million customers in 25 states and has subsidiaries or investments in companies that provide cellular telephone, long-distance and information services, communications products and other related services.
 HIGHLIGHTS
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED DEC. 31
 Increase
 (Decrease)
 1991 1990 Amount Pct
 REVENUES AND SALES:
 Telephone $227,687 $211,994 $ 15,693 7
 Information Services 107,099 66,904 40,195 60
 Product Distribution 78,338 79,380 (1,042) (1)
 Cellular 25,168 11,770 13,398 114
 Other operations 19,195 33,482 (14,287) (43)
 Total revenues and sales $457,487 $403,530 $ 53,957 13
 OPERATING INCOME:
 Telephone $ 76,671 $ 76,550 $ 121
 Information Services 12,000 8,676 3,324 38
 Product Distribution 2,979 6,123 (3,144) (51)
 Cellular 2,499 801 1,698 212
 Other operations 2,716 2,095 1,927 92
 Total operating income $ 92,843 $ 96,108 $ (3,265) (3)
 Income before net gain (loss)
 on disposal of assets and
 other, and income taxes $ 74,333 $ 76,763 $ (2,430) (3)
 Net income $ 48,575 $ 55,735 $ (7,160) (13)
 Preferred dividends 474 522 (48) (9)
 Net income applicable
 to common shares $ 48,101 $ 55,213 $ (7,112) (13)
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $.60 $.69 $(.09) (13)
 Fully diluted $.60 $.68 $(.08) (12)
 EXCLUDING NET GAIN (LOSS)
 ON DISPOSAL OF ASSETS
 AND OTHER:
 Net income 48,575 55,735 (7,160) (13)
 Earnings per share $.60 $.69 $(.09) (13)
 COMMON SHARES OUTSTANDING:
 Average 80,143,000 80,454,000 (311,000)
 End of period 79,192,000 79,219,000 (27,000)
 Annual dividend rate
 per common share $1.48 $1.40 $.08 6
 Capital expenditures $84,153 $73,414 $10,739 15
 TWELVE MONTHS ENDED DEC. 31
 Increase
 (Decrease)
 1991 1990 Amount Pct
 REVENUES AND SALES:
 Telephone 853,893 818,150 $ 35,743 4
 Information Services 377,252 254,806 122,446 48
 Product Distribution 333,158 331,565 1,593 1
 Cellular 77,747 42,272 35,475 84
 Other operations 105,714 126,992 (21,278) (17)
 Total revenues and sales $1,747,764 $1,573,785 $173,979 11
 OPERATING INCOME:
 Telephone $ 287,832 $ 290,032 $ (2,200) (1)
 Information Services 39,338 34,159 5,179 15
 Product Distribution 15,575 22,507 (6,932) (31)
 Cellular 8,892 2,227 6,665 299
 Other operations 14,659 14,965 (306) (2)
 Total business segments 366,296 363,890 2,406 1
 Corporate expenses 17,425 13,365 4,060 30
 Total operating income $ 348,871 $ 350,525 $ (1,654) (1)
 Income before net gain (loss)
 on disposal of assets and
 other, and income taxes $ 273,905 $ 283,677 $ (9,772) (3)
 Net income $ 188,986 $ 192,799 $ (3,813) (2)
 Preferred dividends 1,990 2,205 (215) (10)
 Net income applicable
 to common shares $ 186,996 $ 190,594 $ (3,598) (2)
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $2.34 $2.35 $(.01)
 Fully diluted $2.33 $2.33
 EXCLUDING NET GAIN (LOSS)
 ON DISPOSAL OF ASSETS
 AND OTHER:
 Net income 185,965 192,799 (6,834) (4)
 Earnings per share $2.30 $2.35 $(.05) (2)
 COMMON SHARES OUTSTANDING:
 Average 80,048,000 81,223,000 (1,175,000) (1)
 Capital expenditures $308,242 $272,453 $35,789 13
 Total assets $2,787,492 $2,623,834 $163,658 6
 Telephone access lines 1,210,864 1,157,105 53,759 5
 Cellular customers 82,677 43,819 38,858 89
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED DEC. 31
 1991 1990
 REVENUES AND SALES $457,487 $403,530
 COSTS AND EXPENSES:
 Cost of products sold 81,053 83,753
 Operations 182,992 135,411
 Maintenance 28,200 26,499
 Depreciation and amortization 60,539 49,917
 Taxes, other than income taxes 11,860 11,842
 Total costs and expenses 364,644 307,422
 OPERATING INCOME 92,843 96,108
 Other income, net 3,081 (527)
 Interest during construction 441 346
 Interest expense (22,032) (19,164)
 Income before net gain (loss)
 on disposal of assets and other,
 and income taxes 74,333 76,763
 Income before income taxes 74,333 76,763
 Federal and state income taxes 25,758 21,028
 Net income 48,575 55,735
 Preferred dividends 474 522
 Net income applicable
 to common shares $ 48,101 $ 55,213
 EARNINGS PER SHARE:
 Primary $.60 $.69
 Fully diluted $.60 $.68
 TWELVE MONTHS ENDED DEC. 31
 1991 1990
 REVENUES AND SALES $1,747,764 $1,573,785
 COSTS AND EXPENSES:
 Cost of products sold 346,529 352,880
 Operations 678,407 524,206
 Maintenance 108,792 104,365
 Depreciation and amortization 216,994 192,040
 Taxes, other than income taxes 48,171 49,769
 Total costs and expenses 1,398,893 1,223,260
 OPERATING INCOME 348,871 350,525
 Other income, net 9,152 8,451
 Interest during construction 1,891 1,380
 Interest expense (86,009) (76,679)
 Income before net gain (loss)
 on disposal of assets and other,
 and income taxes 273,905 283,677
 Net gain (loss) on disposal of assets
 and other 8,347 -
 Income before income taxes 282,252 283,677
 Federal and state income taxes 93,266 90,878
 Net income 188,986 192,799
 Preferred dividends 1,990 2,205
 Net income applicable
 to common shares $ 186,996 $ 190,594
 EARNINGS PER SHARE:
 Primary $2.34 $2.35
 Fully diluted $2.33 $2.33
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 ASSETS
 DEC. 31, DEC. 31,
 1991 1990
 CURRENT ASSETS:
 Cash and short-term investments $ 50,443 $ 42,441
 Accounts and notes receivable 219,114 222,026
 Materials and supplies 18,990 18,974
 Inventories 63,247 69,610
 Prepaid expenses 9,950 9,904
 Total current assets 361,744 362,955
 Investments 142,931 158,482
 Excess of cost over equity in
 subsidiary companies 345,293 276,029
 PROPERTY, PLANT AND EQUIPMENT:
 Telephone 2,562,675 2,406,338
 Information Services 134,611 117,778
 Other 131,424 165,352
 Under construction 84,784 69,962
 Total property, plant and equipment 2,913,494 2,759,430
 Less accumulated depreciation 1,088,052 1,004,551
 Net property, plant and equipment 1,825,442 1,754,879
 Other assets 112,082 71,489
 TOTAL ASSETS $2,787,492 $2,623,834
 LIABILITIES AND CAPITAL
 DEC. 31, DEC. 31,
 1991 1990
 CURRENT LIABILITIES:
 Current maturities of
 long-term debt $ 29,457 $ 30,313
 Accounts payable 133,962 116,510
 Advance payments and
 customers' deposits 30,786 26,019
 Accrued taxes 22,260 26,233
 Accrued interest, dividends
 and other 106,822 107,535
 Other current liabilities 37,259 36,733
 Total current liabilities 360,546 343,343
 DEFERRED CREDITS:
 Investment tax credit 51,342 60,016
 Income taxes 267,985 271,115
 Total deferred credits 319,327 331,131
 Long-term debt 992,335 905,189
 Other liabilities 22,302 15,379
 Preferred stock, redeemable 11,701 13,586
 SHAREHOLDERS' EQUITY
 Preferred stock 9,634 9,871
 Common stock 79,192 79,219
 Additional capital 308,209 316,714
 Retained earnings 684,246 609,402
 Total shareholders' equity 1,081,281 1,015,206
 TOTAL LIABILITIES AND CAPITAL $2,787,492 $2,623,834
 -0- 1/29/92
 /CONTACT: Ron Payne, vice president-corporate communications, ALLTEL Corp., 501-661-8989/
 (AT) CO: ALLTEL Corporation ST: Arkansas IN: TLS SU: ERN


KK -- CL003 -- 4599 01/29/92 09:28 EST
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