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ALLTEL REPORTS NET INCOME UP 15 PERCENT

 LITTLE ROCK, Ark., Jan. 26 /PRNewswire/ -- ALLTEL Corporation (NYSE: AT) announced today its audited 1992 financial results. The consolidated results have been restated to reflect the acquisitions of Computer Power, Inc. (CPI) and SLT Communications, Inc. (SLT) on a pooling-of-interests basis.
 Revenues and sales for 1992 were $2,092,120,000, up 11 percent from $1,883,954,000 a year ago. Net income for 1992 advanced 15 percent to $228,636,000, from the $199,426,000 earned in 1991, while earnings per share were $2.44, up 11 percent from $2.19 in the prior year period.
 The results reflect first quarter 1992 one-time costs of $5 million related to the acquisition of Computer Power, Inc. (CPI). Excluding one-time items, 1992 net income increased 19 percent to $233,615,000, and earnings per share were up 16 percent to $2.50.
 Fourth quarter 1992 net income was $63,155,000, up 23 percent from $51,312,000 in 1991, while earnings per share were 67 cents per share, an increase of 20 percent, compared to 56 cents a year ago. Revenues and sales were $538,368,000, up 10 percent over the fourth quarter of 1991.
 Joe Ford, ALLTEL chairman and president, said, "ALLTEL's strong 1992 performance resulted from increased contributions to earnings by all of the company's core business units. Telephone operations had a strong increase and accounted for 70 percent of ALLTEL's total operating income this year, while ALLTEL's other businesses contributed more than 70 percent of the growth in the company's operating income. Clearly, 1992 demonstrated the benefits of our strategy to expand into faster growing businesses to combine with our base telephone business.
 "Information services operating income was up 68 percent this year following a sharp increase in revenue in 1991, while 1992 revenue increased 22 percent.
 "ALLTEL's cellular business continued its long-running trend of strong gains and is now making a significant contribution to the corporation's earnings growth.
 "Product distribution exceeded its 1991 performance level, but continues to reflect the sluggish general economic recovery."
 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.
 HIGHLIGHTS
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED DEC. 31
 Increase
 (Decrease)
 1992 1991 Amount Pct
 REVENUES AND SALES:
 Telephone $246,733 $237,171 $ 9,562 4
 Information Services 152,046 131,792 20,254 15
 Product Distribution 89,446 78,338 11,108 14
 Cellular 35,380 24,602 10,778 44
 Other operations 14,763 19,643 (4,880) (25)
 Total revenues and sales $538,368 $491,546 $46,822 10
 OPERATING INCOME:
 Telephone $ 82,333 $ 78,203 $ 4,130 5
 Information Services 20,085 17,540 2,545 15
 Product Distribution 3,883 2,979 904 30
 Cellular 6,260 2,425 3,835 158
 Other operations 3,288 2,804 484 17
 Total business segments 115,849 103,951 11,898 11
 Corporate expenses (1,755) 4,072 (5,827) (143)
 Total operating income $117,604 $ 99,879 $17,725 18
 Income before merger expenses,
 net gain (loss) on disposal
 of assets, other, and
 income taxes $ 96,805 $79,259 $17,546 22
 Net income $ 63,155 $51,312 $11,843 23
 Preferred dividends 409 574 (165) (29)
 Net income applicable
 to common shares $ 62,746 $50,738 $12,008 24
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $.67 $.56 $.11 20
 Fully diluted $.67 $.55 $.12 22
 EXCLUDING MERGER EXPENSES,
 NET GAIN (LOSS) ON DISPOSAL
 OF ASSETS AND OTHER:
 Net income 63,155 51,312 11,843 23
 Earnings per share $.67 $.56 $.11 20
 COMMON SHARES OUTSTANDING:
 Average 93,201,000 90,964,000 2,237,000 3
 End of period 92,339,000 88,898,000 3,441,000 4
 Annual dividend rate per
 common share $1.60 $1.48 $.12 8
 Capital expenditures $103,817 $89,178 $14,639 16
 TWELVE MONTHS ENDED DEC. 31
 Increase
 (Decrease)
 1992 1991 Amount Pct
 REVENUES AND SALES:
 Telephone $ 947,759 $ 890,913 $ 56,846 6
 Information Services 579,009 476,565 102,444 22
 Product Distribution 377,036 333,158 43,878 13
 Cellular 125,531 75,942 49,589 65
 Other operations 62,785 107,376 (44,591) (42)
 Total revenues and sales $2,092,120 $1,883,954 $208,166 11
 OPERATING INCOME:
 Telephone $ 315,782 $ 295,139 $ 20,643 7
 Information Services 94,454 56,184 38,270 68
 Product Distribution 18,336 15,575 2,761 18
 Cellular 20,945 8,570 12,375 144
 Other operations 9,128 14,992 (5,864) (39)
 Total business segments 458,645 390,460 68,185 18
 Corporate expenses 15,903 17,621 (1,718) (10)
 Total operating income $ 442,742 $ 372,839 $ 69,903 19
 Income before merger expense,
 net gain (loss) on disposal
 of assets, other, and
 income taxes $ 362,861 $ 290,712 $ 72,149 25
 Net income $ 228,636 $ 199,426 $ 29,210 15
 Preferred dividends 1,742 2,543 (801) (32)
 Net income applicable
 to common shares $ 226,894 $ 196,883 $ 30,011 15
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $2.44 $2.19 $.25 11
 Fully diluted $2.44 $2.16 $.28 13
 EXCLUDING MERGER EXPENSES,
 NET GAIN (LOSS) ON DISPOSAL
 OF ASSETS AND OTHER:
 Net income 233,615 196,405 37,210 19
 Earnings per share $2.50 $2.15 $.35 16
 COMMON SHARES OUTSTANDING:
 Average 92,836,000 90,003,000 2,833,000 3
 Capital expenditures $367,203 $321,019 $46,184 14
 Total assets $3,125,976 $2,957,232 $168,744 6
 Telephone access lines 1,301,981 1,252,337 49,644 4
 Cellular customers 161,419 82,677 78,742 95
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED DEC. 31
 1992 1991
 REVENUES AND SALES $538,368 $491,546
 COSTS AND EXPENSES:
 Cost of products sold 87,825 82,489
 Operations 223,426 202,939
 Maintenance 32,313 29,653
 Depreciation and amortization 63,506 63,809
 Taxes, other than income taxes 13,694 12,777
 Total costs and expenses 420,764 391,667
 OPERATING INCOME 117,604 99,879
 Other income, net 1,581 2,881
 Interest during construction 233 440
 Interest expense (22,613) (23,941)
 Income before merger expenses,
 net gain (loss) on disposal of
 assets, other, and income taxes 96,805 79,259
 Merger expenses, net gain (loss) on
 disposal of assets and other
 Income before income taxes 96,805 79,259
 Federal and state income taxes 33,650 27,947
 Net income 63,155 51,312
 Preferred dividends 409 574
 Net income applicable
 to common shares $ 62,746 $ 50,738
 EARNINGS PER SHARE:
 Primary $.67 $.56
 Fully diluted $.67 $.55
 TWELVE MONTHS ENDED DEC. 31
 1992 1991
 REVENUES AND SALES $2,092,120 $1,883,954
 COSTS AND EXPENSES:
 Cost of products sold 368,787 357,049
 Operations 859,050 746,380
 Maintenance 121,881 114,839
 Depreciation and amortization 244,616 242,403
 Taxes, other than income taxes 55,044 50,444
 Total costs and expenses 1,649,378 1,511,115
 OPERATING INCOME 442,742 372,839
 Other income, net 11,407 10,227
 Interest during construction 1,957 1,890
 Interest expense (93,245) (94,244)
 Income before merger expenses,
 net gain (loss) on disposal of
 assets, other, and income taxes 362,861 290,712
 Merger expenses, net gain (loss) on
 disposal of assets and other (5,512) 8,347
 Income before income taxes 357,349 299,059
 Federal and state income taxes 128,713 99,633
 Net income 228,636 199,426
 Preferred dividends 1,742 2,543
 Net income applicable
 to common shares $ 226,894 $ 196,883
 EARNINGS PER SHARE:
 Primary $2.44 $2.19
 Fully diluted $2.44 $2.16
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 ASSETS
 DEC. 31, DEC. 31,
 1992 1991
 CURRENT ASSETS:
 Cash and short-term investments $ 30,423 $ 75,943
 Accounts and notes receivable 257,290 248,529
 Materials and supplies 20,455 20,111
 Inventories 57,667 65,249
 Prepaid expenses 12,597 11,173
 Total current assets 378,432 421,005
 Investments 164,771 153,717
 Excess of cost over equity in
 subsidiary companies 397,774 354,942
 PROPERTY, PLANT AND EQUIPMENT:
 Telephone 2,851,519 2,675,910
 Information Services 196,238 153,039
 Other 165,075 130,931
 Under construction 84,559 84,941
 Total property, plant and equipment 3,297,391 3,044,821
 Less accumulated depreciation 1,235,402 1,135,922
 Net property, plant and equipment 2,061,989 1,908,899
 Other assets 123,010 118,669
 TOTAL ASSETS $3,125,976 $2,957,232
 LIABILITIES AND CAPITAL
 DEC. 31, DEC. 31,
 1992 1991
 CURRENT LIABILITIES:
 Current maturities of
 long-term debt $ 36,220 $ 62,128
 Accounts payable 149,944 150,362
 Advance payments and
 customers' deposits 42,388 31,646
 Accrued taxes 55,536 23,644
 Accrued interest, dividends
 and other 124,143 110,902
 Other current liabilities 43,237 37,259
 Total current liabilities 451,468 415,941
 DEFERRED CREDITS:
 Investment tax credit 45,977 53,773
 Income taxes 264,319 275,515
 Total deferred credits 310,296 329,288
 Long-term debt 1,018,228 1,045,576
 Other liabilities 31,955 26,848
 Preferred stock, redeemable 9,575 11,701
 SHAREHOLDERS' EQUITY
 Preferred stock 9,488 9,634
 Common stock 92,339 88,898
 Additional capital 399,955 320,329
 Retained earnings 802,672 709,017
 Total shareholders' equity 1,304,454 1,127,878
 TOTAL LIABILITIES AND CAPITAL $3,125,976 $2,957,232
 -0- 1/26/93
 /CONTACT: Ron Payne, vice president-corporate communications, ALLTEL Corp., (501) 661-8989/
 (AT)


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

KK -- CL007 -- 9007 01/26/93 10:30 EST
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Date:Jan 26, 1993
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