Printer Friendly

ALLTEL REPORTS NET INCOME UP 18 PERCENT

 ALLTEL REPORTS NET INCOME UP 18 PERCENT
 LITTLE ROCK, Ark., July 16 /PRNewswire/ -- ALLTEL Corporation


(NYSE: AT) today announced financial results for the period ending June 30, 1992. All prior period results have been restated to reflect the acquisition of Computer Power, Inc. (CPI) on a pooling-of-interests basis.
 Second quarter earnings were $.63 cents per share, up 15 percent from $.55 cents a year ago on 3 percent more average common shares outstanding. Net income advanced 18 percent to $56,419,000 from the $47,964,000 reported in the second quarter last year, while revenues and sales were $512,508,000, up 10 percent from $464,813,000 in the corresponding quarter of 1991.
 Earnings per share for the six months ended June 30, 1992 were $1.17, up 5 percent from $1.11 a year ago. Net income was $105,205,000, an increase of 9 percent over $96,579,000 last year on revenues and sales of $1,010,880,000, up 12 percent from $901,770,000 in the corresponding period last year. The six month earnings of 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 six months was $110,184,000, up 14 percent, and earnings per share were up 11 percent to $1.23.
 Joe Ford, ALLTEL chairman and president, said, "ALLTEL's strong performance this quarter resulted from increased contributions to earnings by all of the company's core business units, with the major increases coming from the company's information services and cellular operations.
 Systematics produced its third consecutive quarter of improved operating income, resulting from new business booked in 1991. Computer Power, the newest addition to the information services group, again contributed to earnings growth.
 The company's cellular operations produced significant gains in subscribers, revenues and operating income, reflecting a long-running trend of strong improvement.
 While telephone operations continued its normal growth rate, the product distribution business unit, which has been impacted by the recession, had its best quarter in more than a year."
 ALLTEL Corporation provides telephone service to more than 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 JUNE 30
 Increase
 (Decrease)
 1992 1991 Amount Pct
 REVENUES AND SALES:
 Telephone $220,789 $210,266 $ 10,523 5
 Information Services 143,110 120,426 22,684 19
 Product Distribution 99,942 85,876 14,066 16
 Cellular 32,053 19,234 12,819 67
 Other operations 16,614 29,011 (12,397) (43)
 Total revenues and sales $512,508 $464,813 $ 47,695 10
 OPERATING INCOME:
 Telephone $ 73,752 $ 71,803 $ 1,949 3
 Information Services 25,368 13,452 11,916 89
 Product Distribution 5,473 3,570 1,903 53
 Cellular 6,019 2,292 3,727 163
 Other operations 1,780 4,436 (2,656) (60)
 Total business segments 112,392 95,553 16,839 18
 Corporate expenses 6,641 6,285 356 6
 Total operating income $105,751 $ 89,268 $ 16,483 19
 Income before merger
 expenses, net gain (loss)
 on disposal of assets,
 other, and income taxes $ 87,458 $ 66,511 $ 20,947 32
 Net income $ 56,419 $ 47,964 $ 8,455 18
 Preferred dividends 456 562 (106) (19)
 Net income applicable
 to common shares $ 55,963 $ 47,402 $ 8,561 18
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $.63 $.55 $.08 15
 Fully diluted $.63 $.54 $.09 17
 EXCLUDING MERGER EXPENSES,
 NET GAIN (LOSS) ON DISPOSAL
 OF ASSETS AND OTHER:
 Net income 56,419 47,964 8,455 18
 Earnings per share $.63 $.55 $.08 15
 COMMON SHARES OUTSTANDING:
 Average 89,063,000 86,203,000 2,860,000 3
 End of period 88,223,000 85,146,000 3,077,000 4
 Annual dividend rate
 per common share $1.48 $1.40 $.08 6
 Capital expenditures $89,075 $78,109 $10,966 14
 SIX MONTHS ENDED JUNE 30
 Increase
 (Decrease)
 1992 1991 Amount Pct
 REVENUES AND SALES:
 Telephone $ 442,335 $415,005 $ 27,330 7
 Information Services 282,493 223,948 58,545 26
 Product Distribution 192,040 167,634 24,406 15
 Cellular 59,522 31,978 27,544 86
 Other operations 34,490 63,205 (28,715) (45)
 Total revenues and sales $1,010,880 $901,770 $109,110 12
 OPERATING INCOME:
 Telephone $ 147,824 $142,485 $ 5,339 4
 Information Services 49,332 23,971 25,361 106
 Product Distribution 9,448 8,521 927 11
 Cellular 7,988 3,198 4,790 150
 Other operations 3,382 10,651 (7,269) (68)
 Total business segments 217,974 188,826 29,148 15
 Corporate expenses 9,945 9,149 796 9
 Total operating income $ 208,029 $179,677 $ 28,352 16
 Income before merger
 expenses, net gain (loss)
 on disposal of assets,
 other, and income taxes $ 171,305 $138,971 $ 32,334 23
 Net income $ 105,205 $ 96,579 $ 8,626 9
 Preferred dividends 915 1,142 (227) (20)
 Net income applicable
 to common shares $ 104,290 $ 95,437 $ 8,853 9
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $1.17 $1.11 $.06 5
 Fully diluted $1.17 $1.09 $.08 7
 EXCLUDING MERGER EXPENSES,
 NET GAIN (LOSS) ON DISPOSAL
 OF ASSETS AND OTHER:
 Net income 110,184 96,579 13,605 14
 Earnings per share $1.23 $1.11 $.12 11
 COMMON SHARES OUTSTANDING:
 Average 88,926,000 86,128,000 2,798,000 3
 Capital expenditures $167,087 $151,692 $15,395 10
 TWELVE MONTHS ENDED JUNE 30
 Increase
 (Decrease)
 1992 1991 Amount Pct
 REVENUES AND SALES:
 Telephone $ 881,223 $ 833,551 $ 47,672 6
 Information Services 535,110 399,804 135,306 34
 Product Distribution 357,564 336,514 21,050 6
 Cellular 105,291 54,621 50,670 93
 Other operations 76,999 121,364 (44,365) (37)
 Total revenues and sales $1,956,187 $1,745,854 $210,333 12
 OPERATING INCOME:
 Telephone $ 293,171 $ 290,092 $ 3,079 1
 Information Services 81,545 46,895 34,650 74
 Product Distribution 16,502 20,743 (4,241) (20)
 Cellular 13,682 4,697 8,985 191
 Other operations 7,391 18,403 (11,012) (60)
 Total business segments 412,291 380,830 31,461 8
 Corporate expenses 18,371 14,727 3,644 25
 Total operating income $ 393,920 $ 366,103 $ 27,817 8
 Income before merger
 expenses, net gain (loss)
 on disposal of assets,
 other, and income taxes $ 317,902 $ 287,357 $ 30,545 11
 Net income $ 204,200 $ 200,770 $ 3,430 2
 Preferred dividends 1,911 2,303 (392) (17)
 Net income applicable
 to common shares $ 202,289 $ 198,467 $ 3,822 2
 EARNINGS PER AVERAGE
 COMMON SHARE OUTSTANDING:
 Primary $2.30 $2.29 $.01
 Fully diluted $2.29 $2.26 $.03 1
 EXCLUDING MERGER EXPENSES,
 NET GAIN (LOSS) ON DISPOSAL
 OF ASSETS AND OTHER:
 Net income 206,158 200,770 5,388 3
 Earnings per share $2.32 $2.29 $.03 1
 COMMON SHARES OUTSTANDING:
 Average 87,881,000 86,543,000 1,338,000 2
 Capital expenditures $327,019 $299,540 $27,479 9
 Total assets $2,930,759 $2,732,271 $198,488 7
 Telephone access lines 1,236,994 1,177,654 59,340 5
 Cellular customers 117,607 55,655 61,952 111
 CONSOLIDATED STATEMENTS OF INCOME
 (Dollars in thousands, except per-share amounts)
 THREE MONTHS ENDED JUNE 30
 1992 1991
 REVENUES AND SALES $512,508 $464,813
 COSTS AND EXPENSES:
 Cost of products sold 98,463 95,226
 Operations 208,709 184,176
 Maintenance 28,024 27,556
 Depreciation and amortization 58,289 56,667
 Taxes, other than income taxes 13,272 11,920
 Total costs and expenses 406,757 375,545
 OPERATING INCOME 105,751 89,268
 Other income, net 3,456 (610)
 Interest during construction 722 529
 Interest expense (22,471) (22,676)
 Income before merger expenses,
 net gain (loss) on disposal of
 assets, other, and income taxes 87,458 66,511
 Income before income taxes 87,458 66,511
 Federal and state income taxes 31,039 18,547
 Net income 56,419 47,964
 Preferred dividends 456 562
 Net income applicable to common shares $ 55,963 $ 47,402
 EARNINGS PER SHARE:
 Primary $.63 $.55
 Fully diluted $.63 $.54
 SIX MONTHS ENDED JUNE 30
 1992 1991
 REVENUES AND SALES $1,010,880 $901,770
 COSTS AND EXPENSES:
 Cost of products sold 191,751 184,818
 Operations 413,464 347,688
 Maintenance 55,864 53,460
 Depreciation and amortization 115,073 111,924
 Taxes, other than income taxes 26,699 24,203
 Total costs and expenses 802,851 722,093
 OPERATING INCOME 208,029 179,677
 Other income, net 6,621 2,366
 Interest during construction 1,287 1,001
 Interest expense (44,632) (44,073)
 Income before merger expenses,
 net gain (loss) on disposal of
 assets, other, and income taxes 171,305 138,971
 Merger expenses, net gain (loss)
 on disposal of assets and other (5,512)
 Income before income taxes 165,793 138,971
 Federal and state income taxes 60,588 42,392
 Net income 105,205 96,579
 Preferred dividends 915 1,142
 Net income applicable to common shares$ 104,290 $ 95,437
 EARNINGS PER SHARE:
 Primary $1.17 $1.11
 Fully diluted $1.17 $1.09
 TWELVE MONTHS ENDED JUNE 30
 1992 1991
 REVENUES AND SALES $1,956,187 $1,745,854
 COSTS AND EXPENSES:
 Cost of products sold 362,908 363,139
 Operations 799,719 639,594
 Maintenance 111,196 106,520
 Depreciation and amortization 237,382 222,240
 Taxes, other than income taxes 51,062 48,258
 Total costs and expenses 1,562,267 1,379,751
 OPERATING INCOME 393,920 366,103
 Other income, net 12,038 4,370
 Interest during construction 2,177 1,779
 Interest expense (90,233) (84,895)
 Income before merger expenses,
 net gain (loss) on disposal of
 assets, other, and income taxes 317,902 287,357
 Merger expenses, net gain (loss)
 on disposal of assets and other 2,835
 Income before income taxes 320,737 287,357
 Federal and state income taxes 116,537 86,587
 Net income 204,200 200,770
 Preferred dividends 1,911 2,303
 Net income applicable to common shares$ 202,289 $ 198,467
 EARNINGS PER SHARE:
 Primary $2.30 $2.29
 Fully diluted $2.29 $2.26
 CONSOLIDATED BALANCE SHEETS
 (Dollars in thousands)
 ASSETS
 JUNE 30, DEC. 31, JUNE 30,
 1992 1991 1991
 CURRENT ASSETS:
 Cash and short-term
 investments $ 27,917 $ 68,285 $ 44,581
 Accounts & notes receivable 229,154 244,297 232,395
 Materials and supplies 22,387 18,990 20,944
 Inventories 69,820 65,249 71,346
 Prepaid expenses 13,125 10,482 16,965
 Total current assets 362,403 407,303 386,231
 Investments 159,289 142,931 138,693
 Excess of cost over equity in
 subsidiary companies 374,425 348,245 284,822
 PROPERTY, PLANT AND EQUIPMENT:
 Telephone 2,599,277 2,562,675 2,432,236
 Information Services 169,675 153,039 156,424
 Other 138,863 131,424 194,849
 Under construction 145,038 84,784 108,365
 Total property, plant
 and equipment 3,052,853 2,931,922 2,891,874
 Less accumulated
 depreciation 1,150,897 1,098,015 1,076,587
 Net property, plant
 and equipment 1,901,956 1,833,907 1,815,287
 Other assets 132,686 117,300 107,238
 TOTAL ASSETS $2,930,759 $2,849,686 $2,732,271
 LIABILITIES AND CAPITAL
 JUNE 30, DEC. 31, JUNE 30,
 1992 1991 1991
 CURRENT LIABILITIES:
 Current maturities of
 long-term debt $ 30,378 $ 55,162 $ 34,733
 Accounts payable 137,023 147,562 117,362
 Advance payments and
 customers' deposits 32,982 30,786 29,927
 Accrued taxes 16,649 22,260 12,688
 Accrued interest, dividends
 and other 116,860 110,053 106,100
 Other current liabilities 36,484 37,259 36,857
 Total current liabilities 370,376 403,082 337,667
 DEFERRED CREDITS:
 Investment tax credit 47,613 51,342 56,069
 Income taxes 271,649 267,985 272,635
 Total deferred credits 319,262 319,327 328,704
 Long-term debt 1,002,896 996,324 985,543
 Other liabilities 22,926 23,291 21,226
 Preferred stock, redeemable 9,810 11,701 13,901
 SHAREHOLDERS' EQUITY
 Preferred stock 9,552 9,634 9,798
 Common stock 88,223 86,462 85,146
 Additional capital 379,471 310,701 302,215
 Retained earnings 728,243 689,164 648,071
 Total shareholders' equity 1,205,489 1,095,961 1,045,230
 TOTAL LIABILITIES
 AND CAPITAL $2,930,759 $2,849,686 $2,732,271
 -0- 7/16/92
 /CONTACT: Ron Payne, vice president-corporate communications, ALLTEL Corp., 501-661-8989/
 (AT) CO: ALLTEL Corporation ST: Arkansas IN: TLS SU: ERN


KK -- CL003 -- 9896 07/16/92 09:25 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jul 16, 1992
Words:2157
Previous Article:ROBERT B. ANACONE NAMED SENIOR VICE PRESIDENT, MARKETING AND SALES AT PERSEPTIVE BIOSYSTEMS
Next Article:HAWAIIAN ELECTRIC INDUSTRIES INC. REPORTS INCREASED SECOND QUARTER EARNINGS
Topics:


Related Articles
ALLTEL REPORTS NET INCOME UP 15 PERCENT
ALLTEL NET INCOME UP 27 PERCENT
ALLTEL NET INCOME UP 11 PERCENT
ALLTEL EARNINGS UP 13 PERCENT
ALLTEL 1993 NET INCOME UP 15 PERCENT
ALLTEL NET INCOME UP 14 PERCENT
ALLTEL NET INCOME FROM OPERATIONS UP 16 PERCENT
ALLTEL Earnings Per Share From Operations Up 8 Percent
ALLTEL Reports Fourth Quarter Earnings Growth of 22 Percent From Current Businesses
ALLTEL Reports 12 Percent EPS Growth

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters