Printer Friendly

COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES RESULTS IN U.S. GAAP FOR THE NINE MONTHS ENDED SEPT. 30, 1992, AND DECLARATION OF DIVIDEND

 SANTIAGO, Chile, Dec. 15 /PRNewswire/ -- Compania de Telefonos de Chile S.A. (NYSE: CTC) today announced its financial results stated in U.S. GAAP (accounting for inflation and in pesos of constant value) for the nine months and third quarter ended Sept. 30, 1992.
 Nine Months Results
 The company reported net income for the first nine months of CH$48,353 million (US$128.8 million), a 13.8 percent increase over the corresponding period of 1991. Earnings per share were CH$56.3 (US$0.15 or US$2.55 per ADS), representing a 13.5 percent increase despite a 1.2 percent increase in the average number of fully paid shares outstanding during the period.
 The company reported a 20.9 percent increase in operating revenues, to CH$166,292 million (US$443.1 million), while costs due to the continued implementation of the company's development plan and higher activity of the company combined to increase operating costs and expenses by 19.6 percent for the nine-month 1992 period. The company's operating margin for the 1992 period was 34.9 percent as compared to an operating margin of 34.2 percent for the corresponding 1991 period.
 Revenues from tariff-regulated services (local service, domestic long distance and interconnecting for international long distance service and line sales and connections) -- which accounted for 75.6 percent of total revenues -- grew 18.9 percent and services not subject to tariff regulation (public phones, cellular telephones, directory advertising, local equipment rental and sales of telecommunications equipment) increased 27.4 percent.
 At the end of the nine-month 1992 period, the company had 1,121,438 lines in service, up 22.2 percent from 917,451 lines at the end of the comparable nine-month period of 1991. In addition, property, plant and equipment (net) increased to US$1,720.7 million at Sept. 30, 1992, an increase of 16.3 percent from Sept. 30, 1991.
 Third Quarter Results
 Operating revenues for the third quarter of 1991 grew 22.2 percent over those for the 1991 quarter, principally due to the increased number of lines in service. On the other hand, operating costs and expenses for the 1992 quarter reflect certain extraordinary provisions, the initial effect of the collective bargaining agreements signed earlier in the year as well as a higher cost of leasing equipment but one commensurate with the increased domestic long distance traffic during the 1992 quarter. As a consequence, operating expenses increased 33.6 percent between the quarters.
 Additionally, during the third quarter, the appreciation of the dollar against the Chilean peso and its depreciation against European currencies offset first quarter gains from foreign currency movements and caused further adjustments in capitalized interest expenses, all of which resulted in a reduction in non-operating results of US$11.6 million during the 1992 quarter.
 As a result of all of the above, income before income tax for the 1992 quarter decreased by 9.4 percent, which excluding the effects of the price level restatements (purchasing power gain, foreign currency transactions and loss on indexation), increased by 7.6 percent.
 Fourth Interim Dividend
 CTC also announced today that in accordance with the company's dividend policy, an interim dividend (No. 119) will be paid in respect of the nine months 1992 net income to all shareholders of record on Feb. 5, 1993. The amount of the dividend was calculated by determining 70.98 percent of CTC's nine-months 1992 income and then subtracting the aggregate amount of the interim dividends paid to date during 1992.
 The dividend will be paid to American Depositary Receipt (ADR) holders by The Bank of New York on March 5, 1993, as follows:
 Amount Per ADR
 (Chilean Pesos)
 Dividend No. 119
 Gross Dividend Rate 168.02
 Withholding Tax (23.5294118 percent) 39.53
 Net Dividend Payable 128.49
 Estimated U.S. Translation (A) 33.76
 (A) -- In U.S. cents, calculated using the observed rate on Dec. 14, 1992, of $1.00 equals CH$380.57 for illustration purposes only.
 Compania de Telefonos de Chile, the first South American company to list its shares on the New York Stock Exchange, is the largest telecommunications enterprise in Chile, owning approximately 95 percent of all telephone lines in the country. The company's business is providing local, long distance and international telephone services in 77 percent of the country's territory where 92 percent of Chile's population resides. Additionally, the company operates a cellular network in two principal metropolitan areas of Chile, Santiago and Valparaiso.
 COMPANIA DE TELEFONOS DE CHILE S.A.
 Unaudited Interim Consolidated Statements of Income
 (Prepared in accordance with U.S. GAAP)
 Three Months Ended Sept. 30 1991 1992 1992
 CH$ CH$ US$
 Operating revenues:
 Tariff-regulated services 37,835 45,103 120.2
 Other 10,845 14,383 38.3
 Total operating revenues 48,680 59,486 158.5
 Operating costs and expenses:
 Operating salaries and related
 costs 7,322 9,052 24.1
 Depreciation and amortization 6,663 9,510 25.3
 Other operating costs 6,742 11,902 31.7
 Cost of ENTEL services 3,535 4,589 12.2
 Administrative & selling costs 6,424 5,934 15.8
 Total operating costs & exps. 30,686 40,987 109.1
 Operating income 17,994 18,499 49.4
 Other income (expenses):
 Interest income 2,136 1,604 4.3
 Capitalized interest 3,114 6,231 16.6
 Interest expense (5,174) (6,932) (18.5)
 Purchasing power gain 7,900 6,398 17.0
 Other (10,336) (11,630) (31.0)
 Total other income (exps.) - net (2,360) (4,329) (11.6)
 Income before income tax 15,634 14,170 37.8
 Income tax (1,914) (1,864) (5.0)
 Net income 13,720 12,306 32.8
 Earnings per common share 16.02 14.33 0.04
 Weighted average number of shares
 fully paid & outstanding 856,650,055 858,835,458 858,835,458
 Nine Months Ended Sept. 30 1991 1992 1992
 CH$ CH$ US$
 Operating revenues:
 Tariff-regulated services 105,783 125,779 335.1
 Other 31,789 40,513 107.9
 Total operating revenues 137,572 166,292 443.0
 Operating costs and expenses:
 Operating salaries and related
 costs 19,260 21,802 58.1
 Depreciation and amortization 19,172 25,674 68.4
 Other operating costs 26,974 30,719 81.8
 Cost of ENTEL services 9,488 13,237 35.3
 Administrative & selling costs 15,667 16,895 45.0
 Total operating costs & exps. 90,561 108,327 288.6
 Operating income 47,011 57,965 154.4
 Other income (expenses):
 Interest income 7,060 5,218 13.9
 Capitalized interest 7,843 9,162 24.4
 Interest expense (14,327) (16,712) (44.5)
 Purchasing power gain 18,651 16,246 43.3
 Other (16,876) (16,628) 44.3
 Total other income (exps.) - net 2,351 (2,714) (7.2)
 Income before income tax 49,362 55,251 147.2
 Income tax (6,862) (6,898) (18.4)
 Net income 42,500 48,353 128.8
 Earnings per common share 49.61 56.30 0.15
 Weighted average number of shares
 fully paid & outstanding 856,650,055 858,835,458 858,835,458
 -0- 12/15/92
 /CONTACT: Jaime Charles, vice president of Compania de Telefonos de Chile, 011-562-696-1147; or Felicia Vonella of Dewe Rogerson, in New York, 212-688-6840, for Compania de Telefonos de Chile/
 (CTC)


CO: Compania de Telefonos de Chile S.A. ST: IN: TLS SU: ERN DIV

GK-PS -- NY021 -- 7191 12/15/92 12:15 EST
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:Dec 16, 1992
Words:1253
Previous Article:NETWORK SYSTEMS ANNOUNCES ENHANCEMENTS TO 6400 AND 6800 SERIES ROUTERS
Next Article:CALVIN KLEIN COSMETICS REORGANIZES; SHEILA HEWETT NAMED TO A TOP POST, PAULANNE MANCUSO GIVEN ADDED RESPONSIBILITY
Topics:


Related Articles
TELMEX BOARD TO RECOMMEND 75 PESO DIVIDEND
/ C O R R E C T I O N -- TELEFONOS de MEXICO S.A. de C.V./
TELEFONOS de MEXICO S.A. de C.V. REPORTS RESULTS
TELMEX BOARD TO RECOMMEND N$0.15 DIVIDEND
COMPANIA DE TELEFONOS DE CHILE S.A. ANNOUNCES FINAL DIVIDENDS FOR THE YEAR ENDED DEC. 31, 1992
APPROVAL OF PAYMENT OF TELMEX DIVIDEND
DUFF & PHELPS CREDIT RATING CO. UPGRADES RATING OF COMPANIA DE TELEFONOS DE CHILE, S.A.
COMPANIA DE TELEFONOS DE CHILE OBTAINS FIVE-YEAR SYNDICATED LOAN FOR US$275 MILLION
CTC'S SHAREHOLDERS MEETING APPROVED NEW BOARD OF DIRECTORS AND MOBILE COMMUNICATIONS ASSOCIATION
MINISTRY OF TRANSPORT AND TELECOMMUNICATIONS RESOLVES TELEX (CHILESAT) -- CTC CASE IN FAVOR OF CTC

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