Printer Friendly

LINCOLN TELECOMMUNICATIONS ANNOUNCES FIRST QUARTER FINANCIAL INFORMATION; 1993 ANNUAL STOCKHOLDERS MEETING

 LINCOLN, Neb., April 28 /PRNewswire/ -- Lincoln Telecommunications Co. (NASDAQ-NMS: LTEC) announced its financial results for the quarter ended March 31, 1993 at its annual stockholders meeting held today in Lincoln.
 First quarter earnings after preferred dividends and before a one-time accounting charge were $8.0 million or 49 cents per common share, compared to $6.0 million or 37 cents per common share in 1992. After the effects of the one-time accounting charge relating to retiree health benefits, the company's first quarter results were a loss of $15.5 million or 95 cents per share.
 The company's total revenues and sales for the first quarter were $44.7 million in 1993 compared to $42.7 million in 1992.
 James E. Geist, chairman and chief executive officer, said, "Accounting rule changes aside, we had a good first quarter." He went on to note that the one-time charge of $23.5 million after taxes for health insurance and other benefits is an accounting change required by the Financial Accounting Standards Board. Beginning in 1993, the company is required to account for health and other insurance costs for retirees during active employment, rather than as the benefits are actually paid. Like a number of other employers, the company elected to recognize the accumulated benefit obligation all at once during the first quarter.
 Geist also reviewed 1992 year end financial results at the annual meeting. For the year ended Dec. 31, 1992, consolidated earnings available for common stock were $29.3 million or $1.79 per share compared to $27.4 million or $1.66 per share in 1991.
 Geist, who presided at his last annual meeting prior to retirement on May 1, 1993, reported that Lincoln Telephone will spend about $32 million for network improvements in 1993, including the upgrading of switching equipment in Lincoln and several communities outside of Lincoln. The company will also install 129 additional miles of fiber optic cable. Geist added the company continues to invest in its cellular networks to meet the growing demand for wireless communications. Thirteen additional cell sites are planned for the Lincoln and Omaha areas this year. In addition, First Cellular Omaha is expanding its operations, adding a new office and service center in Council Bluffs in May.
 Lincoln Telecommunications board members re-elected at the annual meeting include Duane W. Acklie, William C. Smith and Lyn Wallin Ziegenbein. Charles N. Wheatley of Chicago and John Haessler and Terry L. Fairfield of Lincoln are newly-elected members of the board. Continuing directors include William W. Cook, Jr., James E. Geist, J. Taylor Greer, Charles R. Hermes, Frank H. Hilsabeck, George Kelm, Donald H. Pegler, Jr., Paul C. Schorr, III, James W. Strand and Thomas C. Woods, III. Harry P. Seward, Jr. and Durward B. Varner have retired from the board.
 At the board of directors meeting held today after the annual meeting, the board elected the following officers effective May 1, 1993: Thomas C. Woods, III, chairman; Frank H. Hilsabeck, president and chief executive officer; James W. Strand, president-diversified operations; Jack H. Geist, vice president-diversified operations; Robert L. Tyler, senior vice president-chief financial officer; Michael J. Tavlin, vice president-treasurer and secretary; and Robert C. Halvorsen, assistant secretary.
 Lincoln Telephone Co. officers include Thomas C. Woods, III, chairman; Frank H. Hilsabeck, president and chief executive officer; James W. Strand, executive vice president-marketing and customer services; Charles P. Arnold, senior vice president-network operations; Robert L. Tyler, senior vice president-chief financial officer; Michael J. Tavlin, vice president-treasurer and secretary; and Robert C. Halvorsen, assistant secretary.
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 HIGHLIGHTS (UNAUDITED)
 (Dollars in Thousands Except Per Share Data and Shares Outstanding)
 Three Months Ended March 31,
 1993 1992 Pct. Change
 Total revenues and sales 44,737 42,662 4.9
 Consolidated net earnings 8,072 6,145 31.4
 Consolidated earnings available
 for common shares before
 cumulative effect of changes
 in accounting principles 8,016 6,032 32.9
 Cumulative effect of changes
 in accounting principles (23,534) -- --
 Consolidated earnings available
 for common shares (15,518) -- --
 Earnings per common share before
 cumulative effect of changes
 in accounting principles .49 .37 32.4
 Cumulative effect of changes
 in accounting principles (1.44) -- --
 Earnings per common share (.95) .37 (356.8)
 Dividends declared per common
 share .24 .20 20.0
 Weighted average common shares
 outstanding 16,267,188 16,422,188 (.9)
 LINCOLN TELECOMMUNICATIONS CO. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 (Dollars in Thousands)
 March 31, 1993 March 31, 1992
 ASSETS
 Property and equipment less
 accumulated depreciation and
 amortization 246,903 251,622
 Investments and other assets 45,009 39,219
 Current assets 78,491 72,210
 Deferred charges 20,754 6,328
 Total assets 391,157 369,379
 CAPITALIZATION AND LIABILITIES
 Capitalization:
 Common stock investment 170,008 180,661
 5 pct. redeemable preferred stock 4,499 4,499
 7.64 pct. redeemable preferred stock -
 excluding current sinking
 fund requirement -- 2,720
 Long-term debt, excluding
 current installments 73,425 80,200
 Total capitalization 247,932 268,080
 Current liabilities:
 Notes payable to banks 14,000 16,000
 Current installments of long-term
 debt and preferred stock 5,325 5,565
 Accounts payable and accrued
 liabilities 36,848 34,296
 Total current liabilities 56,173 55,861
 Deferred credits and other long-
 term liabilities 87,052 45,438
 Total capitalization and
 liabilities 391,157 369,379
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended
 March 31, March 31,
 1993 1992
 Telephone operating revenues:
 Local network services 16,991 15,967
 Long distance and access services 15,615 14,980
 Directory advertising, billing
 and other services 4,120 4,050
 Other operating revenues 3,444 3,455
 Total telephone operating revenues 40,170 38,452
 Diversified operations revenues and sales:
 Long distance services 4,942 4,679
 Product sales 1,434 1,390
 Other revenues 87 88
 Total diversified operations
 revenues and sales 6,463 6,157
 Intercompany revenues (1,896) (1,947)
 Total operating revenues 44,737 42,662
 Operating expenses:
 Depreciation 7,044 7,328
 Cost of goods and services 4,071 4,319
 Other operating expenses 21,576 20,823
 Taxes, other than payroll and income 695 1,234
 Intercompany expenses (1,896) (1,947)
 Total operating expenses 31,490 31,757
 Operating income 13,247 10,905
 Non-operating income and expense:
 Income from interest and other
 investments 884 996
 Interest expense and other deductions 2,122 2,376
 Net non-operating expense 1,238 1,380
 Earnings before income taxes 12,009 9,525
 Income Taxes 3,937 3,380
 Net earnings 8,072 6,145
 Preferred dividends 56 113
 Earnings available for common shares
 before cumulative effect of changes
 in accounting principles 8,016 6,032
 Cumulative effect of changes in
 accounting principles (23,534) --
 Earnings available for common shares (15,518) 6,032
 Earnings per common share:
 Earnings before cumulative effect of
 changes in accounting principles .49 .37
 Cumulative effect of changes in
 accounting principles (1.44) --
 Earnings per common share (.95) .37
 Weighted average common shares outstanding
 (in thousands) 16,267 16,422
 -0- 4/28/93
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC)


CO: Lincoln Telecommunications Co.; Lincoln Telephone Co. ST: Nebraska IN: TLS SU: ERN

BB -- DV012 -- 2274 04/28/93 16:45 EDT
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Apr 28, 1993
Words:1212
Previous Article:DOMINO'S PIZZA TO LAUNCH 'THE DOMINATOR'
Next Article:CENTRAL MORTGAGE BANCSHARES AND BLUE SPRINGS BANK ANNOUNCE CENTRAL MORTGAGE TENDER OFFER FOR ALL BLUE SPRINGS STOCK AND MERGER AGREEMENT
Topics:


Related Articles
MTEL EARNS 6 CENTS PER SHARE IN FIRST QUARTER
LINCOLN TELECOMMUNICATIONS REPORTS SECOND QUARTER AND SIX MONTHS FINANCIAL RESULTS
LINCOLN TELECOMMUNICATIONS ANNOUNCES THIRD QUARTER AND NINE MONTHS FINANCIAL RESULTS
MFS COMMUNICATIONS REPORTS 52 PERCENT REVENUE GAIN IN THIRD QUARTER; MARKET CHANGES ACCELERATE GROWTH PLANS
LINCOLN TELECOMMUNICATIONS REPORTS STRONG FOURTH QUARTER AND YEAR END FINANCIAL RESULTS
MCI LEADS INDUSTRY VOLUME AND REVENUE GAINS IN FIRST QUARTER
LINCOLN TELECOMMUNICATIONS RECORDS EARNINGS; GAINS BEFORE SPECIAL DEPRECIATION CHARGE
LINCOLN TELECOMMUNICATIONS RECORDS THIRD QUARTER EARNINGS GAINS
LINCOLN TELECOMMUNICATIONS REPORTS FIRST QUARTER EARNINGS GAINS

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