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LINCOLN TELECOMMUNICATIONS ANNOUNCES SECOND QUARTER AND SIX MONTHS FINANCIAL RESULTS

 LINCOLN TELECOMMUNICATIONS ANNOUNCES SECOND QUARTER
 AND SIX MONTHS FINANCIAL RESULTS
 LINCOLN, Neb., July 24 /PRNewswire/ -- The Lincoln Telecommunications Co. (NASDAQ: LTEC) today announced financial results for the second quarter and six months ended June 30, 1992. James E. Geist, chairman and chief executive officer, reported that second quarter consolidated earnings available for common shares were $6.9 million or 42 cents per share in 1992 compared to $7.0 million or 43 cents per share for the second quarter of 1991. Six months consolidated earnings available for common shares were $12.9 million or 79 cents per share in 1992 compared to $12.7 million or 77 cents per share for the comparable period in 1991.
 Lincoln Telecommunications second quarter revenues and sales were $43.4 million in 1992 compared to $41.5 million in 1991. Six months revenues and sales were $86.2 million in 1992 compared to $82.5 million in 1991. Revenues from telephone operations increased for both the second quarter and the six months, resulting from increases in access lines including cellular customer access lines. Shifts in revenues between local network services and long distance and access services resulted from a rate restructuring which occurred in 1991. In that restructuring, rates for basic local service were increased while rates for long distance service within Lincoln Telephone's service area were decreased. Revenues from diversified operations were down slightly in both the second quarter and six months compared to the like periods in 1991.
 Geist said the earnings decrease for the second quarter was primarily due to an increase in property tax expense compared to the second quarter of 1991. Personal property tax expense had been eliminated during the second quarter 1991, reflecting state and local tax changes enacted by the Nebraska Legislature during the 1991 session. During 1992, the Nebraska Legislature passed legislation, and a constitutional amendment was adopted by voters, which returns business tangible personal property to the property tax rolls.
 Geist further reported that the repurchase of Lincoln Telecommunications common stock, originally announced in 1991, continued during the second quarter of 1992. Repurchases now total 151,000 shares of the 300,000 shares authorized.
 Geist also reported that The Lincoln Telephone and Telegraph Co., in cooperation with other telephone companies in Nebraska, has begun installation of a frame relay service, a high-speed data interface that will enable any central office switching system in the state to access the high-speed data network. This service will provide a statewide infrastructure that fulfills the needs of state government, the University and other institutions of higher learning, as well as the state's private business sector.
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 HIGHLIGHTS (UNAUDITED)
 (Dollars in Thousands Except Per Share Data and
 Shares Outstanding)
 Three Months Ended June 30,
 1992 1991 Pct.
 Change
 Total revenues and sales 43,428 41,521 4.6
 Consolidated net earnings 6,992 7,166 (2.4)
 Consolidated earnings
 available for common shares 6,880 7,044 (2.3)
 Earnings per weighted
 average common share .420 .428 (1.9)
 Dividends declared per
 common share .220 .200 10.0
 Weighted average common
 shares outstanding 16,375,474 16,445,639 (.4)
 Six Months Ended June 30,
 1992 1991 Pct.
 Change
 Total revenues and sales 86,228 82,491 4.5
 Consolidated net earnings 13,137 12,922 1.7
 Consolidated earnings
 available for common shares 12,912 12,678 1.8
 Earnings per weighted
 average common share .787 .771 2.1
 Dividends declared per
 common share .420 .400 5.0
 Weighted average common
 shares outstanding 16,398,831 16,452,114 (.3)
 LINCOLN TELECOMMUNICATIONS CO. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 (Dollars in Thousands)
 June 30, 1992 June 30, 1991
 ASSETS
 Property and equipment less
 accumulated depreciation and
 amortization 252,900 253,727
 Investments and other property 42,664 3,134
 Current assets 67,230 93,414
 Deferred charges 7,030 4,857
 Total assets 369,824 355,132
 CAPITALIZATION AND LIABILITIES
 Capitalization:
 Common stock investment 180,952 170,117
 5 percent redeemable
 preferred stock 4,499 4,499
 7.64 percent redeemable
 preferred stock -
 excluding current sinking
 fund requirement --- 3,200
 Long-term debt, excluding
 current installments 80,200 85,650
 Total capitalization 265,651 263,466
 Current liabilities:
 Short-term notes payable 16,000 ---
 Current installments of long-term
 debt and 7.64 percent preferred
 stock 8,285 9,565
 Accounts payable and accrued
 liabilities 34,639 34,653
 Total current liabilities 58,924 44,218
 Deferred credits 45,249 47,448
 Total capitalization and
 liabilities 369,824 355,132
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended
 June 30, 1992 June 30, 1991
 Telephone operating revenues:
 Local network services 16,352 12,820
 Long distance and access services 14,911 16,678
 Directory advertising, billing
 and other services 4,055 3,902
 Other operating revenues 3,488 3,332
 Total telephone
 operating revenues 38,806 36,732
 Diversified operations revenues
 and sales:
 Long distance services 4,629 4,685
 Product sales 1,637 1,834
 Other revenue 87 87
 Total diversified operations
 revenues and sales 6,353 6,606
 Intercompany revenues (1,731) (1,817)
 Total operating revenues 43,428 41,521
 Operating expenses:
 Depreciation 7,407 6,919
 Cost of goods and services 4,435 4,678
 Other operating expenses 20,175 20,188
 Taxes, other than payroll
 and income 962 (1,420)
 Intercompany expenses (1,731) (1,817)
 Total operating expenses 31,248 28,548
 Operating income before
 income taxes 12,180 12,973
 Non-operating income (expense):
 Income from interest and
 other investments 1,080 1,330
 Interest expense and other
 deductions (2,346) (2,358)
 Net non-operating expense (1,266) (1,028)
 Earnings before income taxes 10,914 11,945
 Income Taxes 3,922 4,779
 Net earnings 6,992 7,166
 Preferred dividends 112 122
 Earnings available for
 common shares 6,880 7,044
 Earnings per common share based on
 weighted average shares outstanding .420 .428
 Weighted average common shares
 outstanding (in thousands) 16,375 16,446
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Six Months Ended
 June 30, 1992 June 30, 1991
 Telephone operating revenues:
 Local network services 32,330 25,520
 Long distance and access services 29,766 33,311
 Directory advertising, billing
 and other services 8,105 7,806
 Other operating revenues 6,964 6,610
 Total telephone
 operating revenues 77,165 73,247
 Diversified operations revenues
 and sales:
 Long distance services 9,308 9,591
 Product sales 3,027 3,137
 Other revenue 175 170
 Total diversified operations
 revenues and sales 12,510 12,898
 Intercompany revenues (3,447) (3,654)
 Total operating revenues 86,228 82,491
 Operating expenses:
 Depreciation 14,735 13,821
 Cost of goods and services 8,754 9,214
 Other operating expenses 40,905 40,173
 Taxes, other than payroll
 and income 2,196 288
 Intercompany expenses (3,447) (3,654)
 Total operating expenses 63,143 59,842
 Operating income before
 income taxes 23,085 22,649
 Non-operating income (expense):
 Income from interest and
 other investments 2,076 2,407
 Interest expense and other
 deductions (4,722) (4,752)
 Net non-operating expense (2,646) (2,345)
 Earnings before income taxes 20,439 20,304
 Income Taxes 7,302 7,382
 Net earnings 13,137 12,922
 Preferred dividends 225 244
 Earnings available for
 common shares 12,912 12,678
 Earnings per common share based on
 weighted average shares outstanding .787 .771
 Weighted average common shares
 outstanding (in thousands) 16,399 16,452
 -0- 7/24/92
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC) CO: Lincoln Telecommunications Co.; Lincoln Telephone and Telegraph
 Co. ST: Nebraska IN: TLS SU: ERN


BB -- DV003 -- 2992 07/24/92 11:24 EDT
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