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LINCOLN TELECOMMUNICATIONS ANNOUNCES THIRD QUARTER AND NINE MONTHS FINANCIAL RESULTS

 LINCOLN, Neb., Oct. 21 /PRNewswire/ -- The Lincoln Telecommunications Co. (NASDAQ-NMS: LTEC) today announced financial results for the third quarter and nine months ended Sept. 30, 1993. Before the effect of a change in accounting principle, third quarter net income was $8.3 million in 1993 compared to $8.5 million in 1992, and earnings per common share were 51 cents for the third quarter of 1993 compared to 52 cents in 1992.
 Nine months net income, before a one-time accounting charge in the first quarter relating to retiree health benefits, was $24.3 million in 1993 compared to $21.7 million in 1992. Nine months earnings per common share were $1.49 before the one-time charge in 1993 compared to $1.31 in 1992. After the effects of the one-time accounting charge, the company's nine months earnings were $1.0 million or 6 cents per common share.
 President and Chief Executive Officer Frank H. Hilsabeck reported revenues and sales were up for both the third quarter and nine months: 1993 third quarter revenues and sales were $47.0 million, up from $44.2 million in 1992; 1993 nine months revenues and sales were $137.0 million, up from $130.1 million in 1992.
 Hilsabeck said, "Lincoln Telecommunications' flat earnings for the quarter were the result of several factors. First, 1992 third quarter results were particularly outstanding. Second, current period earnings were adversely affected by an increase in the corporate income tax rate retroactive to Jan. 1, 1993, which was accounted for in the third quarter. Finally, the entire cost of Lincoln Telephone's Series G, I and J long-term bond refinancing was charged to the current period." Hilsabeck added that the company continued to experience growth in telephone, cellular and interexchange long distance operations.
 Lincoln Telecommunications is a full-service communications company headquartered in Lincoln. Through its subsidiaries, it provides local and long distance telephone service, sells and maintains business communications systems and provides cellular service in the Lincoln and Omaha markets.
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 HIGHLIGHTS (UNAUDITED)
 (Dollars in Thousands Except Per Share Amounts)
 Three Months Ended Sept. 30,
 1993 1992
 Total operating revenues $47,028 $44,191
 Net income(a) 8,276 8,529
 Earnings per common share(a) .51 .52
 Dividends declared per share .24 .22
 Nine Months Ended Sept. 30,
 1993 1992
 Total operating revenues $137,044 $130,060
 Net income(a) 24,318 21,666
 Earnings per common share(a) 1.49 1.31
 Dividends declared per share .72 .64
 (a) Before accounting charge
 LINCOLN TELECOMMUNICATIONS CO. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 (Dollars in Thousands)
 Sept. 30, 1993 Sept. 30, 1992
 ASSETS
 Property and equipment less
 accumulated depreciation and
 amortization 246,026 251,480
 Investments and other assets 46,309 44,814
 Current assets 83,681 75,217
 Deferred charges 21,650 6,554
 Total assets 397,666 378,065
 CAPITALIZATION AND LIABILITIES
 Capitalization:
 Common stock investment 178,711 185,207
 5 percent redeemable
 preferred stock 4,499 4,499
 Long-term debt, excluding
 current installments 44,000 78,875
 Total capitalization 227,210 268,581
 Current liabilities:
 Notes payable to banks 45,000 16,000
 Current installments of long-term
 debt -- 6,650
 Accounts payable and accrued
 liabilities 37,822 40,045
 Total current liabilities 82,822 62,695
 Deferred credits and other long-
 term liabilities 87,634 46,789
 Total capitalization and
 liabilities 397,666 378,065
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended Nine Months Ended
 Sept. 30, Sept. 30,
 1993 1992 1993 1992
 Telephone operating revenues:
 Local network services 18,154 16,711 52,670 49,017
 Long distance and
 access services 15,919 14,765 46,808 44,799
 Directory advertising, billing
 and other services 4,099 3,913 12,340 12,018
 Other operating revenues 3,541 3,597 10,471 10,520
 Total telephone
 operating revenues 41,713 38,986 122,289 116,354
 Diversified operations
 revenues and sales:
 Long distance services 4,911 4,731 14,721 14,039
 Product sales 2,228 2,501 5,537 5,528
 Other revenues 85 89 257 264
 Total diversified operations
 revenues and sales 7,224 7,321 20,515 19,831
 Intercompany revenues (1,909) (2,116) (5,760) (6,125)
 Total operating revenues 47,028 44,191 137,044 130,060
 Operating expenses:
 Depreciation 7,194 7,449 21,373 22,184
 Cost of goods and services 4,511 4,907 13,016 13,661
 Other operating expenses 21,817 19,268 64,622 60,376
 Taxes, other than payroll
 and income 313 1,597 1,915 3,793
 Intercompany expenses (1,909) (2,116) (5,760) (6,125)
 Total operating expenses 31,926 31,105 95,166 93,889
 Operating income 15,102 13,086 41,878 36,171
 Non-operating income and expense:
 Income from interest and other
 investments 1,150 969 3,100 3,045
 Interest expense and
 other deductions 2,592 2,324 6,879 7,046
 Net non-operating expense 1,442 1,355 3,779 4,001
 Income before income taxes
 and cumulative effect of
 change in accounting
 principle 13,660 11,731 38,099 32,170
 Income Taxes 5,384 3,202 13,781 10,504
 Income before cumulative
 effect of change in
 accounting principle 8,276 8,529 24,318 21,666
 Cumulative effect of change
 in accounting principle 368 -- (23,166) --
 Net income 8,644 8,529 1,152 21,666
 Preferred dividends 57 57 169 282
 Earnings attributable to
 common shares 8,587 8,472 983 21,384
 Earnings per common share:
 Earnings before cumulative
 effect of change in
 accounting principle .51 .52 1.49 1.31
 Cumulative effect of change
 in accounting principle .02 -- (1.43) --
 Earnings per common share .53 .52 .06 1.31
 Weighted average common shares
 outstanding (in thousands) 16,266 16,281 16,266 16,359
 -0- 10/21/93
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC)


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

BB -- DV006 -- 5244 10/21/93 12:49 EDT
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