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LINCOLN TELECOMMUNICATIONS ANNOUNCES YEAR END 1992 RESULTS

 LINCOLN, Neb., Jan. 28 /PRNewswire/ -- Lincoln Telecommunications Co. (NASDAQ-NMS: LTEC) today announced financial results for the period ended Dec.
31, 1992. Fourth quarter consolidated earnings available for common shares were $7.9 million or 48 cents per share in 1992 compared with $7.3 million or 44 cents per share for the like period in 1991. Revenues and sales for the fourth quarter of 1992 were $45.5 million, up from $44.0 million in 1991.
 Consolidated earnings available for common shares for the year ended Dec. 31, 1992 were $29.3 million or $1.79 per share. This compares with $27.4 million or $1.66 per share for the like period in 1991. Revenues and sales for the year were $176.2 million in 1992, up from $168.9 million in 1991.
 Chairman and Chief Executive Officer James E. Geist said that the strong 1992 earnings performance was a result of increased revenues combined with tight expense control. These results were partially offset by increased tax expense. Revenue increases were principally caused by growth in telephone and
cellular access lines. Operating expenses, including depreciation, cost of goods and services and other operating expenses were held to a combined increase of only 1.2 percent. Tax expense, however, was up by nearly $3 million over 1991. This increase in tax expense was due in large part to the fact that an interim property tax plan adopted by the Nebraska legislature for 1991 resulted in a substantially decreased tax burden for that year only. With the adoption of a new state system for taxing personal property, which began in 1992, the tax situation in Nebraska appears much more stable, added Geist.
 Geist also reported that the Nebraska Public Service Commission will hold a public hearing on Feb. 5, 1993 concerning the disposition of "excess" revenues the company received as a result of rate changes associated with the company's 1991 rate restructuring. In that proceeding, changes in rates for a variety of services were made on the condition that they be "revenue neutral." With the one-year monitoring period now over, the company and commission staff are proposing that a one-time credit be provided to customers, totaling $250,000. In addition, reductions in the monthly rate for touch tone service from 75 cents to 50 cents for residential lines and from $2 to $1.50 for business lines and reductions of approximately 13 percent for intraLATA long distance service are anticipated.
 Geist also said that the corporation invested $27 million in network improvements in 1992. In 1993, the company has plans to invest about $32 million in improvements to its wireline and wireless networks.
 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 Data and Shares
 Outstanding)
 Three Months Ended
 Dec. 31, Percent
 1992 1991 Change
 Total revenues and sales $45,464 $43,985 3.4
 Consolidated net earnings 7,943 7,440 6.8
 Consolidated earnings
 available for common shares 7,887 7,327 7.6
 Earnings per weighted
 average common share .485 .446 8.7
 Dividends declared per
 common share .220 .200 10.0
 Weighted average common
 shares outstanding 16,267,188 16,422,188 (.9)
 Twelve Months Ended
 Dec. 31, Percent
 1992 1991 Change
 Total revenues and sales $176,166 $168,854 4.3
 Consolidated net earnings 29,609 27,820 6.4
 Consolidated earnings
 available for common shares 29,271 27,351 7.0
 Earnings per weighted
 average common share 1.792 1.664 7.7
 Dividends declared per
 common share .860 .800 7.5
 Weighted average common
 shares outstanding 16,336,207 16,439,617 (.6)
 LINCOLN TELECOMMUNICATIONS CO. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 (Dollars in Thousands)
 Dec. 31, 1992 Dec. 31, 1991
 ASSETS
 Property and equipment less
 accumulated depreciation and
 amortization $249,565 $253,368
 Investments and other property 44,880 39,104
 Current assets 68,659 63,452
 Deferred charges 6,012 5,052
 Total assets 369,116 360,976
 CAPITALIZATION AND LIABILITIES
 Capitalization:
 Common stock investment 189,435 177,911
 5 percent redeemable
 preferred stock 4,499 4,499
 7.64 percent redeemable
 preferred stock -
 excluding current sinking
 fund requirement --- 2,720
 Long-term debt, excluding
 current installments 73,550 80,325
 Total capitalization 267,484 265,455
 Current liabilities:
 Short-term notes payable 14,000 16,000
 Current installments of long-term
 debt and 7.64 percent
 preferred stock 5,325 5,565
 Accounts payable and accrued
 liabilities 34,435 28,788
 Total current liabilities 53,760 50,353
 Deferred credits 47,872 45,168
 Total capitalization and
 liabilities $369,116 $360,976
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended
 Dec. 31, 1992 Dec. 31, 1991
 Telephone operating revenues:
 Local network services $17,016 $15,870
 Long distance and access services 15,530 15,613
 Directory advertising, billing
 and other services 4,211 3,954
 Other operating revenues 3,522 3,426
 Total telephone
 operating revenues 40,279 38,863
 Diversified operations revenues
 and sales:
 Long distance services 4,895 4,686
 Product sales 1,941 2,079
 Other revenue 85 90
 Total diversified operations
 revenues and sales 6,921 6,855
 Intercompany revenues (1,736) (1,733)
 Total operating revenues 45,464 43,985
 Operating expenses:
 Depreciation 7,442 8,011
 Cost of goods and services 4,442 4,663
 Other operating expenses 19,717 19,244
 Taxes, other than payroll
 and income 342 158
 Intercompany expenses (1,736) (1,733)
 Total operating expenses 30,207 30,343
 Operating income before
 income taxes 15,257 13,642
 Non-operating income (expense):
 Income from interest and
 other investments 615 1,070
 Interest expense and other
 deductions (2,332) (2,331)
 Net non-operating expense (1,717) (1,261)
 Earnings before income taxes 13,540 12,381
 Income Taxes 5,597 4,941
 Net earnings 7,943 7,440
 Preferred dividends 56 113
 Earnings available for
 common shares $7,887 $7,327
 Earnings per common share based on
 weighted average shares outstanding $.485 $.446
 Weighted average common shares
 outstanding (in thousands) 16,267 16,422
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Twelve Months Ended
 Dec. 31, 1992 Dec. 31, 1991
 Telephone operating revenues:
 Local network services $66,068 $56,005
 Long distance and access services 59,908 63,941
 Directory advertising, billing
 and other services 16,229 15,744
 Other operating revenues 14,101 13,368
 Total telephone
 operating revenues 156,306 149,058
 Diversified operations revenues
 and sales:
 Long distance services 18,933 18,884
 Product sales 7,469 7,669
 Other revenue 349 349
 Total diversified operations
 revenues and sales 26,751 26,902
 Intercompany revenues (6,891) (7,106)
 Total operating revenues 176,166 168,854
 Operating expenses:
 Depreciation 29,626 28,628
 Cost of goods and services 18,103 18,806
 Other operating expenses 79,765 78,519
 Taxes, other than payroll
 and income 4,135 446
 Intercompany expenses (6,891) (7,106)
 Total operating expenses 124,738 119,293
 Operating income before
 income taxes 51,428 49,561
 Non-operating income (expense):
 Income from interest and
 other investments 3,660 4,529
 Interest expense and other
 deductions (9,378) (9,433)
 Net non-operating expense (5,718) (4,904)
 Earnings before income taxes 45,710 44,657
 Income Taxes 16,101 16,837
 Net earnings 29,609 27,820
 Preferred dividends 338 469
 Earnings available for
 common shares $29,271 $27,351
 Earnings per common share based on
 weighted average shares outstanding $1.792 $1.664
 Weighted average common shares
 outstanding (in thousands) 16,336 16,439
 -0- 1/28/93
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC)


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

BB -- DV008 -- 0385 01/28/93 15:11 EST
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