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LINCOLN TELECOMMUNICATIONS REPORTS SECOND QUARTER AND SIX MONTHS FINANCIAL RESULTS

 LINCOLN, Neb., July 23 /PRNewswire/ -- The Lincoln Telecommunications Co. (NASDAQ-NMS: LTEC) today announced financial results for the second quarter and six months ended June 30, 1993. Second quarter net income was $8.0 million in 1993 compared to $7.0 million in 1992. Earnings per common share were 49 cents for the second quarter of 1993 compared to 42 cents in 1992.
 Six months net income, before a one-time accounting charge in the first quarter relating to retiree health benefits, was $16.0 million in 1993 compared to $13.1 million in 1992. Six months earnings per common share were 98 cents before the one-time charge in 1993 compared to 79 cents in 1992. After the effects of the one-time accounting charge, the company's six months results were a loss of $7.6 million or 47 cents per common share. President and Chief Executive Officer Frank H. Hilsabeck said the one-time charge of $23.5 million after taxes for health insurance and other benefits is an accounting charge required by the Financial Accounting Standards Board, which the company chose to recognize during the first quarter of 1993.
 Hilsabeck reported revenues and sales were up for both the second quarter and six months: 1993 second quarter revenues and sales were $45.3 million, up from $43.2 million in 1992; 1993 six months revenues and sales were $90.0 million, up from $85.9 million in 1992.
 Hilsabeck said, "Lincoln Telecommunications achieved strong earnings again this quarter. This growth was fueled primarily by strong growth in our telephone, cellular and interexchange long distance operations. Our cellular business especially is continuing to grow in terms of customers and revenues."
 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 Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Total operating revenues 45,279 43,207 90,016 85,869
 Net income(a) 7,970 6,992 16,042 13,137
 Earnings per common share(a) $.49 $.42 $.98 $.79
 Dividends declared per share $.24 $.22 $.48 $.42
 (a) Before accounting charge
 LINCOLN TELECOMMUNICATIONS CO. AND SUBSIDIARIES
 CONSOLIDATED BALANCE SHEETS
 (UNAUDITED)
 (Dollars in Thousands)
 June 30, 1993 June 30, 1992
 ASSETS
 Property and equipment less
 accumulated depreciation and
 amortization 246,880 252,900
 Investments and other assets 45,648 42,664
 Current assets 80,171 67,230
 Deferred charges 21,333 7,030
 Total assets 394,032 369,824
 CAPITALIZATION AND LIABILITIES
 Capitalization:
 Common stock investment 173,954 180,952
 5 percent redeemable
 preferred stock 4,499 4,499
 7.64 percent redeemable
 preferred stock - excluding
 current sinking fund requirement --- ---
 Long-term debt, excluding
 current installments 43,875 80,200
 Total capitalization 222,328 265,651
 Current liabilities:
 Notes payable to banks 13,500 16,000
 Current installments of long-term
 debt and preferred stock 34,875 8,285
 Accounts payable and accrued
 liabilities 36,392 34,639
 Total current liabilities 84,767 58,924
 Deferred credits and other long-
 term liabilities 86,937 45,249
 Total capitalization
 and liabilities 394,032 369,824
 LINCOLN TELECOMMUNICATIONS CO.
 CONSOLIDATED STATEMENT OF EARNINGS
 (UNAUDITED)
 (Dollars in Thousands Except Per Share Data)
 Three Months Ended Six Months Ended
 June 30, June 30,
 1993 1992 1993 1992
 Telephone operating revenues:
 Local network services 17,525 16,339 34,516 32,306
 Long distance and
 access services 15,274 15,054 30,889 30,034
 Directory advertising,
 billing and other services 4,121 4,055 8,241 8,105
 Other operating revenues 3,486 3,468 6,930 6,923
 Total telephone
 operating revenues 40,406 38,916 80,576 77,368
 Diversified operations
 revenues and sales:
 Long distance services 4,868 4,629 9,810 9,308
 Product sales 1,875 1,637 3,309 3,027
 Other revenues 85 87 172 175
 Total diversified operations
 revenues and sales 6,828 6,353 13,291 12,510
 Intercompany revenues (1,955) (2,062) (3,851) (4,009)
 Total operating revenues 45,279 43,207 90,016 85,869
 Operating expenses:
 Depreciation 7,135 7,407 14,179 14,735
 Cost of goods and services 4,434 4,435 8,505 8,754
 Other operating expenses 21,229 20,285 42,805 41,108
 Taxes, other than payroll
 and income 907 962 1,602 2,196
 Intercompany expenses (1,955) (2,062) (3,851) (4,009)
 Total operating expenses 31,750 31,027 63,240 62,784
 Operating income 13,529 12,180 26,776 23,085
 Non-operating income
 and expense:
 Income from interest
 and other investments 1,066 1,080 1,950 2,076
 Interest expense and
 other deductions 2,165 2,346 4,287 4,722
 Net non-operating expense 1,099 1,266 2,337 2,646
 Income before income taxes
 and cumulative effect of
 change in accounting
 principle 12,430 10,914 24,439 20,439
 Income Taxes 4,460 3,922 8,397 7,302
 Income before cumulative
 effect of change in
 accounting principle 7,970 6,992 16,042 13,137
 Cumulative effect of change
 in accounting principle --- --- (23,534) ---
 Net income (loss) 7,970 6,992 (7,492) 13,137
 Preferred dividends 56 112 112 225
 Earnings (loss) attributable
 to common shares 7,914 6,880 (7,604) 12,912
 Earnings per common share:
 Earnings before cumulative
 effect of change in
 accounting principle $.49 $.42 $.98 $.79
 Cumulative effect of change
 in accounting principle --- --- (1.45) ---
 Earnings (loss) per
 common share $.49 $.42 $(.47) $.79
 Weighted average common shares
 outstanding (in thousands) 16,266 16,375 16,266 16,399
 -0- 7/23/93
 /CONTACT: Elaine Carpenter of Lincoln Telecommunications, 402-476-4282/
 (LTEC)


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

MC -- DV002 -- 5176 07/23/93 12:56 EDT
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Date:Jul 23, 1993
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