Printer Friendly

PACIFIC TELECOM GETS $24.4 MILLION ON SALE OF CATALINA MARKETING SHARES

 PACIFIC TELECOM GETS $24.4 MILLION ON SALE
 OF CATALINA MARKETING SHARES
 VANCOUVER, Wash., March 30 /PRNewswire/ -- Pacific Telecom Inc. (PTI) (NASDAQ: PTCM) announced today that it will receive net proceeds of $24.4 million on the sale of all of its shares of Catalina Marketing Corp. (NYSE: POS) common stock, as part of Catalina's initial public offering. PTI had a minority ownership interest in Catalina, a company that develops, markets, installs and maintains electronic scanner software and equipment for point of sale coupon distribution. The proceeds from the sale will be used to reduce Pacific Telecom's short-term debt.
 An after-tax gain of $13.4 million on the sale will be recognized by PTI in its 1992 first quarter financial results. Partially offsetting this gain are writedowns of approximately $4 million after- tax in the carrying value of a small diversified investment and certain earth station facilities in the 48 contiguous states that are used in operations outside the company's regulated telecommunications business.
 The sale of the Catalina shares and the writedown of the diversified investment virtually conclude the company's exit from investments in diversified operations. These transactions reflect the company's continuing commitment to concentrate its resources on strengthening and expanding its core communications businesses.
 -0- 3/30/92
 /CONTACT: Brian M. Wirkkala of Pacific Telecom, 206-696-0983/
 (PTCM POS) CO: Pacific Telecom Inc.; Catalina Marketing Corp. ST: Washington IN: TLS SU:


LM-SF -- SE012 -- 3139 03/30/92 18:35 EST
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Mar 30, 1992
Words:240
Previous Article:CHILES OFFSHORE CORPORATION REPORTS AN INCREASED LOSS DURING THE FOURTH QUARTER AND 1991 YEAR
Next Article:WILLIAM L. HENDRICKS
Topics:


Related Articles
PACIFIC TELECOM REPORTS EARNINGS
PACIFIC TELECOM REPORTS EARNINGS
PACIFIC TELECOM REPORTS EARNINGS
PACIFICORP REPORTS EARNINGS
PACIFIC TELECOM REPORTS EARNINGS
PACIFIC TELECOM INC. REPORTS EARNINGS
TELEPHONE AND DATA SYSTEMS, INC. REPORTS EXCELLENT RESULTS FOR THE THIRD QUARTER AND NINE MONTHS
PACIFIC TELECOM REPORTS EARNINGS
PACIFIC TELECOM ANNOUNCES RECORD NET INCOME
PACIFIC TELECOM REPORTS FINANCIAL RESULTS

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