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PACIFIC TELECOM REPORTS EARNINGS

 PACIFIC TELECOM REPORTS EARNINGS
 VANCOUVER, Wash., April 24 /PRNewswire/ -- Pacific Telecom Inc.


(PTI) (NASDAQ: PTCM) today reported net income of $21.1 million, or 53 cents per share, for the first quarter of 1992, as compared to $18.2 million, or 46 cents per share, reported for the first quarter last year. The 16-percent increase in net income resulted primarily from a $13.5-million after-tax gain on the sale of PTI's investment in Catalina Marketing Corp. (NYSE: POS) common stock. This gain was partially offset in other expense by after-tax valuation adjustments of $4.2 million related to the company's investment in noncore businesses and earth station facilities in the contiguous 48 states. Operating revenues and operating income decreased due to fewer sales of cable capacity, lower long lines out-of-period revenue adjustments and lower intrastate revenues resulting from the introduction of intrastate competition in Alaska in May 1991, as well as the effects of an intrastate rate decrease implemented in July 1991. These decreases were partially offset by increased revenues resulting from access line growth in the company's local exchange business.
 By action of the board of directors today, a dividend of 33 cents per common share was declared. The dividend, which represents a 5-percent, or 1.5-cent-per-share, increase from the preceding quarter's dividend, will be payable June 1 to shareholders of record as of May 15.
 PACIFIC TELECOM INC.
 CONSOLIDATED INCOME STATEMENTS
 (Unaudited, in thousands, except per-share amounts)
 Three Months
 Ended March 31: 1992 1991
 Operating revenues $166,225 $182,020
 Operating expenses 134,361 140,648
 Operating income 31,864 41,372
 Other income (expense)
 Interest expense (13,455) (13,443)
 Interest income 325 949
 Gain on sale of investment 21,442 --
 Minority interest 54 (1,003)
 Other (8,802) (619)
 Total other income (expense) (436) (14,116)
 Income before income taxes 31,428 27,256
 Income taxes 10,324 9,076
 Net income $ 21,104 $ 18,180
 Net income per common share $ 0.53 $ 0.46
 Average shares outstanding 39,487 39,448
 Pacific Telecom Inc. is a PacifiCorp (NYSE: PPW) company.
 -0- 4/24/92
 /CONTACT: Brian M. Wirkkala of Pacific Telecom, 206-696-0983/
 (PTCM PPW POS) CO: Pacific Telecom Inc. ST: Washington IN: TLS SU: ERN


SC-JH -- SE003 -- 2465 04/24/92 12:37 EDT
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Publication:PR Newswire
Date:Apr 24, 1992
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