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
|Printer friendly Cite/link Email Feedback|
|Date:||Apr 24, 1992|
|Previous Article:||KYSOR INDUSTRIAL CORPORATION ANNOUNCES RESULTS, DIVIDEND, AND ACTIONS TAKEN AT SHAREHOLDERS' AND BOARD OF DIRECTORS MEETINGS|
|Next Article:||PENNSYLVANIA POWER & LIGHT $500 MILLION FIRST MORTGAGE BOND SHELF RATED 'A' BY FITCH -- FITCH FINANCIAL WIRE --|