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PACIFIC TELECOM REPORTS EARNINGS

 VANCOUVER, Wash., April 30 /PRNewswire/ -- Pacific Telecom Inc. (NASDAQ: PTCM) reports net income of $14.2 million, or 36 cents per share, for the first quarter of 1993 as compared to $21.1 million, or 53 cents per share, reported for the first quarter last year, the company said today. The decrease in net income resulted primarily from a $13.5-million after-tax gain on the sale of Catalina Marketing (NYSE: POS) common stock in 1992, offset in part by $4.2 million in 1992 after-tax valuation adjustments related to certain noncore investments. Excluding the effects of these nonrecurring items, net income for the first quarter increased approximately 20 percent, or $2.4 million (6 cents per share), compared to the same period last year.
 Operating income for the quarter increased as the result of higher operating revenues which were partially offset by operating expense increases. Revenues increased due to favorable long lines out-of-period revenue adjustments, access line growth in local exchange operations and growth in cellular operations. Expenses increased due to nonrecurring leased circuit costs related primarily to a temporary cable outage, higher cellular expenses and an additional $2 million for the quarter in post retirement benefit costs. Post retirement benefit costs were higher as a result of the adoption of a new accounting requirement in January 1993. In addition, interest expense decreased due to lower borrowing levels in the first quarter of 1993 as compared to last year.
 By action of the board of directors on April 29, 1993, a dividend of 33 cents per share was declared. The dividend will be payable June 7, 1993, to shareholders of record as of May 21, 1993.
 Pacific Telecom Inc. is an 87-percent-owned subsidiary of PacifiCorp (NYSE: PPW).
 PACIFIC TELECOM INC.
 CONSOLIDATED INCOME STATEMENTS
 (Unaudited, in thousands, except per-share amounts)
 Three Months Ended March 31: 1993 1992
 Operating revenues $171,070 $166,225
 Operating expenses 138,726 134,361
 Operating income 32,344 31,864
 Other Income (Expense):
 Interest expense (11,532) (13,455)
 Interest income 166 325
 Gain on sale of investment -- 21,442
 Minority interest (4) 54
 Other (1,560) (8,802)
 Total other income (expense) (12,930) (436)
 Income before income taxes 19,414 31,428
 Income taxes 5,213 10,324
 Net income $ 14,201 $ 21,104
 Net income per common share $ 0.36 $ 0.53
 Average shares outstanding 39,566 39,487
 -0- 4/30/93
 /CONTACT: Brian M. Wirkkala, vice president-treasurer, of Pacific Telecom, 206-696-0983/
 (PTCM POS PPW)


CO: Pacific Telecom Inc.; PacifiCorp ST: Washington IN: TLS SU: ERN DIV

LM -- SE004 -- 3268 04/30/93 13:55 EDT
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Publication:PR Newswire
Date:Apr 30, 1993
Words:434
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