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SNET SECOND QUARTER EARNINGS UP

 SNET SECOND QUARTER EARNINGS UP
 NEW HAVEN, Conn., July 22 /PRNewswire/ -- Southern New England


Telecommunications Corporation (NYSE: SNG) announced today that earnings per share from operations were up 9.8 percent for the second quarter of 1992 on consolidated net income of $41.7 million or 67 cents per share, compared with second-quarter 1991 income of $16.7 million or 28 cents per share, which when adjusted for the recorded impact of voluntary separation offers made last year would have been 61 cents per share.
 "Our early and on-going cost-containment efforts had a positive effect on our bottom line in spite of flat revenues in this weak economy," said Walter H. Monteith, Jr., SNET chairman and chief executive officer.
 Consolidated revenues and sales for the quarter were even at $411.5 million for the second quarters of 1992 and 1991. Southern New England Telephone's revenues were down 0.3 percent to $352.0 million. As anticipated, revenues from SNET Publishing declined slightly, reflecting contracts signed in 1991. Revenues for SNET's non-telephone subsidiaries as a group were up 1.5 percent over the second quarter of 1991, led by SNET's cellular business.
 Costs and expenses for the quarter, excluding interest and last year's provision for employee separation plans, were down 1.1 percent to $317.4 million, versus $321.0 million for the same period last year. This was attributable mainly to a 7.7 percent decrease in the workforce, offset partially by increases in wages and salary rates.
 SNET is an independent telecommunications company that offers through its subsidiaries network and information management services and communications equipment; directory publishing/advertising services; and cellular mobile phone and paging services.
 SNET
 Preliminary Summary of Consolidated Results
 (In millions except per share amounts)
 6/30/92 Percent
 2Q'92 2Q'91 Change
 Revenues & sales $411.5 $411.5 0.0 pct
 Costs & expenses
 (excluding interest) $317.4 $321.0 -1.1
 Provision for employee
 separation plans -- $36.0 --
 Interest expense $28.3 $27.2 4.0
 Income before taxes $65.8 $27.3 141.0
 Consolidated net income-(a) $41.7 $16.7 149.7
 Consolidated earnings
 per share-(a) $0.67 $0.28 139.3
 Average common shares (000) 63,000 62,323 1.1
 Total access lines
 in service 1,916 1,909 0.4
 ---
 Note (a): Consolidated net income and earnings per share excluding the provision for separation plans:
 Net income $41.7 $37.2 12.1 pct
 Earnings per share $0.67 $0.61 9.8 pct
 6 months 6 months Percent
 06/30/92 06/30/91 Change
 Revenues & sales $816.2 $806.3 1.2 pct
 Costs & expenses
 (excluding interest) $625.9 $624.9 0.2
 Provision for employee
 separation plans -- $36.0 --
 Interest expense $54.4 $54.5 -0.2
 Income before taxes $135.9 $90.9 49.5
 Consolidated net income-(b) $81.8 $54.3 50.6
 Consolidated earnings
 per share-(b) $1.32 $0.89 48.3
 Average common shares (000) 62,920 62,259 1.1
 ---
 Note (b): Consolidated net income and earnings per share excluding the provision for separation plans:
 Net Income $81.8 $74.8 9.4 pct
 Earnings Per Share $1.32 $1.22 8.2 pct
 -0- 7/22/92
 /CONTACT: Bill Seekamp of SNET, 203-771-2136 (office) or 203-453-6720 (home)/
 (SNG) CO: Southern New England Telecommunications ST: Connecticut IN: TLS SU: ERN


SH -- NE008 -- 1791 07/22/92 10:42 EDT
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Publication:PR Newswire
Date:Jul 22, 1992
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