Printer Friendly

SOUTHWESTERN BELL REPORTS FOURTH QUARTER, ANNUAL EARNINGS

 ST. LOUIS, Jan. 22 /PRNewswire/ -- Southwestern Bell Corp. (NYSE: SBC) today reported record annual earnings for 1992 of $1,301.7 million or $4.34 per share, up 12.6 percent from a year ago. Earnings in 1991 were $1,156.5 million or $3.85 per share(a).
 Revenues for the year ended Dec. 31, 1992, were $10.0 billion, up 7.3 percent from $9.3 billion in 1991.
 "Southwestern Bell Corporation's 1992 operational results were outstanding," said Edward E. Whitacre Jr., chairman and chief executive officer. "Cellular growth set new records; Telephone Company access line growth was exceptionally strong; and, Yellow Pages continued to outpace the industry average in advertising revenue growth.
 "In addition, Telmex and our other international operations continue to exceed our operational and net income expectations," Whitacre said. (Southwestern Bell owns a 10 percent equity stake in Telmex, Mexico's national telecommunications company.)
 In the fourth quarter of 1992, net income was $350.0 million or $1.17 per share, up 10.7 percent from earnings of $316.2 million or $1.05 per share for the fourth quarter of 1991.
 Revenues for the three months ended Dec. 31, 1992, were $2.7 billion, an increase of 7.9 percent from $2.5 billion for the fourth quarter of 1991.
 Highlighting the quarter's results were record customer gains by Southwestern Bell Mobile Systems, the corporation's cellular subsidiary, Whitacre said. Mobile Systems added 192,000 customers in the fourth quarter, compared with an addition of 91,000 in the like period a year ago.
 For the year, Mobile Systems gained 453,000 customers, compared to a gain of 293,000 in 1991, for a growth rate of more than 47 percent. The company now serves 1,413,000 cellular customers in 28 United States metropolitan markets and 26 rural service areas.
 "This robust growth reconfirms our confidence in the future of cellular and wireless communications," Whitacre said. "Expansion of wireless services in the United States and abroad is an important part of our long-term growth strategy."
 Southwestern Bell Telephone added 85,000 access lines during the fourth quarter, compared with 52,000 access lines added in the fourth quarter a year ago. For the year, the Telephone Company added 405,000 access lines, compared to 293,000 in 1991, bringing its total to 12.8 million.
 "This 1992 gain in access lines was our second highest of any year since 1984 and represents an almost 40 percent increase over our 1991 access line growth," Whitacre said.
 Telephone Company revenues grew 4.3 percent for the year and 4.6 percent for fourth quarter 1992 compared to fourth quarter 1991. These revenue increases were largely offset by additional expenses primarily associated with accelerated deployment of software modifications in the telephone network. These modifications provide for advanced communications services and implementation of a single national database for 800 numbers.
 Southwestern Bell is an international communications corporation with one million shareowners. It provides a variety of products and services through its principal subsidiaries including Southwestern Bell Telephone Co., Southwestern Bell Yellow Pages, Southwestern Bell Mobile Systems, Southwestern Bell Telecom and Southwestern Bell International Holdings.
 (a) Net income before extraordinary items is provided to show more
 meaningful comparisons. The corporation's reported net income
 for 1991 included an extraordinary charge of $81 million or
 27 cents a share for refinancing $732 million of long-term
 debt. The charge reduced 1991 earnings after extraordinary
 items to $1,075.8 million or $3.58 a share.
 SOUTHWESTERN BELL CORP.
 Financial Summary and Comparisons
 (dollars in millions, except earnings per share)
 (unaudited)
 Fourth Quarter Results Percent
 1992 1991 Change
 Operating revenues $2,722.0 $2,522.4 7.9
 Operating expenses $2,122.5 $1,928.5 10.1
 Net income $350.0 $316.2 10.7
 Earnings per share $1.17 $1.05 11.4
 Weighted average number of
 common shares outstanding
 (in millions) 299.9 300.2 ---
 Return on weighted average
 shareowners' equity 15.05pct. 14.26pct. 79 basis
 pts.
 Annual Results Percent
 1992 1991 Change
 Operating revenues $10,015.4 $9,331.9 7.3
 Operating expenses $7,818.0 $7,198.3 8.6
 Income before
 extraordinary loss $1,301.7 $1,156.5 12.6
 Extraordinary loss on early
 extinguishment of debt --- $80.7 ---
 Net income $1,301.7 $1,075.8 21.0(b)
 Earnings per share
 Income before
 extraordinary loss $4.34 $3.85 12.7
 Extraordinary loss on
 early extinguishment
 of debt --- $.27 ---
 Net income $4.34 $3.58 21.2(b)
 Weighted average number of
 common shares outstanding
 (in millions) 300.1 300.1 ---
 Return on weighted average
 shareowners' equity 14.27pct. 12.30pct. 197basis
 pts.(b)
 Return on weighted average
 shareowners' equity before
 extraordinary loss 14.27pct. 13.03pct. 124basis
 pts.(b)
 (b) Southwestern Bell Corp.'s reported net income for 1991 included
 an extraordinary charge of $81 million or 27 cents per share
 for refinancing of long-term debt in the Telephone Company.
 -0- 1/22/93
 /CONTACT: Jerrell Ross of Southwestern Bell, 314-235-7100/
 (SBC)


CO: Southwestern Bell Corp. ST: Missouri IN: TLS SU: ERN

BB -- DV005 -- 7900 01/22/93 12:15 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Jan 22, 1993
Words:859
Previous Article:CITIZENS BANKING CORPORATION REPORTS FOURTH QUARTER EARNINGS, FULL YEAR EARNINGS AND FIRST QUARTER DIVIDEND
Next Article:MACGREGOR SIGNS AGREEMENT WITH COLLEGIATE LICENSING
Topics:


Related Articles
SOUTHWESTERN BELL REPORTS FOURTH QUARTER, ANNUAL EARNINGS
SOUTHWESTERN BELL REPORTS SECOND QUARTER EARNINGS
SOUTHWESTERN BELL REPORTS THIRD QUARTER EARNINGS
SOUTHWESTERN BELL CORP. REPORTS INCREASED FIRST QUARTER EARNINGS BEFORE EXTRAORDINARY ITEMS, ACCOUNTING CHANGES
SOUTHWESTERN BELL REPORTS BEST-EVER SECOND QUARTER RESULTS BEFORE EXTRAORDINARY ITEM
SOUTHWESTERN BELL THIRD QUARTER EARNINGS UP 11.0 PERCENT BEFORE EXTRAORDINARY ITEM, ONE-TIME CHARGE
SBC ACHIEVES FOURTH CONSECUTIVE YEAR OF DOUBLE-DIGIT EARNINGS GROWTH, WITH EARNINGS UP 11.5 PERCENT
SBC Communications Achieves Fifth Consecutive Year of Double-Digit Earnings Growth, With Earnings Up 12 Percent
SBC Grows Second Quarter Earnings Per Share 18 Percent; Broad Customer Demand Drives Results
SBC Third-Quarter Earnings Per Share Increase 17.8 Percent; Solid core businesses, data and vertical services drive results.

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