Bell Atlantic hopes to cut 1,200 jobs, will consolidate several phone lines
Article Abstract:
Bell Atlantic Corp announces a cost reduction plan that will eliminate 1,200 jobs and consolidate and refinance several telephone units. The reorganization is expected to result in a $300 million or more charge against profits that will eliminate any 4th qtr 1989 earnings and deflate 1990 earnings. A $50 to $100 million savings is projected for 1990, but analysts say that will be canceled out by the medical and dental benefits trust that Bell agreed to in labor negotiations. Bell's 4th qtr 1989 earnings are $302.6 million on revenues of $2.7 billion. The company will also close its Chesapeake and Potomac Telephone Co headquarters and refinance the debt on three telephone company units to get lower interest rates.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Telecommunications automation saps clout of phone worker strike
Article Abstract:
The strike by Communication Workers of America against Bell Atlantic Corp, Pacific Telesis Group and Nynex Corp is not as potent it otherwise might be because the industry is highly automated. There has been little disruption of phone service because telephone networks are operated by sophisticated computer switches and software systems that automatically do everything themselves. Basic telephone service has not been disrupted, but directory assistance and emergency 911 calls have been affected. But these problems are not motivating management to make quicker decisions, especially since the telephone companies are saving money on worker's salaries.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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Phone firms seen posting healthy profits; industry's earnings increases for the third quarter are put as high as 19%
Article Abstract:
The telephone industry is expected to record a profit increase for the 3rd qtr 1989, due to a growing long-distance business. Analysts estimate earnings will rise as high as 19 percent from 1988. American Telephone and Telegraph Co will record a profit increase of approximately 18 percent. MCI Communications Corp is expected to post an increase of 58 percent. United Telecommunications Inc has already reported that 3rd qtr net income rose 75 percent to $94.6 million, or 90 cents a share. Analysts say that the companies have been supported by strong growth in the data-service and facsimile business, plus lowered long-distance rates.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1989
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