Southwestern Bell's net declined 10% in period; slow line growth hurts stock
Article Abstract:
Southwestern Bell Corp posts a 10 percent drop in earnings for the 4th qtr 1990. Investors express their disappointment by driving the stock down $2.375 a share to close at $50.25 on Jan 23, 1991. Southwestern's stock fell $2.625 a share on Jan 22, 1991 after news that other Bell regional holding companies reported lower earnings. The telephone company reports earnings of $267.5 million, or 89 cents a share, which includes charges of $45 million, or 15 cents a share. Charges were related to work reduction programs of which 1,100 managers were participants. Southwestern Bell added only 15,000 telephone access lines for the qtr, a far cry from its record of 130,000 access lines added in the previous qtr in 1990.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1991
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Nynex net rose 14%, Pactel's fell 11% in 2nd period
Article Abstract:
Nynex Corp reports net income up 14 percent, to $331.1 million, or $1.62 a share, which compares with $290.8 million, or $1.44 a share, in the same period a year earlier. Nynex continues to improve quality and reduce costs. Operating expenses are down 4.7 percent, to $2.63 billion from $2.76 billion. Nynex's workforce was cut by 9,6 percent during the year, to 84,300. Revenue is down 2.3 percent to $3.28 billion, from $3.36 billion. Pacific Telesis Group reports earnings down almost 11 percent, to $282 million, or 71 cents a share, from $316 million or 80 cents a share, in 1991. Revenue is down slightly, at $2.5 billion. PacTel cites the recession as a reason for its disappointing results.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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