United Telecommunications' net fell 5.2% in 3rd period, GTE's rose 11%
Article Abstract:
United Telecommunications Inc posts a 5.2 percent drop in its 3rd qtr 1990 net income and GTE Corp posts an 11 percent gain for the same period. The decline at United Telecom are attributed to problems at its US Sprint Communications Co subsidiary and gains at GTE are attributed to cost-cutting measures implemented by the telecommunications company. United Telecom's net income for the period fell to 41 cents a share, or $89.7 million, from 45 cents a share, or $94.6 million, for the same period in 1989. Revenue rose 8.8 percent to $2.10 billion from $1.93 billion in the 3rd qtr of 1989. GTE's 3rd qtr 1990 net income rose to $408.8 million, or 59 cents a share, from $367.6 million, or 53 cents a share, from the same period in 1989. GTE shares closed at $27.125 a share and United Telecom's shares closed at $27.25 a share in trading on Oct 16, 1990.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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United Telecommunications shares fall 24% on a 55% drop in 2nd-period net
Article Abstract:
United Telecommunications Inc's stock plunged 24 percent after it reported a 55 percent drop in 2nd qtr 1990 net income and a $42 million operating loss at its long-distance unit, US Sprint Communications Co. The large losses at US Sprint stunned Wall Street analysts who were expecting much smaller decline. United Telecom took a $72 million charge, or 18 cents a share, to cover a five percent cut in US Sprint's work force, a write-off of outdated software used in the company's computers and accruals for certain contract disputes. Profit at United Telecom fell to $40.6 million, or 18 cents a share, from $90.5 million, or 43 cents a share, from the same period in 1989. Revenue rose 12 percent to $2.07 billion from $1.85 billion.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1990
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United Telecom reports 39% rise in 4th-quarter net
Article Abstract:
United Telecommunications Inc reports that earnings are up 39 percent for 4th qtr 1991. United Telecom's income is $98.1 million, or 45 cents a share, which compares with $70.8 million, or 33 cents a share, in the same period last year. Revenue is up 2.3 percent, from $2.15 billion to $2.2 billion. Earnings for 1991 are $367.5 million, or $1.68 a share, up from $308.7 million, or $1.43 a share in 1990, but there was a special charge of $72 million in 1990. Without the charge, the company's net income would have been $380 million. United Telecom's long-distance subsidiary has encountered problems, and growth there is said to be stopped. Sprint is losing market share to its rivals, AT&T and MCI Communications.
Publication Name: The Wall Street Journal Western Edition
Subject: Business, general
ISSN: 0193-2241
Year: 1992
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