2 Baby Bells' profits drop; third is flat

Article Abstract:

Three regional telephone companies - Southwestern Bell Corp, U S West Inc, and Bell Atlantic Corp - report earnings for the 2nd qtr of 1991. Southwestern Bell reports that profit was down 34.2 percent for the quarter ended Jun 30. The company earned $172.6 million, or 57 cents a share, which compares with $262.5 million, or 87 cents a share, in the same period a year ago. Revenue was up 3.2 percent, to $2.24 billion from $2.17 billion. The company's stock was down 50 cents on Friday, Jul 19, closing at $53.75. U S West reports earnings of $276.6 million, almost the same as the $276.4 million earned in the same period in 1990. U S West's stock is down 75 cents, closing at $34.75. Bell Atlantic says that 2nd qtr earnings fell 2.1 percent. Profit was $355.1 million, or 91 cents a share, compared with $362.8 million, or 92 cents a share in 1990. The company's stock rose 87.5 cents, closing at $42.25.

Profits, Bell Atlantic Corp., U S WEST Inc., BEL, SBC, USW, Southwestern Bell Corp., Profit, Stock, Financial Report, Second Quarter

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9,900 jobs to be cut by Nynex; $550 million charge will cause big loss

Article Abstract:

Nynex Corp, which provides telephone services in New York State and New England, will cut its workforce during the next two years by ten percent, which is approximately 9,900 employees. Costs for this and other plans and operations translate into a $500 million charge against earnings, which means that the company will report a loss in 4th qtr 1991. Nynex's layoffs and early retirements will involve both white-collar and blue-collar workers, mostly in the New York City area, where these actions will add to the difficulties of an already-slowed economy. Nynex, like other Bell companies, will require fewer employees as it proceeds with the installation of advanced equipment. When news of the special charge was released, Nynex's stock fell 87.5 cents, closing on Friday, Nov 22, 1991, at $75.125.

Prepackaged software, Layoffs, Layoff, Personnel Management, Reorganization, Losses, NYNEX Corp., NYN, Fourth Quarter, Work Force Reduction

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