2 baby Bells report dips in profit; shares of Pactel and Bell Atlantic fall

Article Abstract:

Pacific Telesis Group and Bell Atlantic Corp post lower fiscal 4th qtr operating profits in Jan 1991. Pacific Telesis reports a 6.3 percent drop in fiscal 4th qtr profits and Bell Atlantic posts a one percent drop. Both companies take a $60 million after-tax loss for parts of their business that suffer from the recessionary US economy. Pacific Telesis announces that it will quit its real estate business and will sell its entire $475 million real estate portfolio over the next several years. Both companies suffer a drop in the number of medium-distance phone calls and a decrease in the growth rate of new telephone lines. Pacific Telesis stock prices fall $3.125 a share on Jan 22, 1991, and close at $41.25 a share; Bell Atlantic stock falls $4 a share and closes at $50 a share.

Telephone communications, exc. radio, Bell Atlantic Corp., BEL, Regional Bell Operating Companies, Losses, Bell Regional Holding Companies, Pacific Telesis Group, PAC

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A.T.&T.'s earnings are flat; Nynex profits slip; US West inches up

Article Abstract:

AT and T's 4th qtr 1990 earnings of $698 million, or 65 cents a share, is off one percent from the same period in 1989 when earnings were $705 million, or 65 cents a share. Sales increased seven percent for the 1990 4th qtr to $9.96 billion as compared with $9.31 billion for the same period in 1989. The long-distance telephone company reports a modest increase in sales and profits for all of 1990. The loss of tax credits, reduced gains from cash investments and asset sales, and higher interest expenses were responsible for diluting a strong increase in the 1990 4th qtr operating profit. AT and T's stock gains 37.5 cents a share on Jan 24, 1991 and closes at $30.875 a share.

Telephone Communication, T, U S WEST Inc., USW, American Telephone and Telegraph Co., Sales, Financial Report, NYNEX Corp., NYN, Fourth Quarter

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