10.22.1997|Corporate

Unaudited third quarter earnings reports

Bell Atlantic's unaudited third quarter earnings reports for 1997


Unaudited Third Quarter Earnings Reports

BELL ATLANTIC CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Income (unaudited)
(In millions, except per-share amounts)
 Three months ended
September 30,
Nine months ended
September 30,
 1997199619971996
Operating Revenues
Local services$3,321.5$3,151.4$9,773.8$9,331.8
Network access services1,666.21,822.55,377.85,347.6
Long distance services546.7614.21,678.11,872.0
Ancillary services465.8444.91,362.71,268.4
Directory and information services496.1519.41,649.41,631.0
Wireless services842.0709.72,439.71,988.2
Other services35.6 114.5216.7 311.0
Total Operating Revenues7,373.97,376.622,498.221,750.0
Operating Expenses
Employee costs2,337.82,181.66,956.96,592.3
Depreciation and amortization1,724.01,331.54,459.14,027.8
Taxes other than income475.2390.61,252.41,132.3
Other operating expenses2,415.91,805.76,102.45,385.0
Total Operating Expenses6,952.95,709.418,770.817,137.4
Operating Income421.01,667.23,727.44,612.6
Income (loss) from unconsolidated businesses(121.5)14.9(236.9)51.9
Other income (expense), net(13.0)(35.0)(19.5)(65.4)
Interest expense298.1266.4918.7813.0
Income (loss) before provision for income taxes and cumulative effect of change in accounting principle(11.6)1,380.72,552.33,786.1
Provision for income taxes68.5508.91,037.41,394.5
Income (loss) before cumulative effect of change in accounting principle(80.1)871.81,514.92,391.6
Cumulative effect of change in accounting principle:
Directory publishing, net of tax------273.1
Net Income (Loss)$(80.1)$871.8$1,514.9$2,664.7

BELL ATLANTIC CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Income (unaudited) - continued
(In millions, except per-share amounts)
 Three months endedNine months ended
 September 30,September 30,
 1997199619971996
Per Common Share amounts
Income (loss) before cumulative effect of change in accounting principle$(0.10)$1.13$1.95$3.10
Cumulative effect of change in accounting principle------.35
Net Income (loss)$(0.10)$1.13$1.95$3.45
Cash dividends declared per common share$.77$.72$2.25$2.16(a)
Weighted average number of common shares outstanding 776.4774.9775.8772.8
Other Selected Data (unaudited)
 Three months endedNine months ended
 September 30,September 30,
 1997 199619971996
Return on average common equity(2.4)%27.7%15.0%28.8%
Total assets$52,890.9$51,236.8$52,890.9$51,236.8
Total employees141,801135,480141,801135,480
(a) Includes payment of $.005 per common share for redemption of rights granted under the company's Shareholder Rights Plan.

BELL ATLANTIC CORPORATION AND SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (unaudited)
(In millions)
 Nine months ended September 30,
 19971996
Cash Flows from Operating Activities
Net income$1,514.9$2,664.7
Depreciation and amortization4,459.14,027.8
Cumulative effect of change in accounting--(273.1)
Loss from unconsolidated businesses281.722.5
Dividends received from unconsolidated businesses101.195.4
Other, net(356.3)(437.6)
Net Cash Provided by Operating Activities6,000.56,099.7
Net Cash Used in Investing Activities(4,693.8)(4,452.4)
Net Cash Used in Financing Activities(1,240.3)(1,897.8)
Increase (Decrease) in Cash and Cash Equivalents66.4(250.5)
Cash and Cash Equivalents, Beginning of Period249.4462.9
Cash and Cash Equivalents, End of Period$315.8$212.4

BELL ATLANTIC GLOBAL WIRELESS PROPORTIONATE DATA
(Unaudited)

 

  Three Months ended September 30,1997
  

1997

1996

% change

Combined Global Wireless:
Subscribers (000) 5,8294,28736.0
Subscribers net adds in period (000) 36329423.8
POPs (000) 172,817168,8892.3
Bell Atlantic Mobile:
Selected Financial Results
(Dollars in Millions)
Operating revenues(1)$732.3$631.915.9
Less: equipment revenues 33.133.8(2.1)
Service revenues 699.2598.116.9
Operating income 216.3156.937.9
Operating cash flow(2)$327.2$231.541.3
Operating cash flow margin(3)47%39% 
Capital expenditures, excluding acquisitions $163.9$263.1(37.7)
Selected Operating Data
Subscribers (000) 5,0644,05424.9
Penetration(4)8.9%7.2%23.6
Subscribers net adds in period (000) 189232(18.5)
Controlled POPs (000)(5)56,83056,5020.6
Owned POPs (000)(6)54,94454,5620.7
Churn rate 1.7%1.8% 
Total revenue per subscriber(7)$54$58(6.9)
Service revenue per subscriber $47$51(7.8)
Cash expense per subscriber $25$31(19.4)
Acquisition cost per subscriber(8)$226$235(3.8)
PrimeCo Personal Communications:
Subscribers (000) 122  
Subscriber net adds in period (000) 28  
POPs (000) 28,48728,4870.0
International Wireless Operations:(9)   
Subscribers (000) 643233176.0
Subscriber net adds in period (000) 14662135.5
POPs (000) 87,50083,9004.3
(Dollars in Millions)
Operating revenues $125.2$69.879.4
Operating income (loss) $12.7$(11.0) 
Operating cash flow $42.5$5.9620.3
Footnotes:
(1)Operating revenues include service revenues, outcollect roaming, and equipment revenues.

(2)Operating cash flow equals operating income plus depreciation and amortization.

(3)Operating cash flow margin is calculated by dividing operating cash flow by service revenues.

(4)Penetration is calculated by dividing subscribers by controlled POPs.

(5)Controlled POPs represent the total number of POPs for markets in which BAM has operating control.

(6)Owned POPs represent BAM percentage ownership in all licensed markets.

(7)Revenue per subscriber is calculated using service revenues, incollect roaming, outcollect roaming and equipment revenue. Incollect roaming revenues were $71.0 million for the three-month period ended 9/30/97 and $58.3 million for the three-month period ended 9/30/96.

(8)Acquisition costs include commission expense and loss on handsets.

(9)Represents Bell Atlantic's proportionate share of International Wireless investments including consolidated, equity method, and cost basis investments.

 

 

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