Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, October 20, 1995 TAG: 9510200047
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
Growing demand for second phone lines in homes contributed to solid profit increases at Bell Atlantic Corp. and BellSouth Corp. in the third quarter, the companies said Thursday.
Bell Atlantic Corp.
Philadelphia-based Bell Atlantic earned $604.8 million, or $1.38 per share, aided by the sale of overlapping properties when its cellular business merged with that of Nynex Corp. The gain amounted to $203 million after taxes but was offset by $40 million in special development expenses.
A year ago, Bell Atlantic lost $1.87 billion, equal to $4.29 per share, after a charge for changing its accounting practices from a regulated to a competitive business.
Revenue was $3.26 billion compared with $3.46 billion.
For nine months, earnings totaled $1.47 billion, or $3.35 per share, up from a loss of $1.07 billion, equal to $2.45 per share, in 1994. Year-to-date revenue was $10.28 billion, down from $10.3 billion.
BellSouth Corp.
BellSouth's profit of $558.5 million, or 56 cents a share, was a record for the Atlanta-based company and parent of BellSouth Communication Systems of Roanoke. Earnings a year ago were $499.5 million, or 50 cents per share. Revenue was $4.43 billion, up from $4.20 billion a year ago.
For nine months, BellSouth lost $1.07 billion, equal to $1.08 per share. It took a $2.7 billion charge in the second quarter to depreciate assets faster as it changed accounting practices. Earnings were $1.6 billion, or $1.61 per share, in the 1994 period. Year-to-date revenue was $13.1 billion, up from $12.4 billion in 1994.
Allstate
Allstate Corp., Northbrook, Ill., insurance company with a regional operations center in Roanoke County, reported third-quarter net income of $445.7 million, or $1 per share, on revenue of $5.70 billion, compared with year-earlier $193.9 million, or 43 cents per share, on revenue of $5.31 billion. For nine months, net income was $1.51 billion, or $3.36 per share, on revenue of $16.94 billion, compared with $320.7 million, or 71 cents, on revenue of $15.77 billion.
Atlantic Coast Airlines
Atlantic Coast Airlines Inc. of Sterling, Va., operator of United Express flights at Roanoke Regional Airport, reported third-quarter net income of $5.9 million, or 61 cents per share, on operating revenue of $43.9 million, compared with a year-earlier net loss of $5.9 million, equal to 87 cents per share, on revenue of $43.1 million. For nine months, net income was $7.9 million, or 82 cents, on revenue of $116 million, compared with a year-earlier net loss of $22.4 million, equal to $3.27 per share, on revenue of $112.5 million.
CFW Communications
CFW Communications Co., Waynesboro telephone company operating in the Waynesboro and Clifton Forge areas, reported third-quarter net income of $2.3 million, or 17.7 cents per share, on revenue of $11.9 million, compared with year-earlier $1.7 million, or 13.6 per share, on revenue of $8.3 million. For nine months, net income was $6 million, or 46.6 cents, on revenue of $31.3 million, compared with $5.5 million, or 45.6 cents, on revenue of $23.8 million.
by CNB