BellSouth, US West Report 2nd-Qtr Profit Gains
Undated (AP) _ BellSouth Corp. reported its second-quarter profit rose 23.2 percent from a year ago, while another regional telephone company, US West, posted a 19.2 percent profit gain from a year ago.
BellSouth, which is based in Atlanta, reported net income of $367.1 million, or $1.22 per share, for the second quarter compared with a profit of $298 million, or $1.02 a share, during the same quarter of 1984.
Revenue rose 11.3 percent to $2.61 billion from the $2.35 billion a year earlier.
Earnings for the quarter reflected a one-time charge against revenues of $14.1 million, which was BellSouth’s share of the jury verdict in an antitrust suit brought by MCI Communications Corp. against the former Bell System companies.
For the first six months of this year, BellSouth’s net income rose to $698 million, or $2.32 per share, from $568.4 million, or $1.95 a share, for the same period in 1984. Revenue figures were not provided.
″BellSouth’s earnings continued to benefit from strong growth in the number of customers we serve,″ said Chairman and Chief Executive John L. Clendenin. ″We have approximately 500,000 more customer lines than we did at this time last year. And we are continuing to market our products and services aggressively.″
BellSouth is the largest of seven regional telephone companies created by the breakup of American Telephone and Telegraph. It serves customers in Georgia, Alabama, North Carolina, South Carolina, Florida, Louisiana, Mississippi, Tennessee and Kentucky.
US West, based in Denver, said its earnings rose 19.2 percent to $242.4 million, or $2.53 a share, for the quarter ending June 30 from $203.4 million, or $2.13 a share, a year ago. Revenue rose 7.9 percent to $1.95 billion.
For the six months, US West reported earnings of $439.8 million, or $4.58 per share, compared with $406 million, or $4.23 per share.
Revenue rose to $3.8 billion from $3.5 billion.
US West’s telephone companies - Mountain Bell, Northwestern Bell and Pacific Northwest Bell - serve about 11 million customer lines in 14 midwestern and western states.