PacTel Income Falls by 17%
Pacific Telesis Group had net earnings of $1.03 billion in 1990, a decrease of 17.1% compared to 1989 income, the company reported today.
In 1989, the company reported net income of $1.24 billion.
Earnings per share fell to $2.58 in 1990 for a 14.6% reduction from 1989, when per-share earnings hit $3.02.
Pacific Telesis officials blamed the drop partly on restructuring of reserves, which took $71.5 million off the bottom line in 1990. Most of that, $60 million, covered divestment of real estate owned by PacTel Properties, a subsidiary. Revenues increased to $9.72 billion in 1990, compared to $9.59 billion in 1989.
A bright spot was PacTel Cellular, which reported net income in 1990 of $85.7 million for a 55% jump over earnings the previous year. The number of customers jumped 33.6% to 509,000 in 1990 compared to 381,000 in 1989.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
