-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, Rup8nG5QBYfNXNn+L+LvszFCij2+EId47RxbinkQi/lpIiSVIZJWfHmwhKVL0Qim 8zxKcIQtGhrLNd13E/1XsA== 0000018926-95-000008.txt : 19950801 0000018926-95-000008.hdr.sgml : 19950801 ACCESSION NUMBER: 0000018926-95-000008 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19950727 ITEM INFORMATION: Other events FILED AS OF DATE: 19950731 SROS: NYSE FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURY TELEPHONE ENTERPRISES INC CENTRAL INDEX KEY: 0000018926 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 720651161 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07784 FILM NUMBER: 95557297 BUSINESS ADDRESS: STREET 1: P O BOX 4065 STREET 2: 100 CENTURY PARK DRIVE CITY: MONROE STATE: LA ZIP: 71211-4065 BUSINESS PHONE: 3183889500 MAIL ADDRESS: STREET 1: P O BOX 4065 STREET 2: P O BOX 4065 CITY: MONROE STATE: LA ZIP: 71211-4065 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL TELEPHONE & ELECTRONICS CORP DATE OF NAME CHANGE: 19720512 8-K 1 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 27, 1995 CENTURY TELEPHONE ENTERPRISES, INC. (Exact name of registrant as specified in its charter) Louisiana 1-7784 72-0651161 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 100 Century Park Drive, Monroe, Louisiana 71203 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (318) 388-9500 Item 5. Other Events The following press release was issued by Century Telephone Enterprises, Inc. on July 27, 1995: CENTURY TELEPHONE ENTERPRISES, INC. NEWS RELEASE FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT: July 27, 1995 R. Stewart Ewing, Jr. (318) 388-9500 CENTURY TELEPHONE ENTERPRISES, INC. REPORTS INCREASES IN SECOND QUARTER OPERATING RESULTS Monroe, LA . . . . Century Telephone Enterprises, Inc., (NYSE Symbol: CTL) reports increases in operating results for the second quarter of 1995 compared with the second quarter of 1994. During the second quarter, consolidated revenues increased 12.7% to $149,734,000 from $132,880,000 in 1994. Operating income was $48,812,000, up from $41,713,000, a 17.0% increase. Net income grew 21.8% to $26,167,000 during the second quarter of 1995 from $21,485,000 in the second quarter of 1994. Fully diluted earnings per share increased 15.4% to 45 cents per share from 39 cents per share. Operating cash flow increased 16.8% to $75,482,000 from $64,647,000. "Of the $7,099,000 increase in operating income, $5,970,000, or 84%, was generated by our cellular business," said Glen F. Post, III, President and Chief Executive Officer. Telephone revenues for the second quarter of 1995 increased 7.3% to $101,857,000 from $94,969,000. Telephone operating income was up 3.3% to $35,025,000 from $33,896,000, while operating cash flow increased to $55,633,000 from $51,652,000, a 7.7% increase. "Our telephone operations continued to generate good growth in operating cash flow in the second quarter," said Post. "Telephone access lines have increased to more than 470,000 at June 30, 1995 from approximately 445,000 at June 30, 1994." Mobile communications revenues grew 26.3% to $47,877,000 during the second quarter of 1995 from $37,911,000 during the second quarter of 1994, while the number of cellular customers increased 35.8% to more than 240,000 at June 30, 1995. Mobile communications operating income increased 76.4% to $13,787,000 from $7,817,000. Operating cash flow grew to $19,849,000 from $12,995,000 in 1994, a 52.7% increase. "We are pleased with the increase in cellular subscribers during the second quarter as well as the growth in earnings and cash flow of our cellular operations," said Post. "We continue to execute our strategy of expanding our cellular operating clusters, acquiring cellular operations in Michigan Rural Service Area (RSA) #4 in July of this year and agreeing to acquire cellular operations in Mississippi RSAs #2 and #6. These acquisitions will enhance the value of our existing networks." During the first six months of 1995, consolidated revenues increased 15.1% to $292,159,000 from $253,860,000, while operating income increased 24.2% to $96,368,000 from $77,599,000 a year ago. Operating cash flow grew to $148,891,000 from $121,966,000, a 22.1% increase. Net income increased 30.7% to $53,167,000 from $40,686,000, and fully diluted earnings per share grew 24.3% to 92 cents per share compared with 74 cents per share a year ago. Net income for the first six months of 1995 included $2,002,000 of gains on the sales of assets (3 cents per fully diluted share). Century Telephone Enterprises, Inc., headquartered in Monroe, Louisiana, is a diversified telecommunications company. Century is the 16th largest local exchange telephone company, based on access lines, and the 17th largest cellular company, based on population equivalents owned, in the United States. CENTURY TELEPHONE ENTERPRISES, INC. FINANCIAL HIGHLIGHTS THREE MONTHS ENDED JUNE 30, 1995 AND 1994 (UNAUDITED) INCREASE In thousands, except per share amounts 1995 1994 (DECREASE) - ------------------------------------------------------------------------------ TELEPHONE OPERATIONS Operating revenues $ 101,857 94,969 7.3% --------- ------- Operating expenses Plant operations 21,039 20,377 3.2% Customer operations 9,940 8,356 19.0% Corporate and other 15,245 14,584 4.5% Depreciation and amortization 20,608 17,756 16.1% --------- ------- 66,832 61,073 9.4% --------- ------- Telephone operating income 35,025 33,896 3.3% --------- ------- MOBILE COMMUNICATIONS OPERATIONS Operating revenues 47,877 37,911 26.3% --------- ------- Operating expenses Cost of sales and other operating 9,580 8,119 18.0% General, administrative and customer service 9,068 8,503 6.6% Sales and marketing 9,380 8,294 13.1% Depreciation and amortization 6,062 5,178 17.1% --------- ------- 34,090 30,094 13.3% --------- ------- Mobile Communications operating income 13,787 7,817 76.4% --------- ------- TOTAL OPERATING INCOME 48,812 41,713 17.0% OTHER INCOME (EXPENSE) Interest expense (10,451) (10,824) (3.4%) Income from unconsolidated cellular entities 3,374 3,411 (1.1%) Minority interest (1,895) (857) 121.1% Other income and expense 2,127 795 167.5% INCOME TAX EXPENSE (15,800) (12,753) 23.9% --------- ------- NET INCOME $ 26,167 21,485 21.8% ========= ======= EARNINGS PER SHARE Primary $ 0.45 0.40 12.5% Fully diluted $ 0.45 0.39 15.4% SHARES OUTSTANDING Primary 58,453 53,546 9.2% Fully diluted 58,659 58,288 0.6% DIVIDENDS PER COMMON SHARE $ 0.0825 0.0800 3.1% CAPITAL EXPENDITURES Telephone $ 32,319 31,480 2.7% Mobile Communications 7,774 7,742 0.4% Other 4,846 1,651 193.5% --------- ------- Total capital expenditures $ 44,939 40,873 9.9% ========= ======= CENTURY TELEPHONE ENTERPRISES, INC. FINANCIAL HIGHLIGHTS SIX MONTHS ENDED JUNE 30, 1995 AND 1994 (UNAUDITED) INCREASE In thousands, except per share amounts 1995 1994 (DECREASE) - ------------------------------------------------------------------------------ TELEPHONE OPERATIONS Operating revenues $ 202,133 186,739 8.2% --------- ------- Operating expenses Plant operations 42,674 41,590 2.6% Customer operations 19,090 16,864 13.2% Corporate and other 30,120 28,688 5.0% Depreciation and amortization 40,879 34,811 17.4% --------- ------- 132,763 121,953 8.9% --------- ------- Telephone operating income 69,370 64,786 7.1% --------- ------- MOBILE COMMUNICATIONS OPERATIONS Operating revenues 90,026 67,121 34.1% --------- ------- Operating expenses Cost of sales and other operating 17,112 14,497 18.0% General, administrative and customer service 17,848 15,683 13.8% Sales and marketing 16,424 14,572 12.7% Depreciation and amortization 11,644 9,556 21.9% --------- ------- 63,028 54,308 16.1% --------- ------- Mobile Communications operating income 26,998 12,813 110.7% --------- ------- TOTAL OPERATING INCOME 96,368 77,599 24.2% OTHER INCOME (EXPENSE) Interest expense (21,847) (19,326) 13.0% Income from unconsolidated cellular entities 8,098 5,975 35.5% Gain on sales of assets 5,909 - - Minority interest (3,841) (1,555) 147.0% Other income and expense 2,975 1,684 76.7% INCOME TAX EXPENSE (34,495) (23,691) 45.6% --------- ------- NET INCOME $ 53,167 40,686 30.7% ========= ======== EARNINGS PER SHARE Primary $ 0.93 0.76 22.4% Fully diluted $ 0.92 0.74 24.3% SHARES OUTSTANDING Primary 57,318 53,157 7.8% Fully diluted 58,659 57,859 1.4% DIVIDENDS PER COMMON SHARE $ 0.1650 0.1600 3.1% CAPITAL EXPENDITURES Telephone $ 61,158 70,659 (13.4%) Mobile Communications 26,429 16,313 62.0% Other 11,591 3,454 235.6% --------- ------- Total capital expenditures $ 99,178 90,426 9.7% ========= ======= CENTURY TELEPHONE ENTERPRISES, INC. CONSOLIDATED BALANCE SHEETS JUNE 30, 1995 AND DECEMBER 31, 1994 (UNAUDITED) JUNE 30, DEC. 31, 1995 1994 - --------------------------------------------------------------------- (dollars expressed in thousands) ASSETS CURRENT ASSETS $ 81,411 81,228 ---------- ---------- PROPERTY, PLANT AND EQUIPMENT Telephone 1,147,202 1,076,496 Mobile Communications 172,676 152,305 Other 96,368 85,406 Accumulated depreciation (411,997) (367,076) ---------- ---------- Net property, plant and equipment 1,004,249 947,131 ---------- ---------- INVESTMENTS AND OTHER ASSETS Excess cost of net assets acquired 444,283 441,436 Other 188,742 173,458 ---------- ---------- Total investments and other assets 633,025 614,894 ---------- ---------- TOTAL ASSETS $ 1,718,685 1,643,253 =========== ========== LIABILITIES AND EQUITY CURRENT LIABILITIES $ 316,231 286,668 LONG-TERM DEBT 393,994 518,603 DEFERRED CREDITS AND OTHER LIABILITIES 195,922 187,746 STOCKHOLDERS' EQUITY 812,538 650,236 ---------- ---------- TOTAL LIABILITIES AND EQUITY $ 1,718,685 1,643,253 ========== ========== JUNE 30, JUNE 30, % 1995 1994 INC. - ---------------------------------------------------------------------- Telephone access lines 470,123 444,609 5.7% Cellular units in service- majority-owned markets 240,568 177,097 35.8% SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CENTURY TELEPHONE ENTERPRISES, INC. By: /s/ Murray H. Greer --------------------- Murray H. Greer Controller Dated: July 28, 1995 -----END PRIVACY-ENHANCED MESSAGE-----