In Brief : Pacific Telesis Earnings Leap 25%
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SAN FRANCISCO — Pacific Telesis Group, calling 1988 a “banner year,” today reported a 25% increase in earnings over 1987.
Earnings for the 12 months that ended Dec. 31 were $1.19 billion, compared to $950 million for the previous year, the telecommunications corporation said.
Per-share earnings for the year were up 27.1% to $2.81, compared to $2.21 in 1987. Outstanding shares decreased from 430 million to 423 million.
“This has been a banner year for us, the best since divestiture,” Sam Ginn, Pacific Telesis chairman and chief executive officer, said in a statement.
Over the last five years, the company’s earnings per share have grown 7.3% a year, Ginn said.
Pacific Telesis reported revenues of $3.04 billion, down slightly from $3.06 billion in 1987.
Fourth-quarter earnings were $249 million, or 59 cents a share, compared to $150 million, or 35 cents a share. Revenue for the final quarter was $768 million, down from $771 million the previous year.
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