Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: WEDNESDAY, January 8, 1992 TAG: 9201080123
SECTION: BUSINESS PAGE: A5 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
IN BUSINESS
Bell Atlantic to take 1991 earnings lossPHILADELPHIA - Bell Atlantic Corp., parent of C&P Telephone of Virginia, said Tuesday it would charge $1.55 billion against 1991 earnings as it implements new accounting rules on health care benefits for retirees.
The one-time charge will result in a loss for 1991, the company said. Bell Atlantic will restate its results for the first three quarters of 1991.
The move was made to comply with the rule adopted by the Financial Accounting Standards Board, which has required most U.S. companies to adopt the standard by 1993. The rule requires companies to account for their anticipated costs of health care benefits for future retirees.
Implementing the standard does not increase the cost of providing benefits to retirees but makes employers account for the costs sooner, which reduces net operating income and earnings.
For the first nine months of 1991, Bell Atlantic earned $1.09 billion, or $2.80 a share, on revenue of $9.18 billion. For all of 1990, it earned $1.3 billion, or $3.38 a share, on revenue of $12.3 billion. - Associated Press
Briefly...
A ranking U.S. energy official expressed gratitude Tuesday to Saudi Arabia for helping to keep oil prices down. The statement by Henson Moore, deputy secretary of energy, suggested the Saudis are trying to help President Bush win re-election as a payoff for fighting the Gulf War, critics said.
USAir said Tuesday it has received approval from U.S. Bankruptcy Court to buy Continental Airlines' 62 jet and 46 commuter take-off and landing slots and other facilities at New York's La Guardia Airport and six jet slots at Washington's National Airport for $61 million. USAir said it expects to operate flights with the new slots as early as Feb. 1.