Roanoke Times
Copyright (c) 1995, Landmark Communications, Inc.
DATE: FRIDAY, January 24, 1992 TAG: 9201240241
SECTION: BUSINESS PAGE: B-7 EDITION: METRO
SOURCE:
DATELINE: LENGTH: Medium
REPORTED EARNINGS
CSX Corp.Richmond-based CSX Corp. reported a fourth-quarter net loss of $356 million, $3.47 per share, which includes a one-time charge of $755 million for productivity improvements.
Without the one-time charge, net earnings for the period would have risen 4 percent to $134 million, $1.33 per share, compared with $129 million, $1.31 per share, in the 1990 quarter.
For the year, CSX reported a net loss of $272 million, $2.70 per share. Excluding unusual items, earnings for 1991 would have been $382 million, $3.81 per share, compared with $401 million, $4 per share, in 1990.
Total operating revenue for the fourth quarter increased $89 million to $2.3 billion from the year-ago quarter.
For the year, operating revenue increased 5 percent, to $8.6 billion from $8.2 billion in 1990. Operating expense, as a result of the productivity charge, increased to $8.5 billion from $7.4 billion in 1990.
AT&T
American Telephone & Telegraph Co. said Thursday its earnings fell 22 percent in the final three months of the year. For all of 1991, profit sank 83 percent due to the $4.2 billion cost of a restructuring and job cuts.
For the three months ended Dec. 31, the nation's largest phone company said it earned $635 million, or 48 cents a share, down from $809 million, or 64 cents a share, in the 1990 period. Revenue for the quarter was $11.95 billion, up slightly from $11.88 billion.
For the year, AT&T earned $522 million, or 40 cents a share, down from $3.10 billion, or $2.42 a share. Revenue totaled $44.65 billion, up from $43.62 billion.
BellSouth
BellSouth Corp., Atlanta-based parent of BellSouth Communication Systems Inc. of Roanoke, on Thursday reported 1991 fourth-quarter net income of $386.9 million, or 80 cents per share, an increase of $26.7 million, or 5 cents per share, over the fourth quarter of 1990.
Quarterly operating revenues of $3.69 billion increased 1.2 percent from $3.65 billion in the 1990 quarter. Operating expenses of $2.99 billion were 1.7 percent higher than the final quarter of 1990.
For the year, BellSouth's net income was $1.47 billion compared to $1.63 billion the previous year. Earnings per share were $3.04 in 1991 compared to $3.38. Annual operating revenues were $14.4 billion, compared to $14.3 billion a year earlier.
Chesapeake Corp.
Chesapeake Corp. reported fourth-quarter net income of $5.7 million, or 28 cents a share, up from $1.8 million, or 8 cents a share in the 1990 quarter. Net income rose 17 percent from $4.9 million in the 1991 quarter.
Sales for the quarter were $203.8 million, up 2 percent from $198.9 million a year ago but down 7 percent from $219.4 million in the third quarter of 1991.
Net income for 1991 was $15.4 million, or 75 cents a share, down 8 percent from 1990's $16.7 million, or 81 cents a share. Last year's net sales were $840.5 million compared with record 1990 net sales of $841.2 million.