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June 30, 1987

CONTEL WARNS THAT ITS 1987 PROFITS WILL BE OFF AROUND 15%

By CBR Staff Writer

Contel Corp, Atlanta, Georgia warns that it expects 1987 earnings from continuing operations to be about 15% lower than the $3.04 per share achieved last year – and says it is reviewing several alternatives to maximise long-term stockholder value – a euphemism that usually means disposals or sale of the entire company. The firm says a fresh examination of operations has revealed lower revenues than expected in certain non-regulated businesses, higher than anticipated costs to complete certain contracts, and one-time expenses, such as those associated with the previously proposed merger with Communications Satellite Corp – now very unlikely to go ahead. It says that its cellular phone operations, Contel IPC, Contel ASC, its computer business and most of its commercial networking and systems integration projects, for example, have demonstrated exciting progress and potential. The company notes that Executone is under scrutiny.

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