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July 31, 1997updated 03 Sep 2016 6:36pm

SBC Q2 HIT HARD BY CHARGES

By CBR Staff Writer

SBC Communications has reported second-quarter results that reflect its merger with Pacific Telesis Corp back in April and the financial impact of several government regulatory rulings such as revised interstate access charges. The $1.6bn in charges the company incurred left it with a loss of $787m on revenue up 3.5% at $5.93bn. Without the charges, net income was up 2.6% at $803m, or $0.90 per share, missing Wall Street expectations by only a penny. During the quarter, 543,000 new customer lines were added for a 4.1% increase year-over-year. SBC expects to incur a further $300m to $500m in charges stemming from the Pacific Telesis merger although it estimates that by 2000, the merger will add $1bn to net income annually. Six-month net income was $70m, or $0.08 per share, on revenue up 5.4% at $11.92bn, down from net income of $1.69bn last year.

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