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SBC Reports Higher 1st-Quarter Profit

May 10, 1997|Reuters

SBC Communications Inc., in its first report as a merged company after acquiring Pacific Telesis Group, reported higher first-quarter earnings. SBC said its earnings rose to $857 million, or 94 cents a share, on a pro forma basis that reflects the April 1 merger with Pacific Telesis, compared with earnings of $798 million, or 86 cents, in the year-ago quarter. San Antonio-based SBC Communications is the holding company for Southwestern Bell, Pacific Bell, Nevada Bell and Cellular One. First-quarter earnings were affected by higher expenses at PacBell and expenses in the wire-line business, including preparation for increased competition and unusually high costs associated with damage caused by winter storms. SBC shares lost 12.5 cents to close at $56.375 on the New York Stock Exchange.

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