April 20, 1993 |
GTE California Inc., based in Thousand Oaks, plans to reduce its interest overhead by redeeming $27-million worth of debentures three years ahead of time. The company will pay slightly more than par value to holders of the obligations and will then refinance the debt at a reduced interest rate. GTE is now paying 8.875% on the sinking fund debentures, which raised $50 million when originally issued in 1971.
CALIFORNIA | LOCAL
January 8, 1994 |
GTE California said Friday it will lay off 514 workers--including 19 in Ventura County--in response to increasing competition, technological advancements and the sluggish state economy. The 19 local workers facing layoffs involve one supervisor, five cable splicers, one mechanic and three frame maintainers in Thousand Oaks; five cable splicers, one frame maintainer, and one mechanic in Oxnard, and one clerk and one frame maintainer in Camarillo, a company official said.
February 23, 1993 |
Ventura County's largest private employer, Thousand Oaks-based GTE California, will continue the downsizing that has reduced about 1,000 jobs annually from its payroll over the past dozen years, but it's too early to tell how many positions will be lost this year. As it has in the past, GTE will try to avoid layoffs while paring its labor costs in 1993.
November 17, 1988 |
providing local telephone service in scores of communities from Hawaii and Alaska to New England and Florida. The new headquarters will be staffed by 3,000 employees drawn from local phone companies, including GTE California. An additional 1,000 employees will be hired in Texas. GTE California's sprawling headquarters in Thousand Oaks had been a contender for the national office along with Dallas; Tampa, Fla., and Westfield, Ind.
February 8, 1989 |
GTE said Tuesday that it earned a record $1.2 billion in 1988, a 9% increase in a year that saw a change in its leadership, a major corporate overhaul and reduced losses from its investment in US Sprint. Revenues for the Stamford, Conn., telecommunications and electric products giant increased 7% from the year before to $16.5 billion.
January 4, 1994 |
GTE California, based in Thousand Oaks, is in the midst of a cost-cutting program, and the company has announced that its revenues, too, are being reduced. The reduction, mandated by the state Public Utilities Commission, will cut $100 million from the firm's residential telephone income. That amounts to a savings of $1.30 a month for the average residential customer. The savings will show up on customers' bills beginning this month as credits of 5.66% on local service and 5.35% on toll calls.
July 2, 1989
The Times' "Bully on the Line?" story contained some oversights and unfair associations. First, there is the implication that as regulated monopolies, GTE California and Pacific Bell have inherent advantages over smaller competitors. We, indeed, each have franchised serving areas, with an in-place customer base. However, unlike new competitors, we must provide service to all customers in our service areas. We cannot selectively "cherry pick." Secondly, unlike some of our competitors, GTE has not had to refund money to customers for overzealous marketing practices or "competitive abuses."