UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
For the quarterly period ended March 31, 1995
or
[ ] Transition Report Pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934
Commission File Number: 1-7784
CENTURY TELEPHONE ENTERPRISES, INC.
(Exact name of registrant as specified in its charter)
Louisiana 72-0651161
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)
100 Century Park Drive, Monroe, Louisiana 71203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (318) 388-9500
Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months (or
for such shorter period that the registrant was required to file
such reports), and (2) has been subject to such filing
requirements for the past 90 days. [X] Yes [ ] No
As of April 30, 1995, there were 58,321,488 shares of common stock
outstanding.
CENTURY TELEPHONE ENTERPRISES, INC.
TABLE OF CONTENTS
Page No.
--------
Part I. Financial Information:
Consolidated Statements of Income--Three Months
Ended March 31, 1995 and 1994 . . . . . . . . . . . 3
Consolidated Balance Sheets--March 31, 1995 and
December 31, 1994 . . . . . . . . . . . . . . . . . 4
Consolidated Statements of Stockholders' Equity--
Three Months Ended March 31, 1995 and 1994 . . . . 5
Consolidated Statements of Cash Flows--
Three Months Ended March 31, 1995 and 1994 . . . . 6
Notes to Consolidated Financial Statements . . . . .7-8
Management's Discussion and Analysis of Financial
Condition and Results of Operations . . . . . . . .9-14
Part II. Other Information . . . . . . . . . . . . . . . 14
Signature . . . . . . . . . . . . . . . . . . . . . . . 15
Index to Exhibits . . . . . . . . . . . . . . . . . . . 16
2
PART I. FINANCIAL INFORMATION
CENTURY TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars, except per share
amounts, and shares
expressed in thousands)
OPERATING REVENUES
Telephone $100,276 91,770
Mobile Communications 42,149 29,210
------- -------
Total operating revenues 142,425 120,980
------- -------
OPERATING EXPENSES
Cost of sales and operating expenses 69,016 63,661
Depreciation and amortization 25,853 21,433
------- -------
Total operating expenses 94,869 85,094
------- -------
OPERATING INCOME 47,556 35,886
------- -------
OTHER INCOME (EXPENSE)
Interest expense (11,396) (8,502)
Income from unconsolidated cellular entities 4,724 2,564
Gain on sales of assets 5,909 -
Minority interest (1,946) (698)
Other income and expense 848 889
------- -------
Total other income (expense) (1,861) (5,747)
------- -------
INCOME BEFORE INCOME TAX EXPENSE 45,695 30,139
Income tax expense 18,695 10,938
------- -------
NET INCOME $ 27,000 19,201
======= =======
PRIMARY EARNINGS PER SHARE $ .48 .36
======= =======
FULLY DILUTED EARNINGS PER SHARE $ .47 .35
======= =======
DIVIDENDS PER COMMON SHARE $ .0825 .0800
======= =======
AVERAGE PRIMARY SHARES OUTSTANDING 56,184 52,817
======= =======
AVERAGE FULLY DILUTED SHARES OUTSTANDING 58,660 57,478
======= =======
See accompanying notes to consolidated financial statements.
3
CENTURY TELEPHONE ENTERPRISES, INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
March 31, December 31,
1995 1994
---------- ----------
(Dollars in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 10,599 7,154
Accounts receivable
Customers, less allowance for doubtful
accounts of $2,216 and $2,360 39,167 40,824
Other 19,450 23,180
Materials and supplies, at average cost 6,363 7,090
Other 2,911 2,980
--------- ---------
78,490 81,228
--------- ---------
NET PROPERTY, PLANT AND EQUIPMENT 984,897 947,131
--------- ---------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired,
less accumulated amortization of
$43,008 and $40,756 447,293 441,436
Other 181,471 173,458
--------- ---------
628,764 614,894
--------- ---------
$1,692,151 1,643,253
========= =========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 14,059 12,718
Notes payable to banks 140,000 158,000
Accounts payable 59,393 52,331
Accrued expenses and other liabilities
Salaries and benefits 16,091 17,884
Taxes 30,123 16,530
Interest 8,524 8,243
Other 4,001 9,237
Advance billings and customer deposits 12,014 11,725
--------- ---------
284,205 286,668
--------- ---------
LONG-TERM DEBT 427,022 518,603
--------- ---------
DEFERRED CREDITS AND OTHER LIABILITIES 191,876 187,746
--------- ---------
STOCKHOLDERS' EQUITY
Common stock, $1.00 par value, authorized
100,000,000 shares, issued and outstanding
58,317,834 and 53,574,361 shares 58,318 53,574
Paid-in capital 430,414 319,235
Retained earnings 314,198 291,999
Unearned ESOP shares (16,150) (16,840)
Preferred stock - non-redeemable 2,268 2,268
--------- ---------
789,048 650,236
--------- ---------
$1,692,151 1,643,253
========= =========
See accompanying notes to consolidated financial statements.
4
CENTURY TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(UNAUDITED)
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars in thousands)
COMMON STOCK
Balance at beginning of period $ 53,574 51,295
Issuance of common stock for acquisitions - 2,000
Issuance of common stock through conversion
of debentures 4,540 -
Issuance of common stock through dividend
reinvestment, incentive and benefit plans 204 58
------- -------
Balance at end of period 58,318 53,353
------- -------
PAID-IN CAPITAL
Balance at beginning of period 319,235 262,294
Issuance of common stock for acquisitions - 50,311
Issuance of common stock through conversion
of debentures 108,596 -
Issuance of common stock through dividend
reinvestment, incentive and benefit plans 2,379 819
Amortization of unearned compensation
and other 204 193
------- -------
Balance at end of period 430,414 313,617
------- -------
RETAINED EARNINGS
Balance at beginning of period 291,999 208,945
Net income 27,000 19,201
Cash dividends declared
Common stock-$.0825 and $.0800
per share, respectively (4,770) (4,259)
Preferred stock (31) (8)
------- -------
Balance at end of period 314,198 223,879
------- -------
UNEARNED ESOP SHARES
Balance at beginning of period (16,840) (9,220)
Commitment to ESOP - (5,000)
Release of ESOP shares 690 440
------- -------
Balance at end of period (16,150) (13,780)
------- -------
PREFERRED STOCK - NON-REDEEMABLE
Balance at beginning of period 2,268 454
Issuance of preferred stock for acquisition - 1,875
------- -------
Balance at end of period 2,268 2,329
------- -------
TOTAL STOCKHOLDERS' EQUITY $789,048 579,398
======= =======
See accompanying notes to consolidated financial statements.
5
CENTURY TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars in thousands)
OPERATING ACTIVITIES
Net income $ 27,000 19,201
Adjustments to reconcile net income to
net cash provided by operating activities:
Depreciation and amortization 27,965 24,135
Deferred income taxes 747 1,529
Income from unconsolidated cellular
entities (4,724) (2,564)
Gain on sales of assets (5,909) -
Changes in current assets and current
liabilities:
Decrease in accounts receivable 4,244 1,969
Increase (decrease) in accounts payable 6,930 (17,234)
Increase in other accrued taxes 13,500 8,944
Changes in other current assets and other
current liabilities, net (5,426) (3,269)
Increase in other noncurrent liabilities 3,361 635
Other, net 38 (524)
------- -------
NET CASH PROVIDED BY OPERATING
ACTIVITIES 67,726 32,822
------- -------
INVESTING ACTIVITIES
Payments for property, plant and equipment (53,499) (49,553)
Acquisitions, net of cash acquired (6,009) (53,390)
Proceeds from sales of assets 17,922 -
Investments in unconsolidated cellular
entities (1,678) (974)
Distributions from unconsolidated cellular
entities 436 925
Purchase of life insurance investment (4,756) (6,853)
Other, net (615) 746
------- -------
NET CASH USED IN INVESTING ACTIVITIES (48,199) (109,099)
------- -------
FINANCING ACTIVITIES
Proceeds from issuance of long-term debt 6,498 -
Payments of long-term debt (2,266) (44,603)
Notes payable, net (18,000) 123,000
Proceeds from issuance of common stock 2,432 877
Cash dividends paid (4,801) (4,267)
Other, net 55 (110)
------- -------
NET CASH PROVIDED BY (USED IN)
FINANCING ACTIVITIES (16,082) 74,897
------- -------
Net increase (decrease) in cash and cash
equivalents 3,445 (1,380)
Cash and cash equivalents at beginning
of period 7,154 9,777
------- -------
Cash and cash equivalents at end of period $ 10,599 8,397
======= =======
Supplemental cash flow information:
Income taxes paid $ 6,391 878
======= =======
Interest paid $ 11,115 10,372
======= =======
See accompanying notes to consolidated financial statements.
6
CENTURY TELEPHONE ENTERPRISES, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
MARCH 31, 1995
(UNAUDITED)
(1) Basis of Financial Reporting
Certain information and footnote disclosures normally included in
financial statements prepared in accordance with generally accepted
accounting principles have been condensed or omitted pursuant to rules
and regulations of the Securities and Exchange Commission; however, the
Company believes the disclosures which are made are adequate to make the
information presented not misleading. The financial statements and
footnotes included in this Form 10-Q should be read in conjunction with
the financial statements and notes thereto included in the Company's
annual report on Form 10-K for the year ended December 31, 1994.
Certain 1994 amounts have been reclassified to be consistent with the
1995 presentation.
The unaudited financial information for the three months ended March
31, 1995 and 1994 has not been audited by independent public accountants;
however, in the opinion of management, all adjustments (which include
only normal recurring adjustments) necessary to present fairly the
results of operations for the three-month periods have been included
therein. The results of operations for the first three months of the
year are not necessarily indicative of the results of operations which
might be expected for the entire year.
(2) Net Property, Plant and Equipment
Net property, plant and equipment is composed of the following:
March 31, December 31,
1995 1994
--------- ------------
(Dollars in thousands)
Telephone, at original cost $1,122,612 1,076,496
Accumulated depreciation (318,479) (295,255)
--------- ---------
804,133 781,241
--------- ---------
Mobile Communications, at cost 166,063 152,305
Accumulated depreciation (41,436) (38,552)
--------- ---------
124,627 113,753
--------- ---------
Other, at cost 90,585 85,406
Accumulated depreciation (34,448) (33,269)
--------- ---------
56,137 52,137
--------- ---------
$ 984,897 947,131
========= =========
(3) Conversion of Debentures
In February 1995 all $115.0 million of Century's outstanding 6%
convertible debentures due 2007 were converted into Century common stock
by the debenture holders at a conversion price of $25.33 per share.
7
(4) Earnings from Unconsolidated Cellular Entities
The following summarizes the unaudited combined results of operations
of the cellular entities in which the Company's investments (as of the
first quarter of 1995 and 1994) are accounted for by the equity method.
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars in thousands)
Results of operations
Revenues $149,254 68,269
Operating income $ 47,854 16,190
Net income $ 48,525 14,942
(5) Sales of Assets
In the first quarter of 1995 the Company sold, for an aggregate of
approximately $17.9 million, its ownership interests in certain non-
strategic cellular RSAs located primarily in western states and two MSAs
in the midwest, which represented an aggregate of approximately 253,000
pops. These transactions resulted in a pre-tax gain of $5.9 million
($2.0 million after tax).
8
CENTURY TELEPHONE ENTERPRISES, INC.
MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Management's Discussion and Analysis of Financial Condition and Results
of Operations ("MD&A") included herein should be read in conjunction
with MD&A and the other information included in the Company's annual
report on Form 10-K for the year ended December 31, 1994. The results
of operations for the three months ended March 31, 1995 are not
necessarily indicative of the results of operations which might be
expected for the entire year.
RESULTS OF OPERATIONS
Three Months Ended March 31, 1995 Compared
to Three Months Ended March 31, 1994
Net income for the first quarter of 1995 was $27.0 million compared to
$19.2 million during the first quarter of 1994. The increase was
principally due to an $11.7 million increase in operating income, a $5.9
million pre-tax gain on the sale of certain cellular properties and a
$2.2 million increase in earnings from unconsolidated cellular
partnerships. These factors were partially offset by increases in
minority interest, interest expense and income tax expense of $1.2
million, $2.9 million and $7.8 million, respectively.
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars in thousands,
except per share amounts)
Operating income
Telephone $34,345 30,890
Mobile Communications 13,211 4,996
------ ------
47,556 35,886
Interest expense (11,396) (8,502)
Income from unconsolidated cellular
entities 4,724 2,564
Gain on sales of assets 5,909 -
Minority interest (1,946) (698)
Other income and expense 848 889
Income taxes (18,695) (10,938)
------ ------
Net income $27,000 19,201
====== ======
Fully diluted earnings per share $ .47 .35
====== ======
Fully diluted earnings per share increased to $.47 for the three months
ended March 31, 1995 from $.35 during the three months ended March 31,
1994, a 34.3% increase. The average number of fully diluted shares
outstanding increased 2.1% as a result of shares issued for acquisitions
and through the Company's dividend reinvestment, incentive and benefit
plans.
9
Contributions to operating revenues and operating income by the
Company's telephone operations and mobile communications operations for
the three months ended March 31, 1995 and 1994 were as follows:
Three months
ended March 31
--------------
1995 1994
------ ------
Operating revenues
Telephone operations 70.4% 75.9
Mobile Communications operations 29.6% 24.1
Operating income
Telephone operations 72.2% 86.1
Mobile Communications operations 27.8% 13.9
Telephone Operations
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars in thousands)
Operating revenues
Local service $ 26,840 23,505
Network access and
long distance 61,585 57,907
Other 11,851 10,358
------- -------
100,276 91,770
------- -------
Operating expenses
Plant operations 21,635 21,213
Customer operations 9,150 8,508
Corporate and other 14,875 14,104
Depreciation and amortization 20,271 17,055
------- -------
65,931 60,880
------- -------
Operating income $ 34,345 30,890
======= =======
Telephone operating income increased $3.5 million (11.2%) due to an
increase in operating revenues of $8.5 million (9.3%) which more than
offset an increase in operating expenses of $5.1 million (8.3%).
The increase in revenues was primarily due to a $2.2 million increase
in the recovery from the Federal Communications Commission mandated
Universal Service Fund; a $2.2 million contribution to revenues from the
acquisition of two local exchange telephone companies; $1.6 million from
increased rates for basic services which was offset by an $807,000
decrease in intrastate high cost assistance revenues; and $760,000 due
to an increase in the number of customer access lines.
During the first quarter of 1995, operating expenses, exclusive of
depreciation and amortization, increased $1.8 million (4.2%) primarily
due to $1.2 million of expenses incurred as a result of the acquisition
of two local exchange telephone companies.
Depreciation and amortization increased $3.2 million (18.9%) which
includes $1.6 million of depreciation due to higher recurring rates
approved in 1994 or anticipated to be approved in 1995 for certain
subsidiaries. The remaining increase in depreciation and amortization
was primarily due to higher levels of plant in service.
10
Mobile Communications Operations
Three months
ended March 31
--------------
1995 1994
------ ------
(Dollars in thousands)
Operating revenues
Cellular service $ 40,821 27,075
Equipment and other 1,328 2,135
------- -------
42,149 29,210
------- -------
Operating expenses
Cost of sales and other operating
expenses 7,532 6,378
General, administrative and customer
service 8,780 7,180
Sales and marketing 7,044 6,278
Depreciation and amortization 5,582 4,378
------- -------
28,938 24,214
------- -------
Operating income $ 13,211 4,996
======= =======
The mobile communications operating income reflects the operations of
cellular entities in which the Company has a majority interest. The
minority interest owners' share of the income or loss of such entities
($1.9 million during the first three months of 1995 and $698,000 during
the first three months of 1994) is reflected as an expense in "Minority
interest". The operating income of the mobile communications segment
includes the operations of Celutel, Inc. ("Celutel") subsequent to its
acquisition in February 1994. The Company's share of income or loss
from the cellular entities in which it has less than a majority interest
($4.7 million and $2.6 million during the three months ended March 31,
1995 and 1994, respectively) is reflected in "Income from unconsolidated
cellular entities."
Mobile communications operating income increased $8.2 million (164.4%)
to $13.2 million in the first quarter of 1995 from $5.0 million in the
first quarter of 1994. Mobile communications operating revenues
increased $12.9 million (44.3%) which more than offset an increase in
operating expenses of $4.7 million (19.5%).
The increase in cellular service revenues was substantially due to (i)
an increase in the number of cellular units in service and (ii) a $4.1
million increase in revenues generated by Celutel. Celutel was acquired
on February 10, 1994; accordingly, the first quarter of 1995 includes
three months of revenues applicable to Celutel while the first quarter
of 1994 includes only revenues recorded subsequent to the acquisition
date. The average number of cellular units in service in majority-owned
markets during the first quarter of 1995 and 1994 was 216,500 and
138,500, respectively.
The average monthly cellular service revenue per customer declined to
$63 during the first quarter of 1995 from $65 during the first quarter
of 1994. It has been an industry-wide trend that early subscribers have
normally been the heaviest users and that a higher percent of new
subscribers tend to be lower usage customers. The average monthly
service revenue per customer may further decline (i) as market penetration
increases and additional lower usage customers are activated and (ii) as
competitive pressures intensify and continue to place downward pressure
on rates. The Company is responding to such competitive pressures by,
among other things, modifying certain of its price plans and
implementing certain other plans and promotions, all of which may result
in lower average revenue per customer. The Company will continue to
focus on customer
11
service and attempt to stimulate cellular usage by promoting the
availability of certain enhanced services and by improving the quality
of its service through the construction of additional cell sites and
enhancements to its system.
The $1.2 million increase in cost of sales and other operating
expenses; the $1.6 million increase in general, administrative and
customer service expenses; and the $766,000 increase in sales and
marketing expenses were primarily due to additional costs related to
the Celutel operations acquired during the first quarter of 1994.
Depreciation and amortization increased $1.2 million (27.5%) due
primarily to approximately $700,000 of depreciation resulting from a
higher level of plant in service and to depreciation and amortization
associated with the Celutel acquisition.
Interest Expense
Interest expense increased $2.9 million (34.0%) during the first
quarter of 1995 compared to the first quarter of 1994 primarily due to
the effect of higher average interest rates. Interest expense during the
first quarter of 1995 on the $115.0 million of 6% convertible
debentures, which were converted to common stock in February 1995, was
$954,000 less that such interest during the first quarter of 1994.
Income from Unconsolidated Cellular Entities
Earnings from unconsolidated cellular entities, net of the amortization
of associated goodwill, increased $2.2 million (84.2%) during the first
quarter of 1995 compared to the first quarter of 1994 due to improvement
in profitability of the cellular entities in which the Company owns less
than a majority interest.
Gain on Sales of Assets
During the first quarter of 1995, the Company sold its ownership
interests in certain non-strategic cellular partnerships which resulted
in a pre-tax gain of $5.9 million ($2.0 million after-tax; $.03 per
fully diluted share). For additional information, see Note 5 of Notes to
Consolidated Financial Statements.
Minority Interest
The increased profitability during the first three months of 1995 of
the Company's majority-owned and operated cellular entities resulted in a
corresponding increase of $1.2 million in the expense recorded by the
Company to reflect the minority interest owners' share of the profits.
Other Income and Expense
Other income and expense for the first quarter of 1995 was $848,000
compared to $889,000 during the first quarter of 1994. Interest income
increased $642,000 in the first quarter of 1995, substantially all of
which was due to interest income on a $25.0 million note receivable
issued to Century in May 1994. Such increase was substantially offset
by a net decrease in the results of operations of subsidiaries of the
Company which are not included in the telephone or mobile communications
operations, including, but not limited to, the Company's competitive
access subsidiary and the Company's nonregulated long distance
operations.
Income Tax Expense
Income tax expense increased $7.8 million (70.9%) during the first
quarter of 1995 compared to the first quarter of 1994 primarily due to
the increase in income before taxes. The effective income tax rate
increased primarily because of the income tax expense attributable to
the gain on sales of assets.
12
LIQUIDITY AND CAPITAL RESOURCES
Excluding cash used for acquisitions, the Company relies on cash
provided by operations to provide a substantial portion of its cash
needs. The Company's telephone operations have historically provided a
stable source of cash flow which has helped the Company continue its
long-term program of capital improvements. Cash provided by mobile
communications operations has increased each year since that segment
became cash-flow positive in 1991.
Net cash provided by operating activities was $67.7 million during the
first three months of 1995 compared to $32.8 million during the first
three months of 1994. The Company's accompanying consolidated
statements of cash flows identifies major differences between net income
and net cash provided by operating activities for each of these periods.
For additional information relating to the telephone operations and
mobile communications operations of the Company, see Results of
Operations.
Net cash used in investing activities was $48.2 million and $109.1
million for the three months ended March 31, 1995 and 1994,
respectively. Cash used in connection with the Celutel acquisition
during the first three months of 1994 was $53.4 million; cash used in
connection with the acquisition of a local exchange telephone company
was $6.0 million in the first three months of 1995. Payments for
property, plant and equipment were $3.9 million more in the first
quarter of 1995 than in the comparable period during 1994. Capital
expenditures for the three months ended March 31, 1995 were $28.8
million for telephone, $18.7 million for mobile communications and $6.7
million for other operations. The $48.2 million of net cash used in
investing activities in 1995 was net of $17.9 million of proceeds from
the sale of certain cellular properties.
Net cash used in financing activities was $16.1 million during the
first three months of 1995; net cash provided by financing activities
was $74.9 million during the first three months of 1994. Net payments,
including notes payable and long-term debt, were $13.8 million during
the first quarter of 1995 compared to net borrowings of $78.4 million
during the first quarter of 1994. The net borrowings in 1994 included a
$90.0 million bridge loan incurred to fund substantially all of the
Company's cash requirements in connection with the acquisition of
Celutel in February 1994 (including the refinancing of $41.7 million of
Celutel's debt).
Budgeted capital expenditures for 1995 total $114.0 million for
telephone operations, $59.0 million for mobile communications operations
and $12.0 million for other operations.
As of March 31, 1995, Century's telephone subsidiaries had available
for use $158.2 million of commitments for long-term financing from the
Rural Utilities Service ("RUS") and the Company had $89.1 million of
undrawn committed bank lines of credit. In addition, approximately $22.0
million of uncommitted credit facilities were available to Century at
March 31, 1995. The Company also has access to debt and equity capital
markets. Applications for additional long-term financing for Century's
telephone subsidiaries have been filed with the RUS and are in various
stages of processing. The Company has experienced no significant
problems in obtaining funds through the issuance of debt or equity for
capital expenditures or other purposes.
13
ACCOUNTING PRONOUNCEMENT
In March 1995 the Financial Accounting Standards Board issued Statement
of Financial Accounting Standards No. 121, "Accounting for the
Impairment of Long-Lived Assets and for Long-Lived Assets To Be Disposed
Of" ("SFAS 121"), effective for fiscal years beginning after December
15, 1995. SFAS 121 establishes guidance for recognizing and measuring
impairment losses and requires that the carrying amount of an impaired
asset be reduced to fair value when events or circumstances indicate
that the carrying value may not be recoverable. Recoverability would
generally be determined by estimating future cash flows resulting from
use and eventual disposition of the asset. The effect on the Company's
financial statements of the adoption of SFAS 121 has not been
determined.
PART II. OTHER INFORMATION
CENTURY TELEPHONE ENTERPRISES, INC.
Item 6. Exhibits and Reports on Form 8-K
A. Exhibits
10.1 Century Telephone Enterprises, Inc. Employee Stock
Ownership Plan and Trust 1994 Amendment and Restatement.
10.2 Century Telephone Enterprises, Inc. Stock Bonus Plan, PAYSOP
and Trust 1994 Amendment and Restatement.
11 Computations of Earnings Per Share.
27 Financial Data Schedule.
B. Reports on Form 8-K
There were no reports on Form 8-K filed during the quarter
ended March 31, 1995.
14
SIGNATURE
---------
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf
by the undersigned thereunto duly authorized.
CENTURY TELEPHONE ENTERPRISES, INC.
Date: May 9, 1995 /s/ Murray H. Greer
-------------------
Murray H. Greer
Controller
(Principal Accounting Officer)
15
CENTURY TELEPHONE ENTERPRISES, INC.
INDEX TO EXHIBITS
Exhibit
Number
-------
10.1 Century Telephone Enterprises, Inc. Employee Stock Ownership Plan
and Trust 1994 Amendment and Restatement, included herein.
10.2 Century Telephone Enterprises, Inc. Stock Bonus Plan, PAYSOP and
Trust 1994 Amendment and Restatement, included herein.
11 Computations of Earnings Per Share, included herein.
27 Financial Data Schedule, included herein.
16