EXHIBIT 99C.1
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
INCOME (UNAUDITED)
Quarter Ended Six Months Ended
June 30, % June 30, %
In millions 1996 1995 Change 1996 1995 Change
- ----------------------------- ------- -------------- ------- -------
SALES & OTHER
REVENUES $3,124 $2,894 7.9 6,174 $5,722 7.9
OPERATING EXPENSES
Employee-related 1,098 997 10.1 2,141 1,975 8.4
Other operating 609 559 8.9 1,200 1,069 12.3
Taxes other than
income taxes 111 113 (1.8) 218 227 (4.0)
Depreciation & amort. 588 562 4.6 1,172 1,122 4.5
---------------- ----------------
Total operating
expenses 2,406 2,231 7.8 4,731 4,393 7.7
---------------- ----------------
Income from operations 718 663 8.3 1,443 1,329 8.6
Interest expense 136 139 (2.2) 271 267 1.5
Equity losses in
unconsol. ventures 77 33 - 143 90 58.9
Gains on sales of rural
telephone exchanges 49 15 - 49 78 (37.2)
Guaranteed minority
interest expense 12 - - 24 - -
Other income
(expense) - net (23) 8 - (46) 2 -
---------------- ----------------
Income before income
taxes and cumulative
effect of change in
accounting principle 519 514 1.0 1,008 1,052 (4.2)
Income tax provision 206 196 5.1 398 404 (1.5)
---------------- ----------------
Income before
cumulative effect of
change in accounting
principle 313 318 (1.6) 610 648 (5.9)
Cumulative effect of
change in accounting
principle -
net of tax - - - 34 - -
---------------- ----------------
NET INCOME 313 318 644 648
Preferred dividends 1 1 - 2 2 -
---------------- ----------------
EARNINGS AVAILABLE FOR
COMMON STOCK $312 $317 (1.6) $642 $646 (0.6)
================ ================
2
EXHIBIT 99C.1 (cont'd.)
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
INCOME (UNAUDITED)
Quarter Ended Six Months Ended
In millions, except June 30, % June 30, %
per share amounts 1996 1995 Change 1996 1995 Change
- ----------------------------- ------- -------------- ------- -------
COMMUNICATIONS GROUP:
Average common shares
outstanding (#1)<F1> 476.8 470.4 1.4 475.9 469.5 1.4
================ ================
Earnings per common
share: (#1)<F1>
Income before cumulative
effect of change in
accounting principle $0.68 $0.62 9.7 $1.30 $1.29 0.8
Cumulative effect of
change in accounting
principle - - - 0.07 - -
---------------- ----------------
Earnings per
common share $0.68 $0.62 9.7 $1.37 $1.29 6.2
================ ================
MEDIA GROUP:
Average common shares
outstanding (#1)<F1> 473.6 470.4 0.7 473.3 469.5 0.8
================ ================
Earnings per
common share: (#1)<F1> ($0.03) $0.05 - ($0.02) $0.08 -
================ ================
<FN>
<F1>
#1 Effective November 1, 1995, each share of U S WEST, Inc.
common stock was converted into one share each of U S WEST Communi-
cations Group common stock and U S WEST Media Group common stock.
Earnings per common share for 1995 have been presented on a pro
forma basis to reflect the two classes of stock as if they were
outstanding since January 1, 1995. For periods prior to the
recapitalization, the average common shares outstanding
are assumed to be equal to the average common shares outstanding
for U S WEST, Inc.
</FN>
3
EXHIBIT 99C.1 (cont'd.)
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
INCOME (UNAUDITED)
Dollars in millions, Quarter Ended Six Months Ended
except per share June 30, % June 30, %
amounts 1996 1995 Change 1996 1995 Change
- ----------------------------- ------- -------------- ------- -------
U S WEST, Inc.
Average common shares
outstanding (#1)<F2> - 470.4 - - 469.5 -
=============== ================
Earnings per common
share (#1)<F2> - $0.67 - - $1.37 -
=============== ================
SELECTED CONSOLIDATED DATA
Capital
expenditures $758 $744 1.9 $1,561 $1,365 14.4
Debt-to-capital
ratio (#2)<F3> 50.6% 50.7%# - 50.6% 50.7%# -
Employees 61,399 61,448 (0.1) 61,399 61,448 (0.1)
EBITDA $1,306 $1,225 6.6 $2,615 $2,451 6.7
EBITDA margin 41.8% 42.3% - 42.4% 42.8% -
<FN>
<F1>
# As of December 31, 1995.
<F2>
#1 Effective November 1, 1995, each share of U S WEST, Inc.
common stock was converted into one share each of U S WEST Communi-
cations Group common stock and U S WEST Media Group common stock.
<F3>
#2 Ratio includes preferred securities as a component of
total capital. Including debt related to the net investment in
assets held for sale, the 1996 and 1995 ratios are 52.4% and
52.9%, respectively.
</FN>