EXHIBIT 99B.1
COMBINED STATEMENTS OF OPERATIONS U S WEST MEDIA GROUP
(UNAUDITED)
Quarter Ended Year Ended
December 31, % December 31, %
In millions 1996 1995 Change 1996 1995 Change
- - ------------------------------ ------- -------------- ------- -------
SALES AND OTHER REVENUES
Directory $351 $324 8.3 $1,259 $1,180 6.7
Wireless 314 265 18.5 1,183 941 25.7
Cable 312 50 - 488 215 -
Other 13 10 30.0 25 38 (34.2)
---------------- ----------------
Total revenues 990 649 52.5 2,955 2,374 24.5
---------------- ----------------
EXPENSES
Costs of sales and
other revenues 340 233 45.9 966 772 25.1
Selling, general and
administrative 354 252 40.5 1,052 886 18.7
Depreciation & amort 206 68 - 422 249 69.5
---------------- ----------------
Total oper. expenses 900 553 62.7 2,440 1,907 27.9
---------------- ----------------
Income from
operations 90 96 (6.3) 515 467 10.3
Interest expense 88 11 - 168 100 68.0
Equity losses in
unconsol ventures 122 79 54.4 346 207 67.1
Gain on merger of
joint ven interest - 157 - - 157 -
Guaranteed minority
interest expense 19 12 58.3 55 14 -
Other income
(expense) - net 5 (19) - (19) 5 -
---------------- ----------------
Income (loss) before
income taxes &
extraordinary item (134) 132 - (73) 308 -
Income tax (benefit)
expense (53) 60 - (2) 163 -
---------------- ----------------
Income (loss) before
extraordinary item (81) 72 - (71) 145 -
Extraordinary item:
Early extinguishment
of debt, net of tax - - - - (4) -
---------------- ----------------
NET INCOME (LOSS) (81) 72 - (71) 141 -
Preferred dividends 6 - - 9 3 -
---------------- ----------------
EARNINGS (LOSS) AVAILABLE
FOR COMMON STOCK ($87) $72 - ($80) $138 -
================ ================
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COMBINED STATEMENTS OF OPERATIONS U S WEST MEDIA GROUP
(UNAUDITED)
Quarter Ended Year Ended
In millions, except December 31, % December 31, %
per share amounts 1996 1995 Change 1996 1995 Change
- - ------------------------------ ------- -------------- ------- -------
Average common shares
outstanding (#1)(#2) 546.8 472.0 15.8 491.9 470.5 4.5
================ ================
Earnings (loss) per
common share: (#1)
Income (loss)
available for
common stock before
extraordinary item ($0.16) $0.15 - ($0.16) $0.30 -
Extraordinary item - - - - (0.01) -
------- ------- ------- -------
Earnings (loss) per
common share ($0.16) $0.15 - ($0.16) $0.29 -
================ ================
<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
Communications 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.
<F2>
#2 The average common shares outstanding for the quarter and
year ended December 31, 1996, includes 150.6 million shares
related to the November 15, 1996, Continental Cablevision, Inc.
merger.
</FN>
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