EXHIBIT 99C.1
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
INCOME (UNAUDITED)
Quarter Ended Year Ended
December 31, % December 31, %
In millions 1996 1995 Change 1996 1995 Change
- - ------------------------------ ------- ------ ------- ------- ------
SALES & OTHER REVENUES $3,558 $3,060 16.3 $12,911 $11,746 9.9
OPERATING EXPENSES
Employee-related 1,166 1,089 7.1 4,412 4,071 8.4
Other operating 848 662 28.1 2,671 2,323 15.0
Taxes other than
income taxes 110 86 27.9 429 416 3.1
Depreciation & amort 748 596 25.5 2,544 2,291 11.0
---------------- -------- --------
Total operating expense 2,872 2,433 18.0 10,056 9,101 10.5
---------------- -------- --------
Income from operations 686 627 9.4 2,855 2,645 7.9
Interest expense 201 123 63.4 612 527 16.1
Equity losses in
unconsol ventures 122 79 54.4 346 207 67.1
Gain on merger of
joint ven interest - 157 - - 157 -
Gains on sales of rural
telephone exchanges 8 24 (66.7) 59 136 (56.6)
Guaranteed minority
interest expense 19 12 58.3 55 14 -
Other expense - net 14 30 (53.3) 61 36 69.4
---------------- -------- --------
Income before inc taxes,
extd item & cum effect
of chg in acctg princ 338 564 (40.1) 1,840 2,154 (14.6)
Income tax provision 108 208 (48.1) 696 825 (15.6)
---------------- -------- --------
Income before extd
item, cum effect of
chg in acctg princ 230 356 (35.4) 1,144 1,329 (13.9)
Extraordinary item:
Early extinguishment
of debt - net of tax - (3) - - (12) -
---------------- -------- --------
Income before cum effect
of chg in acctg princ 230 353 (34.8) 1,144 1,317 (13.1)
Cumulative effect of
change in accounting
principle - net of tax - - - 34 - -
---------------- -------- --------
NET INCOME 230 353 (34.8) 1,178 1,317 (10.6)
Preferred dividends 6 - - 9 3 -
---------------- -------- --------
EARNINGS AVAILABLE FOR
COMMON STOCK $224 $353 (36.5) $1,169 $1,314 (11.0)
================ ======== ========
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
INCOME (UNAUDITED)
Quarter Ended Year Ended
In millions, except December 31, % December 31, %
per share amounts 1996 1995 Change 1996 1995 Change
- - ------------------------------ ------- ------ ------- ------- ------
COMMUNICATIONS GROUP:
Average common shares
outstanding (#1) 479.9 472.6 1.5 477.5 470.7 1.4
================ ======== ========
Earnings per common
share: (#1)
Income before extraordi-
nary item & cumulative
effect of change in
accounting principle $0.65 $0.60 8.3 $2.55 $2.52 1.2
Extraordinary item - (0.01) - - (0.02) -
Cumulative effect of
change in accounting
principle - - - 0.07 - -
---------------- -------- --------
Earnings per
common share $0.65 $0.59 10.2 $2.62 $2.50 4.8
================ ======== ========
MEDIA GROUP:
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 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.
<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>
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
INCOME (UNAUDITED)
Quarter Ended Year Ended
December 31, % December 31, %
Dollars in millions 1996 1995 Change 1996 1995 Change
- - ------------------------------ ------- ------ ------- ------- ------
SELECTED CONSOLIDATED DATA
Capital
expenditures $1,137 $957 18.8 $3,474 $3,140 10.6
Debt-to-capital
ratio (#1) 54.8% 50.7% - 54.8% 50.7% -
Employees 69,286 61,047 13.5 69,286 61,047 13.5
EBITDA $1,434 $1,223 17.3 $5,399 $4,936 9.4
EBITDA margin 40.3% 40.0% - 41.8% 42.0% -
<FN>
<F1>
#1 Ratio includes preferred securities and other preferred stock
as a component of total capital. Including debt related to the net
investment in assets held for sale, preferred securities and other
preferred stock, the Company's percentage of debt to total capital
was 59.6% and 56.4% at December 31, 1996 and 1995, respectively.
</FN>