<BTB>
EXHIBIT 99C1
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
OPERATIONS (UNAUDITED)
Quarter Ended Nine Months Ended
September 30, % September 30, %
In millions 1997 1996 Change 1997 1996 Change
- - ---------------------- ------- -------------- ------- --------------
SALES & OTHER REVENUES$ 3,918 $ 3,179 23.2 $ 11,471 $ 9,353 22.6
OPERATING EXPENSES
Employee-related 1,269 1,105 14.8 3,632 3,246 11.9
Other operating 910 623 46.1 2,572 1,823 41.1
Taxes other than
income taxes 120 101 18.8 359 319 12.5
Depreciation & amort 835 624 33.8 2,495 1,796 38.9
---------------- -------- --------
Total oper expenses 3,134 2,453 27.8 9,058 7,184 26.1
---------------- -------- --------
Income from operations 784 726 8.0 2,413 2,169 11.2
Interest expense 279 140 99.3 823 411 -
Equity losses in
unconsol ventures 177 81 - 495 224 -
Gains on sales of
investments 13 - - 108 - -
Gains on sales of rural
telephone exchanges 30 2 - 77 51 51.0
Guaranteed minority
interest expense 22 12 83.3 66 36 83.3
Other expense - net 16 1 - 66 47 40.4
---------------- -------- --------
Income before inc taxes,
extd item & cum effect
of chg in acctg princ 333 494 (32.6) 1,148 1,502 (23.6)
Income tax provision 135 190 (28.9) 485 588 (17.5)
---------------- -------- --------
Income before extd
item & cum effect
of chg in acctg princ 198 304 (34.9) 663 914 (27.5)
Extraordinary item:
Early extinguishment
of debt - net of tax (6) - - (3) - -
---------------- -------- --------
Income before cum effect
of chg in acctg princ 192 304 (36.8) 660 914 (27.8)
Cumulative effect of
change in accounting
principle - net of tax - - - - 34 -
---------------- -------- --------
NET INCOME 192 304 (36.8) 660 948 (30.4)
Preferred dividends 14 1 - 39 3 -
---------------- -------- --------
EARNINGS AVAILABLE FOR
COMMON STOCK $ 178 $ 303 (41.3)$ 621 $ 945 (34.3)
================ ======== ========
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<BTB>
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
OPERATIONS (UNAUDITED)
Quarter Ended Nine Months Ended
In millions, except September 30, % September 30, %
per share amounts 1997 1996 Change 1997 1996 Change
- - ---------------------- ------- -------------- ------- --------------
COMMUNICATIONS GROUP:
Average common shares
outstanding 483.2 478.4 1.0 482.4 476.7 1.2
================ ======== ========
Earnings per common
share:
Income before extd
item & cum effect of
change in accounting
principle $ 0.70 $ 0.60 16.7 $ 2.09 $ 1.90 10.0
Extraordinary item:
Early extinguishment
of debt (0.01) - - (0.01) - -
Cumulative effect of
change in accounting
principle - - - - 0.07 -
---------------- -------- --------
Earnings per
common share $ 0.69 $ 0.60 15.0 $ 2.08 $ 1.97 5.6
================ ======== ========
MEDIA GROUP:
Average common shares
outstanding 606.7 473.9 28.0 606.6 473.5 28.1
================ ======== ========
Loss per
common share $ (0.26)$ 0.04 - $ (0.64)$ 0.01 -
================ ======== ========
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<BTB>
CONSOLIDATED STATEMENTS OF U S WEST, Inc.
OPERATIONS (UNAUDITED)
Quarter Ended Nine Months Ended
September 30, % September 30, %
Dollars in millions 1997 1996 Change 1997 1996 Change
- - ---------------------- ------- -------------- ------- --------------
SELECTED CONSOLIDATED
DATA
Capital
expenditures $1 ,075 $ 776 38.5 $ 2,672 $2,337 14.3
Debt-to-capital
ratio (#1)<F1> 55.3% 54.8%# - 55.3% 54.8%# -
Employees 67,888 60,837 11.6 67,888 60,837 11.6
EBITDA $ 1,619 $1,350 19.9 $ 4,908 $ 3,965 23.8
EBITDA margin 41.3% 42.5% - 42.8% 42.4% -
<FN>
<F1>
# As of December 31, 1996.
#1 Ratio includes preferred securities and other preferred stock
subject to mandatory redemption as a component of total capital.
Including debt related to the net investment in assets held for sale,
preferred securities and other preferred stock subject to mandatory
redemption, the Company's percentage of debt to total capital was
60.0% and 59.5% at September 30, 1997 and December 31, 1996,
respectively.
</FN>
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