SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): January 21, 1997
SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Connecticut 1-9157 06-1157778
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
227 Church Street, New Haven, Connecticut 06510
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 771-5200
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
The registrant announced that fourth quarter net income was $44.3
million or $0.67 per share compared with a net loss for the fourth quarter
1995 of $(646.4) million or $(9.92) per share after an extraordinary
non-cash charge related to the adoption of an accounting methodology used
by companies in competitive environments. Fourth quarter 1995 operating
earnings before that charge were $0.62 per share. Consolidated revenues and
sales for the fourth quarter 1996 were up 6.1 percent to $491.9 million.
Net income for 1996 was $192.8 million or $2.94 per share compared
with a net loss for 1995 of $(518.3) million or $(7.99) per share after the
extraordinary charge and previously announced special items. Operating
earnings for 1995 before that charge and special items were $2.72 per
share. Consolidated revenues and sales for the year were up 6.9 percent
to $1,941.9 million. Wireline revenues increased 6.1 percent as
interstate/international long distance revenues more than doubled, access
lines grew 4.3 percent or a record 90,000 lines in 1996 and the registrant
had strong growth in vertical services like SNET SmartLink. The increase
in access lines resulted from higher centrex demand from business customers
as well as second residential lines. Wireless revenues climbed 26.6
percent to $219.2 million, partly due to cellular acquisitions. Information
and Entertainment revenues were up 1.8 percent to $184.2 million.
The registrant also announced that it is conducting a detailed
examination of Year 2000 implications for its computer data systems and
business processes and estimates that related expenses will be in the
$15-$20 million range for 1997.
The news release providing these announcements is filed as an exhibit
hereto and is incorporated herein by reference.
Item 7. Financial Statements, Pro forma Financial
Information and Exhibits.
Exhibit 20. News release issued January 21, 1997.
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SIGNATURES
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.
SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORPORATION
Dated: January 22, 1997 By: /s/Madelyn M. DeMatteo
Madelyn M. DeMatteo
Secretary
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SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORPORATION
FORM 8-K
EXHIBIT INDEX
Exhibit
Number
20 News release issued January 21, 1997.