AT&T's profit fell 22% for quarter as product sales, NCR results slipped

Article Abstract:

AT&T reports drop in profits for 4th qtr 1991. Lagging sales and the takeover of NCR are cited as reasons. The quarter's net income was down from $809 million, or 64 cents per share, in 1990, to $635 million, or 48 cent per share. Because of a fall in the book value of AT&T's investments in Cie Industriali Riunite SpA, earnings dropped by $218 million, or 14 cents per share, from 62 cents per share. Products and systems sales were down seven percent for the quarter, to $4.4 billion, and 1.1 percent for the year 1991, to $15.94 billion. Sales of computers, including those for NCR, were down, to $1.08 billion or 20 percent, for the quarter and $3.67 billion, or 11 percent, for the year. Earnings would be $3.24 billion or $2.51 per share had the configuration excluded gains and charges.

Electronic computers, Computer peripheral equipment, not elsewhere classified, NCR Corp., Sales, Outlook, Financial Report

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AT&T's profit fell slim 1% in 4th quarter; concern attributes decline to recession, expenses; revenue, volume gain

Article Abstract:

AT and T reports a one percent decrease in net profit for the 4th qtr of 1990. The telephone company, which posts a 27 percent gain in operating profit for the quarter, blames the small decrease in net income on the recession and costs associated with its credit card business. Net income falls to $698 million, or 64 cents a share, from $705 million, or 65 cents a share, for the same period in 1989. Revenue for the 4th qtr increases by seven percent to $9.96 billion as compared with $9.31 billion in 1989. AT and T's revenue for 1990 inched up 3.1 percent to $37.29 billion from $36.15 billion in 1989. The company's stock closes at $30.875 a share on Jan 24, 1991, up 37.5 cents a share for the day.

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