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 13,
1994
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. . .
GTE FLORIDA INCORPORATED
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(Exact name of registrant as specified in its charter)
Florida 1-3090 59-0397520
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(State or other (Commission (IRS
Employer
jurisdiction of File Number)
Identification No.)
incorporation)
One Tampa City Center, Tampa, Florida 33602
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 813-224-
4011
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(Former name or former address, if changed since last
report)
GTE FLORIDA INCORPORATED
FORM 8-K
ITEM OF INFORMATION
Item 5. Other Events
GTE Florida Incorporated today announced that its results for the
fourth quarter of 1993 will include a one-time pre-tax
restructuring charge of $194.4 million related primarily to the
implementation of its re-engineering plan over the next three
years. The restructuring charge will reduce fourth quarter and
full year net income by $119.8 million.
The re-engineering plan will redesign and streamline processes in
order to improve customer-responsiveness and product quality,
reduce the time necessary to introduce new products and services
and further reduce costs. The re-engineering plan includes $74.3
million to upgrade or replace existing customer service and
administrative systems and enhance network software, $84.0
million for employee separation benefits associated with
workforce reductions and $22.7 million primarily for the
consolidation of facilities and operations and other related
costs. The charge for employee separation benefits includes
$42.4 million related to the recognition of previously deferred
postretirement health and life insurance costs for separating
employees.
GTE FLORIDA INCORPORATED
SIGNATURE
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.
GTE FLORIDA INCORPORATED
(Registrant)
Date: January 14, 1994 WILLIAM M.
EDWARDS, III
WILLIAM M.
EDWARDS, III
Controller
(Chief Accounting
Officer)
