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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 -- October 11, 1995
(Date of earliest event reported)
GTE Florida Incorporated
(Exact name of registrant as specified in its charter)
FLORIDA
(State or other jurisdiction of incorporation or organization)
1-3090 59-0397520
(Commission File Number) (IRS Employer Identification No.)
600 Hidden Ridge, HQE04B12
Irving, Texas 75038
(Address of principal executive offices) (Zip Code)
214-718-5600
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GTE FLORIDA INCORPORATED
FORM 8-K
ITEM OF INFORMATION
Item 7. Financial Statements and Exhibits
(a) Financial Statements -- None.
(b) Pro Forma Financial Information -- None.
(c) Exhibits
12 Statements re Computation of Ratios.
23 Consent of Independent Public Accountants.
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 hereunto duly authorized.
GTE FLORIDA INCORPORATED
(Registrant)
By William M. Edwards, III
---------------------------
William M. Edwards, III
Controller
(Chief Accounting Officer)
Date: October 11, 1995
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Exhibit 12
GTE FLORIDA INCORPORATED
STATEMENT OF CONSOLIDATED RATIOS OF EARNINGS TO FIXED CHARGES
(THOUSANDS OF DOLLARS)
<TABLE>
<CAPTION>
SIX
MONTHS YEAR YEAR YEAR
ENDED ENDED ENDED ENDED
JUNE 30, DEC. 31, DEC. 31, DEC. 31,
1995 1994 1993 1993(A)
-------- -------- -------- --------
<S> <C> <C> <C> <C>
Net earnings available for fixed charges:
Net income $ 93,147 $140,255 $(34,978) $106,908
Add - Income tax expense (benefit) 56,100 86,167 (16,924) 70,995
- Fixed charges 36,577 70,285 76,786 76,786
-------- -------- -------- --------
Adjusted earnings: $185,824 $296,707 $ 24,884 $254,689
Fixed charges:
Interest expense $ 31,897 $ 61,152 $ 69,529 $ 69,529
Portion of rent expense
representing interest 4,680 9,133 7,257 7,257
-------- -------- -------- --------
Adjusted fixed charges: $ 36,577 $ 70,285 $ 76,786 $ 76,786
CONSOLIDATED RATIOS OF EARNINGS
FIXED CHARGES: 5.08 4.22 0.32 3.32
</TABLE>
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(a) Results for 1993 include an after-tax restructuring charge of approximately
$120,000,000 for the implementation of a re-engineering plan, a one-time
after-tax charge of approximately $2,400,000 related to enhanced early
retirement and voluntary separation programs offered to eligible employees
in 1993 and an after-tax extraordinary charge of approximately $19,800,000
related to the early extinguishment of debt. This caused earnings to be
inadequate to cover fixed charges by approximately $52,000,000 and resulted
in the ratio of earnings to fixed charges declining to .32. Excluding these
items, the consolidated ratio of earnings to fixed charges for the year
ended December 31, 1993 would have been 3.32.
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EXHIBIT 23
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
As independent public accountants, we hereby consent to the incorporation by
reference in this registration statement of our report dated January 25, 1995,
incorporated by reference in GTE Florida Incorporated's Form 10-K for the year
ended December 31, 1994, and to all references to our firm included in this
registration statement. (File No. 33-50711)
ARTHUR ANDERSEN LLP
Dallas, Texas
October 11, 1995
