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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 - November 14, 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.
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 /s/ William M. Edwards, III
-----------------------------
William M. Edwards, III
Controller
(Chief Accounting Officer)
Date: November 14, 1995
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EXHIBIT INDEX
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EXHIBIT 12 Statements re Computation of Ratios
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Exhibit 12
GTE FLORIDA INCORPORATED
CONSOLIDATED STATEMENTS OF THE RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
(Unaudited)
<TABLE>
<CAPTION>
Year Ended December 31
-----------------------
Pro Forma
1993 1993(a)
---- -------
<S> <C> <C>
Net earnings available for fixed charges:
Income (loss) before extraordinary charge $(15,227) $106,908
Add -
Income tax expense (benefit) (16,924) 59,076
Fixed charges 76,786 76,786
-------- --------
Adjusted earnings $ 44,635 $242,770
======== ========
Fixed Charges:
Interest charges $ 69,529 $ 69,529
Portion of rent expense representing
interest 7,257 7,257
-------- --------
Adjusted fixed charges $ 76,786 $ 76,786
======== ========
Consolidated Ratios of Earnings to
Fixed Charges .58 3.16
=== ====
</TABLE>
(a) Results for 1993 include an after-tax restructuring charge of approximately
$120,000,000 for the implementation of a re-engineering plan and 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. This caused earnings to be inadequate to cover fixed charges by
approximately $32,000,000 and resulted in the ratio of earnings to fixed
charges declining to .58. Excluding these items, the consolidated ratio of
earnings to fixed charges for the year ended December 31, 1993 would have
been 3.16.
