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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: January 27, 1998
(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) (I.R.S. Employer Identification No.)
600 Hidden Ridge, HQE04B12 - Irving, Texas 75038
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code 972-718-5600
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GTE FLORIDA INCORPORATED AND SUBSIDIARIES
FORM 8-K
ITEM OF INFORMATION
Item 7. Financial Statements and Exhibits
GTE Florida Incorporated (the Company) is filing the following amended Exhibit
12 to correct an error in the calculation of the pro forma ratio of earnings to
fixed charges contained in the Company's Quarterly Report on Form 10-Q for the
quarter ended September 30, 1997.
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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 27, 1998 William M. Edwards, III
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William M. Edwards, III
Vice President - Controller
(Principal Accounting Officer)
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INDEX TO EXHIBITS
<TABLE>
<CAPTION>
EXHIBIT NO. DESCRIPTION
- ----------- -----------
<S> <C>
12 Statement of the Consolidated Ratio of
Earnings to Fixed Charges.
</TABLE>
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Exhibit 12
GTE Florida Incorporated and Subsidiaries
STATEMENT OF THE CONSOLIDATED RATIO OF EARNINGS TO FIXED CHARGES
(Thousands of Dollars)
<TABLE>
<CAPTION>
Nine Months Ended Nine Months Ended
September 30, 1997(a) September 30, 1997
<S> <C> <C>
Net earnings available for fixed charges:
Income from continuing operations $ 146,902 $ 146,902
Add - Income taxes 96,004 96,004
- Fixed charges 57,661 97,594
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Adjusted earnings $ 300,567 $ 340,500
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Fixed charges:
Interest expense $ 50,109 $ 90,042
Portion of rent expense representing interest 7,552 7,552
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Adjusted fixed charges $ 57,661 $ 97,594
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RATIO OF EARNINGS TO FIXED CHARGES 5.21 3.49
</TABLE>
(a) Excludes $39.9 million of interest expense associated with commercial paper
issued by the Company's wholly-owned subsidiary, GTE Funding Incorporated
(GTE Funding), on behalf of GTE's other domestic telephone operating
subsidiaries. This interest expense is approximately equal to the interest
income received by the Company on affiliate notes between GTE Funding and
such domestic telephone operating subsidiaries. GTE Funding provides
short- term financing and investment vehicles and cash management services
for the Company and six other of GTE's domestic telephone operating
subsidiaries, each of which is contractually obligated to repay all amounts
borrowed by it from GTE Funding.
