SECURITIES AND EXCHANGE COMMISSION
Washington, DC 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 24, 1994
NEW YORK TELEPHONE COMPANY
A New York Commission File I.R.S. Employer Identification
Corporation Number 1-3435 No. 13-5275510
1095 Avenue of the Americas, New York, New York 10036
Telephone number (212) 395-2121
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Form 8-K New York Telephone Company
January 24, 1994
Item 5. Other Events
New York Telephone Company (the "Company") had a net loss of
$7.7 million in 1993, compared with net income of $856.4 million for
1992. The 1993 results include after-tax charges of
$806.0 million. $497 million of these charges were for business
restructuring, primarily related to efforts to redesign operations
to improve efficiency and customer service, including consolidation
of work locations and lease terminations, retraining employees,
relocation expenses, system re-engineering, and other incremental
costs associated with work force reductions. The Company expects to
reduce its work force by approximately 9,000 employees by the end of
1996. In addition, approximately $152 million of after-tax
restructure costs were allocated to the Company from a wholly owned
subsidiary of the Company and New England Telephone and Telegraph
Company, Telesector Resources Group, Inc., primarily related to its
restructuring. Included in the after-tax charges is $89 million for
the Company's adoption of Statement of Financial Accounting
Standards No. 112, "Employers' Accounting for Postemployment
Benefits", effective January 1, 1993, and a $49 million reversal of
deferred pension costs ordered by the New York State Public Service
Commission.
Operating revenues were $7,847.0 million for 1993, up 1.3 percent
from $7,746.4 million for 1992. Operating expenses in 1993 were
$7,504.6 million. Excluding the effect of business restructuring
and other charges, operating expenses for 1993 were
$6,265.7 million, an increase of .1 percent from $6,258.7 million in
1992.
There were 10,223,779 access lines in service at December 31, 1993,
an increase of 2.5 percent over the same period last year. The
ratio of earnings to fixed charges, which reflects the effect of the
restructuring charges, was 1.04 for the year ended December 31, 1993.
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Form 8-K New York Telephone Company
January 24, 1994
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 thereunto duly authorized.
New York Telephone Company
By Mel Meskin
Mel Meskin
Vice President-Finance
and Treasurer
February 10, 1994
