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
NYNEX CORPORATION
A Delaware Commission File I.R.S. Employer Identification
Corporation Number 1-8608 No. 13-3180909
1113 Westchester Avenue, White Plains, New York 10604
Telephone number (914) 644-6400
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Form 8-K NYNEX Corporation
January 24, 1994
ITEM 5. Other Events.
NYNEX Corporation (the "Company") had a net loss of $394.1 million,
or ($.95) per share in 1993, compared with net income of
$1,311.2 million, or $3.20 per share, in 1992.
The 1993 results include after-tax charges of $1.6 billion.
$1.4 billion 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, systems re-engineering, and other incremental costs
associated with work force reductions, including $700 million
after-tax for severance and postretirement medical costs for
employees leaving the Company through 1996. The Company expects to
reduce its work force by approximately 16,800 employees by the end
of 1996. Included in the after-tax charges is $121.7 million for
the adoption of Statement of Financial Accounting Standards No. 112,
"Employers' Accounting for Postemployment Benefits", effective
January 1, 1993, and $49 million for the reversal of deferred
pension costs at New York Telephone Company, as ordered by the New
York State Public Service Commission.
Operating revenues were $13,407.8 million for 1993, up 1.7 percent
from $13,182.5 million for 1992. Operating expenses in 1993 were
$13,074.5 million. Excluding the effect of business restructuring
and other charges, operating expenses for 1993 increased 2.1 percent
from 1992.
The Company's operating revenues and operating income by segment for
the year ended December 31, 1993 are as follows:
<TABLE>
<CAPTION>
Operating Operating
Revenues Income
<S> <C> <C>
Telecommunications $11,525.8 $967.2
Cellular 440.5 1.4
Publishing 872.2 52.2
Financial Services 101.8 38.9
Other Diversified Operations 467.5 (384.8)
________ _______
13,407.8 674.9
Adjustment and eliminations - 14.9
Corporate Expenses - (356.5)
_________ _______
$13,407.8 $333.3
</TABLE>
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Form 8-K NYNEX Corporation
January 24, 1994
There were 16,129,747 access lines in service at December 31, 1993,
an increase of 2.7 percent over the same period last year. The
ratio of earnings to fixed charges, which reflects the effect of the
restructuring charges, was .42 for the year ended December 31, 1993.
On February 17, 1994, the Board of Directors of the Company approved
a special pension enhancement to the NYNEX Management Pension
Plan. Eligible management employees who choose to retire through
December 31, 1996 will be credited with an additional six years
toward their age and six years toward their length of service for
the purpose of determining pension eligibility and benefits. This
enhancement, which will be offered at different times through 1996
according to local force requirements, is expected to help the
Company reduce the management portion of its work force. Any
additional charges related to the pension enhancement will be
recorded through 1996 as employees choose to retire under the plan.
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Form 8-K NYNEX Corporation
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 hereunto duly authorized.
NYNEX Corporation
By P. M. Ciccone
P. M. Ciccone
Vice President and Comptroller
February 28, 1994
