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 (Date of earliest event reported): August 2, 1995
SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORPORATION
(Exact name of registrant as specified in its charter)
Connecticut 1-9157 06-1157778
(State or other (Commission (I.R.S. Employer
jurisdiction of File Number) Identification No.)
incorporation)
227 Church Street, New Haven, Connecticut 06510
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (203) 771-5200
Not Applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
On August 2, 1995, the registrant commented on the estimated impact of
recent developments.
The registrant said that it expects that the acceptance by 2,660 of its
6,400 bargaining unit employees of an "Early Out Offer" will not have a
material impact on 1995 operating earnings. Most of these employees will
be leaving late in 1995. The registrant took a charge in 1993 in anticipation
of reducing its workforce and that charge may be adjusted in the fourth
quarter of this year when the costs of the current offer are definitively
known.
As previously announced, the registrant completed a $456 million
acquisition of cellular properties on July 1. The registrant now
expects that the acquisition will dilute 1995 earnings by approximately
12 percent. The revised impact of the acquisition on 1995 results is due to
the registrant's decision to accelerate a number of transition activities,
and higher than anticipated fraud in the new properties.
The news release providing the announcements is filed as an exhibit hereto
and is incorporated herein by reference.
Item 7. Financial Statements, Pro forma Financial
Information and Exhibits.
Ex. 20 News release issued August 2, 1995.
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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.
SOUTHERN NEW ENGLAND
TELECOMMUNICATIONS CORPORATION
Dated: August 3, 1995 By: /s/ Madelyn M. DeMatteo
Madelyn M. DeMatteo
Secretary
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SOUTHERN NEW ENGLAND TELECOMMUNICATIONS CORPORATION
FORM 8-K
EXHIBIT INDEX
Exhibit
Number
20 News release issued August 2, 1995.
August 2, 1995
For further information, contact: Bill Seekamp
(203) 771-2136
SNET COMMENTS ON THE ESTIMATED IMPACT
OF RECENT DEVELOPMENTS
SNET today said that it expects that the acceptance of
its early retirement offer by 2,660 of its bargaining unit
employees will not have a material impact on 1995 operating
earnings. Most of these employees will be leaving the
company late in 1995. SNET took a charge in 1993 in
anticipation of reducing its workforce and that charge may
be adjusted in the fourth quarter of this year when the
costs of the current offer are definitively known.
"The enthusiastic response to our early retirement
offer will have a very positive long term impact on our cost
structure," said Donald R. Shassian, Senior Vice President
and CFO. "This will help us succeed in an ever more
competitive marketplace."
As previously announced, SNET completed a $456 million
acquisition of cellular properties on July 1. The
acquisition adds approximately 2.3 million people -- or POPS
- -- to SNET's cellular service area for a combined market
covering a population of over 5.5 million POPS. SNET now
expects that the acquisition will dilute 1995 earnings by
approximately 12 percent.
-more-
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The revised impact of the acquisition on 1995 results
is due to SNET's decision to accelerate a number of
transition activities and higher than anticipated fraud in
the new properties.
"We remain very bullish about this acquisition which
strengthens our position in southern New England in the
highest growth segment of our industry," Shassian said.
SNET, a Connecticut-based company reaching beyond its
traditional borders, provides local, national and
international calling, mobile communications; and
publishing, information and advertising services. It is
building I-SNET, a statewide information superhighway that
brings to customers a full array of information,
communications and entertainment services.
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