CENTEL <CNT> SEES LOWER FIRST QTR PROFITS
Centel Corp said it sees 1987 first
quarter results below those of 1986 due to regulatory limits on
telephone earnings and 15 cts to 20 cts a share dilution from
1986 acquisitions.
    In the annual report, Chairman Robert Reuss told
shareholders telephone profits will continued to be limited by
ceilings imposed by regulators as well as deregulation and
structural changes within the industry that have slowed growth
in the investment base for setting rates.
    As such, its first quarter 1987 results will be below last
year's first quarter of 1.11 dlrs a share, he said.
    "Several of the company's telephone units may be faced with
a reduction in the rates of return authorized by their
regulators," Reuss said. "This could result in some rate
reductions and refunds to customers."
    Reuss said he is encouraged by the prospects for progress
in Centel's business communications, cable television and
cellular telephone units.
    Centel is asking shareholders at the annual meeting to
approve the tripling  to 120 mln in authorized shares.
 Reuter
