| % = % = % = % = % = % = % = % | |
| = = | |
| % P h r a c k X V I I % | |
| = = | |
| % = % = % = % = % = % = % = % | |
| Phrack Seventeen | |
| 07 April 1988 | |
| File 3 of 12 : Dun & Bradstreet Report on Pacific Telesis | |
| Pacific Telesis Credit File, taken from Dun & Bradstreet by Elric of Imrryr | |
| Name & Address: | |
| PACIFIC TELESIS GROUP (INC) | |
| 140 New Montgomery St | |
| SAN FRANCISCO, CA 94105 | |
| Telephone: 415-882-8000 | |
| DUNS Number: 10-346-0846 | |
| Line of Business: TELECOMMUNICATION SERVICES | |
| Primary SIC Code: 4811 | |
| Secondary SIC Codes: 2741 5063 5732 6159 | |
| Year Started: 1906 (12/31/86) COMBINATION FISCAL | |
| Employees Total: 74,937 Sales: 8,977,300,000 | |
| Employees Here: 2,000 Net Worth: 7,753,300,000 | |
| This is a PUBLIC company | |
| 12/31/86 COMBINATION FISCAL | |
| (Figures are in THOUSANDS) | |
| FINANCIALS % COMPANY INDST | |
| COMPANY CHANGE % NORM % | |
| Cash. . . . . . . . . . . . . 200,600 671.5 1.0 9.0 | |
| Accounts Receivable . . . . . 1,390,700 (3.8) 6.8 5.7 | |
| Notes Receivable. . . . . . . ---- ---- ---- 0.2 | |
| Inventory . . . . . . . . . . 116,300 (4.4) 0.6 1.3 | |
| Other Current Assets. . . . . 448,700 18.6 2.2 5.8 | |
| Total Current Assets. . . . . 2,156,300 9.3 10.6 22.0 | |
| Fixed Assets. . . . . . . . . 17,244,900 1.6 84.9 35.6 | |
| Other Non-current Assets. . . 919,300 53.8 4.5 42.4 | |
| Total Assets. . . . . . . . . 20,320,500 4.0 100.0 100.0 | |
| Accounts Payable. . . . . . . 1,760,300 74.1 8.7 4.2 | |
| Bank Loans. . . . . . . . . . 21,800 847.8 0.1 0.2 | |
| Notes Payable . . . . . . . . ---- ---- ---- 1.0 | |
| Other Current Liabilities . . 623,000 (35.8) 3.1 6.2 | |
| Total Current Liabilities . . 2,405,100 21.3 11.8 11.6 | |
| Other Long Term Liab. . . . . 5,564,600 (7.6) 27.4 46.8 | |
| Deferred Credits. . . . . . . 4,597,500 9.0 22.6 6.4 | |
| Net Worth . . . . . . . . . . 7,753,300 6.0 38.2 35.2 | |
| Total Liabilities & Worth. . 20,320,500 4.0 100.0 100.0 | |
| Net Sales . . . . . . . . . . 8,977,300 5.6 100.0 100.0 | |
| Gross Profit. . . . . . . . . ---- ---- ---- 40.1 | |
| Net Profit After Tax. . . . . 1,079,400 16.2 12.0 15.3 | |
| Dividends/Withdrawals . . . . 654,100 10.0 7.3 7.7 | |
| Working Capital . . . . . . . 248,800 (999.9) ---- ---- | |
| RATIOS % ---INDUSTRY QUARTILES--- | |
| COMPANY CHANGE UPPER MEDIAN LOWER | |
| (SOLVENCY) | |
| Quick Ratio . . . . . . . . . 0.7 ---- 2.9 1.2 0.6 | |
| Current Ratio . . . . . . . . 0.9 (10.0) 4.9 2.2 1.0 | |
| Curr Liab to Net Worth (%). . 31.0 14.4 13.2 26.4 38.1 | |
| Curr Liab to Inventory (%). . 999.9 26.9 244.8 475.8 675.0 | |
| Total Liab to Net Worth (%) . 162.1 (2.9) 127.4 180.2 297.2 | |
| Fix Assets to Net Worth (%) . 222.4 (4.1) 144.9 215.0 263.0 | |
| (EFFICIENCY) | |
| Coll Period (days). . . . . . 56.5 (9.0) 31.9 46.7 61.6 | |
| Sales to Inventory. . . . . . 77.2 10.6 56.2 33.8 20.0 | |
| Assets to Sales (%) . . . . . 226.4 (1.5) 210.5 266.1 373.4 | |
| Sales to Net Working Cap. . . ---- ---- 6.3 2.3 1.1 | |
| Acct Pay to Sales (%) . . . . 19.6 64.7 4.9 8.7 13.8 | |
| (PROFITABILITY) | |
| Return on Sales (%) . . . . . 12.0 10.1 20.1 14.6 11.3 | |
| Return on Assets (%). . . . . 5.3 10.4 7.2 5.7 3.7 | |
| Return on Net Worth (%) . . . 13.9 9.4 19.0 15.9 12.8 | |
| Industry norms based on 469 firms, | |
| with assets over $5 million. | |
| 12/31/85 COMBINATION FISCAL | |
| (Figures are in THOUSANDS) | |
| FINANCIALS % COMPANY INDST | |
| COMPANY CHANGE % NORM % | |
| Cash. . . . . . . . . . . . . 26,000 550.0 0.1 7.5 | |
| Accounts Receivable . . . . . 1,446,200 20.6 7.4 5.6 | |
| Notes Receivable. . . . . . . ---- ---- ---- 0.4 | |
| Inventory . . . . . . . . . . 121,700 ---- 0.6 1.2 | |
| Other Current Assets. . . . . 378,300 (8.3) 1.9 5.1 | |
| Total Current Assets. . . . . 1,972,200 22.1 10.1 19.8 | |
| Fixed Assets. . . . . . . . . 16,968,400 6.1 86.8 39.2 | |
| Other Non-current Assets. . . 597,700 29.4 3.1 41.0 | |
| Total Assets. . . . . . . . . 19,538,300 8.1 100.0 100.0 | |
| Accounts Payable. . . . . . . 1,011,100 14.6 5.2 4.9 | |
| Bank Loans. . . . . . . . . . 2,300 ---- ---- 0.3 | |
| Notes Payable . . . . . . . . ---- ---- ---- 0.8 | |
| Other Current Liabilities . . 969,900 18.6 5.0 5.9 | |
| Total Current Liabilities . . 1,983,300 (1.0) 10.2 11.9 | |
| Other Long Term Liab. . . . . 6,021,700 0.8 30.8 46.8 | |
| Deferred Credits. . . . . . . 4,216,300 16.6 21.6 6.8 | |
| Net Worth . . . . . . . . . . 7,317,000 12.9 37.4 34.5 | |
| Total Liabilities & Worth. . 19,538,300 8.1 100.0 100.0 | |
| Net Sales . . . . . . . . . . 8,498,600 8.6 100.0 100.0 | |
| Gross Profit. . . . . . . . . ---- ---- ---- 33.7 | |
| Net Profit After Tax. . . . . 929,100 12.1 10.9 14.0 | |
| Dividends/Withdrawals . . . . 594,400 11.9 7.0 13.0 | |
| Working Capital . . . . . . . 11,100 ---- ---- ---- | |
| RATIOS % ---INDUSTRY QUARTILES--- | |
| COMPANY CHANGE UPPER MEDIAN LOWER | |
| (SOLVENCY) | |
| Quick Ratio . . . . . . . . . 0.7 16.7 2.5 1.1 0.6 | |
| Current Ratio . . . . . . . . 1.0 25.0 3.8 1.9 0.9 | |
| Curr Liab to Net Worth (%). . 27.1 (12.3) 15.8 29.4 43.9 | |
| Curr Liab to Inventory (%). . 999.9 ---- 285.7 485.5 790.6 | |
| Total Liab to Net Worth (%) . 167.0 (6.7) 134.4 190.1 320.9 | |
| Fix Assets to Net Worth (%) . 231.9 (6.0) 148.4 219.0 289.5 | |
| (EFFICIENCY) | |
| Coll Period (days). . . . . . 62.1 11.1 31.5 47.2 63.8 | |
| Sales to Inventory. . . . . . 69.8 ---- 52.3 31.4 18.0 | |
| Assets to Sales (%) . . . . . 229.9 (0.5) 217.1 277.8 356.8 | |
| Sales to Net Working Cap. . . ---- ---- 6.0 2.7 1.6 | |
| Acct Pay to Sales (%) . . . . 11.9 5.3 6.1 10.4 15.7 | |
| (PROFITABILITY) | |
| Return on Sales (%) . . . . . 10.9 2.8 19.0 13.6 9.5 | |
| Return on Assets (%). . . . . 4.8 4.3 6.9 5.3 3.4 | |
| Return on Net Worth (%) . . . 12.7 (0.8) 19.7 15.8 12.7 | |
| Industry norms based on 605 firms, | |
| with assets over $5 million. | |
| 12/31/84 COMBINATION FISCAL | |
| (Figures are in THOUSANDS) | |
| FINANCIALS COMPANY INDST | |
| COMPANY % NORM % | |
| Cash. . . . . . . . . . . . . 4,000 ---- 6.6 | |
| Accounts Receivable . . . . . 1,198,800 6.6 6.3 | |
| Notes Receivable. . . . . . . ---- ---- 0.4 | |
| Inventory . . . . . . . . . . ---- ---- 1.2 | |
| Other Current Assets. . . . . 412,400 2.3 4.1 | |
| Total Current Assets. . . . . 1,615,200 8.9 18.6 | |
| Fixed Assets. . . . . . . . . 15,999,500 88.5 45.0 | |
| Other Non-current Assets. . . 461,800 2.6 36.4 | |
| Total Assets. . . . . . . . . 18,076,500 100.0 100.0 | |
| Accounts Payable. . . . . . . 882,100 4.9 5.2 | |
| Bank Loans. . . . . . . . . . ---- ---- 0.2 | |
| Notes Payable . . . . . . . . 304,000 1.7 1.0 | |
| Other Current Liabilities . . 817,600 4.5 5.5 | |
| Total Current Liabilities . . 2,003,700 11.1 11.9 | |
| Other Long Term Liab. . . . . 5,973,500 33.0 47.8 | |
| Deferred Credits. . . . . . . 3,617,000 20.0 6.5 | |
| Net Worth . . . . . . . . . . 6,482,300 35.9 33.8 | |
| Total Liabilities & Worth. . 18,076,500 100.0 100.0 | |
| Net Sales . . . . . . . . . . 7,824,300 100.0 100.0 | |
| Gross Profit. . . . . . . . . ---- ---- 28.1 | |
| Net Profit After Tax. . . . . 828,500 10.6 14.1 | |
| Dividends/Withdrawals . . . . 531,200 6.8 7.3 | |
| Working Capital . . . . . . . 388,500 ---- ---- | |
| RATIOS ---INDUSTRY QUARTILES--- | |
| COMPANY UPPER MEDIAN LOWER | |
| (SOLVENCY) | |
| Quick Ratio . . . . . . . . . 0.6 2.3 1.0 0.6 | |
| Current Ratio . . . . . . . . 0.8 3.4 1.6 0.9 | |
| Curr Liab to Net Worth (%). . 30.9 17.7 30.6 43.5 | |
| Curr Liab to Inventory (%). . ---- 312.5 491.6 754.3 | |
| Total Liab to Net Worth (%) . 178.9 139.2 193.7 314.9 | |
| Fix Assets to Net Worth (%) . 246.8 161.5 228.9 295.3 | |
| (EFFICIENCY) | |
| Coll Period (days). . . . . . 55.9 34.3 51.6 67.8 | |
| Sales to Inventory. . . . . . ---- 52.1 32.6 20.1 | |
| Assets to Sales (%) . . . . . 231.0 216.7 268.2 353.0 | |
| Sales to Net Working Cap. . . ---- 7.2 3.1 1.7 | |
| Acct Pay to Sales (%) . . . . 11.3 6.2 10.9 15.4 | |
| (PROFITABILITY) | |
| Return on Sales (%) . . . . . 10.6 18.5 13.1 9.8 | |
| Return on Assets (%). . . . . 4.6 7.0 5.3 3.3 | |
| Return on Net Worth (%) . . . 12.8 19.7 15.7 12.6 | |
| Industry norms based on 504 firms, | |
| with assets over $5 million. | |
| END OF DOCUMENT | |
| Name & Address: | |
| PACIFIC TELESIS GROUP (INC) | |
| 140 New Montgomery St | |
| SAN FRANCISCO, CA 94105 | |
| Telephone: 415-882-8000 | |
| DUNS Number: 10-346-0846 | |
| Line of Business: TELECOMMUNICATION SERVICES | |
| Primary SIC Code: 4811 | |
| Secondary SIC Codes: 2741 5063 5732 6159 | |
| Year Started: 1906 (12/31/86) COMBINATION FISCAL | |
| Employees Total: 74,937 Sales: 8,977,300,000 | |
| Employees Here: 2,000 Net Worth: 7,753,300,000 | |
| This is a PUBLIC company | |
| HISTORY | |
| 09/01/87 | |
| DONALD E GUINN, CHB PRES+ THEODORE J SAENGER, V CHB GROUP | |
| PRES+ | |
| SAM L GINN, V CHB+ JOHN E HULSE, V CHB CFO+ | |
| ROBERT V R DALENBERG, EX V PRES BENTON W DIAL, EX V PRES-HUM | |
| GEN COUNSEL SEC RESOURCES | |
| ARTHUR C LATNO JR, EX V PRES THOMAS G CROSS, V PRES TREAS | |
| FRANK V SPILLER, V PRES | |
| COMPTROLLER | |
| DIRECTOR(S): The officers identified by (+) and Norman Barker Jr, | |
| William P Clark, Willaim K Coblentz, Myron Du Bain, Herman E Gallegos | |
| James R Harvey, Ivan J Houston, Leslie L Luttgens, E L Mc Neely, S | |
| Donley Ritchey, Willaim French Smith & Mary S Metz. | |
| Incorporated Nevada Oct 26 1983. Authorized capital consists of | |
| 505,000,000 shares common stock, $.10 par value. | |
| OUTSTANDING CAPITAL STOCK: Consists of following at Dec 31 1986: | |
| 215,274,878 common shares at a stated value of $21.5 million plus | |
| additional paid in capital of $5,068.5 million. | |
| The stock is publicly traded on the New York, Pacific and Midwest | |
| Stock Exchanges. There were 1,170,161 common shareholders at Feb 1 1987. | |
| Officers and directors as a group hold less than 1% of stock. No other | |
| entity owned more than 5% of the common stock outstanding. | |
| The authorized capital stock was increased to $1,100,000,000 | |
| shares in 1987 by Charter Amendment. In addition, the company declared a | |
| two-for-one stock split in the form of a 100% stock dividend effective | |
| Mar 25 1987. | |
| BACKGROUND: This business was founded in 1906 as a California | |
| Corporation. The Pacific Telephone & Telegraph Company formed Dec 31 | |
| 1906. Majority of the stock was held by American Telephone & Telegraph | |
| Co (A T & T), New York, NY, prior to divestiture. | |
| DIVESTITURE: Pursuant to a court oder of the U S District Court for | |
| the Distirict of Columbia, A T & T divested itself of the exchange, | |
| telecommunications, exchange access and printing directory advertising | |
| portions of its 22 wholly-owned subsidiary operating telephone | |
| companies, including the Pacific Telephone & Telegraph Company. A T & T | |
| retains ownership of the former A T & T long lines interstate | |
| organization, as well as those portions of the subsidiaries that provide | |
| interchange services and customer premises equipment. To accomplish the | |
| divestiture, this regional holding company was formed, which took over | |
| the applicable operations and assets of the Pacific Telephone & | |
| Telegraph Company and its subsidiary, Bell Telephone Company of Nevada. | |
| Stock in the subject was distributed to the shareholders of A T & T, who | |
| also retained their existing A T & T Stock. The divestiture was | |
| accomplished on Jan 1 1984. | |
| RECENT EVENTS:During Jun 1986, the company completed the | |
| acquisition of Communications Industries Inc, Dallas, TX. | |
| In Dec 1986, the company's wholly-owned subsidiary Pac Tel Cellular | |
| Inc of Michigan signed an agreement to purhcase five cellular telephone | |
| properties for $316 million plus certain contingent payments. These five | |
| systems operate under the name of Cellular One. This acquaition is | |
| subject to regulatory and court approval and final legal review. | |
| ------------------------OFFICERS------------------------. | |
| GUINN born 1932 married. 1954 received BSCE from Oregon State | |
| University. 1954-60 with The Pacific Telephone & Telegraph Company, San | |
| Francisco, CA. 1960-64 with Pacific Northwest Bell Telephone Co, | |
| Seattle, WA, as vice president. 1964-70 with A T & T. 1970-76 with | |
| Pacific Northwest Bell. 1976-80 with A T & T as vice president-network | |
| service. 1980 chairman and chief executive officer of The Pacific | |
| Telephone & Telegraph Company. 1984 with Pacific Telesis Group as | |
| chairman, president and chief executive officer. | |
| SAENGER born 1928 married. 1951 received BS from the University of | |
| California. 1946-47 in the U S Army. 1951-52 secretary and manager for | |
| the Oakland Junior Chamber of Commerce. 1950-70 held various positions | |
| with The Pacific Telephone & Telegraph Company. 1970-71 traffic | |
| operations director for Network Administration in New York, A T & T. | |
| 1971 with The Pacific Telephone & Telegraph Company. 1974 vice | |
| president. 1977 president. 1984 with Pacific Telesis Group as vice | |
| chairman and president, Pacific Bell. | |
| GINN born 1937 married. 1959 graduated from Auburn University. 1969 | |
| received MS from Stanford University. 1959-60 in the U S Army Signal | |
| Corps as captain. 1960 joined A T & T Long Lines. 1977 vice | |
| president-staff for A T & T Long Lines. 1978 joined The Pacific | |
| Telephone & Telegraph Company as executive vice president-network. 1983 | |
| vice chairman. 1984 with Pacific Telesis Group as vice chairman and | |
| group president, PacTel Companies. | |
| HULSE born 1933 married. 1955 received BS from the University of | |
| South Dakota. 1956-58 in the U S Army. 1958 joined Northwestern Bell | |
| Telephone Co. 1980 joined The Pacific Telephone & Telegraph Company as | |
| executive vice president and chief financial officer. 1983 vice | |
| chairman. 1984 with Pacific Telesis Group as vice chairman and chief | |
| financial officer. | |
| LATNO born 1929 married. Received BS degree from the University of | |
| Santa Clara. 1952 with Pacific Telephone & Telegraph Co. 1972 vice | |
| president-regulatory. 1975 executive vice president-external affairs. | |
| 1984 with Pacific Telesis Group as executive vice president-external | |
| affairs. | |
| DALENBERG born 1930 married. Graduated from the University of | |
| Chicago Law School and Graduate School of Business. 1956 admitted to | |
| practice at the Illinois Bar and in 1973 the California Bar. 1957-67 | |
| private law practice in Chicago, IL. 1967-72 general attorney for | |
| Illinois Bell. 1972-75 general attorney for The Pacific Telephone & | |
| Telegraph Company. 1975 associate general counsel. 1976 vice president | |
| and secretary-general counsel. 1984 with Pacific Telesis Group as | |
| executive vice president and general counsel-secretary. | |
| CROSS. Vice President and Treasurer and also Vice President of | |
| Pacific Bell. | |
| DIAL born 1929 married. 1951 received BA from Whittier College. | |
| 1961 received MS from California State University. 1951-53 in the U S | |
| Army. 1954 with The Pacific Telephone & Telegraph Company. 1973 vice | |
| president-regional staff and operations service for Southern California. | |
| 1976 vice president-customer operations in Los Angeles, CA. 1977 vice | |
| president-corporate planning. 1980 vice president-human resources. 1984 | |
| with Pacific Telesis Group as executive vice president-human resources. | |
| SPILLER born 1931 married. 1953 received BS from the University of | |
| California, San Francisco. 1954-56 in the U S Army as a second | |
| lieutenant. 1953 with The Pacific Telephone & Telegraph Company. 1977 | |
| assistant comptroller. 1981 assistant vice president-finance management. | |
| 1981 vice president and comptroller. 1984 with Pacific Telesis Group as | |
| vice president and comptroller. | |
| ---------------------OTHER DIRECTORS---------------------. | |
| BARKER. Retired chairman of First Interstate Bank Ltd. | |
| CLARK. Of counsel to the law firm of Rogers & Wells. | |
| COBLENTZ. Senior Partner in Coblentz, Cahen, Mc Cabe & Breyer, | |
| Attorneys, San Francisco, CA. | |
| DU BAIN. Chairman of SRI International. | |
| GALLEGOS. Management consultant. | |
| HARVEY. Chairman, and chief executive officer of Transamerica | |
| Corporation, San Francisco, CA. | |
| HOUSTON. Chairman and chief executive officer of Golden State | |
| Mutual Life Insurance Co. | |
| LUTTGENS. Is a community leader. | |
| MC NEELY. Chairman and chief executive officer of Oak Industries, | |
| Inc, San Diego, CA. | |
| RITCHEY. Retired Chairman of Lucky Stores Inc. | |
| SMITH. Partner in Gibson, Dunn & Crutcher, Attorneys. | |
| METZ. President of Mills College. | |
| OPERATION | |
| 09/01/87 | |
| Pacific Telesis Group is a regional holding company whose | |
| operations are conducted by subsidiaries. | |
| The company's two major subsidiaries, Pacific Bell and Nevada Bell, | |
| provide a wide variety of communications services in California and | |
| Nevada, including local exchange and toll service, network access and | |
| directory advertising, and provided over 90% of total 1986 revenues. | |
| Other subsidiaries, as noted below, are engaged in directory | |
| publishing, cellular mobile communications and services, wholesaling of | |
| telecommunications products, integrated systems and other services, | |
| retails communications equipment and supplies, financing services for | |
| products of affiliated customers, real estate development, and | |
| consulting. Specific percentages of these operations are not available | |
| but in the aggregate represent approximately 10%. | |
| Terms are net 30 days. Has over 11,000,000 accounts. Sells to the | |
| general public and commercial concerns. Territory :Worldwide. | |
| EMPLOYEES: 74,937 including officers. 2,000 employed here. | |
| Employees are on a consolidated basis as of Dec 31 1986. | |
| FACILITIES: Owns over 500,000 sq. ft. in 20 story concrete and | |
| steel building in good condition. Premises neat. | |
| LOCATION: Central business section on side street. | |
| BRANCHES: The subject maintains minor additional administrative | |
| offices in San Francisco, CA, but most operating branches are conducted | |
| by the operating subsidiaries, primarily Pacific Bell and Nevada Bell in | |
| their respective states. | |
| SUBSIDIARIES: Subsidiaries: The Company has the following principal | |
| operating subsidiaries, all wholly-owned either directly or indirectly. | |
| The telephone subsidiaries account for over 90% of the operating | |
| results. | |
| (1) Pacific Bell (Inc) San Francisco CA. Formed 1906 as a | |
| California corporation. Acquired in 1984 as part of the divestiture of | |
| AT&T. It is the company's largest subsidiary . It provides | |
| telecommunicaton services within its service area in California. | |
| (2) Nevada Bell (Inc) Reno NV. Incorporated in 1913. acquired from | |
| Pacific Bell in 1984 by the divestiture of its stock. Provides | |
| telecommunications, services in Nevada. | |
| (3) Pac Tel Cellular Inc, TX. Renamed subsidiary formerly known | |
| as Comminications Industries Inc. Acquired in 1986. Operates as a | |
| marketer of cellular and paging services. This subsidiary, in turn, has | |
| several primary subsidiaries as follows:. | |
| (a) Gen Com Incorporated. Provides personal paging services. | |
| (b) Multicom Incorporated. Markets paging services. | |
| (4) Pac Tel Personal Communications. Formed to eventually hold all | |
| of the company's cellular and paging operations. It is the parent of the | |
| following:. | |
| (c) Pac Tel Cellular supports the company's cellular activities. | |
| (d) Pac Tel Mobile Services-formed to rent and sell cellular CPE | |
| and paging equipment and resell cellular services, is now largely | |
| inactive. | |
| (5) Pac Tel Corporation, San Francisco CA began operations in Jan | |
| 1986 as a direct holding company subsidiary. It owns the stock of the | |
| following companies:. | |
| (e) Pac Tel Communications Companies-operates two primary | |
| divisions, Pac Tel Info Systems and Pac Tel Spectrum Services. | |
| (f) Pac Tel Finance-provides lease financing services. | |
| (g) Pac Tel Properties-engages in real estate transactions holding | |
| real estate valued at approximately $140 million at Dec 31 1986. | |
| (h) Pac Tel Publishing -inactive at present. | |
| (i) Pacific Telesis International-manages and operates | |
| telecommunicatin businesses in Great Britain, Japan, South Korea, Spain | |
| and Thailand. | |
| (6) Pac Tel Capital Resources, San Francisco, CA -provides funding | |
| through the sale of debt securities. | |
| INTERCOMPANY RELATIONS: Includes common management, intercompany | |
| services, inventory and equipment transactions, loans and advances. In | |
| addition, the debt of Pac Tel Capital Resources is backed by a support | |
| agreement from the parent with the debt unconditionally guaranteed for | |
| repayment without recourse to the stock or assets of the telephone | |
| subsidiaries or any interest therein. | |
| 08-27(1Z2 /27) 29709 052678678 H | |
| ANALYST: Dan Quinn | |
| 12/31/86 COMBINATION FISCAL | |
| (Figures are in THOUSANDS) | |
| FINANCIALS % COMPANY INDST | |
| COMPANY CHANGE % NORM % | |
| Total Current Assets. . . . . 2,156,300 9.3 10.6 22.0 | |
| Fixed Assets. . . . . . . . . 17,244,900 1.6 84.9 35.6 | |
| Other Non-current Assets. . . 919,300 53.8 4.5 42.4 | |
| Total Assets. . . . . . . . . 20,320,500 4.0 100.0 100.0 | |
| Total Current Liabilities . . 2,405,100 21.3 11.8 11.6 | |
| Other Long Term Liab. . . . . 5,564,600 (7.6) 27.4 46.8 | |
| Net Worth . . . . . . . . . . 7,753,300 6.0 38.2 35.2 | |
| Total Liabilities & Worth. . 20,320,500 4.0 100.0 100.0 | |
| Net Sales . . . . . . . . . . 8,977,300 5.6 100.0 100.0 | |
| Gross Profit. . . . . . . . . ---- ---- ---- 40.1 | |
| RATIOS % ---INDUSTRY QUARTILES--- | |
| COMPANY CHANGE UPPER MEDIAN LOWER | |
| Quick Ratio . . . . . . . . . 0.7 ---- 2.9 1.2 0.6 | |
| Current Ratio . . . . . . . . 0.9 (10.0) 4.9 2.2 1.0 | |
| Total Liab to Net Worth (%) . 162.1 (2.9) 127.4 180.2 297.2 | |
| Sales to Inventory. . . . . . 77.2 10.6 56.2 33.8 20.0 | |
| Return on Sales (%) . . . . . 12.0 10.1 20.1 14.6 11.3 | |
| Return on Assets (%). . . . . 5.3 10.4 7.2 5.7 3.7 | |
| Return on Net Worth (%) . . . 13.9 9.4 19.0 15.9 12.8 | |
| Industry norms based on 469 firms, | |
| with assets over $5 million. | |