CHICAGO-Ameritech Corp. announced annual net income grew by 7.6 percent to around $2.3 billion, and revenues increased 7.2 percent to about $16 billion for its fiscal year ended Dec. 31, compared with approximate 1996 figures of $2.1 billion net income and revenues of $15 billion.
Net income for the 1997 fourth quarter was $610 million, a 7-percent increase over the $570 million net income during the fourth quarter of 1996. Fourth quarter revenues reached $4.1 million, an increase of 6.8 percent over the corresponding quarter of 1996.
Ameritech added 665,000 cellular customers in 1997, the best annual increase in the company’s history, with 27-percent annual growth to 3.2 million. The company also reported a 31-percent annual increase in its paging customers to 1.5 million.
Reported fourth quarter 1997 results included several one-time items, which Ameritech said offset one another and did not impact net income. During the fourth quarter, Ameritech reached an agreement to buy a 42-percent stake in Tele Danmark for $3.2 billion and announced plans to sell its 24.95-percent interest in Telecom Corp. of New Zealand, currently valued at over $2 billion.
