Sprint denies it's for sale; net falls 21%

Sprint reported a 21% decline in 4th qtr 1997 net income, while Chmn William T. Esrey said the company is neither for sale nor looking for partners. Sprint's core local and long-distance phone businesses showed a 7.6% increase in revenue and 11% rise in operating profit. These numbers, however, were offset by increasing investments in a new wireless service class and an international joint venture. Esrey blasted market rumors that Sprint will add to its big partnerships or be acquired by one of the Bell companies, GTE or Sprint's foreign owners. Sprint's 4th qtr 1997 net income totaled $194.9 million, or 45 cents a diluted share, and basic earnings of 45 cents a share. By comparison, the company reported a 4th qtr 1996 net income of $245.3 million, or 56 cents a diluted share, and basic earnings of 57 cents a share. Revenue jumped from $3.58 billion in the 4th qtr 1996 to $3.85 billion in the 4th qtr 1997, representing a 7.6% growth.