Telecommunications: Bell Atlantic Corp., saying a cutback...

Telecommunications: Bell Atlantic Corp., saying a cutback in expenses prevented a deeper decline caused by the recession, reported that its second-quarter profit dipped 2% from a year ago to $355.1 million. Revenue was unchanged at $3.08 billion. Southwestern Bell Corp. said its second-quarter earnings, down 34% from a year ago to $172.6 million, included the impact of rate reductions from recent regulatory decisions and a one-time charge for debt refinancing. Without the $81-million charge, income would have been $253.3 million. Revenue totaled $2.24 billion, up from $2.17 billion in the 1990 period. US West’s second-quarter income was virtually unchanged from a year ago at $276.6 million, as its revenue edged up 3.7% to $2.5 billion. The Englewood, Colo., company said that rate reductions offset volume increases and that higher earnings from certain diversified businesses were offset by higher start-up losses at its international joint ventures.