Pacific Telesis Group suffered a first-quarter loss...

Pacific Telesis Group suffered a first-quarter loss of $1.7 billion, or $4.25 per share, because of new accounting standards, the San Francisco-based parent of Pacific Telephone announced. The announcement also said the loss was because of a recent decision to “establish restructuring reserves.” Net income would have totaled $265 million, down 5% from the previous year’s net income of $279 million, if there had been no charges, the company said. The first-quarter earnings would have totaled 65 cents a share, compared to last year’s 70 cents. These accounting changes, known as Financial Accounting Standards 106 and 107, reduced first-quarter 1993 net income by $1.7 billion, the company said. Revenue was unaffected by the recent accounting charges and totaled $2.5 billion, up about 4% from last year.