BellSouth Corp.: The regional telephone company said...

BellSouth Corp.: The regional telephone company said fourth-quarter earnings totaled $360.2 million, down 23% from the same period in 1989. Revenue was virtually level at $3.65 billion. For the year, profit was down 6% at $1.6 billion on revenue of $14.3 billion, up slightly from 1989. The Atlanta-based company said its results were affected by a number of onetime events, including charges for the sale of a computer equipment leasing portfolio, writedown of goodwill and the costs of a voluntary early retirement program. It also said revenue growth was adversely affected by $280 million in rate reductions ordered by state and federal regulators.