CENTEL &lt;CNT> SEES LOWER FIRST QTR PROFITS
  Centel Corp said it sees 1987 first
  quarter results below those of 1986 due to regulatory limits on
  telephone earnings and 15 cts to 20 cts a share dilution from
  1986 acquisitions.
      In the annual report, Chairman Robert Reuss told
  shareholders telephone profits will continued to be limited by
  ceilings imposed by regulators as well as deregulation and
  structural changes within the industry that have slowed growth
  in the investment base for setting rates.
      As such, its first quarter 1987 results will be below last
  year's first quarter of 1.11 dlrs a share, he said.
      "Several of the company's telephone units may be faced with
  a reduction in the rates of return authorized by their
  regulators," Reuss said. "This could result in some rate
  reductions and refunds to customers."
      Reuss said he is encouraged by the prospects for progress
  in Centel's business communications, cable television and
  cellular telephone units.
      Centel is asking shareholders at the annual meeting to
  approve the tripling  to 120 mln in authorized shares.
  

