THE LONG-TERM VISION AT PAC TEL
Your article "The Baby Bells' painful adolescence" (Special Report, Oct. 5) incorrectly stated we had expected profits from foreign ventures to be "kicking in" at this time. Your "Portrait of the Boss" (Cover Story, Oct. 12) feature may have reinforced this misimpression by stating these operations "have yet to pay off."
In fact, we have neither anticipated nor projected short-term profits in these operations. We have invested in these unique opportunities to build long-term gains and do not expect profits from our recently completed German cellular system before 1994.
If we continue to win additional licenses, the requisite investment could mask positive returns beyond that time. Our goal here is to deliver long-term value to our owners.
Pacific Telesis Group