CENTEL <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.