Bell Atlantic Files Pro Forma Combined Financial Results

Bell Atlantic Files Pro Forma Combined Financial Results

August 18, 1997

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David Frail



NEW YORK -- Bell Atlantic Corp. (NYSE:BEL), which completed its merger

with NYNEX Corp. on Aug. 14, 1997, today filed pro forma financial

information with the Securities and Exchange Commission for financial

periods covering the past three and a half years.

Pro forma earnings in all periods were affected by special items

disclosed previously by the separate companies. Pro forma adjusted

earnings per share, which exclude the effects of those items, grew 10

percent in 1996 to $4.49 from $4.08 in 1995. For 1995, pro forma

adjusted earnings per share grew 10.3 percent, compared with $3.70 in


For the second quarter of 1997, adjusted earnings per share were

$1.25, 12.6 percent higher than the same period a year ago. Through

the first six months of 1997, adjusted earnings per share were $2.46,

an increase of 12.8 percent compared to the first half of 1996.

"Our pro forma filing will serve as the new Bell Atlantic's financial

baseline, the starting point from which we will deliver the benefits

of our merger to customers and shareowners," said Frederic V. Salerno,

Bell Atlantic senior executive vice president and chief financial


"Our target range for long-term annual earnings per share growth is 10

to 12 percent, excluding transition and integration costs," Salerno

said, "and we are comfortable with current analysts' estimates of

$4.90 to $5.00 per share for 1997. We're confident that the power of

our merger will allow us to sustain that kind of performance over the

next few years, even while the communications industry goes through a

period of dramatic transition."

The new Bell Atlantic -- formed through the merger of Bell Atlantic

and NYNEX -- is at the forefront of the new communications,

information and entertainment industry. With 40 million telephone

access lines and 5.5 million wireless customers worldwide, Bell

Atlantic companies are premier providers of advanced wireline voice

and data services, market leaders in wireless services and the world's

largest publishers of directory information. Bell Atlantic companies

are also among the world's largest investors in high-growth global

communications markets, with operations and investments in 21


NOTE: This press release contains statements about expected future

events and financial results that are forward-looking and subject to

risks and uncertainties. For those statements, we claim the

protection of the safe harbor for forward-looking statements

contained in the Private Securities Litigation Reform Act of 1995.

Discussion of factors that may affect future results is contained in

our recent filings with the Securities and Exchange Commission.