GTE announces continued strong dividend payment

STAMFORD, Conn. -- GTE's Board of Directors today declared a regular quarterly common stock dividend of 47 cents per share. The dividend is payable on October 1, 1998 to GTE shareholders of record as of August 24, 1998 and is GTE's 249th consecutive dividend. There are approximately 963 million shares outstanding. The annualized rate of $1.88 is unchanged.

"Maintaining our strong dividend illustrates GTE's commitment to maximizing long-term total return to shareholders through a combination of dividends and stock price appreciation," said GTE Chairman and Chief Executive Officer Chuck Lee.

With 1997 revenues of more than $23 billion, GTE is one of the world's largest telecommunications companies and a leading provider of integrated telecommunications services.

In the United States, GTE provides local service in 28 states and wireless service in 17 states; nationwide long-distance service and internetworking services ranging from dial-up Internet access for residential and small business consumers to Web-based applications for Fortune 500 companies; as well as video service in selected markets.

Outside the United States, the company serves over 8 million telecommunications customers. In addition, GTE is also a leader in government and defense communications systems and equipment, and directories and telecommunications-based information services.