10.17.1996|Corporate

BELL ATLANTIC CORPORATION AND SUBSIDIARIES

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BELL ATLANTIC CORPORATION AND SUBSIDIARIES

Media contacts:

David Stakun, 215-963-6639

Condensed Consolidated Statements of Operations (unaudited)

(In millions, except per-share amounts)

Three months ended Nine months ended
September 30, September 30,
1996 1995 1996 1995
Operating Revenues
Transport Services:
Local service $1,176.9 $1,118.6 $3,496.0 $3,305.2
Network access 886.9 856.2 2,632.6 2,549.5
Toll service 340.2 355.9 1,059.9 1,082.2
Ancillary Services:
Directory publishing 288.0 273.4 863.0 826.3
Other 156.8 142.3 436.8 414.9
Value-Added Services 411.0 353.0 1,169.3 1,010.6
Network Services Revenues 3,259.8 3,099.4 9,657.6 9,188.7

Wireless Services -- (a) -- (a) -- (a) 628.0
Other Services 38.0 161.7 (b) 107.3 458.6 (b)
Total Operating Revenues 3,297.8 3,261.1 9,764.9 10,275.3

Operating Expenses
Employee costs,
including benefits
and taxes 1,018.9 1,034.6 2,983.1 3,129.5
Depreciation and
amortization 649.1 642.5 1,916.8 1,991.9
Other 840.6 864.6 2,466.4 2,760.0
Total Operating Expenses 2,508.6 2,541.7 (b) 7,366.3 7,881.4 (b)

Operating Income 789.2 719.4 2,398.6 2,393.9

Equity in income of
affiliates (a) 105.8 74.5 271.7 90.3
Other income (expense),
net (9.9) 317.1 (14.3) 324.0
Interest expense 119.9 133.9 360.5 420.5
Income before provision
for income taxes 765.2 977.1 2,295.5 2,387.7
Provision for income taxes 281.9 372.3 847.4 921.3

Net Income $483.3 $604.8 $1,448.1 $1,466.4

Earnings Per Common Share $1.10 $1.38 $3.29 $3.35

Cash dividends declared
per common share $.72 $.70 $2.16(c) $2.10
Weighted average number
of common and equivalent
shares outstanding 439.1 438.5 439.6 437.9

    (a) On July 1, 1995, the company contributed its
    domestic cellular
    business to a partnership and accounts for its share of the
    partnership's results under the equity method.

    (b) Includes revenues and expenses from Bell Atlantic Business
    Systems Services, sold in October 1995, as follows:

    Three months ended Nine months ended
    September 30, 1995 September, 30, 1995

    Operating Revenues -
    Other Services $127.9 $374.8
    Operating Expenses 119.2 362.8

    (c) Includes payment of $.005 per common share for
    redemption of
    rights granted under the company's Shareholder Rights Plan.


BELL ATLANTIC CORPORATION AND
SUBSIDIARIES

Per Share Analysis (unaudited)
(In millions)

Three months ended Nine months ended
September 30, September 30,
1996 1995 1996 1995

Earnings per Share,
as reported $1.10 $1.38 $3.29 $3.35
Adjustments:
Gain on sale of
conflicted cellular
properties -- (.46) -- (.46)
Non-recurring business
development charges -- .09 -- .09
Adjusted Earnings
per Share 1.10 $1.01 $3.29 $2.98

Other Selected Data (unaudited)
(In millions)

September 30,
1996 1995

Return on Average Common Equity
Three months ended 27.1% 36.2%
Nine months ended 26.4% 30.5%
Total Assets (in millions) $23,908.9 $24,546.0
Total Employees 61,300 67,800 (d)

(d) Total Employees in 1995 includes 4,400 employees of Bell Atlantic
Business Systems Services, which was sold in October 1995.


BELL ATLANTIC CORPORATION AND
SUBSIDIARIES

Condensed Consolidated Statements of Cash Flows (unaudited)
(In millions)

Nine months ended September 30,
1996 1995

Cash Flows from Operating Activities
Net income $1,448.1 $1,466.4
Depreciation and amortization 1,916.8 1,991.9
Gain on sale of cellular
properties, net of tax -- (203.0)
Equity in income of affiliates (271.7) (90.3)
Dividends received from affiliates 92.9 81.3
Other, net 1.4 (330.1)

Net Cash Provided by Operating
Activities 3,187.5 2,916.2

Net Cash Used in Investing
Activities (1,684.1) (1,952.5)
Net Cash Used in Financing
Activities (1,761.4) (1,008.9)

Decrease in Cash and Cash
Equivalents (258.0) (45.2)

Cash and Cash Equivalents,
Beginning of Period 356.8 142.9

Cash and Cash Equivalents,
End of Period $98.8 $97.7


BELL ATLANTIC NYNEX MOBILE
CELLULAR OPERATIONS(unaudited)

Three months ended September 30,

1996 1995 % change
Selected Operating Data
Controlled POPs (1) (000) 56,513 55,840 1.2
Owned POPs (2) (000) 54,461 53,511 1.8
Subscribers (000) 4,054 2,973 36.4
Penetration (3) 7.2% 5.3% 34.7
Churn 1.9% 1.7% 11.8
Revenues per subscriber per month (4) $60 $63 (4.4)
Acquisition cost per gross add (5) $233 $216 7.9
Cash expense per subscriber $36 $37 (2.7)

Selected Financial Data
(Dollars in millions)
Operating revenues (6) $657.3 $497.6 32.1
Less: Cost of equipment 91.5 69.1 32.4
Net revenues 565.8 428.5 32.0
Operating income 155.7 117.3 32.7
Pre-tax income (7) 144.2 111.3 29.6
Operating cash flow (8) 232.8 184.2 26.4
Operating cash flow margin 41% 43% (4.7)
Capital expenditures
excluding acquisitions 256.0 76.1 236.4

Footnotes:

    (1) Controlled POPs represent the total number of
    POPs for markets in
    which BANM has operating control.

    (2) Owned POPs represent BANM percentage ownership in all licensed
    markets.

    (3) Penetration is calculated by dividing subscribers by controlled
    POPs.

    (4) Revenue per subscriber is calculated using service revenues,
    incollect roaming, outcollect roaming and equipment revenue.
    Incollect roaming revenues were $56.9 million and $151.7 million
    for the three and nine months ended 9/30/96, respectively and
    $48.3 million and $125.4 million for the three and nine months
    ended 9/30/95, respectively.

    (5) Acquisition costs include commission expense and net margin on
    sale of customer equipment.

    (6) Operating revenues include service revenues, outcollect roaming,
    and equipment revenues.

    (7) Pre-tax income represents the income distribution to the two
    equity partners, Bell Atlantic and NYNEX.

    (8) Operating cash flow equals operating income plus depreciation and
    amortization.

####


News Release: Bell Atlantic Third-Quarter Earning
Up 9 Percent

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