NEW YORK, September 7, 2000 - The board of directors of Verizon Communications (NYSE:VZ), the national communications company formed through the merger of Bell Atlantic Corp. and GTE Corp., today declared a quarterly dividend of $.385 per outstanding share.
The Verizon dividend is unchanged from the pre-merger Bell Atlantic dividend. Since GTE shareowners received 1.22 shares of common stock in Verizon for each share of GTE they held, their dividend payment (1.22 times $.385 per share) is equivalent to the former GTE quarterly dividend of $.47 per share.
The dividend is payable on Nov. 1 to Verizon Communications shareowners of record at the close of business on Oct. 10. Verizon Communications has approximately 2.7 million individual shareowners and approximately 2.7 billion shares of common stock outstanding.
Verizon Communications (NYSE:VZ), formed by the merger of Bell Atlantic and GTE, is one of the world's leading providers of communications services. Verizon companies are the largest providers of wireline and wireless communications in the United States, with more than 100 million access line equivalents and more than 25 million wireless customers. A Fortune 10 company with more than 260,000 employees and approximately $60 billion in 1999 revenues, Verizon's global presence extends to 40 countries in the Americas, Europe, Asia and the Pacific. For more information on Verizon, visit www.verizon.com.