Bell Atlantic Announces Fifth Consecutive YearOf Double-Digit Earnings Growth;Fourth Quarter Revenues Rise 6.6% on
Strong Sales Adjusted EPS Increases 11.6% for Quarter, 10.7% for Year
NEW YORK, Jan. 24 /PRNewswire/ -- Bell Atlantic Corp. (NYSE: BEL) announced today that fourth quarter adjusted
earnings per diluted share (EPS) increased 11.6 percent, to 77 cents from 69 cents in fourth quarter 1998, as the company
completed its fifth consecutive year of double-digit earnings growth. Adjusted EPS for 1999 rose 10.7 percent to $3.01, from
$2.72 in 1998.
Fourth quarter adjusted net income available to common shareowners increased 12.3 percent, to $1.2 billion from $1.1 billion
in 1998, with 1999 adjusted net income available to common shareowners rising 10.9 percent, to $4.8 billion from $4.3 billion
in 1998.
"Our fourth quarter results, with the best revenue growth of the year in our core telecom business and industry-leading
wireless performance, are an indication that the strategies we've put in place -- to focus on high-growth markets, build
high-efficiency networks that help us grow vertically and diversify our revenue streams -- are starting to pay off at the
operational level," said Bell Atlantic Chairman and CEO Ivan Seidenberg.
Highlights include:
-- Quarterly revenue growth of 6.6 percent, to $8.6 billion, and annual revenues totaling $33.2 billion, up 5.1 percent.
-- Strong fourth quarter Bell Atlantic Mobile growth, with 815,000 net customer additions, 363,000 through sales and 452,000
through the
Frontier Cellular acquisition, and 23.1 percent revenue growth.
-- Best-ever quarterly International Wireless growth, with 533,000 proportionate net customer additions.
-- Data revenue growth in the quarter of 26.2 percent, to nearly 800 million, and 25.5 percent for the year, to $2.9 billion.
-- A robust wholesale business, with 1.4 million resold lines and 200,000 unbundled loops in service at the end of the year.
-- Adjusted expense increases of only 3.1 percent for the quarter and 3.6 percent for the year, including aggressive funding
of growth investments.
-- Operating margin expansion to 26.2 percent for the year -- 110 basis points above 1998 -- through cost controls, network
efficiencies and
750 million in Bell Atlantic-NYNEX merger synergies.
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