Bell Atlantic Files Pro Forma Combined Financial Results.NEW YORK--(BUSINESS WIRE)--Aug. 18, 1997--Bell Atlantic Corp. (NYSE NYSE See: New York Stock Exchange :BEL), which completed its merger with NYNEX NYNEX New York-New England & X for the Unknown (Telephone Company) NYNEX New York Network Exchange Corp. on Aug. 14, 1997, today filed pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma financial information with the Securities and Exchange Commission for financial periods covering the past three and a half years. Pro forma earnings pro forma earnings Income not necessarily calculated in accordance with generally accepted accounting principles. For example, a company might report pro forma earnings that exclude depreciation expense and nonrecurring expenses such as restructuring costs. 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 1994. 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 Noun 1. starting point - earliest limiting point terminus a quo commencement, get-go, offset, outset, showtime, starting time, beginning, start, kickoff, first - the time at which something is supposed to begin; "they got an early start"; "she knew from the 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 officer. "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 communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. 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 countries. -0- 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. for forward-looking statements contained in the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. Discussion of factors that may affect future results is contained in our recent filings with the Securities and Exchange Commission. INTERNET USERS: Bell Atlantic news releases, executive speeches, news media contacts and other useful information are available at Bell Atlantic's News Center on the World Wide Web (http://www.ba.com). To receive news releases by e-mail, visit the News Center and register for personalized automatic delivery of Bell Atlantic news releases. CONTACT: Bell Atlantic Corp., New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of David Frail, 212/395-0500 |
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