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GTE TO TAKE SECOND-QUARTER PRETAX CHARGE OF $74 MILLION, OR $46 MILLION AFTER TAX, FOR TELEPHONE OPERATIONS' VOLUNTARY SEPARATION PROGRAMS

 STAMFORD, Conn., July 8 /PRNewswire/ -- GTE Corp. (NYSE: GTE) today announced that it will take a one-time pretax charge of $74 million, or $46 million after tax, against second-quarter 1993 earnings for costs related to recently completed Telephone Operations voluntary separation programs. Estimated annual savings from these programs will be in excess of $250 million.
 As part of the corporation's ongoing cost-reduction program, some 6,400 GTE Telephone Operations employees, or 7.9 percent of its domestic workforce of 81,000, have accepted various voluntary separation programs.
 "GTE is committed to providing the best value to our customers. Accordingly, we will continue to reduce costs and improve efficiency while at the same time raising the quality of our service. The latest reduction in the employee workforce is consistent with this long-term goal," said GTE Chairman and Chief Executive Officer Charles R. Lee.
 Excluding the one-time charge, second-quarter earnings are expected to be in line with analysts' estimates, the company said.
 GTE is the fourth-largest publicly owned telecommunications company in the world.
 -0- 7/8/93
 /CONTACT: Harvey W. Greisman, 203-965-2903, or after 6 p.m., 203-226-7661, or Tony Hamilton, 203-965-2853, or after 6 p.m., 203-327-2162, both of GTE/
 (GTE)


CO: GTE Corp. ST: Connecticut IN: TLS SU:

CK -- NY035 -- 9423 07/08/93 10:27 EDT
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Publication:PR Newswire
Date:Jul 8, 1993
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