Bell Atlantic Declares Quarterly Dividend of $.385 Per Share

Sep 22, 1998, 01:00 ET from Bell Atlantic Corp.

    NEW YORK, Sept. 22 /PRNewswire/ -- The board of directors of Bell Atlantic
 Corp. (NYSE:   BEL) today declared a quarterly dividend of $.385 per outstanding
 share.  The dividend, which is unchanged from the previous quarter, will be
 payable on Nov. 2, 1998, to shareowners of record on Oct. 9, 1998.  The
 dividend reflects the 2-for-1 stock split of Bell Atlantic common shares that
 was effective on June 29, 1998.
     Frederic V. Salerno, senior executive vice president and chief financial
 officer, said, "The board has decided to defer consideration of a dividend
 increase at this time, after having declared two increases in 1997.  We remain
 on target to achieve our double-digit earnings-growth objective for this year,
 and we intend to continue to create shareowner value by achieving higher
 revenue growth and continuing synergies from the Bell Atlantic-NYNEX merger."
     In a separate action,  the board authorized management to repurchase
 shares from time to time for various purposes, including the satisfaction of
 employee compensation plans.  The board action permits the repurchase of up to
 $1.4 billion of company shares for the two-year period beginning Oct. 1, 1998,
 and continues the authority to repurchase up to approximately $200 million
 remaining under a previous $1 billion share repurchase authorization that took
 effect Jan. 1, 1998.  The amount and timing of share repurchases will depend
 on market conditions.
     The company said that, as previously announced, the number of shares to be
 repurchased will not exceed limits under pooling-of-interests accounting
 rules.  As a result, the board continued to limit aggregate share repurchases
 from Aug. 14, 1997, the date of the Bell Atlantic-NYNEX merger, to 66 million
 shares on a post-split basis.
     Bell Atlantic has approximately 1.1 million registered shareowners and
 approximately 1.55 billion shares of common stock outstanding.
     Bell Atlantic -- formed through the merger of Bell Atlantic and NYNEX --
 is at the forefront of the new communications and information industry.  With
 more than 41 million telephone access lines and more than seven 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 23 countries.
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SOURCE Bell Atlantic Corp.