BellSouth Reports First Quarter Earnings

* Quarterly data revenues top $1 billion for first time

* Increase in DSL customers brings total to 303,000

* Cingular Wireless surpasses 20.5 million cellular customers

* Latin America customer growth approaches 53 percent

* Results reflect impact of DSL, Colombia growth initiatives



Apr 19, 2001, 01:00 ET from BellSouth Corporation

    ATLANTA, April 19 /PRNewswire/ -- With strong volumes in the growth areas
 of data and wireless, BellSouth Corporation (NYSE:   BLS) reported normalized
 earnings per share (EPS) of 52 cents in the first quarter of 2001, including a
 2-cent reduction related to foreign currency losses.  This compared to
 normalized EPS of 52 cents in the same quarter a year earlier.
     As previously disclosed, the first quarter of 2001 reflected BellSouth's
 accelerated growth initiatives in domestic broadband and Latin America
 wireless.  The company's continuing ramp-up of DSL high-speed Internet access
 service reduced EPS an incremental 2 cents compared to the first quarter of
 2000.  BellSouth's wireless operations in Colombia, which were acquired in
 July 2000 and not included in the first quarter a year ago, reduced EPS
 3 cents.
     First quarter revenues were $7.2 billion, adjusted to include BellSouth's
 40 percent share of Cingular Wireless.  This was a gain of 10.5 percent
 compared to the first three months of the previous year.  BellSouth's
 quarterly data revenues exceeded $1 billion for the first time, as strong
 growth in DSL and other broadband and Internet services represented nearly
 one-third of revenue growth.
 
     Data: Broadband, Internet, E-Commerce
 
     BellSouth continues to rapidly deploy broadband services, and finished the
 quarter with 303,000 customers for DSL high-speed Internet access.  In the
 first quarter alone, the company added more than 88,000 DSL customers -- a
 sequential quarter increase of 40.9 percent.  Including dial-up, total
 Internet access customers passed the one million milestone.  Total data
 revenues of $1.03 billion increased 27.5 percent compared to the same quarter
 of 2000.
     In the consumer marketplace, BellSouth's DSL revenues are increasing
 rapidly.  The bulk of data revenues, however, comes from high-speed, high-
 capacity services for BellSouth's business customers.  LightGate(R) service,
 for example, is one of the company's top selling data products.  LightGate
 integrates data, voice and video over a fiber optic-based private line
 service, giving businesses the equivalent of 672 circuits for data, private
 line, dial-up or voice applications.  In March 2001, BellSouth became the
 first and only data network provider offering Subrate T3 service, a new frame
 relay product that gives businesses true bandwidth on demand.
 
     Domestic Wireless / Cingular
 
     BellSouth's domestic wireless revenues, representing the company's
 40 percent share of Cingular, were $1.3 billion in the first quarter of 2001.
 This was a gain of 38.8 percent compared to BellSouth's domestic wireless
 revenues in the first quarter of 2000.  At March 31, Cingular had 20.5 million
 cellular and PCS customers, an annual growth rate of 18.7 percent.  Revenue
 growth in the first quarter of 2001 was driven by Cingular's nationwide
 footprint and demand for the company's array of data and voice services,
 including package plans.
 
     Latin America Group
 
     BellSouth added 715,000 Latin America wireless customers in the first
 quarter, bringing customers to nearly 7.8 million, an annual growth rate of
 52.7 percent.  Consolidated Latin America revenues -- including advertising
 and publishing -- were $773 million in the first quarter of 2001.  BellSouth's
 mid-2000 acquisition in Colombia and last year's expansion of wireless service
 into the interiors of Argentina and Chile had a favorable impact on customer
 growth.  BellSouth now serves markets in 11 Central and South American
 countries.
 
     Worldwide Wireless Reach
 
     Including Cingular, BellSouth now provides wireless services to
 42.6 million total customers in 16 countries.  On a proportionate basis,
 BellSouth's wireless customers around the world numbered 18.4 million at March
 31, an increase of 6.0 million, or 47.8 percent, compared to the first quarter
 of 2000.  Through its international operations and its domestic joint venture,
 Cingular, BellSouth's wireless licenses cover a total population globally of
 more than 537 million.
 
     Special Items
 
     Reported EPS in the first quarter of 2001 was 47 cents, including the
 impact of special items totaling 5 cents.  These items were: a non-cash charge
 for post- retirement benefit changes; a loss on the sale of an investment; and
 transition costs associated with the previously announced restructuring of
 BellSouth's consumer wireless video entertainment business.
 
     2001 Guidance
 
     BellSouth reaffirmed previous guidance for certain key financial and
 business metrics in 2001 as follows:
 
     Earnings per share                              7-9% growth
     Total operating revenue - including Cingular    9-11% growth
     Data revenue                                    30% growth (approx.)
     Capital expenditures                            $5.5-6.0 billion
     DSL high-speed Internet customers               600,000 at 12/31/01
 
 
     About BellSouth Corporation
 
     BellSouth Corporation is a Fortune 100 communications services company
 headquartered in Atlanta, GA, serving more than 45 million customers in the
 United States and 16 other countries.
     Consistently recognized for customer satisfaction, BellSouth provides a
 full array of broadband data and e-commerce solutions to business customers,
 including Web hosting and other Internet services.  In the residential market,
 BellSouth offers DSL high-speed Internet access, advanced voice features and
 other services.  BellSouth also provides online and directory advertising
 services, including BellSouth(R) Real Pages(SM).com.
     BellSouth owns 40 percent of Cingular Wireless, the nation's second
 largest wireless company, which provides innovative wireless data and voice
 services.
     Further information about BellSouth's first quarter earnings can be
 accessed at www.bellsouth.com/investor.  The press release, financial
 statements and earnings commentary summarizing highlights of the quarter are
 available on the BellSouth Investor Relations Web site starting today at
 8 a.m. Eastern Time.
     BellSouth will host a conference call with the investment community at
 10 a.m. Eastern Time today, April 19.  Participating on the call will be
 BellSouth CFO Ron Dykes and Investor Relations Vice President Nancy Humphries.
 Dial-in information for the conference call is:
 
     Domestic:  888-209-4006
     International:  212-231-6005
 
     A replay of the call will be available beginning at noon today, through
 5 p.m. April 26.  The replay can be accessed by dialing:
 
     Domestic:  800-633-8625 - Reservation number:  18437429
     International:  858-812-6450 - Reservation number:  18437429
 
     The first quarter earnings press release, BLS Investor News summarizing
 highlights of the quarter, and downloadable Microsoft Excel and computer
 viewable financial statements are available on our Web site at
 www.bellsouth.com/investor at 8 a.m. today.  Today's conference call will also
 be audiocast live beginning at 10 a.m. on our Web site, with a replay
 available through April 26, 2001.
 
     In addition to historical information, this document contains forward-
 looking statements regarding events and financial trends.  Factors that could
 affect future results and could cause actual results to differ materially from
 those expressed or implied in the forward-looking statements include: (i) a
 change in economic conditions in domestic or international markets where we
 operate or have material investments which would affect demand for our
 services; (ii) the intensity of competitive activity and its resulting impact
 on pricing strategies and new product offerings; and (iii) higher than
 anticipated cash requirements for investments, new business initiatives and
 acquisitions.  The forward-looking information in this document is given as of
 this date only, and BellSouth assumes no duty to update this information.
 
 
     BellSouth Corporation
     Consolidated Statements of Income - Normalized Basis (unaudited)
     (amounts in millions, except per share data)
 
     Note to Readers:  Our reported results have been significantly impacted by
 several events, including the formation of Cingular Wireless, adoption of new
 revenue recognition policies and other one-time  items.  To assist in your
 understanding of our results, we have prepared the following normalized
 information, including the notes on page 4 which discuss the impacts of these
 events. See the following page for our reported results.
 
                                                1Q01      1Q00(10)      Growth
 
     Operating Revenues
       Communications group                   $4,627    $ 4,491           3.0%
       Domestic wireless                       1,310        944          38.8%
       Latin America                             773        678          14.0%
       Domestic advertising and publishing       434        349          24.4%
       All other                                  34         33           3.0%
        Total Operating Revenues               7,178      6,495          10.5%
 
     Operating Expenses
       Operational and support expenses        3,955      3,576          10.6%
       Depreciation and amortization           1,337      1,218           9.8%
         Total Operating Expenses              5,292      4,794          10.4%
     Operating Income                          1,886      1,701          10.9%
     Interest Expense                            420        306          37.3%
     Other Income (Expense), net                  71        146         -51.4%
     Income Before Income Taxes                1,537      1,541          -0.3%
     Provision for Income Taxes                  562        560           0.4%
                 Net Income                     $975       $981          -0.6%
 
     Diluted:
           Weighted Average Common Shares
             Outstanding                       1,886      1,898          -0.6%
           Earnings Per Share                  $0.52      $0.52             --
 
 
     Selected Financial and Operating Data
 
 
     EBITDA (5)                               $3,223     $2,919          10.4%
     EBITDA margin (6)                         44.9%      44.9%             --
     Return on average equity
      (annualized)                             22.6%      25.9%      - 330 bps
     Return on average total capital
      (annualized)                             15.5%      15.6%        -10 bps
 
     Digital and data revenues                $1,034       $811          27.5%
     Dividends per share                       $0.19      $0.19             --
     Capital expenditures                     $1,644     $1,563           5.2%
 
     Common shares outstanding                 1,873      1,880          -0.4%
     Book value per share                      $9.29      $8.33          11.5%
     Debt ratio                                52.6%      51.0%       +160 bps
     Total employees                         107,155     96,653          10.9%
 
 
     BellSouth Corporation
     Consolidated Statements of Income - Reported Basis (unaudited)
     (amounts in millions, except per share data)
 
                                               1Q01        1Q00(10)     Growth
 
 
     Operating Revenues
       Communications group                   $ 4,665      $ 4,513        3.4%
       Domestic wireless                            -          867     -100.0%
       Latin America                              773          678       14.0%
       Domestic advertising and publishing        434          349       24.4%
       All other                                   47           33       42.4%
         Total Operating Revenues               5,919        6,440       -8.1%
 
     Operating Expenses
       Operational and support expenses         3,161        3,521      -10.2%
       Depreciation and amortization            1,157        1,218       -5.0%
       Severance accrual                            -           78     -100.0%
           Total Operating Expenses             4,318        4,817      -10.4%
     Operating Income                           1,601        1,623       -1.4%
     Interest Expense                             360          306       17.6%
     Other Income (Expense), net                  166          214      -22.4%
     Income Before Income Taxes                 1,407        1,531       -8.1%
     Provision for Income Taxes                   516          530       -2.6%
                 Net Income                      $891       $1,001      -11.0%
 
     Diluted:
           Weighted Average Common
             Shares Outstanding                 1,886        1,898       -0.6%
           Earnings Per Share                   $0.47        $0.53      -11.3%
 
 
     Selected Financial and Operating Data
 
 
     EBITDA (5)                                $2,758       $2,919        -5.5%
     EBITDA margin (6)                          46.6%        45.3%     +130 bps
     Return on average equity
       (annualized)                             20.7%        26.4%    - 570 bps
     Return on average total capital
       (annualized)                             14.5%        15.8%    - 130 bps
 
 
 
     BellSouth Corporation
     Normalized Earnings Summary  (unaudited)
     (amounts in millions, except per share data)
 
 
                                                    1Q01       1Q00      Growth
 
 
     Reported Net Income                             $891     $1,001    -11.0%
       Postretirement benefit expense (a)              47          -
       Loss on sale of Qwest common stock (b)          32          -
       Losses from wireless video business (c)          5          -
       Gain on E-Plus restructuring (d)                 -        (68)
       Severance accrual (e)                            -         48
     Normalized Net Income                           $975       $981     -0.6%
 
 
     Reported Diluted Earnings Per Share            $0.47      $0.53    -11.3%
       Postretirement benefit expense (a)            0.02          -
       Loss on sale of Qwest common stock (b)        0.02          -
       Losses from wireless video business (c)          -          -
       Gain on E-Plus restructuring (d)                 -      (0.04)
       Severance accrual (e)                            -       0.03
     Normalized Diluted Earnings Per Share *        $0.52      $0.52        --
 
     *    Normalized  earnings  per share for first  quarter 2001 does not sum
          due to rounding.
 
 
     BellSouth Corporation
     Notes to Normalized Financial and Operating Data
 
     Our normalized earnings have been adjusted for the following:
 
     (a)  Postretirement benefit expense - The amount shown represents
          expense for changes postretirement medical benefit obligations.
          This expense is being recognized in accordance with generally
          accepted accounting principles.
 
     (b)  Loss on sale of Qwest common stock - Represents  the loss incurred
          from the sale of a portion of our investment in Qwest common stock.
 
     (c)  Losses from Wireless Video Business - Represents the current period
          losses being incurred as we exit the wireless video entertainment
          business.
 
     (d)  Gain on E-Plus Restructuring - Represents income related to the
          restructuring of our ownership interest in German wireless operator
          E-Plus.
 
     (e)  Severance Accrual - Represents expense recorded as a result of our
          plan to reduce our domestic general and administrative staff.
 
 
     In addition to the items discussed above, our consolidated normalized
     statements of income have been adjusted for the following:
 
     (f)  Communications group revenues have been adjusted to present all
          revenues from sales of customer premises equipment on an agency-fee
          basis (net of associated direct costs).  This adjustment is made to
          present these revenues on a basis comparable to amounts earned under
          a new vendor contract entered into during first quarter 2001.
 
     (g)  The first quarter 2001 period has been adjusted to include our
          proportional share of Cingular  Wireless' operating results for first
          quarter 2001, net of eliminations for amounts charged between
          Cingular and other BellSouth companies.
 
     (h)  Cingular presents its revenues and expenses from roamer activity on a
          gross basis.  We have conformed our domestic wireless revenues and
          operational and support expenses for first quarter 2000 to present
          roamer revenues and roamer costs on a consistent basis.
 
 
 
     BellSouth Corporation
     Consolidated Balance Sheets (unaudited)
     (amounts in millions, except per share data)
 
                                                     March 31,     December 31,
                                                          2001           2000
 
     Assets
     Current Assets:
       Cash and cash equivalents                           $712         $1,061
       Temporary cash investments                             4             37
       Accounts receivable, net of
         allowance for uncollectibles
         of $398 and $377                                 5,359          5,157
       Material and supplies                                414            379
       Other current assets                                 890            772
         Total Current Assets                             7,379          7,406
 
     Investments and Advances                             9,905         11,010
     Property, Plant and Equipment, net                  24,634         24,157
     Deferred Charges and Other Assets                    4,445          4,180
     Intangible Assets, net                               4,280          4,172
     Total Assets                                       $50,643        $50,925
 
     Liabilities and Shareholders' Equity
     Current Liabilities:
       Debt maturing within one year                     $6,250         $7,569
       Accounts payable                                   2,105          2,233
       Other current liabilities                          3,511          3,468
         Total Current Liabilities                       11,866         13,270
 
     Long-Term Debt                                      13,075         12,463
 
     Noncurrent Liabilities:
       Deferred income taxes                              3,516          3,580
       Other noncurrent liabilities                       4,793          4,700
         Total Noncurrent Liabilities                     8,309          8,280
 
     Shareholders' Equity:
       Common stock, $1 par value                         2,020          2,020
       Paid-in capital                                    6,761          6,740
       Retained earnings                                 14,588         14,074
       Accumulated other comprehensive income              (637)          (488)
       Shares held in trust and treasury                 (5,168)        (5,222)
       Guarantee of ESOP debt                              (171)          (212)
         Total Shareholders' Equity                      17,393         16,912
     Total Liabilities and Shareholders' Equity         $50,643        $50,925
 
 
 
     BellSouth Corporation
     Results by Segment (amounts in millions) (unaudited)
 
     Communications Group (1)
 
 
                                                1Q01       1Q00       Growth
 
     Operating Revenues
           Local service                         $2,910      $2,828       2.9%
           Network access                         1,237       1,232       0.4%
           Long distance                            171         170       0.6%
           Other                                    368         348       5.7%
               Total Operating Revenues           4,686       4,578       2.4%
     Operating Expenses
           Operational and support expenses       2,200       2,164       1.7%
           Depreciation and amortization            976         911       7.1%
               Total Operating Expenses           3,176       3,075       3.3%
     Operating Income                             1,510       1,503       0.5%
     Interest Expense                               168         162       3.7%
     Other Income, net                               12           4       N/M*
     Income Before Income Taxes                   1,354       1,345       0.7%
     Provision for Income Taxes                     499         513      -2.7%
                 Segment Net Income(1)             $855        $832       2.8%
     * - Not meaningful.
 
 
     Selected Financial and Operating Data
 
     (amounts in millions)
     EBITDA (5)                                 $2,486      $2,414       3.0%
     EBITDA margin (6)                           53.1%       52.7%    +40 bps
     Calling feature revenues                    $567        $515      10.1%
     Access minutes of use                     27,942      28,716      -2.7%
     Toll messages                                108         136     -20.6%
     Capital expenditures                      $1,477      $1,201      23.0%
 
 
     Equivalent access lines in
      service (thousands):
       Access lines                            25,898      25,860       0.1%
       Access line equivalents                 31,252      19,725      58.4%
     Total equivalent access lines
       in service                              57,150      45,585      25.4%
     Wholesale lines                            1,408         930      51.4%
     Internet customers (thousands):            1,047         753      39.0%
     DSL customers (thousands):                   303          49     518.4%
 
 
 
     BellSouth Corporation
     Results by Segment (unaudited)
     Supplemental Operating Data  (in thousands)
 
     Communications Group - Network Access Lines In Service(a)
 
 
                                                   1Q01       1Q00      Growth
 
 
     Access lines (b)
      Residence                                  17,192     17,278      -0.5%
      Business                                    8,464      8,319       1.7%
      Other                                         242        263      -8.0%
       Total access lines in service             25,898     25,860       0.1%
     Access line equivalents(c)
      Selected digital data services:
        DS0  & ADSL                               2,513        848     196.3%
        DS1                                       5,985      4,780      25.2%
        DS3 & higher                             22,754     14,097      61.4%
         Total digital data lines in service     31,252     19,725      58.4%
 
     Total equivalent access lines in service    57,150     45,585      25.4%
 
     (a)  Prior period operating data are often revised at later dates to
          reflect updated information.  The above information reflects the
          latest data available for the periods indicated.
 
     (b)  Access line counts include amounts for switched access lines, Basic
          Rate ISDN, Primary Rate ISDN and UNE Combos.
 
     (c)  Access line equivalents represent a conversion of non-switched data
          circuits to a switched access line basis and is presented for
          comparability purposes.  Equivalents are calculated by converting
          high-speed/high-capacity circuits to the equivalent of a switched
          access line based on transport capacity.  While the revenues
          generated by access line equivalents have a directional relationship
          with these counts, growth rates cannot be compared on an equivalent
          basis.
 
 
 
     BellSouth Corporation
     Results by Segment (amounts in millions) (unaudited)
 
     Domestic Wireless Segment (1)(a)
 
 
                                              1Q01          1Q00         Growth
 
     Operating Revenues
           Service revenues (4)              $1,205          $873         38.0%
           Equipment and other revenues         105            77         36.4%
               Total Operating Revenues       1,310           950         37.9%
     Operating Expenses
           Operational and support expenses     925           726         27.4%
           Depreciation and amortization        180           167          7.8%
               Total Operating Expenses       1,105           893         23.7%
     Operating Income                           205            57        259.6%
     Interest Expense                            82            27        203.7%
     Other Income, net                           20            34        -41.2%
     Income Before Income Taxes                 143            64        123.4%
     Provision for Income Taxes                  55            23        139.1%
                 Segment Net Income(1)          $88           $41        114.6%
 
 
     Selected Financial and Operating Data (b)
 
     (amounts in millions, except customer
       data in thousands)
     EBITDA (5)                                $385          $224         71.9%
     EBITDA margin (6)(c)                     32.0%         25.7%      +630 bps
 
 
     Average monthly revenue per
       customer (7)(d)                          $50           $59        -15.3%
     Customer net adds in period
       (excluding ownership changes)
           Cellular and PCS                     342           309         10.7%
           Data (Cingular Interactive)           34            79        -57.0%
 
 
     Customers
           Cellular and PCS                   8,214         5,196         58.1%
           Data (Cingular Interactive)          263           303        -13.2%
     POPs                                    76,800        57,034         34.7%
     Penetration rate (9)                     10.7%          9.4%      +130 bps
 
     (a)  The first quarter 2000 period is comprised of BellSouth's wireless
          voice and wireless data operations.  The first quarter 2001 period is
          comprised of BellSouth's 40% share of the reported results of
          Cingular Wireless.
 
     (b)  Customer data for first quarter 2001, including POPs, penetration
          rate and average monthly revenue per customer, is comprised of
          BellSouth's 40% share of the managed results of Cingular Wireless.
 
     (c)  EBITDA margin denominator includes service revenues only.
 
     (d)  Average monthly revenue per customer excludes Cingular Interactive
          (formerly BellSouth Wireless Data).
 
 
 
 
     BellSouth Corporation
     Results by Segment (amounts in millions) (unaudited)
 
     Latin America Group (1)(2)
 
 
                                               1Q01          1Q00        Growth
 
     Operating Revenues
           Service revenues (4)                 $642         $575        11.7%
           Equipment and other revenues          139          106        31.1%
           Advertising and publishing revenues     1           14       -92.9%
               Total Operating Revenues          782          695        12.5%
     Operating Expenses
           Operational and support expenses      630          581         8.4%
           Depreciation and amortization         154          126        22.2%
               Total Operating Expenses          784          707        10.9%
     Operating Income                             (2)         (12)       83.3%
     Interest Expense                             60           33        81.8%
     Other Income, net                           (41)          12         N/M*
     Income Before Income Taxes                 (103)         (33)         N/M
     Provision for Income Taxes                    3          (13)         N/M
                 Segment Net Income(1)         ($106)        ($20)         N/M
     * - Not meaningful.
 
 
     Selected Financial and Operating Data
 
     (amounts in millions, except
       customer data in thousands)
     EBITDA (5)                                 $152         $114        33.3%
     EBITDA margin (6)                         19.4%        16.4%     +300 bps
 
 
     Average monthly revenue per
      customer (8)                               $28          $40       -30.0%
     Customer net adds in period
      (excluding ownership changes)              715          827       -13.5%
 
 
     Customers (voice)                         7,784        5,096        52.7%
     POPs                                    156,200      114,600        36.3%
     Penetration rate (9)                       5.0%         5.5%      -50 bps
 
 
 
     BellSouth Corporation
     Proportionate Basis(3) - Selected Financial and Operating Data
     (Amounts in millions, except customer data in thousands)
 
     Latin America Group (1)(2)
 
 
                                             1Q01          1Q00       Growth
 
 
     Operating revenues                           $712         $667        6.7%
     EBITDA(5)                                    $154         $109       41.3%
     EBITDA margin(6)                            21.6%        16.3%    +530 bps
 
 
 
     Average monthly revenue
       per customer (8)                            $28          $39      -28.2%
     Customer net adds in
      period (excluding ownership
      changes)                                     668          780      -14.4%
 
 
 
     Customers (voice)                           7,574        5,007       51.3%
     POPs                                      156,586      124,401       25.9%
     Penetration rate (9)                         4.8%         4.9%     -10 bps
 
 
 
     BellSouth Corporation
     Worldwide Wireless (unaudited)
     Customers and POPs by Country
     (Proportionate Basis(3) in thousands)
                                                            Customers As of
           Country            Brand                1Q01        1Q00      Growth
 
     United States   Cingular Wireless /           8,214        5,637     45.7%
                     BellSouth Mobility
 
     Argentina        Movicom BellSouth            1,094          836     30.9%
     Brazil               Various*                 1,393          890     56.5%
     Chile                BellSouth                  757          403     87.8%
     Colombia        Celumovil BellSouth             738            -     N/M**
     Ecuador              BellSouth                  217          182     19.2%
     Guatemala            BellSouth                   17            -       N/M
     Nicaragua            BellSouth                  116           45    157.8%
     Panama               BellSouth                   98           62     58.1%
     Peru                 BellSouth                  369          309     19.4%
     Uruguay          Movicom BellSouth               62           65     -4.6%
     Venezuela        Telcel BellSouth             2,713        2,215     22.5%
 
 
          Total Latin
            America                                7,574        5,007     51.3%
 
 
     Denmark               Sonofon                   408          385      6.0%
     Germany               e-plus                  1,554          920     68.9%
     India                 SkyCell                    11            6    basis for the Domestic Wireless segment
          and on a net basis for the Latin America segment.
 
     (5)  EBITDA is defined as operating revenues less operational and support
          expenses.
 
     (6)  EBITDA margin is calculated by dividing EBITDA by operating revenues.
 
     (7)  For the Domestic Wireless segment, average monthly revenue per
          customer is calculated by dividing average monthly revenue by
          average  customers.  Average monthly revenue includes activation
          fees, access, airtime, roaming (gross), long distance and value added
          services.
 
     (8)  For the Latin America segment, average monthly revenue per customer
          is calculated by dividing average monthly revenue by average
          customers.  Average monthly revenue includes activation fees, access,
          airtime, roaming (net), long distance and value added services.
 
     (9)  Penetration rate is calculated by dividing customers by POPs
          (excludes POPs in markets where service has not been initiated).
 
     (10) During fourth quarter 2000, we adopted a new method of recognizing
          revenues and expenses derived from installation and activation
          activities.  We did this to comply with new accounting guidance
          contained in SAB101, which requires that revenues from such
          activities be deferred and recognized over the estimated life of the
          relationship with the customer.  As required by SAB101, we
          retroactively adopted the new method effective January 1, 2000.
          The retroactive adoption decreased our previously reported
          revenues and expenses equally by $47 for first quarter 2000.  The
          adoption did not affect our reported earnings for any 2000 period.
 
 
     CONTACT:  Pattie Kushner of BellSouth Corporation, 404-249-2365
 
 

SOURCE BellSouth Corporation
    ATLANTA, April 19 /PRNewswire/ -- With strong volumes in the growth areas
 of data and wireless, BellSouth Corporation (NYSE:   BLS) reported normalized
 earnings per share (EPS) of 52 cents in the first quarter of 2001, including a
 2-cent reduction related to foreign currency losses.  This compared to
 normalized EPS of 52 cents in the same quarter a year earlier.
     As previously disclosed, the first quarter of 2001 reflected BellSouth's
 accelerated growth initiatives in domestic broadband and Latin America
 wireless.  The company's continuing ramp-up of DSL high-speed Internet access
 service reduced EPS an incremental 2 cents compared to the first quarter of
 2000.  BellSouth's wireless operations in Colombia, which were acquired in
 July 2000 and not included in the first quarter a year ago, reduced EPS
 3 cents.
     First quarter revenues were $7.2 billion, adjusted to include BellSouth's
 40 percent share of Cingular Wireless.  This was a gain of 10.5 percent
 compared to the first three months of the previous year.  BellSouth's
 quarterly data revenues exceeded $1 billion for the first time, as strong
 growth in DSL and other broadband and Internet services represented nearly
 one-third of revenue growth.
 
     Data: Broadband, Internet, E-Commerce
 
     BellSouth continues to rapidly deploy broadband services, and finished the
 quarter with 303,000 customers for DSL high-speed Internet access.  In the
 first quarter alone, the company added more than 88,000 DSL customers -- a
 sequential quarter increase of 40.9 percent.  Including dial-up, total
 Internet access customers passed the one million milestone.  Total data
 revenues of $1.03 billion increased 27.5 percent compared to the same quarter
 of 2000.
     In the consumer marketplace, BellSouth's DSL revenues are increasing
 rapidly.  The bulk of data revenues, however, comes from high-speed, high-
 capacity services for BellSouth's business customers.  LightGate(R) service,
 for example, is one of the company's top selling data products.  LightGate
 integrates data, voice and video over a fiber optic-based private line
 service, giving businesses the equivalent of 672 circuits for data, private
 line, dial-up or voice applications.  In March 2001, BellSouth became the
 first and only data network provider offering Subrate T3 service, a new frame
 relay product that gives businesses true bandwidth on demand.
 
     Domestic Wireless / Cingular
 
     BellSouth's domestic wireless revenues, representing the company's
 40 percent share of Cingular, were $1.3 billion in the first quarter of 2001.
 This was a gain of 38.8 percent compared to BellSouth's domestic wireless
 revenues in the first quarter of 2000.  At March 31, Cingular had 20.5 million
 cellular and PCS customers, an annual growth rate of 18.7 percent.  Revenue
 growth in the first quarter of 2001 was driven by Cingular's nationwide
 footprint and demand for the company's array of data and voice services,
 including package plans.
 
     Latin America Group
 
     BellSouth added 715,000 Latin America wireless customers in the first
 quarter, bringing customers to nearly 7.8 million, an annual growth rate of
 52.7 percent.  Consolidated Latin America revenues -- including advertising
 and publishing -- were $773 million in the first quarter of 2001.  BellSouth's
 mid-2000 acquisition in Colombia and last year's expansion of wireless service
 into the interiors of Argentina and Chile had a favorable impact on customer
 growth.  BellSouth now serves markets in 11 Central and South American
 countries.
 
     Worldwide Wireless Reach
 
     Including Cingular, BellSouth now provides wireless services to
 42.6 million total customers in 16 countries.  On a proportionate basis,
 BellSouth's wireless customers around the world numbered 18.4 million at March
 31, an increase of 6.0 million, or 47.8 percent, compared to the first quarter
 of 2000.  Through its international operations and its domestic joint venture,
 Cingular, BellSouth's wireless licenses cover a total population globally of
 more than 537 million.
 
     Special Items
 
     Reported EPS in the first quarter of 2001 was 47 cents, including the
 impact of special items totaling 5 cents.  These items were: a non-cash charge
 for post- retirement benefit changes; a loss on the sale of an investment; and
 transition costs associated with the previously announced restructuring of
 BellSouth's consumer wireless video entertainment business.
 
     2001 Guidance
 
     BellSouth reaffirmed previous guidance for certain key financial and
 business metrics in 2001 as follows:
 
     Earnings per share                              7-9% growth
     Total operating revenue - including Cingular    9-11% growth
     Data revenue                                    30% growth (approx.)
     Capital expenditures                            $5.5-6.0 billion
     DSL high-speed Internet customers               600,000 at 12/31/01
 
 
     About BellSouth Corporation
 
     BellSouth Corporation is a Fortune 100 communications services company
 headquartered in Atlanta, GA, serving more than 45 million customers in the
 United States and 16 other countries.
     Consistently recognized for customer satisfaction, BellSouth provides a
 full array of broadband data and e-commerce solutions to business customers,
 including Web hosting and other Internet services.  In the residential market,
 BellSouth offers DSL high-speed Internet access, advanced voice features and
 other services.  BellSouth also provides online and directory advertising
 services, including BellSouth(R) Real Pages(SM).com.
     BellSouth owns 40 percent of Cingular Wireless, the nation's second
 largest wireless company, which provides innovative wireless data and voice
 services.
     Further information about BellSouth's first quarter earnings can be
 accessed at www.bellsouth.com/investor.  The press release, financial
 statements and earnings commentary summarizing highlights of the quarter are
 available on the BellSouth Investor Relations Web site starting today at
 8 a.m. Eastern Time.
     BellSouth will host a conference call with the investment community at
 10 a.m. Eastern Time today, April 19.  Participating on the call will be
 BellSouth CFO Ron Dykes and Investor Relations Vice President Nancy Humphries.
 Dial-in information for the conference call is:
 
     Domestic:  888-209-4006
     International:  212-231-6005
 
     A replay of the call will be available beginning at noon today, through
 5 p.m. April 26.  The replay can be accessed by dialing:
 
     Domestic:  800-633-8625 - Reservation number:  18437429
     International:  858-812-6450 - Reservation number:  18437429
 
     The first quarter earnings press release, BLS Investor News summarizing
 highlights of the quarter, and downloadable Microsoft Excel and computer
 viewable financial statements are available on our Web site at
 www.bellsouth.com/investor at 8 a.m. today.  Today's conference call will also
 be audiocast live beginning at 10 a.m. on our Web site, with a replay
 available through April 26, 2001.
 
     In addition to historical information, this document contains forward-
 looking statements regarding events and financial trends.  Factors that could
 affect future results and could cause actual results to differ materially from
 those expressed or implied in the forward-looking statements include: (i) a
 change in economic conditions in domestic or international markets where we
 operate or have material investments which would affect demand for our
 services; (ii) the intensity of competitive activity and its resulting impact
 on pricing strategies and new product offerings; and (iii) higher than
 anticipated cash requirements for investments, new business initiatives and
 acquisitions.  The forward-looking information in this document is given as of
 this date only, and BellSouth assumes no duty to update this information.
 
 
     BellSouth Corporation
     Consolidated Statements of Income - Normalized Basis (unaudited)
     (amounts in millions, except per share data)
 
     Note to Readers:  Our reported results have been significantly impacted by
 several events, including the formation of Cingular Wireless, adoption of new
 revenue recognition policies and other one-time  items.  To assist in your
 understanding of our results, we have prepared the following normalized
 information, including the notes on page 4 which discuss the impacts of these
 events. See the following page for our reported results.
 
                                                1Q01      1Q00(10)      Growth
 
     Operating Revenues
       Communications group                   $4,627    $ 4,491           3.0%
       Domestic wireless                       1,310        944          38.8%
       Latin America                             773        678          14.0%
       Domestic advertising and publishing       434        349          24.4%
       All other                                  34         33           3.0%
        Total Operating Revenues               7,178      6,495          10.5%
 
     Operating Expenses
       Operational and support expenses        3,955      3,576          10.6%
       Depreciation and amortization           1,337      1,218           9.8%
         Total Operating Expenses              5,292      4,794          10.4%
     Operating Income                          1,886      1,701          10.9%
     Interest Expense                            420        306          37.3%
     Other Income (Expense), net                  71        146         -51.4%
     Income Before Income Taxes                1,537      1,541          -0.3%
     Provision for Income Taxes                  562        560           0.4%
                 Net Income                     $975       $981          -0.6%
 
     Diluted:
           Weighted Average Common Shares
             Outstanding                       1,886      1,898          -0.6%
           Earnings Per Share                  $0.52      $0.52             --
 
 
     Selected Financial and Operating Data
 
 
     EBITDA (5)                               $3,223     $2,919          10.4%
     EBITDA margin (6)                         44.9%      44.9%             --
     Return on average equity
      (annualized)                             22.6%      25.9%      - 330 bps
     Return on average total capital
      (annualized)                             15.5%      15.6%        -10 bps
 
     Digital and data revenues                $1,034       $811          27.5%
     Dividends per share                       $0.19      $0.19             --
     Capital expenditures                     $1,644     $1,563           5.2%
 
     Common shares outstanding                 1,873      1,880          -0.4%
     Book value per share                      $9.29      $8.33          11.5%
     Debt ratio                                52.6%      51.0%       +160 bps
     Total employees                         107,155     96,653          10.9%
 
 
     BellSouth Corporation
     Consolidated Statements of Income - Reported Basis (unaudited)
     (amounts in millions, except per share data)
 
                                               1Q01        1Q00(10)     Growth
 
 
     Operating Revenues
       Communications group                   $ 4,665      $ 4,513        3.4%
       Domestic wireless                            -          867     -100.0%
       Latin America                              773          678       14.0%
       Domestic advertising and publishing        434          349       24.4%
       All other                                   47           33       42.4%
         Total Operating Revenues               5,919        6,440       -8.1%
 
     Operating Expenses
       Operational and support expenses         3,161        3,521      -10.2%
       Depreciation and amortization            1,157        1,218       -5.0%
       Severance accrual                            -           78     -100.0%
           Total Operating Expenses             4,318        4,817      -10.4%
     Operating Income                           1,601        1,623       -1.4%
     Interest Expense                             360          306       17.6%
     Other Income (Expense), net                  166          214      -22.4%
     Income Before Income Taxes                 1,407        1,531       -8.1%
     Provision for Income Taxes                   516          530       -2.6%
                 Net Income                      $891       $1,001      -11.0%
 
     Diluted:
           Weighted Average Common
             Shares Outstanding                 1,886        1,898       -0.6%
           Earnings Per Share                   $0.47        $0.53      -11.3%
 
 
     Selected Financial and Operating Data
 
 
     EBITDA (5)                                $2,758       $2,919        -5.5%
     EBITDA margin (6)                          46.6%        45.3%     +130 bps
     Return on average equity
       (annualized)                             20.7%        26.4%    - 570 bps
     Return on average total capital
       (annualized)                             14.5%        15.8%    - 130 bps
 
 
 
     BellSouth Corporation
     Normalized Earnings Summary  (unaudited)
     (amounts in millions, except per share data)
 
 
                                                    1Q01       1Q00      Growth
 
 
     Reported Net Income                             $891     $1,001    -11.0%
       Postretirement benefit expense (a)              47          -
       Loss on sale of Qwest common stock (b)          32          -
       Losses from wireless video business (c)          5          -
       Gain on E-Plus restructuring (d)                 -        (68)
       Severance accrual (e)                            -         48
     Normalized Net Income                           $975       $981     -0.6%
 
 
     Reported Diluted Earnings Per Share            $0.47      $0.53    -11.3%
       Postretirement benefit expense (a)            0.02          -
       Loss on sale of Qwest common stock (b)        0.02          -
       Losses from wireless video business (c)          -          -
       Gain on E-Plus restructuring (d)                 -      (0.04)
       Severance accrual (e)                            -       0.03
     Normalized Diluted Earnings Per Share *        $0.52      $0.52        --
 
     *    Normalized  earnings  per share for first  quarter 2001 does not sum
          due to rounding.
 
 
     BellSouth Corporation
     Notes to Normalized Financial and Operating Data
 
     Our normalized earnings have been adjusted for the following:
 
     (a)  Postretirement benefit expense - The amount shown represents
          expense for changes postretirement medical benefit obligations.
          This expense is being recognized in accordance with generally
          accepted accounting principles.
 
     (b)  Loss on sale of Qwest common stock - Represents  the loss incurred
          from the sale of a portion of our investment in Qwest common stock.
 
     (c)  Losses from Wireless Video Business - Represents the current period
          losses being incurred as we exit the wireless video entertainment
          business.
 
     (d)  Gain on E-Plus Restructuring - Represents income related to the
          restructuring of our ownership interest in German wireless operator
          E-Plus.
 
     (e)  Severance Accrual - Represents expense recorded as a result of our
          plan to reduce our domestic general and administrative staff.
 
 
     In addition to the items discussed above, our consolidated normalized
     statements of income have been adjusted for the following:
 
     (f)  Communications group revenues have been adjusted to present all
          revenues from sales of customer premises equipment on an agency-fee
          basis (net of associated direct costs).  This adjustment is made to
          present these revenues on a basis comparable to amounts earned under
          a new vendor contract entered into during first quarter 2001.
 
     (g)  The first quarter 2001 period has been adjusted to include our
          proportional share of Cingular  Wireless' operating results for first
          quarter 2001, net of eliminations for amounts charged between
          Cingular and other BellSouth companies.
 
     (h)  Cingular presents its revenues and expenses from roamer activity on a
          gross basis.  We have conformed our domestic wireless revenues and
          operational and support expenses for first quarter 2000 to present
          roamer revenues and roamer costs on a consistent basis.
 
 
 
     BellSouth Corporation
     Consolidated Balance Sheets (unaudited)
     (amounts in millions, except per share data)
 
                                                     March 31,     December 31,
                                                          2001           2000
 
     Assets
     Current Assets:
       Cash and cash equivalents                           $712         $1,061
       Temporary cash investments                             4             37
       Accounts receivable, net of
         allowance for uncollectibles
         of $398 and $377                                 5,359          5,157
       Material and supplies                                414            379
       Other current assets                                 890            772
         Total Current Assets                             7,379          7,406
 
     Investments and Advances                             9,905         11,010
     Property, Plant and Equipment, net                  24,634         24,157
     Deferred Charges and Other Assets                    4,445          4,180
     Intangible Assets, net                               4,280          4,172
     Total Assets                                       $50,643        $50,925
 
     Liabilities and Shareholders' Equity
     Current Liabilities:
       Debt maturing within one year                     $6,250         $7,569
       Accounts payable                                   2,105          2,233
       Other current liabilities                          3,511          3,468
         Total Current Liabilities                       11,866         13,270
 
     Long-Term Debt                                      13,075         12,463
 
     Noncurrent Liabilities:
       Deferred income taxes                              3,516          3,580
       Other noncurrent liabilities                       4,793          4,700
         Total Noncurrent Liabilities                     8,309          8,280
 
     Shareholders' Equity:
       Common stock, $1 par value                         2,020          2,020
       Paid-in capital                                    6,761          6,740
       Retained earnings                                 14,588         14,074
       Accumulated other comprehensive income              (637)          (488)
       Shares held in trust and treasury                 (5,168)        (5,222)
       Guarantee of ESOP debt                              (171)          (212)
         Total Shareholders' Equity                      17,393         16,912
     Total Liabilities and Shareholders' Equity         $50,643        $50,925
 
 
 
     BellSouth Corporation
     Results by Segment (amounts in millions) (unaudited)
 
     Communications Group (1)
 
 
                                                1Q01       1Q00       Growth
 
     Operating Revenues
           Local service                         $2,910      $2,828       2.9%
           Network access                         1,237       1,232       0.4%
           Long distance                            171         170       0.6%
           Other                                    368         348       5.7%
               Total Operating Revenues           4,686       4,578       2.4%
     Operating Expenses
           Operational and support expenses       2,200       2,164       1.7%
           Depreciation and amortization            976         911       7.1%
               Total Operating Expenses           3,176       3,075       3.3%
     Operating Income                             1,510       1,503       0.5%
     Interest Expense                               168         162       3.7%
     Other Income, net                               12           4       N/M*
     Income Before Income Taxes                   1,354       1,345       0.7%
     Provision for Income Taxes                     499         513      -2.7%
                 Segment Net Income(1)             $855        $832       2.8%
     * - Not meaningful.
 
 
     Selected Financial and Operating Data
 
     (amounts in millions)
     EBITDA (5)                                 $2,486      $2,414       3.0%
     EBITDA margin (6)                           53.1%       52.7%    +40 bps
     Calling feature revenues                    $567        $515      10.1%
     Access minutes of use                     27,942      28,716      -2.7%
     Toll messages                                108         136     -20.6%
     Capital expenditures                      $1,477      $1,201      23.0%
 
 
     Equivalent access lines in
      service (thousands):
       Access lines                            25,898      25,860       0.1%
       Access line equivalents                 31,252      19,725      58.4%
     Total equivalent access lines
       in service                              57,150      45,585      25.4%
     Wholesale lines                            1,408         930      51.4%
     Internet customers (thousands):            1,047         753      39.0%
     DSL customers (thousands):                   303          49     518.4%
 
 
 
     BellSouth Corporation
     Results by Segment (unaudited)
     Supplemental Operating Data  (in thousands)
 
     Communications Group - Network Access Lines In Service(a)
 
 
                                                   1Q01       1Q00      Growth
 
 
     Access lines (b)
      Residence                                  17,192     17,278      -0.5%
      Business                                    8,464      8,319       1.7%
      Other                                         242        263      -8.0%
       Total access lines in service             25,898     25,860       0.1%
     Access line equivalents(c)
      Selected digital data services:
        DS0  & ADSL                               2,513        848     196.3%
        DS1                                       5,985      4,780      25.2%
        DS3 & higher                             22,754     14,097      61.4%
         Total digital data lines in service     31,252     19,725      58.4%
 
     Total equivalent access lines in service    57,150     45,585      25.4%
 
     (a)  Prior period operating data are often revised at later dates to
          reflect updated information.  The above information reflects the
          latest data available for the periods indicated.
 
     (b)  Access line counts include amounts for switched access lines, Basic
          Rate ISDN, Primary Rate ISDN and UNE Combos.
 
     (c)  Access line equivalents represent a conversion of non-switched data
          circuits to a switched access line basis and is presented for
          comparability purposes.  Equivalents are calculated by converting
          high-speed/high-capacity circuits to the equivalent of a switched
          access line based on transport capacity.  While the revenues
          generated by access line equivalents have a directional relationship
          with these counts, growth rates cannot be compared on an equivalent
          basis.
 
 
 
     BellSouth Corporation
     Results by Segment (amounts in millions) (unaudited)
 
     Domestic Wireless Segment (1)(a)
 
 
                                              1Q01          1Q00         Growth
 
     Operating Revenues
           Service revenues (4)              $1,205          $873         38.0%
           Equipment and other revenues         105            77         36.4%
               Total Operating Revenues       1,310           950         37.9%
     Operating Expenses
           Operational and support expenses     925           726         27.4%
           Depreciation and amortization        180           167          7.8%
               Total Operating Expenses       1,105           893         23.7%
     Operating Income                           205            57        259.6%
     Interest Expense                            82            27        203.7%
     Other Income, net                           20            34        -41.2%
     Income Before Income Taxes                 143            64        123.4%
     Provision for Income Taxes                  55            23        139.1%
                 Segment Net Income(1)          $88           $41        114.6%
 
 
     Selected Financial and Operating Data (b)
 
     (amounts in millions, except customer
       data in thousands)
     EBITDA (5)                                $385          $224         71.9%
     EBITDA margin (6)(c)                     32.0%         25.7%      +630 bps
 
 
     Average monthly revenue per
       customer (7)(d)                          $50           $59        -15.3%
     Customer net adds in period
       (excluding ownership changes)
           Cellular and PCS                     342           309         10.7%
           Data (Cingular Interactive)           34            79        -57.0%
 
 
     Customers
           Cellular and PCS                   8,214         5,196         58.1%
           Data (Cingular Interactive)          263           303        -13.2%
     POPs                                    76,800        57,034         34.7%
     Penetration rate (9)                     10.7%          9.4%      +130 bps
 
     (a)  The first quarter 2000 period is comprised of BellSouth's wireless
          voice and wireless data operations.  The first quarter 2001 period is
          comprised of BellSouth's 40% share of the reported results of
          Cingular Wireless.
 
     (b)  Customer data for first quarter 2001, including POPs, penetration
          rate and average monthly revenue per customer, is comprised of
          BellSouth's 40% share of the managed results of Cingular Wireless.
 
     (c)  EBITDA margin denominator includes service revenues only.
 
     (d)  Average monthly revenue per customer excludes Cingular Interactive
          (formerly BellSouth Wireless Data).
 
 
 
 
     BellSouth Corporation
     Results by Segment (amounts in millions) (unaudited)
 
     Latin America Group (1)(2)
 
 
                                               1Q01          1Q00        Growth
 
     Operating Revenues
           Service revenues (4)                 $642         $575        11.7%
           Equipment and other revenues          139          106        31.1%
           Advertising and publishing revenues     1           14       -92.9%
               Total Operating Revenues          782          695        12.5%
     Operating Expenses
           Operational and support expenses      630          581         8.4%
           Depreciation and amortization         154          126        22.2%
               Total Operating Expenses          784          707        10.9%
     Operating Income                             (2)         (12)       83.3%
     Interest Expense                             60           33        81.8%
     Other Income, net                           (41)          12         N/M*
     Income Before Income Taxes                 (103)         (33)         N/M
     Provision for Income Taxes                    3          (13)         N/M
                 Segment Net Income(1)         ($106)        ($20)         N/M
     * - Not meaningful.
 
 
     Selected Financial and Operating Data
 
     (amounts in millions, except
       customer data in thousands)
     EBITDA (5)                                 $152         $114        33.3%
     EBITDA margin (6)                         19.4%        16.4%     +300 bps
 
 
     Average monthly revenue per
      customer (8)                               $28          $40       -30.0%
     Customer net adds in period
      (excluding ownership changes)              715          827       -13.5%
 
 
     Customers (voice)                         7,784        5,096        52.7%
     POPs                                    156,200      114,600        36.3%
     Penetration rate (9)                       5.0%         5.5%      -50 bps
 
 
 
     BellSouth Corporation
     Proportionate Basis(3) - Selected Financial and Operating Data
     (Amounts in millions, except customer data in thousands)
 
     Latin America Group (1)(2)
 
 
                                             1Q01          1Q00       Growth
 
 
     Operating revenues                           $712         $667        6.7%
     EBITDA(5)                                    $154         $109       41.3%
     EBITDA margin(6)                            21.6%        16.3%    +530 bps
 
 
 
     Average monthly revenue
       per customer (8)                            $28          $39      -28.2%
     Customer net adds in
      period (excluding ownership
      changes)                                     668          780      -14.4%
 
 
 
     Customers (voice)                           7,574        5,007       51.3%
     POPs                                      156,586      124,401       25.9%
     Penetration rate (9)                         4.8%         4.9%     -10 bps
 
 
 
     BellSouth Corporation
     Worldwide Wireless (unaudited)
     Customers and POPs by Country
     (Proportionate Basis(3) in thousands)
                                                            Customers As of
           Country            Brand                1Q01        1Q00      Growth
 
     United States   Cingular Wireless /           8,214        5,637     45.7%
                     BellSouth Mobility
 
     Argentina        Movicom BellSouth            1,094          836     30.9%
     Brazil               Various*                 1,393          890     56.5%
     Chile                BellSouth                  757          403     87.8%
     Colombia        Celumovil BellSouth             738            -     N/M**
     Ecuador              BellSouth                  217          182     19.2%
     Guatemala            BellSouth                   17            -       N/M
     Nicaragua            BellSouth                  116           45    157.8%
     Panama               BellSouth                   98           62     58.1%
     Peru                 BellSouth                  369          309     19.4%
     Uruguay          Movicom BellSouth               62           65     -4.6%
     Venezuela        Telcel BellSouth             2,713        2,215     22.5%
 
 
          Total Latin
            America                                7,574        5,007     51.3%
 
 
     Denmark               Sonofon                   408          385      6.0%
     Germany               e-plus                  1,554          920     68.9%
     India                 SkyCell                    11            6    basis for the Domestic Wireless segment
          and on a net basis for the Latin America segment.
 
     (5)  EBITDA is defined as operating revenues less operational and support
          expenses.
 
     (6)  EBITDA margin is calculated by dividing EBITDA by operating revenues.
 
     (7)  For the Domestic Wireless segment, average monthly revenue per
          customer is calculated by dividing average monthly revenue by
          average  customers.  Average monthly revenue includes activation
          fees, access, airtime, roaming (gross), long distance and value added
          services.
 
     (8)  For the Latin America segment, average monthly revenue per customer
          is calculated by dividing average monthly revenue by average
          customers.  Average monthly revenue includes activation fees, access,
          airtime, roaming (net), long distance and value added services.
 
     (9)  Penetration rate is calculated by dividing customers by POPs
          (excludes POPs in markets where service has not been initiated).
 
     (10) During fourth quarter 2000, we adopted a new method of recognizing
          revenues and expenses derived from installation and activation
          activities.  We did this to comply with new accounting guidance
          contained in SAB101, which requires that revenues from such
          activities be deferred and recognized over the estimated life of the
          relationship with the customer.  As required by SAB101, we
          retroactively adopted the new method effective January 1, 2000.
          The retroactive adoption decreased our previously reported
          revenues and expenses equally by $47 for first quarter 2000.  The
          adoption did not affect our reported earnings for any 2000 period.
 
 
     CONTACT:  Pattie Kushner of BellSouth Corporation, 404-249-2365
 
 SOURCE  BellSouth Corporation