NEW YORK-Bell Atlantic Corp. announced its fifth consecutive year of double-digit earnings growth. The company’s fourth quarter adjusted earnings per diluted share increased 11.6 percent from 69 cents per share in 1998 to 77 cents per share last year, with adjusted earnings per share rising 10.7 percent from $2.72 in 1998 to $3.01 in 1999.
Fourth quarter adjusted net income available to common shareowners increased 12.3 percent to $1.2 billion from $1.1 billion in 1998, with adjusted net income rising 10.9 percent from $4.3 billion in 1998 to $4.8 billion in 1999.
“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 into 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 Ivan Seidenberg, chairman and chief executive officer of Bell Atlantic.
While reported net income available to common shareowners increased from $2.9 billion in 1998 to $4.2 billion in 1999, fourth quarter net income fell from $1 billion in 1998 to $719 million in 1999.
Bell Atlantic’s Wireless Group reported huge advances in the fourth quarter, with 954,000 new subscribers, an increase of 30.5 percent compared with 1998. Wireless revenue increased 27.5 percent in the quarter to $1.6 billion with proportionate operating income increasing more than 50 percent to $293 million, according to the company.
