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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF
1934
Date of Report: October 13, 1998
Exact name of registrant
as specified in its charter: BELL ATLANTIC CORPORATION
Commission File Number: 1-8606
State of Incorporation: Delaware
I.R.S. Employer Identification No.: 23-2259884
Address of principal
executive offices: 1095 Avenue of the Americas
New York, New York
Zip Code 10036
Registrant's telephone number,
including area code: (212) 395-2121
Former name or former address,
if changed since last report: Not applicable
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Item 5. Other Events
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Attached as an exhibit is a press release issued by Bell Atlantic Corporation on
October 13, 1998 announcing that it will take certain charges in the third
quarter of 1998.
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Item 7. Financial Statements and Exhibits
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(c) Exhibits.
99 Press Release, dated October 13, 1998, issued by Bell Atlantic
Corporation.
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BELL ATLANTIC CORPORATION
By: /s/ Mel Meskin
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Mel Meskin
Vice President - Comptroller
Date: October 14, 1998
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EXHIBIT 99
NEWS RELEASE [LOGO OF BELL ATLANTIC APPEARS HERE]
FOR IMMEDIATE RELEASE Contact:
Oct. 13, 1998 David Frail
212-395-7726
[email protected]
Jim Crosson
212-395-2285
[email protected]
BELL ATLANTIC INITIATIVES TO RESULT IN $1.1 BILLION
IN AFTER-TAX CHARGES
Pension Offer and Productivity Gains
To Result In Permanent Force Reductions
NEW YORK -- Bell Atlantic (NYSE:BEL) said today that it will take charges
in the third quarter totaling approximately $1.1 billion after taxes, or $.70
per diluted share, related to the costs of completing an enhanced pension
offer, a revaluation of several international assets, and other items. The
charges are mainly non-cash in nature.
Frederic V. Salerno, Bell Atlantic senior executive vice president and
CFO, said, "We remain confident we will meet our targets for adjusted earnings
growth in 1998."
Charges of approximately $500 million, or $.32 per share, will be
recorded primarily for the completion of a retirement incentive program begun
at NYNEX in 1994 and extended through the end of next year as part of recent
union contract settlements.
Of 13,800 eligible union-represented employees, approximately 5,200
workers accepted the offer and will voluntarily leave the company in stages
over the next 14 months. As a result of productivity gains, the company
anticipates that less than half of the workers who take advantage of the
program will be replaced.
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Lawrence T. Babbio, Jr., Bell Atlantic president and CEO - Network, said,
"Combining the best practices of Bell Atlantic and NYNEX is allowing us to
handle increasing business volumes with greater efficiency and higher quality.
We're confident that we will see continued productivity improvements, which
will give us a great deal of flexibility in meeting our financial goals and
funding start-up costs for our new businesses in 1999."
Charges totaling approximately $545 million, or $.35 per share, will be
taken primarily for write-downs in the value of TelecomAsia, Bell Atlantic's
wireline investment in Thailand, and Excelcomindo, its wireless investment in
Indonesia.
"We have concluded that the currency devaluations and severe economic
conditions in Asia will have an impact on the book value of our Thai and
Indonesian holdings," Salerno said. "As a result, we are making the
accounting adjustments we are announcing today.
"We remain committed to both investments, which we have always viewed as
long-term opportunities."
Bell Atlantic accounts for the TelecomAsia and Excelcomindo investments
under the cost method. The company has limited exposure to Asian and other
emerging markets.
Approximately $55 million in charges, or $.03 per share, are primarily
for transition costs related to the Bell Atlantic-NYNEX merger and a write-off
of video equipment that has been superseded by Bell Atlantic's digital video
offering in partnership with DirecTV and USSB, and its planned next-generation
broadband network.
Bell Atlantic will announce its third-quarter results on Oct. 21.
Bell Atlantic 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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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 for forward-looking statements contained in the Private Securities
Litigation Reform Act 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
email, visit the News Center and register for personalized automatic delivery
of Bell Atlantic news releases.
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