Top-Line Growth At NYNEX

NEW YORK -- On Monday, April 23,1996, NYNEX Corporation (NYSE:NYN) announced double-digit earnings growth for the fourth consecutive quarter, as first quarter net income, including a gain on the sale of an investment, increased to $407.3 million, or $0.94 per share, compared to $304.0 million, or $0.72 per share, in the first quarter of 1995.

This revenue growth, combined with the quarter's productivity gains, resulted in a 1.0 percentage point improvement in operating margin, to 21.4 percent, and a 10.6 percent increase in operating income.

"We continue to make progress in driving top-line growth and margin expansion," said NYNEX Chairman and Chief Executive Officer Ivan G. Seidenberg. "As in previous quarters, we invested in marketing to enhance revenues, and in systems, processes and people to improve service quality and handle our increased volumes, while simultaneously delivering double-digit earnings growth.

"We also continue to build value through investments in new businesses. Our strong cellular results and the improving performance of NYNEX CableComms have enabled us to improve new business earnings year-over-year at the same time we develop projects such as our Indonesian wireless partnership, our PrimeCo PC alliance, and Big Yellow, our powerful new Internet directory service.

When you combine these results with Bell Atlantic's strong first quarter, you can see why we're so excited about our future together. Our new company will be extremely well positioned to provide value for our customers and shareholders. Our shared goal is to sustain our present momentum through the closing and start from a position of even greater strength."

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