BellSouth Announces Plans to Restate Financial Results

Company's second- and third-quarter results to reflect $187 million charge.
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said it will restate its second- and third-quarter financial results to include a $187 million, second-quarter charge related to an upgrade in its U.S. wireless network.

A noncash, post-tax charge of about 10 cents a share will be reflected in revised second-quarter 1999 results. Despite the revision, BellSouth said it expects earnings growth for 1999 to be in the 19% to 21% range. The current 15-analyst estimate calls for 1999 earnings of $2.00 a share.

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Mergers, acquisitions and joint ventures

Boston Properties

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Cornerstone Properties


signed a communications deal with

Cypress Communications

, a telecommunications services provider.

A Delaware judge set an April 10 date for a trial to settle the dispute between





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over the blockbuster cholesterol drug, Lipitor. Pfizer filed suit against Warner last month, saying the company broke the terms of a standstill provision in their Lipitor marketing agreement. Warner retaliated against Pfizer by moving to end their agreement to jointly market Lipitor by filing a countersuit in the Delaware court.

Offerings and stock actions

Templeton Dragon Fund

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, a closed-end management investment company, said it would extend the fund's open-market share repurchases on Japan's

Osaka Securities Exchange.


Gilead Sciences

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announced the termination of its U.S. development program for adefovir dipivoxil for HIV, after federal regulators turned down a request for accelerated approval early last month.