BellSouth Announces Plans to Restate Financial Results

Company's second- and third-quarter results to reflect $187 million charge.
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BellSouth

(BLS)

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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