FYI, /John === FOR IMMEDIATE RELEASE For Information Contact: Peter W. Thonis BBN Corporation (617) 873-3512 pthonis@bbn.com GTE TO ACQUIRE BBN; BBN ANNOUNCES THIRD QUARTER FISCAL YEAR 1997 RESULTS Cambridge, Mass., May 6, 1997 --- BBN Corporation (NYSE:BBN) today said that GTE Corp. (NYSE: GTE) has agreed to acquire BBN in a transaction valued at approximately $616 million. Under the terms of the transaction, GTE will shortly commence a cash tender offer to acquire all the outstanding shares of BBN common stock at a price of $29 per share. BBN also reported third quarter revenue of $95.9 million, a 58 percent increase from $60.8 million in the third quarter of a year ago. Revenue for the nine month period ended March 31, 1997 was $254.1 million, an increase of 53 percent over $165.6 million for the nine months ended March 31, 1996. The revenue growth in the third quarter ended March 31, 1997 reflects continued significant growth in BBN Planet, BBNís Internet services division. BBN Planet had third quarter revenue of $48.2 million, a 134 percent increase over revenue of $20.6 million for the comparable quarter ended March 31, 1996 and a 23 percent sequential increase over $39.2 million in the quarter ended December 31, 1996. America Online-related revenue was $23.2 million, representing 48 percent of BBN Planet revenue. Revenue from BBN Planetís value-added services, which include web hosting, managed security, consulting and systems integration services, grew by approximately 18 percent sequentially over the prev
Yea, it's been around the office here a few times this morning. On Tue, 6 May 1997, John Curran wrote:
FYI, /John
=== FOR IMMEDIATE RELEASE
For Information Contact:
Peter W. Thonis BBN Corporation (617) 873-3512 pthonis@bbn.com
GTE TO ACQUIRE BBN; BBN ANNOUNCES THIRD QUARTER FISCAL YEAR 1997 RESULTS
Cambridge, Mass., May 6, 1997 --- BBN Corporation (NYSE:BBN) today said that GTE Corp. (NYSE: GTE) has agreed to acquire BBN in a transaction valued at approximately $616 million. Under the terms of the transaction, GTE will shortly commence a cash tender offer to acquire all the outstanding shares of BBN common stock at a price of $29 per share.
BBN also reported third quarter revenue of $95.9 million, a 58 percent increase from $60.8 million in the third quarter of a year ago. Revenue for the nine month period ended March 31, 1997 was $254.1 million, an increase of 53 percent over $165.6 million for the nine months ended March 31, 1996.
The revenue growth in the third quarter ended March 31, 1997 reflects continued significant growth in BBN Planet, BBN�s Internet services division. BBN Planet had third quarter revenue of $48.2 million, a 134 percent increase over revenue of $20.6 million for the comparable quarter ended March 31, 1996 and a 23 percent sequential increase over $39.2 million in the quarter ended December 31, 1996. America Online-related revenue was $23.2 million, representing 48 percent of BBN Planet revenue. Revenue from BBN Planet�s value-added services, which include web hosting, managed security, consulting and systems integration services, grew by approximately 18 percent sequentially over the prev
___________________________________________________________________________ Ed Morin edm@nwnexus.com Northwest Nexus - Professional Internet Services Bellevue, WA USA Voice: 425 455-3505 Web: http://www.nwnexus.com Info: info@nwnexus.com
participants (2)
-
Ed Morin -
John Curran