Attached files
| file | filename |
|---|---|
| 8-K - VERIZON COMMUNICATIONS INC. -- FORM 8-K - VERIZON COMMUNICATIONS INC | d8k.htm |
| EX-99.1 - PRESS RELEASE - VERIZON COMMUNICATIONS INC | dex991.htm |
Exhibit 99.2
Verizon Communications Inc.
Condensed Consolidated Statements of Income — Quarter to Date - As Adjusted
|
(dollars in millions, except per share amounts) |
||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
$ | 26,591 | $ | 26,861 | $ | 27,265 | $ | 27,091 | $ | 26,913 | $ | 26,773 | $ | 26,484 | ||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
10,379 | 10,549 | 11,066 | 12,585 | 10,652 | 12,216 | 10,671 | |||||||||||||||||||||
| Selling, general & administrative expense |
7,654 | 7,548 | 8,204 | 7,311 | 7,698 | 9,970 | 8,407 | |||||||||||||||||||||
| Depreciation and amortization expense |
4,028 | 4,092 | 4,172 | 4,242 | 4,122 | 4,177 | 4,023 | |||||||||||||||||||||
| Total Operating Expenses |
22,061 | 22,189 | 23,442 | 24,138 | 22,472 | 26,363 | 23,101 | |||||||||||||||||||||
| Operating Income |
4,530 | 4,672 | 3,823 | 2,953 | 4,441 | 410 | 3,383 | |||||||||||||||||||||
| Equity in earnings of unconsolidated businesses |
128 | 128 | 166 | 131 | 133 | 121 | 141 | |||||||||||||||||||||
| Other income and (expense), net |
52 | 12 | 14 | 13 | 46 | 16 | (51 | ) | ||||||||||||||||||||
| Interest expense |
(925 | ) | (787 | ) | (704 | ) | (686 | ) | (680 | ) | (679 | ) | (597 | ) | ||||||||||||||
| Income (Loss) Before (Provision) Benefit for Income Taxes |
3,785 | 4,025 | 3,299 | 2,411 | 3,940 | (132 | ) | 2,876 | ||||||||||||||||||||
| (Provision) benefit for income taxes |
(699 | ) | (690 | ) | (490 | ) | (40 | ) | (1,622 | ) | 685 | (178 | ) | |||||||||||||||
| Net Income |
$ | 3,086 | $ | 3,335 | $ | 2,809 | $ | 2,371 | $ | 2,318 | $ | 553 | $ | 2,698 | ||||||||||||||
| Net income attributable to noncontrolling interest |
1,565 | 1,677 | 1,711 | 1,754 | 1,875 | 1,745 | 2,039 | |||||||||||||||||||||
| Net income (loss) attributable to Verizon |
1,521 | 1,658 | 1,098 | 617 | 443 | (1,192 | ) | 659 | ||||||||||||||||||||
| Net Income |
$ | 3,086 | $ | 3,335 | $ | 2,809 | $ | 2,371 | $ | 2,318 | $ | 553 | $ | 2,698 | ||||||||||||||
| Basic Earnings (Loss) per Share (1) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | .54 | $ | .58 | $ | .39 | $ | .22 | $ | .16 | $ | (.42 | ) | $ | .23 | |||||||||||||
| Weighted average number of common shares (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,836 | 2,827 | 2,829 | |||||||||||||||||||||
| Diluted Earnings (Loss) per Share (1) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | .54 | $ | .58 | $ | .39 | $ | .22 | $ | .16 | $ | (.42 | ) | $ | .23 | |||||||||||||
| Weighted average number of common shares-assuming dilution (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,837 | 2,827 | 2,830 | |||||||||||||||||||||
Footnotes:
| (1) | Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans which represent the only potential dilution. As a result of the Net loss attributable to Verizon for the three months ended June 30, 2010, diluted earnings per share is the same as basic earnings per share. |
| Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc.
Condensed Consolidated Statements of Income — Quarter to Date — as adjusted compared to previously reported
|
(dollars in millions, except per share amounts) |
||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
71 | 68 | 70 | 71 | (65 | ) | (23 | ) | (579 | ) | ||||||||||||||||||
| Selling, general & administrative expense |
93 | (323 | ) | 93 | (2,096 | ) | (26 | ) | 1,651 | 942 | ||||||||||||||||||
| Depreciation and amortization expense |
— | 1 | — | 1 | 1 | 1 | 1 | |||||||||||||||||||||
| Total Operating Expenses |
164 | (254 | ) | 163 | (2,024 | ) | (90 | ) | 1,629 | 364 | ||||||||||||||||||
| Operating Income |
(164 | ) | 254 | (163 | ) | 2,024 | 90 | (1,629 | ) | (364 | ) | |||||||||||||||||
| Equity in earnings of unconsolidated businesses |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Other income and (expense), net |
(1 | ) | 1 | 1 | — | 1 | (1 | ) | (1 | ) | ||||||||||||||||||
| Interest expense |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Income (loss) Before (Provision) Benefit for Income Taxes |
(165 | ) | 255 | (162 | ) | 2,024 | 91 | (1,630 | ) | (365 | ) | |||||||||||||||||
| (Provision) benefit for income taxes |
41 | (80 | ) | 84 | (754 | ) | (57 | ) | 636 | 143 | ||||||||||||||||||
| Net Income |
$ | (124 | ) | $ | 175 | $ | (78 | ) | $ | 1,270 | $ | 34 | $ | (994 | ) | $ | (222 | ) | ||||||||||
| Net income attributable to noncontrolling interest |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Net income (loss) attributable to Verizon |
(124 | ) | 175 | (78 | ) | 1,270 | 34 | (994 | ) | (222 | ) | |||||||||||||||||
| Net Income |
$ | (124 | ) | $ | 175 | $ | (78 | ) | $ | 1,270 | $ | 34 | $ | (994 | ) | $ | (222 | ) | ||||||||||
| Basic Earnings (Loss) per Share (1) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | (.04 | ) | $ | .06 | $ | (.02 | ) | $ | .45 | $ | .02 | $ | (.35 | ) | $ | (.08 | ) | ||||||||||
| Weighted average number of common shares (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,836 | 2,827 | 2,829 | |||||||||||||||||||||
| Diluted Earnings (Loss) per Share (1) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | (.04 | ) | $ | .06 | $ | (.02 | ) | $ | .45 | $ | .02 | $ | (.35 | ) | $ | (.08 | ) | ||||||||||
| Weighted average number of common shares-assuming dilution (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,837 | 2,827 | 2,830 | |||||||||||||||||||||
Footnotes:
| (1) | Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans which represent the only potential dilution. |
| Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc.
Condensed Consolidated Statements of Income — Year to Date - As Adjusted
| (dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
$ | 26,591 | $ | 53,452 | $ | 80,717 | $ | 107,808 | $ | 26,913 | $ | 53,686 | $ | 80,170 | ||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
10,379 | 20,928 | 31,994 | 44,579 | 10,652 | 22,868 | 33,539 | |||||||||||||||||||||
| Selling, general & administrative expense |
7,654 | 15,202 | 23,406 | 30,717 | 7,698 | 17,668 | 26,075 | |||||||||||||||||||||
| Depreciation and amortization expense |
4,028 | 8,120 | 12,292 | 16,534 | 4,122 | 8,299 | 12,322 | |||||||||||||||||||||
| Total Operating Expenses |
22,061 | 44,250 | 67,692 | 91,830 | 22,472 | 48,835 | 71,936 | |||||||||||||||||||||
| Operating Income |
4,530 | 9,202 | 13,025 | 15,978 | 4,441 | 4,851 | 8,234 | |||||||||||||||||||||
| Equity in earnings of unconsolidated businesses |
128 | 256 | 422 | 553 | 133 | 254 | 395 | |||||||||||||||||||||
| Other income and (expense), net |
52 | 64 | 78 | 91 | 46 | 62 | 11 | |||||||||||||||||||||
| Interest expense |
(925 | ) | (1,712 | ) | (2,416 | ) | (3,102 | ) | (680 | ) | (1,359 | ) | (1,956 | ) | ||||||||||||||
| Income Before Provision for Income Taxes |
3,785 | 7,810 | 11,109 | 13,520 | 3,940 | 3,808 | 6,684 | |||||||||||||||||||||
| Provision for income taxes |
(699 | ) | (1,389 | ) | (1,879 | ) | (1,919 | ) | (1,622 | ) | (937 | ) | (1,115 | ) | ||||||||||||||
| Net Income |
$ | 3,086 | $ | 6,421 | $ | 9,230 | $ | 11,601 | $ | 2,318 | $ | 2,871 | $ | 5,569 | ||||||||||||||
| Net income attributable to noncontrolling interest |
1,565 | 3,242 | 4,953 | 6,707 | 1,875 | 3,620 | 5,659 | |||||||||||||||||||||
| Net income (loss) attributable to Verizon |
1,521 | 3,179 | 4,277 | 4,894 | 443 | (749 | ) | (90 | ) | |||||||||||||||||||
| Net Income |
$ | 3,086 | $ | 6,421 | $ | 9,230 | $ | 11,601 | $ | 2,318 | $ | 2,871 | $ | 5,569 | ||||||||||||||
| Basic Earnings (Loss) per Share (1) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | .54 | $ | 1.12 | $ | 1.51 | $ | 1.72 | $ | .16 | $ | (.26 | ) | $ | (.03 | ) | ||||||||||||
| Weighted average number of common shares (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,836 | 2,831 | 2,830 | |||||||||||||||||||||
| Diluted Earnings (Loss) per Share (1) (2) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | .54 | $ | 1.12 | $ | 1.51 | $ | 1.72 | $ | .16 | $ | (.26 | ) | $ | (.03 | ) | ||||||||||||
| Weighted average number of common shares-assuming dilution (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,837 | 2,831 | 2,830 | |||||||||||||||||||||
Footnotes:
| (1) | EPS totals may not add due to rounding. |
| (2) | Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represent the only potential dilution. As a result of the Net loss attributable to Verizon for the six months ended June 30, 2010 and the nine months ended September 30, 2010, diluted earnings per share is the same as basic earnings per share. |
| Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc.
Condensed Consolidated Statements of Income — Year to Date — as adjusted compared to previously reported
| (dollars in millions, except per share amounts) | ||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
71 | 139 | 209 | 280 | (65 | ) | (88 | ) | (667 | ) | ||||||||||||||||||
| Selling, general & administrative expense |
93 | (230 | ) | (137 | ) | (2,233 | ) | (26 | ) | 1,625 | 2,567 | |||||||||||||||||
| Depreciation and amortization expense |
— | 1 | 1 | 2 | 1 | 2 | 3 | |||||||||||||||||||||
| Total Operating Expenses |
164 | (90 | ) | 73 | (1,951 | ) | (90 | ) | 1,539 | 1,903 | ||||||||||||||||||
| Operating Income |
(164 | ) | 90 | (73 | ) | 1,951 | 90 | (1,539 | ) | (1,903 | ) | |||||||||||||||||
| Equity in earnings of unconsolidated businesses |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Other income and (expense), net |
(1 | ) | — | 1 | 1 | 1 | — | (1 | ) | |||||||||||||||||||
| Interest expense |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Income Before (Provision) Benefit for Income Taxes |
(165 | ) | 90 | (72 | ) | 1,952 | 91 | (1,539 | ) | (1,904 | ) | |||||||||||||||||
| (Provision) benefit for income taxes |
41 | (39 | ) | 45 | (709 | ) | (57 | ) | 579 | 722 | ||||||||||||||||||
| Net Income |
$ | (124 | ) | $ | 51 | $ | (27 | ) | $ | 1,243 | $ | 34 | $ | (960 | ) | $ | (1,182 | ) | ||||||||||
| Net income attributable to noncontrolling interest |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Net income (loss) attributable to Verizon |
(124 | ) | 51 | (27 | ) | 1,243 | 34 | (960 | ) | (1,182 | ) | |||||||||||||||||
| Net Income |
$ | (124 | ) | $ | 51 | $ | (27 | ) | $ | 1,243 | $ | 34 | $ | (960 | ) | $ | (1,182 | ) | ||||||||||
| Basic Earnings (Loss) per Share (1) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | (.04 | ) | $ | .02 | $ | — | $ | .43 | $ | .02 | $ | (.33 | ) | $ | (.42 | ) | |||||||||||
| Weighted average number of common shares (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,836 | 2,831 | 2,830 | |||||||||||||||||||||
| Diluted Earnings (Loss) per Share (1) (2) |
||||||||||||||||||||||||||||
| Net income (loss) attributable to Verizon |
$ | (.04 | ) | $ | .02 | $ | — | $ | .43 | $ | .02 | $ | (.33 | ) | $ | (.42 | ) | |||||||||||
| Weighted average number of common shares-assuming dilution (in millions) |
2,841 | 2,841 | 2,841 | 2,841 | 2,837 | 2,831 | 2,830 | |||||||||||||||||||||
Footnotes:
| (1) | EPS totals may not add due to rounding. |
| (2) | Diluted Earnings per Share includes the dilutive effect of shares issuable under our stock-based compensation plans, which represent the only potential dilution. |
| Certain reclassifications have been made, where appropriate, to reflect comparable operating results. |
Verizon Communications Inc.
Wireline — Selected Financial Results — Quarter to Date - As Adjusted
| (dollars in millions) |
||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||||||||||
| Mass Markets |
$ | 3,990 | $ | 4,031 | $ | 4,047 | $ | 4,047 | $ | 4,028 | $ | 4,070 | $ | 4,073 | ||||||||||||||
| Global Enterprise |
3,918 | 3,878 | 3,958 | 3,913 | 3,868 | 3,911 | 3,926 | |||||||||||||||||||||
| Global Wholesale |
2,269 | 2,291 | 2,307 | 2,288 | 2,210 | 2,100 | 2,072 | |||||||||||||||||||||
| Other |
463 | 363 | 355 | 333 | 269 | 196 | 215 | |||||||||||||||||||||
| Total Operating Revenues |
10,640 | 10,563 | 10,667 | 10,581 | 10,375 | 10,277 | 10,286 | |||||||||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
5,542 | 5,572 | 5,851 | 5,728 | 5,741 | 5,611 | 5,658 | |||||||||||||||||||||
| Selling, general & administrative expense |
2,555 | 2,517 | 2,407 | 2,468 | 2,450 | 2,359 | 2,296 | |||||||||||||||||||||
| Depreciation and amortization expense |
1,998 | 2,039 | 2,075 | 2,126 | 2,063 | 2,100 | 2,145 | |||||||||||||||||||||
| Total Operating Expenses |
10,095 | 10,128 | 10,333 | 10,322 | 10,254 | 10,070 | 10,099 | |||||||||||||||||||||
| Operating Income |
$ | 545 | $ | 435 | $ | 334 | $ | 259 | $ | 121 | $ | 207 | $ | 187 | ||||||||||||||
| Operating Income Margin |
5.1 | % | 4.1 | % | 3.1 | % | 2.4 | % | 1.2 | % | 2.0 | % | 1.8 | % | ||||||||||||||
Footnotes:
The segment financial results above are adjusted to exclude the effects of non-operational items, as the Company’s chief operating decision maker excludes these items in assessing business unit performance.
Intersegment transactions have not been eliminated.
Certain reclassifications have been made, where appropriate, to reflect comparable operating results.
Verizon Communications Inc.
Wireline — Selected Financial Results — Quarter to Date — as adjusted compared to previously reported
| (dollars in millions) |
||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||||||||||
| Mass Markets |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Global Enterprise |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Global Wholesale |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Other |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Total Operating Revenues |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
(126 | ) | (129 | ) | (127 | ) | (125 | ) | (151 | ) | (151 | ) | (145 | ) | ||||||||||||||
| Selling, general & administrative expense |
(16 | ) | (16 | ) | (16 | ) | (17 | ) | (25 | ) | (23 | ) | (23 | ) | ||||||||||||||
| Depreciation and amortization expense |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Total Operating Expenses |
(142 | ) | (145 | ) | (143 | ) | (142 | ) | (176 | ) | (174 | ) | (168 | ) | ||||||||||||||
| Operating Income |
$ | 142 | $ | 145 | $ | 143 | $ | 142 | $ | 176 | $ | 174 | $ | 168 | ||||||||||||||
Footnotes:
The segment financial results above are adjusted to exclude the effects of non-operational items, as the Company’s chief operating decision maker excludes these items in assessing business unit performance.
Intersegment transactions have not been eliminated.
Certain reclassifications have been made, where appropriate, to reflect comparable operating results.
Verizon Communications Inc.
Wireline — Selected Financial Results — Year to Date — As Adjusted
| (dollars in millions) |
||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||||||||||
| Mass Markets |
$ | 3,990 | $ | 8,021 | $ | 12,068 | $ | 16,115 | $ | 4,028 | $ | 8,098 | $ | 12,171 | ||||||||||||||
| Global Enterprise |
3,918 | 7,796 | 11,754 | 15,667 | 3,868 | 7,779 | 11,705 | |||||||||||||||||||||
| Global Wholesale |
2,269 | 4,560 | 6,867 | 9,155 | 2,210 | 4,310 | 6,382 | |||||||||||||||||||||
| Other |
463 | 826 | 1,181 | 1,514 | 269 | 465 | 680 | |||||||||||||||||||||
| Total Operating Revenues |
10,640 | 21,203 | 31,870 | 42,451 | 10,375 | 20,652 | 30,938 | |||||||||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
5,542 | 11,114 | 16,965 | 22,693 | 5,741 | 11,352 | 17,010 | |||||||||||||||||||||
| Selling, general & administrative expense |
2,555 | 5,072 | 7,479 | 9,947 | 2,450 | 4,809 | 7,105 | |||||||||||||||||||||
| Depreciation and amortization expense |
1,998 | 4,037 | 6,112 | 8,238 | 2,063 | 4,163 | 6,308 | |||||||||||||||||||||
| Total Operating Expenses |
10,095 | 20,223 | 30,556 | 40,878 | 10,254 | 20,324 | 30,423 | |||||||||||||||||||||
| Operating Income |
$ | 545 | $ | 980 | $ | 1,314 | $ | 1,573 | $ | 121 | $ | 328 | $ | 515 | ||||||||||||||
| Operating Income Margin |
5.1 | % | 4.6 | % | 4.1 | % | 3.7 | % | 1.2 | % | 1.6 | % | 1.7 | % | ||||||||||||||
Footnotes:
The segment financial results above are adjusted to exclude the effects of non-operational items, as the Company’s chief operating decision maker excludes these items in assessing business unit performance.
Intersegment transactions have not been eliminated.
Certain reclassifications have been made, when appropriate, to reflect comparable operating results.
Verizon Communications Inc.
Wireline — Selected Financial Results — Year to Date — as adjusted compared to previously reported
| (dollars in millions) |
||||||||||||||||||||||||||||
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Operating Revenues |
||||||||||||||||||||||||||||
| Mass Markets |
$ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||
| Global Enterprise |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Global Wholesale |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Other |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Total Operating Revenues |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Operating Expenses |
||||||||||||||||||||||||||||
| Cost of services and sales |
(126 | ) | (255 | ) | (382 | ) | (507 | ) | (151 | ) | (302 | ) | (447 | ) | ||||||||||||||
| Selling, general & administrative expense |
(16 | ) | (32 | ) | (48 | ) | (65 | ) | (25 | ) | (48 | ) | (71 | ) | ||||||||||||||
| Depreciation and amortization expense |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Total Operating Expenses |
(142 | ) | (287 | ) | (430 | ) | (572 | ) | (176 | ) | (350 | ) | (518 | ) | ||||||||||||||
| Operating Income |
$ | 142 | $ | 287 | $ | 430 | $ | 572 | $ | 176 | $ | 350 | $ | 518 | ||||||||||||||
Footnotes:
The segment financial results above are adjusted to exclude the effects of non-operational items, as the Company’s chief operating decision maker excludes these items in assessing business unit performance.
Intersegment transactions have not been eliminated.
Certain reclassifications have been made, when appropriate, to reflect comparable operating results.
Verizon Communications Inc.
Earnings Per Share Reconciliations — Quarter to date — As Adjusted
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Earnings (Loss) Per Share, Reported |
$ | 0.54 | $ | 0.58 | $ | 0.39 | $ | 0.22 | $ | 0.16 | $ | (0.42 | ) | $ | 0.23 | |||||||||||||
| Selected Items Included in Earnings Per Share: |
||||||||||||||||||||||||||||
| Merger integration and acquisition related charges |
0.05 | 0.02 | 0.04 | 0.02 | 0.01 | 0.06 | 0.02 | |||||||||||||||||||||
| Access line spin-off and other charges |
— | — | 0.02 | 0.09 | 0.04 | 0.04 | 0.04 | |||||||||||||||||||||
| Severance, pension, and benefit charges |
0.01 | (0.01 | ) | 0.12 | 0.17 | – | 0.86 | 0.26 | ||||||||||||||||||||
| Medicare Part D subsidy charges |
— | — | — | — | 0.34 | — | — | |||||||||||||||||||||
| Deferred revenue adjustment |
— | — | — | — | — | 0.03 | — | |||||||||||||||||||||
| Adjusted Earnings Per Share* |
$ | 0.60 | $ | 0.60 | $ | 0.56 | $ | 0.50 | $ | 0.55 | $ | 0.57 | $ | 0.55 | ||||||||||||||
| * | Includes impact of divested operations of ($.09), ($.08), ($.08) and ($.06) in first, second, third and fourth quarters of 2009, respectively, and ($.07) and ($.06) in the first and second quarters of 2010, respectively. |
Details may not add due to rounding.
Verizon Communications Inc.
Earnings Per Share Reconciliations — Quarter to Date — as adjusted compared to previously reported
| 2009 | 2010 | |||||||||||||||||||||||||||
| Unaudited |
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter | 1st Quarter | 2nd Quarter | 3rd Quarter | |||||||||||||||||||||
| Earnings (Loss) Per Share, Reported |
$ | (0.04 | ) | $ | 0.06 | $ | (0.02 | ) | $ | 0.45 | $ | 0.02 | $ | (0.35 | ) | $ | (0.08 | ) | ||||||||||
| Selected Items Included in Earnings Per Share: |
||||||||||||||||||||||||||||
| Merger integration and acquisition related charges |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Access line spin-off and other charges |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Severance, pension, and benefit charges |
0.01 | (0.10 | ) | (0.01 | ) | (0.49 | ) | (0.03 | ) | 0.34 | 0.07 | |||||||||||||||||
| Medicare Part D subsidy charges |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Deferred revenue adjustment |
— | — | — | — | — | — | — | |||||||||||||||||||||
| Adjusted Earnings Per Share |
$ | (0.03 | ) | $ | (0.03 | ) | $ | (0.04 | ) | $ | (0.04 | ) | $ | (0.01 | ) | $ | (0.01 | ) | $ | (0.01 | ) | |||||||
Details may not add due to rounding.