Verizon Posts Strong Earnings Growth in 1Q 2013

               Verizon Posts Strong Earnings Growth in 1Q 2013

Verizon Wireless Expands Margins; Continued Strong Customer and Revenue Gains
Reported for Wireless, FiOS and Global Enterprise Strategic Services

PR Newswire

NEW YORK, April 18, 2013

NEW YORK, April 18, 2013 /PRNewswire/ --

1Q 2013 HIGHLIGHTS

Consolidated

  o68 cents in earnings per share (EPS), a 15.3 percent increase compared
    with 59 cents per share in 1Q 2012.
  o4.2 percent year-over-year increase in total operating revenues; cash flow
    from operating activities up $1.6 billion, or 26.4 percent, from 1Q 2012.

Wireless

  o8.6 percent year-over-year increase in both service revenues and retail
    service revenues in 1Q 2013; 32.9 percent operating income margin and 50.4
    percent segment EBITDA margin on service revenues (non-GAAP), both record
    highs.
  o677,000 retail postpaid net additions, up 35 percent year over year; low
    retail postpaid churn of 1.01 percent; 98.9 million total retail
    connections, 93.2 million total retail postpaid connections.
  o4G LTE service now available to 287 million people in 491 markets across
    the U.S.

Wireline

  o188,000 FiOS Internet and 169,000 FiOS Video net additions, with continued
    increased sales penetration for both services; FiOS revenues up 15.1
    percent year over year, to $2.6 billion.
  o4.3 percent year-over-year increase in consumer revenues; consumer ARPU up
    9.5 percent year over year, to $107.15.
  o6.0 percent year-over-year increase in revenues for global enterprise
    strategic services.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) today reported strong
first-quarter 2013 earnings growth, driven by record margins at Verizon
Wireless and continued strong cash flow and year-over-year revenue increases
for wireless, FiOS and strategic enterprise services.

Verizon reported 68 cents in EPS in first-quarter 2013, a 15.3 percent
increase compared with first-quarter 2012 earnings of 59 cents per share.
There were no adjustments in either quarter.

"Verizon is off to an excellent start in 2013," said Lowell McAdam, Verizon
chairman and CEO. "Our strategic investments in wireless, wireline and global
networks have given us the platforms to sustain momentum and take advantage of
growth opportunities in key markets for broadband, video and cloud services.
With ongoing improvements in operating efficiency, we expect continued growth
in free cash flow and earnings as we move through the year."

Strong Cash Flow and Consolidated Revenue Growth

In first-quarter 2013, Verizon's consolidated results were highlighted by
continued strong cash flow and revenue growth.

Consolidated Highlights

  oTotal operating revenues in first-quarter 2013 were $29.4 billion, a 4.2
    percent increase compared with first-quarter 2012.
  oOperating income grew 19.8 percent, to $6.2 billion in first-quarter 2013,
    compared with $5.2 billion in first-quarter 2012. Operating income margin
    was 21.1 percent in first-quarter 2013, compared with 18.4 percent in
    first-quarter 2012.
  oConsolidated EBITDA (non-GAAP, earnings before interest, taxes,
    depreciation and amortization) grew 12.1 percent year over year, totaling
    $10.3 billion in first-quarter 2013. EBITDA margin (non-GAAP) expanded to
    35.1 percent in first-quarter 2013, up 240 basis points year over year.
  oCash flow from operating activities grew $1.6 billion, or 26.4 percent,
    compared with first-quarter 2012. Capital expenditures in first-quarter
    2013 were $3.6 billion, flat year over year. Free cash flow (non-GAAP,
    cash flow from operations less capex) in first-quarter 2013 increased $1.5
    billion, or 64.3 percent, compared with first-quarter 2012.

Verizon Wireless Delivers Record Profitability, Strong Customer and Revenue
Growth

In first-quarter 2013, Verizon Wireless delivered strong growth in retail
postpaid net additions and revenues; an increase in smartphone penetration;
and the highest segment EBITDA margin on service revenues (non-GAAP) in the
company's history -- surpassing the previous high in third-quarter 2012.

Wireless Financial Highlights

  oTotal revenues were $19.5 billion in first-quarter 2013, up 6.8 percent
    year over year. Service revenues in the quarter totaled $16.7 billion, up
    8.6 percent year over year. Retail service revenues also grew 8.6 percent
    year over year, to $16.2 billion.
  oRetail postpaid ARPA (average revenue per account) increased 6.9 percent
    over first-quarter 2012, to $150.27 per month. As customers continue to
    add multiple devices to accounts following the introduction of the Share
    Everything Plan last June, Verizon Wireless has been reporting ARPA
    instead of ARPU (average revenue per user) on a postpaid basis since
    customers can share data among multiple devices.
  oIn first-quarter 2013, wireless operating income margin was 32.9 percent
    and segment EBITDA margin on service revenues was 50.4 percent, setting
    record-highs.

Wireless Operational Highlights

  oVerizon Wireless added 677,000 retail postpaid net connections, out of a
    total 720,000 net retail connections, in the first quarter. These
    additions exclude acquisitions and adjustments. Last year, net additions
    for retail postpaid connections increased sequentially each quarter, and
    Verizon expects a similar pattern of accelerating customer growth in 2013.
  oAt the end of the first quarter, the company had 98.9 million retail
    connections, a 6.4 percent increase year over year -- including 93.2
    million retail postpaid connections.
  oVerizon Wireless had 34.9 million retail postpaid accounts at the end of
    the first quarter, a 1.1 percent increase over first-quarter 2012, and an
    average of 2.7 connections per account, up 5.1 percent year over year.
  oAt the end of the first quarter, smartphones accounted for more than 61
    percent of the Verizon Wireless retail postpaid customer phone base, up
    from 58 percent at the end of fourth-quarter 2012.
  oRetail postpaid churn was 1.01 percent in the first quarter, up 5 basis
    points year over year. Retail churn was 1.30 percent in the first
    quarter, up 6 basis points year over year.
  oVerizon Wireless continued to roll out its 4G LTE mobile broadband
    network, the largest 4G LTE network in the U.S. As of today (April 18),
    Verizon Wireless 4G LTE service is available to 287 million people in 491
    markets across the U.S., covering more than 95 percent of Verizon's
    current 3G network footprint.
  oThe company continued to enhance its 4G LTE device lineup with
    smartphones, tablets and other devices. In the first quarter, Verizon
    Wireless launched the Samsung ATIV Odyssey, the BlackBerry Z10, the
    Samsung Galaxy Note 10.1 tablet, the Verizon 4G LTE USB Modem UML295 by
    Pantech, and the Verizon Jetpack 4G LTE Mobile Hotspot MiFi 5510L by
    Novatel Wireless. Earlier this month, the company launched the Lucid 2 by
    LG and the Verizon 4G LTE Router, an Internet solution that connects both
    wired and Wi-Fi-enabled devices.

Wireline Reports Continued Strong FiOS Customer and Revenue Growth

Verizon's Wireline segment reported continued strong FiOS customer, market
share and revenue growth in first-quarter 2013, leading to overall growth in
consumer revenues. In enterprise and wholesale, increased sales of global
enterprise strategic services continued to help mitigate lower revenues
resulting from secular and global economic impacts.

Wireline Financial Highlights

  oConsumer revenues were $3.6 billion, an increase of 4.3 percent compared
    with first-quarter 2012. Consumer ARPU for wireline services increased to
    $107.15 in first-quarter 2013, up 9.5 percent compared with first-quarter
    2012.
  oFiOS revenues grew 15.1 percent, to $2.6 billion in first-quarter 2013
    compared with $2.3 billion in first-quarter 2012. ARPU for FiOS customers
    continued to be more than $150 in first-quarter 2013.
  oSales of strategic services to global enterprise customers increased 6.0
    percent compared with first-quarter 2012 and represented 55.6 percent of
    total enterprise revenues. Strategic services include Verizon Terremark
    cloud and data center services, security and IT solutions, advanced
    communications, and strategic networking.

Wireline Operational Highlights

  oVerizon added 188,000 net new FiOS Internet connections in first-quarter
    2013, marking the third consecutive quarter of sequential growth in net
    customer additions. The company also added 169,000 net new FiOS Video
    connections in the quarter. Verizon had a total of 5.6 million FiOS
    Internet and 4.9 million FiOS Video connections at the end of the quarter,
    representing year-over-year increases of 12.0 percent and 12.5 percent,
    respectively.
  oFiOS penetration (subscribers as a percentage of potential subscribers)
    continued to increase. FiOS Internet penetration was 38.2 percent at the
    end of first-quarter 2013, compared with 36.4 percent at the end of
    first-quarter 2012. In the same periods, FiOS Video penetration was 34.1
    percent, compared with 32.3 percent. The FiOS network passed 17.8 million
    premises by the end of first-quarter 2013.
  oBroadband connections totaled 8.9 million at the end of first-quarter
    2013, a 1.4 percent year-over-year increase. Overall, net broadband
    customers increased 99,000 in the first quarter, as FiOS Internet net
    customer additions more than offset fewer subscribers for DSL-based High
    Speed Internet services.
  oVerizon has been replacing high-maintenance portions of its residential
    copper network with fiber optics to provide enhanced services and to
    reduce ongoing repair costs. In first-quarter 2013, Verizon migrated
    83,000 homes to fiber, toward a target of 300,000 migrations within FiOS
    markets in 2013.
  oVerizon Enterprise Solutions completed agreements with and began deploying
    innovative business technology solutions for a variety of corporations and
    organizations in the quarter, including the Commonwealth of Pennsylvania,
    Ocean Exploration Trust, Quest Diagnostics and Synchronoss Technologies
    (Nasdaq: SNCR).

NOTE: See the accompanying schedules and www.verizon.com/investor for
reconciliations to generally accepted accounting principles (GAAP) for
non-GAAP financial measures cited in this document.

Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is
a global leader in delivering broadband and other wireless and wireline
communications services to consumer, business, government and wholesale
customers. Verizon Wireless operates America's most reliable wireless
network, with nearly 99 million retail connections nationwide. Verizon also
provides converged communications, information and entertainment services over
America's most advanced fiber-optic network, and delivers integrated business
solutions to customers in more than 150 countries, including all of the
Fortune 500. A Dow 30 company with nearly $116 billion in 2012 revenues,
Verizon employs a diverse workforce of 181,900. For more information, visit
www.verizon.com. 

VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and
biographies, media contacts, high-quality video and images, and other
information are available at Verizon's online News Center at
newscenter.verizon.com.The news releases are available through an RSS feed.
To subscribe, visit newscenter.verizon.com/corporate/feeds.

NOTE: This presentation contains statements about expected future events and
financial results that are forward-looking and subject to risks and
uncertainties. For those statements, we claim the protection of the safe
harbor for forward-looking statements contained in the Private Securities
Litigation Reform Act of 1995. The following important factors could affect
future results and could cause those results to differ materially from those
expressed in the forward-looking statements: adverse conditions in the U.S.
and international economies; competition in our markets; material changes in
available technology or technology substitution; disruption of our key
suppliers' provisioning of products or services; changes in the regulatory
environments in which we operate, including any increase in restrictions on
our ability to operate our networks; breaches of network or information
technology security, natural disasters, terrorist attacks or significant
litigation and any resulting financial impact not covered by insurance; an
adverse change in the ratings afforded our debt securities by nationally
accredited ratings organizations or adverse conditions in the credit markets
impacting the cost, including interest rates, and/or availability of
financing; changes in our accounting assumptions that regulatory agencies,
including the SEC, may require or that result from changes in the accounting
rules or their application, which could result in an impact on earnings;
material adverse changes in labor matters, including labor negotiations, and
any resulting financial and/or operational impact; significant increases in
benefit plan costs or lower investment returns on plan assets; and the
inability to implement our business strategies.

Verizon Communications Inc.
Condensed Consolidated Statements of Income
                                        (dollars in millions, except per share
                                        amounts)
                                        3 Mos. Ended 3 Mos.
                                                       Ended
Unaudited                               3/31/13        3/31/12      % Change
Operating Revenues                      $           $         4.2
                                        29,420        28,242
Operating Expenses
Cost of services and sales              10,932         11,319       (3.4)
Selling, general and administrative     8,148          7,700        5.8
expense
Depreciation and amortization expense   4,118          4,028        2.2
Total Operating Expenses                23,198         23,047       0.7
Operating Income                       6,222          5,195        19.8
Equity in earnings of unconsolidated    (5)            103          *
businesses
Other income and (expense), net         39             19           *
Interest expense                        (537)          (685)        (21.6)
Income Before Provision for Income      5,719          4,632        23.5
Taxes
Provision for income taxes              (864)          (726)        19.0
Net Income                             $         $       24.3
                                        4,855          3,906
Net income attributable to              $         $       30.8
noncontrolling interest                 2,903          2,220
Net income attributable to Verizon      1,952          1,686        15.8
Net Income                             $         $       24.3
                                        4,855          3,906
Basic Earnings per Common Share
Net income attributable to Verizon      $        $       15.3
                                         .68            .59
Weighted average number of common       2,866          2,842
shares (in millions)
Diluted Earnings per Common Share ^(1)
Net income attributable to Verizon      $        $       15.3
                                         .68            .59
Weighted average number of common
       shares-assuming dilution (in     2,872          2,849
       millions)
Footnotes:
       Diluted Earnings per Common Share includes the dilutive effect of
(1)    shares issuable under our stock-based compensation plans, which
       represents the only potential dilution.
       Certain reclassifications have been made, where appropriate, to reflect
       comparable operating results.
*      Not meaningful

Verizon Communications Inc.
Condensed Consolidated Balance Sheets
                                                  (dollars in millions)
Unaudited                          3/31/13        12/31/12       $ Change
Assets
Current assets
Cash and cash equivalents          $        $        $     
                                    5,475         3,093        2,382
Short-term investments             660            470            190
Accounts receivable, net           11,814         12,576         (762)
Inventories                        798            1,075          (277)
Prepaid expenses and other         6,511          4,021          2,490
Total current assets               25,258         21,235         4,023
Plant, property and equipment      212,082        209,575        2,507
Less accumulated depreciation      123,901        120,933        2,968
                                   88,181         88,642         (461)
Investments in unconsolidated      3,321          3,401          (80)
businesses
Wireless licenses                  75,645         77,744         (2,099)
Goodwill                           24,132         24,139         (7)
Other intangible assets, net       5,827          5,933          (106)
Other assets                       3,822          4,128          (306)
Total Assets                       $         $         $      
                                   226,186        225,222        964
Liabilities and Equity
Current liabilities
Debt maturing within one year      $        $        $     
                                   10,888          4,369        6,519
Accounts payable and accrued       14,030         16,182         (2,152)
liabilities
Other                              6,571          6,405          166
Total current liabilities          31,489         26,956         4,533
Long-term debt                    41,993         47,618         (5,625)
Employee benefit obligations       34,048         34,346         (298)
Deferred income taxes              24,993         24,677         316
Other liabilities                  6,075          6,092          (17)
Equity
Common stock                       297            297            -
Contributed capital                37,894         37,990         (96)
Accumulated deficit                (3,255)        (3,734)        479
Accumulated other comprehensive    2,056          2,235          (179)
income
Common stock in treasury, at cost  (3,994)        (4,071)        77
Deferred compensation - employee
stock ownership plans and other    312            440            (128)
Noncontrolling interest           54,278         52,376         1,902
Total equity                       87,588         85,533         2,055
Total Liabilities and Equity       $         $         $      
                                   226,186        225,222        964
Verizon - Selected Financial and Operating Statistics
Unaudited                          3/31/13        12/31/12
Total debt (in millions)           $        $      
                                   52,881         51,987
Net debt (in millions)             $        $      
                                   47,406         48,894
Net debt / Adjusted EBITDA ^(1)    1.2x           1.3x
Common shares outstanding end of   2,861          2,859
period (in millions)
Total employees                   181,900        183,400
Quarterly cash dividends declared  $        $      
per common share                    0.515         0.515

Footnotes:
(1)        Adjusted EBITDA excludes the effects of non-operational items.
           The unaudited condensed consolidated balance sheets are based on
           preliminary information.

Verizon Communications Inc.
Condensed Consolidated Statements of Cash Flows
                                         3 Mos.      3 Mos.
                                         Ended       Ended
Unaudited                                3/31/13      3/31/12      $ Change
Cash Flows From Operating Activities
Net Income                               $       $       $     
                                         4,855        3,906        949
Adjustments to reconcile net income to
net cash provided by
operating activities:
Depreciation and amortization expense    4,118        4,028        90
Employee retirement benefits             295          375          (80)
Deferred income taxes                    878          656          222
Provision for uncollectible accounts     260          278          (18)
Equity in earnings of unconsolidated     14           (89)         103
businesses, net of dividends received
Changes in current assets and
liabilities, net of effects from
acquisition/disposition of businesses    (1,491)      (1,580)      89
Other, net                               (1,398)      (1,617)      219
Net cash provided by operating           7,531        5,957        1,574
activities
Cash Flows From Investing Activities
Capital expenditures (including          (3,602)      (3,565)      (37)
capitalized software)
Acquisitions of investments and          (21)         (140)        119
businesses, net of cash acquired
Acquisitions of wireless licenses, net   (117)        (25)         (92)
Net change in short-term investments     18           16           2
Other, net                               123          41           82
Net cash used in investing activities    (3,599)      (3,673)      74
Cash Flows From Financing Activities
Proceeds from long-term borrowings       500          -            500
Repayments of long-term borrowings and
capital                                  (73)         (1,828)      1,755
 lease obligations
Increase (decrease) in short-term
obligations, excluding                   581          (1,734)      2,315
 current maturities
Dividends paid                          (1,472)      (1,291)      (181)
Proceeds from sale of common stock       56           69           (13)
Purchase of common stock for treasury    (153)        -            (153)
Special distribution to noncontrolling   -            (4,500)      4,500
interest
Other, net                               (989)        (453)        (536)
Net cash used in financing activities    (1,550)      (9,737)      8,187
Increase (decrease) in cash and cash     2,382        (7,453)      9,835
equivalents
Cash and cash equivalents, beginning of  3,093        13,362       (10,269)
period
Cash and cash equivalents, end of period $       $       $    
                                         5,475        5,909        (434)

Verizon Communications Inc.
Wireless – Selected Financial Results
                                                                   (dollars in
                                                                   millions)
                                     3 Mos. Ended 3 Mos. Ended
Unaudited                            3/31/13        3/31/12        % Change
Operating Revenues
Retail service                      $         $         8.6
                                     16,169         14,886
Other service                       559            524            6.7
Service                             16,728         15,410         8.6
Equipment                           1,813          1,838          (1.4)
Other                                982            1,025          (4.2)
Total Operating Revenues             19,523         18,273         6.8
Operating Expenses
Cost of services and sales           5,651          5,910          (4.4)
Selling, general and administrative  5,448          5,228          4.2
expense
Depreciation and amortization        2,006          1,918          4.6
expense
Total Operating Expenses             13,105         13,056         0.4
Operating Income                     $        $        23.0
                                     6,418          5,217
Operating Income Margin              32.9%          28.6%
Segment EBITDA                       $        $        18.1
                                     8,424          7,135
Segment EBITDA Service Margin        50.4%          46.3%

Footnotes:
      The segment financial results and metrics 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.
Wireless – Selected Operating Statistics
Unaudited                             3/31/13        3/31/12        % Change
Connections ('000)
Retail postpaid                       93,186         87,963         5.9
Retail prepaid                       5,744          5,025          14.3
Retail                               98,930         92,988         6.4
                                      3 Mos. Ended 3 Mos. Ended
Unaudited                             3/31/13        3/31/12        % Change
Net Add Detail ('000)^(1)
Retail postpaid                       677            501            35.1
Retail prepaid                       43             233            (81.5)
Retail                               720            734            (1.9)
Account Statistics
Retail Postpaid Accounts ('000)^(2)   34,943         34,569         1.1
Retail postpaid ARPA                  $         $         6.9
                                      150.27         140.58
Retail postpaid connections per       2.67           2.54           5.1
account ^(2)
Churn Detail
Retail postpaid                      1.01%          0.96%
Retail                               1.30%          1.24%
Retail Postpaid Connection
Statistics
Total Smartphone postpaid % of        85.1%          72.4%
phones sold
Total Smartphone postpaid phone base  61.4%          46.8%
^(2)
Total Internet postpaid base ^(2)     9.6%           8.3%
Other Operating Statistics
Capital expenditures (in millions)    $        $        5.7
                                      1,992          1,885

Footnotes:
(1) Connection net additions exclude acquisitions and
    adjustments.
(2) Statistics presented as of end of period.
    The segment financial results and metrics 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
                                                                   (dollars in
                                                                   millions)
                               3 Mos. Ended       3 Mos. Ended
Unaudited                      3/31/13              3/31/12        % Change
Operating Revenues
Consumer retail               $       3,589  $        4.3
                                                    3,441
Small business                 651                  662            (1.7)
Mass Markets                   4,240                4,103          3.3
Strategic services            2,087                1,969          6.0
Core                           1,666                1,883          (11.5)
Global Enterprise              3,753                3,852          (2.6)
Global Wholesale              1,727                1,861          (7.2)
Other                          110                  129            (14.7)
Total Operating Revenues       9,830                9,945          (1.2)
Operating Expenses
Cost of services and sales     5,457                5,572          (2.1)
Selling, general and           2,265                2,126          6.5
administrative expense
Depreciation and amortization  2,095                2,090          0.2
expense
Total Operating Expenses       9,817                9,788          0.3
Operating Income              $           $        (91.7)
                               13                    157
Operating Income Margin        0.1%                 1.6%
Segment EBITDA                 $       2,108  $        (6.2)
                                                    2,247
Segment EBITDA Margin          21.4%                22.6%

Footnotes:
      The segment financial results and metrics 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 Operating Statistics
Unaudited                             3/31/13        3/31/12        % Change
Connections ('000)
FiOS Video Subscribers                4,895          4,353          12.5
FiOS Internet Subscribers             5,612          5,010          12.0
FiOS Digital Voice residence          3,531          2,298          53.7
connections
FiOS Digital connections              14,038         11,661         20.4
HSI                                  3,282          3,764          (12.8)
Total Broadband connections           8,894          8,774          1.4
Primary residence switched access     7,593          9,344          (18.7)
connections
Primary residence connections         11,124         11,642         (4.4)
Total retail residence voice          11,725         12,421         (5.6)
connections
Total voice connections               22,191         23,700         (6.4)
                                      3 Mos. Ended 3 Mos. Ended
Unaudited                             3/31/13        3/31/12        % Change
Net Add Detail ('000)
FiOS Video Subscribers                169            180            (6.1)
FiOS Internet Subscribers             188            193            (2.6)
FiOS Digital Voice residence          304            414            (26.6)
connections
FiOS Digital connections              661            787            (16.0)
HSI                                  (89)           (89)           -
Total Broadband connections           99             104            (4.8)
Primary residence switched access     (389)          (562)          (30.8)
connections
Primary residence connections         (85)           (148)          (42.6)
Total retail residence voice          (124)          (205)          (39.5)
connections
Total voice connections               (312)          (437)          (28.6)
Revenue and ARPU Statistics
Consumer ARPU                         $         $        9.5
                                      107.15         97.88
FiOS revenues (in millions)           $        $        15.1
                                      2,633          2,288
Strategic services as a % of total    55.6%          51.1%
Enterprise revenues
Other Operating Statistics
Capital expenditures (in millions)    $        $        (6.7)
                                      1,434          1,537
Wireline employees ('000)            85.2           90.8
FiOS Video Open for Sale ('000)       14,374         13,460
FiOS Video penetration                34.1%          32.3%
FiOS Internet Open for Sale           14,703         13,780
('000)
FiOS Internet penetration             38.2%          36.4%

Footnotes:
    The segment financial results and metrics 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.

SOURCE Verizon Communications Inc.

Website: http://www.verizon.com
Contact: Peter Thonis, 212-395-2355, peter.thonis@verizon.com, or Bob
Varettoni, 908-559-6388, robert.a.varettoni@verizon.com
 
Press spacebar to pause and continue. Press esc to stop.