TELECOM Digest OnLine - Sorted: Verizon Reports Continued Strong Results With EPS Growth of 8.6

Verizon Reports Continued Strong Results With EPS Growth of 8.6

Monty Solomon (
Thu, 28 Apr 2005 15:16:41 -0400

Another Record-Breaking Quarter at Verizon Wireless; Solid Increases in
Wireline Data and Broadband; $1.8 Billion in First-Quarter Earnings

NEW YORK, April 27 /PRNewswire/ --


Consolidated Results

- 63 cents in diluted EPS (earnings per share), up 8.6 percent
year-over- year from 58 cents in adjusted EPS (non-GAAP


- First-quarter Verizon Wireless record of 1.64 million net customer
additions, up 18.0 percent; 45.5 million total customers,
up 16.8 percent

- Total quarterly revenues up 20.4 percent, to $7.4 billion;
average monthly service revenue per customer up 2.1 percent;
churn (customer turnover) of 1.33 percent, a new record low for
the second consecutive quarter


- Verizon's best-ever quarterly DSL line growth; 385,000 net new
broadband connections (DSL and FiOS data customers), 3.9
million total broadband connections

- Data revenues up 11.6 percent; long-distance revenues up 8.3 percent

Notes: Growth percentages cited above compare first quarter 2005
with first quarter 2004. See the schedules accompanying this
news release and for
reconciliations to generally accepted accounting principles
(GAAP) for the non-GAAP financial measures included in this
announcement. Discontinued operations in the prior-year
quarterly period presented includes the operations of Verizon
Information Services Canada, following an agreement to sell that

Verizon Communications Inc. (NYSE:VZ) today reported first-quarter
2005 earnings of $1.8 billion, or 63 cents per diluted share, as
quarterly revenues increased 6.6 percent, driven by the fifth
consecutive quarter of more than 20 percent total revenue growth
year-over-year at Verizon Wireless.

The $1.8 billion in reported first-quarter 2005 earnings compares with
$1.2 billion, or 43 cents per share, in the first quarter 2004.
Verizon's 63 cents per share in first-quarter 2005 earnings increased
8.6 percent compared with 58 cents per share in the first quarter
2004, when 2004 results are adjusted for special items, primarily for
pension settlements associated with a voluntary separation plan
(non-GAAP measure). No special items or adjustments are included in
first-quarter 2005 results.

Consolidated revenues of $18.2 billion in the first quarter 2005
increased 6.6 percent, or $1.1 billion, compared with the first
quarter 2004.

Verizon Wireless contributed $7.4 billion, or 40.8 percent, of first-
quarter 2005 consolidated revenues. This compares with wireless
revenues of $6.2 billion, or 36.1 percent of consolidated revenues, in
the first quarter 2004. Total wireless revenues have increased by
more than 10 percent year- over-year for 11 consecutive quarters,
including the 20 percent-plus year- over-year increases for the past
five quarters.

Operating revenues for Domestic Telecom, the company's U.S. wireline
business segment, were $9.5 billion in the first quarter 2005, a 1.2
percent decrease compared with $9.6 billion in the first quarter 2004.
This is the segment's lowest rate of revenue decline in nearly four


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