financials > notes to consolidated financial statements > note 24
note 24
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
                (dollars in millions, except per share amounts )
Income (Loss) Before Discontinued
Operations and Cumulative
Effect of Accounting Change
  Operating   Operating       Per Share - Per Share - Net Income  
Quarter Ended Revenues Income (Loss ) Amount   Basic Diluted   (Loss )
2004                                    
March 31(a) $ 17,056   $ 2,466   $ 1,183   $ .43   $ .42   $ 1,199  
June 30   17,758     3,701     1,782     .64     .64     1,797  
September 30   18,206     3,597     1,779     .64     .64     1,796  
December 31(b)   18,263     3,353     2,517     .91     .90     3,039  
2003                                    
March 31 $ 16,440   $ 3,683   $ 1,894   $ .69   $ .68   $ 2,406  
June 30(c)   16,767     2,703     1,251     .45     .45     338  
September 30   17,063     3,191     1,786     .65     .64     1,791  
December 31(d)   17,198     (2,170 )   (1,471 )   (.53 )   (.53 )   (1,458 )
(a) Results of operations for the first quarter of 2004 include a $446 million after-tax charge for severance and related pension settlement benefits.
(b) Results of operations for the fourth quarter of 2004 include a $500 million net after-tax gain on the sale of an investment.
(c) Results of operations for the second quarter of 2003 include a $436 million after-tax charge for severance and related pension settlement benefits.
(d) Results of operations for the fourth quarter of 2003 include a $2,882 million after-tax charge for severance and related pension settlement benefits.
Income (loss) before discontinued operations and cumulative effect of accounting change per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.
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* This is an interactive electronic version of Verizon’s 2004 Annual Report to Shareholders, and it is intended to be complete and accurate. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF format on this website