Notes to Consolidated Financial Statements

NOTE 21

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

(dollars in millions, except per share amounts)

 

Income Before Discontinued Operations, Extraordinary Item
and Cumulative Effect of Accounting Change

 

Quarter Ended

Operating
Revenues

  

Operating
Income

  

Amount

Per Share-
Basic

Per Share-
Diluted

  

Net Income

  

 

2007

March 31

$

22,584

 

$

3,796

 

$

1,484

 

$

.51

 

$

.51

 

$

1,495

 

June 30

 

23,273

 

 

4,149

 

 

1,683

 

 

.58

 

 

.58

 

 

1,683

 

September 30

 

23,772

 

 

4,210

 

 

1,271

 

 

.44

 

 

.44

 

 

1,271

 

December 31

 

23,840

 

 

3,423

 

 

1,072

 

 

.37

 

 

.37

 

 

1,072

 

 

2006

March 31

$

21,231

 

$

3,175

 

$

1,282

 

$

.44

 

$

.44

 

$

1,632

 

June 30

 

21,886

 

 

3,217

 

 

1,263

 

 

.43

 

 

.43

 

 

1,611

 

September 30

 

22,459

 

 

3,537

 

 

1,545

 

 

.53

 

 

.53

 

 

1,922

 

December 31

 

22,606

 

 

3,444

 

 

1,390

 

 

.48

 

 

.48

 

 

1,032

 
  • Results of operations for the first quarter of 2007 include after-tax charges of $9 million for merger integration costs, $131 million for an extraordinary charge related to the nationalization of CANTV, a $70 million after-tax gain on the sale of our interest in TELPRI and a $65 million after-tax contribution to the Verizon Foundation.
  • Results of operations for the second quarter of 2007 include after-tax charges of $17 million for merger integration costs.
  • Results of operations for the third quarter of 2007 include after-tax charges of $28 million for merger integration costs, $44 million related to access line spin-off charges and $471 million associated with taxes on foreign distributions.
  • Results of operations for the fourth quarter of 2007 include after-tax charges of $58 million for merger integration costs, $36 million related to access line spin-off charges, $139 million associated with taxes on foreign distributions, and $477 million for severance, pension and other charges.
  • Results of operations for the first quarter of 2006 include after-tax charges of $16 million for the early extinguishment of debt related to the MCI merger, $28 million for costs associated with the relocation to Verizon Center, $42 million for the impact of accounting for share based payments, and $35 million for merger integration costs.
  • Results of operations for the second quarter of 2006 include after-tax charges of $48 million for merger integration costs, $29 million for costs associated with the relocation to Verizon Center and $186 million for severance, pension and benefits charges.
  • Results of operations for the third quarter of 2006 include after-tax charges of $16 million for merger integration costs, $31 million for costs associated with the relocation to Verizon Center and $17 million for severance, pension and benefits charges.
  • Results of operations for the fourth quarter of 2006 include after-tax charges of $47 million for merger integration costs, $30 million for costs associated with the relocation to Verizon Center, $55 million for severance, pension and benefits charges, $541 million for the loss on sale of Verizon Dominicana included in discontinued operations, and $101 million for costs associated with the spin-off of our directories publishing business.
  • Income before discontinued operations per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.