Notes to Consolidated Financial Statements

NOTE 21

QUARTERLY FINANCIAL INFORMATION (UNAUDITED)

Quarter Ended	Operating Revenues		Operating Income		Amount						Net Income
(dollars in millions, except per share amounts)

					Income Before Discontinued Operations, Extraordinary Item and Cumulative Effect of Accounting Change
2008
March 31	$	23,833	$	4,333	$	1,642	$	.57	$	.57	$	1,642
June 30		24,124		4,546		1,882		.66		.66		1,882
September 30		24,752		4,173		1,669		.59		.59		1,669
December 31		24,645		3,832		1,235		.43		.43		1,235

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

Results of operations for the first quarter of 2008 include after-tax charges of $18 million for merger integration costs and $81 million related to access line spin-off charges.
Results of operations for the second quarter of 2008 include after-tax charges of $22 million for merger integration costs.
Results of operations for the third quarter of 2008 include after-tax charges of $32 million for merger integration costs and $164 million for severance, pension and benefit charges.
Results of operations for the fourth quarter of 2008 include after-tax charges of $35 million for merger integration costs, $31 million investment related charges attributable to an other-than-temporary decline in the fair value of our investments in marketable securities, and $424 million for severance, pension and other charges.
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.
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.