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Verizon Communications Company

BUSINESS
September 26, 2000 | Reuters
Verizon Communications, the largest U.S. cellular phone provider, said it broke with the industry and agreed to support laws that would ban hand-held cell phone use while driving, a practice blamed for deadly accidents. The New York-based company's apparent change of heart came as a committee of Chicago aldermen postponed a vote on a ban.
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BUSINESS
April 29, 2004 | From Bloomberg News
Verizon Communications Inc. said Wednesday that shareholders rejected a proxy resolution to separate the roles of chairman and chief executive, four months after CEO Ivan Seidenberg became head of the board. Based on a preliminary count, 63% of shares voted were against the proposal, made by the AFL-CIO labor union. Shareholders approved the reelection of the board and rejected six other proposals, Seidenberg said at Verizon's annual meeting.
BUSINESS
April 28, 2004 | James S. Granelli, Times Staff Writer
Boosted by 1.4 million new wireless customers, Verizon Communications Inc. on Tuesday posted a 3.9% hike in first-quarter revenue, but higher costs and lower revenue from its regular land-line business led to a 50% drop in net income. The nation's largest telephone company earned $1.2 billion, or 43 cents a share, for the first three months, down from $2.4 billion, or 87 cents, in the same period last year. Revenue rose to $17.1 billion from $16.3 billion.
BUSINESS
July 28, 2004 | Alex Pham, Times Staff Writer
Verizon Communications Inc., the nation's largest phone company, said Tuesday that it had posted increases in second-quarter revenue and profit as growth in its wireless business helped offset a continuing slump in its traditional land-line business. Verizon, California's second-largest phone operator, said earnings were $1.8 billion, or 64 cents a share, up significantly from $338 million, or 12 cents, a year earlier. Revenue for the New York-based company rose 6% to $17.8 billion from $16.
BUSINESS
January 30, 2004 | James S. Granelli, Times Staff Writer
Verizon Communications Inc. on Thursday reported stable sales and operating results for the fourth quarter, giving Wall Street something to smile about in the long-bedraggled telecommunications industry. But the nation's largest telephone company still lost $1.5 billion, or 53 cents a share, for the quarter, mainly because of a $2.9-billion charge to cover the expenses of 21,000 employees who took early retirement during the final three months of the year.
BUSINESS
August 29, 2003 | From Bloomberg News
SBC Communications Inc., Verizon Communications Inc. and other local telephone companies Thursday asked a court to overturn new federal rules that give states more authority to decide whether the carriers must lease network components to rivals at discounts. SBC, BellSouth Corp., Qwest Communications International Inc. and the United States Telecom Assn., which represents local carriers, filed the petition with the U.S.
BUSINESS
April 23, 2003 | James S. Granelli, Times Staff Writer
Boosted by its growing wireless operation and a one-time gain, Verizon Communications Inc. reported earnings of $3.9 billion for the first quarter despite overall flat sales in a weak economy. The nation's largest local phone company said Tuesday that its earnings, amounting to $1.41 a share, also benefited from growth in long-distance service in the 13 East Coast states and the District of Columbia where it is the primary local carrier.
BUSINESS
July 2, 2003 | From Reuters
Verizon Communications Inc. said it would take about $3 billion in charges, mostly because of a change in accounting in its telephone directory unit and the planned sale of its stake in a Mexican wireless carrier. The New York-based local phone company said its 2003 guidance for revenue growth and earnings, excluding one-time items, remains unchanged. Wall Street analysts played down the news of the charges since the company's outlook remained unchanged. Verizon shares rose 5 cents to $39.
BUSINESS
July 30, 2003 | James S. Granelli, Times Staff Writer
Solid gains in its wireless unit helped Verizon Communications Inc. overcome a sagging wireline business and post second-quarter earnings of $338 million. But it was not enough to stop the company from announcing plans to cut as many as 5,000 jobs by the end of the year. The nation's largest local telephone company said the cuts will come from a combination of management firings, voluntary departures, retirements and normal attrition in the wireline business, which has 154,000 employees.
BUSINESS
January 30, 2003 | From Bloomberg News
Verizon Communications Inc. on Wednesday posted a profit in the fourth quarter, its second in a row, as its wireless unit added almost 1 million customers. Net income at the telecom company was $2.29 billion, or 83 cents a share, compared with a net loss of $2.04 billion, or 75 cents, a year earlier, when investment declines and job-cut expenses crimped results. Sales climbed 1.2% to $17.2 billion, helped by a 16% jump in mobile-phone revenue.
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