AT&T Announces Q1 Returns

NEW YORK -- AT&T today announced first-quarter results for AT&T Group. Reported revenue increased $862 million, to approximately $16.76 billion, a 5.4 percent increase over the year-ago quarter. AT&T Group revenue increases are primarily due to strong results from Wireless, Broadband and Business data/Internet Protocol (IP), partially offset by a decline in Consumer and Business long distance voice revenue. Pro forma revenue, which is adjusted for the acquisition of MediaOne, the elimination of per line charges, the consolidation of [email protected], and closed cable partnerships, increased $336 million, or 2.0 percent, over the same period.

As expected, earnings per share (EPS), excluding other income and a goodwill impairment charge, were $0.06 per diluted share in the first quarter, a decrease of 82.4 percent compared to the $0.34 per diluted share from the year-ago quarter. On a reported basis, AT&T Common Stock Group lost $0.10 per diluted share compared to earnings per diluted share of $0.54 for the first quarter of 2000.

"Our business, along with others in the industry, continues to feel the impact of declines in long distance voice revenue. At the same time, we're focused on managing for profitability, paying down debt and executing on the strategic investments we've made in our next generation of end-to-end broadband businesses," said Chairman and CEO C. Michael Armstrong.

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