SBC Reports Q1 Earnings

SBC first-quarter earnings of $0.51 per diluted share at top end of target range provided by company in January

April 18, 2002

1 Min Read

SAN ANTONIO -- SBC Communications Inc. (NYSE:SBC - news) today reported first-quarterearnings of $1.7 billion, or $0.51 per diluted share, before the effect of arequired accounting change - which was at the high end of the company'starget range. This compares with earnings in the first quarter a year ago of$1.7 billion, or $0.51 per diluted share, before one-time items, and $1.9billion, or $0.55 per diluted share, including one-time items.First-quarter revenues - including proportional results from Cingular, thenationwide wireless company 60 percent owned by SBC - totaled $12.6 billioncompared with $13.1 billion in the year-ago period. On a comparable basis,excluding revenues from businesses sold or acquired during the past year aswell as the effects of shifts in directory-publishing dates, SBC'sfirst-quarter revenue declined 2.3 percent, reflecting the slow economy andincreased competition."Despite a continued tough revenue environment, we delivered solid resultsin the first quarter,'' said Edward E. Whitacre Jr., chairman and CEO. "Weaccelerated progress in key growth drivers, particularly in DSL Internetservice and long distance, and we met our performance targets by maintainingstrict financial discipline, controlling costs and tightly managing ourshareowners' capital."SBC Communications Inc.

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