The Board of Directors of Verizon Communications Inc. (NYSE, NASDAQ:VZ) today declared a quarterly dividend of 48.75 cents per outstanding share, an increase of 1.25 cents per share, or 2.6 percent, from the previous quarter. On an annual basis, this increases Verizon's dividend 5 cents per share, from $1.90 to $1.95 per share.
The quarterly dividend is payable on Nov. 1, 2010, to Verizon Communications shareowners of record at the close of business on Oct. 8, 2010.
"This increase is a clear indication of the strength of our cash flow, our balance sheet and our company," said Ivan Seidenberg, Verizon chairman and chief executive officer. "Our board is yet again demonstrating its resolve in returning value to our shareholders and its belief in our strategies, all while continuing to invest in the long-term growth of our business."
This is the fourth consecutive year that Verizon's Board of Directors has approved a quarterly dividend increase in September.
Also, on July 1, Verizon completed the access line spinoff and merger transaction with Frontier Communications Corporation. Through the spinoff, Verizon shareholders received $1.85 per share in value in the form of Frontier shares and cash in what was, effectively, a stock dividend.
Verizon has approximately 2.7 million shareowners and approximately 2.8 billion shares of common stock outstanding. The company made nearly $2.7 billion in dividend payments through the first half of 2010.
Verizon Communications Inc. (NYSE, NASDAQ:VZ), headquartered in New York, is a global leader in delivering broadband and other wireless and wireline communications services to mass market, business, government and wholesale customers. Verizon Wireless operates America's most reliable wireless network, serving more than 92 million customers nationwide. Verizon also provides converged communications, information and entertainment services over America's most advanced fiber-optic network, and delivers innovative, seamless business solutions to customers around the world. A Dow 30 company, Verizon last year generated consolidated revenues of more than $107 billion. For more information, visit www.verizon.com.