Verizon Completes Plan Related to Reporting Procedures for Domestic Telecom Companies
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NEW YORK - Verizon Communications Inc. today announced that in conclusion of a program begun last year, it has suspended separate reporting for the five remaining domestic operating telephone companies that were filing financial statements with the Securities and Exchange Commission (SEC).
As a result, the following five companies will no longer file annual audited financial information or quarterly unaudited financial information with the SEC: Verizon Maryland Inc., Verizon New England Inc., Verizon New Jersey Inc., Verizon New York Inc., and Verizon Virginia Inc. Verizon will continue to provide quarterly and annual financial information about these companies on Verizon's Investor Relations Web site, http://investor.verizon.com/financial/.
To permit a series of notes previously issued primarily to retail investors by Verizon New England to continue to trade on the New York Stock Exchange until its redemption or maturity, Verizon has guaranteed the $480 million aggregate principal of 7% Debentures, Series B, due 2042, also known as 7% Quarterly Interest Bonds due 2042, currently trading under the symbol KVZ. Specific information about Verizon New England will also be contained in a footnote to the financial statements of Verizon.
Verizon has 16 domestic operating telephone companies that previously filed reports with the SEC. Eleven of the companies have previously suspended SEC reporting, as part of a program begun in early 2003 to change funding procedures and reduce costs.
A Dow 30 company, Verizon Communications (NYSE:VZ) is one of the world's leading providers of communications services, with approximately $68 billion in annual revenues. Verizon companies are the largest providers of wireline and wireless communications in the United States. Verizon is also the largest directory publisher in the world, as measured by directory titles and circulation. Verizon's international presence includes wireline and wireless communications operations and investments, primarily in the Americas and Europe. For more information, visit www.verizon.com.