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Verizon 2005 Interactive Annual Report
note 23
QUARTERLY FINANCIAL INFORMATION (UNAUDITED)
                (dollars in millions, except per share amounts )
Income Before Discontinued
Operations
  Operating   Operating       Per Share - Per Share - Net Income  
Quarter Ended Revenues Income   Amount   Basic Diluted   (Loss )
2005                                    
March 31 $ 18,179   $ 3,382   $ 1,757   $ .63   $ .63   $ 1,757  
June 30(a)   18,569     4,092     2,113     .76     .75     2,113  
September 30(b)   19,038     3,633     1,869     .68     .67     1,869  
December 31   19,326     3,707     1,658     .60     .59     1,658  
2004                                    
March 31(c) $ 17,056   $ 2,466   $ 1,183   $ .43   $ .42   $ 1,199  
June 30   17,758     3,701     1,782     64     .64     1,797  
September 30   18,206     3,597     1,779     64     .64     1,796  
December 31(d)   18,263     3,353     2,517     .91     .90     3,039  
(a) Results of operations for the second quarter of 2005 include a $336 million net after-tax gain on the sale of our wireline and directory businesses in Hawaii, tax benefits of $242 million associated with prior investment losses and a net tax provision of $232 million related to the repatriation of foreign earnings under the provisions of the American Jobs Creation Act of 2004.
(b) Results of operations for the third quarter of 2005 include an impairment charge of $125 million pertaining to our leasing operations for airplanes leased to airlines experiencing financial difficulties.
(c) Results of operations for the first quarter of 2004 include a $446 million after-tax charge for severance and related pension settlement benefits.
(d) Results of operations for the fourth quarter of 2004 include a $500 million net after-tax gain on the sale of an investment and $234 million of tax benefits associated with prior investment losses.
Income before discontinued operations per common share is computed independently for each quarter and the sum of the quarters may not equal the annual amount.
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* This is an interactive electronic version of Verizon’s 2005 Annual Report to Shareholders, and it is intended to be complete and accurate. The contents of this version are qualified in their entirety by reference to the printed version. A reproduction of the printed version is available in PDF format on this website.