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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report: October 30, 2001
(Date of earliest event reported)
VERIZON COMMUNICATIONS INC.
(Exact name of registrant as specified in its charter)
Delaware 1-8606 23-2259884
(State or other jurisdiction of (Commission File Number) (I.R.S. Employer Identification No.)
incorporation)
1095 Avenue of the Americas,
New York, New York 10036
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (212) 395-2121
Not applicable
(Former name or former address, if changed since last report)
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Item 5. Other Events.
Attached as Exhibit 99 is a press release issued today by the Company providing
its third quarter and year-to-date financial results and an outlook for the
remainder of 2001. In response to an analyst's question during a public
conference call, the Company provided a current estimate of $1.7 billion to $1.9
billion for the total financial impact of the September 11th terrorist attacks,
and indicated that it anticipates most of that amount will be subject to
insurance recovery and other reimbursement mechanisms. The Company also stated
that it expects to complete the state and federal regulatory filings seeking
permission to enter the long distance market in its remaining states by the
middle of 2002.
Cautionary Statement Concerning Forward-Looking Statements
This Current Report on Form 8-K contains statements about expected future events
and financial results that are forward-looking and subject to risks and
uncertainties. For those statements, we claim the protection of the safe harbor
for forward-looking statements contained in the Private Securities Litigation
Reform Act of 1995.
The following important factors could affect future results and could cause
those results to differ materially from those expressed in the forward-looking
statements: the duration and extent of the current economic downturn; materially
adverse changes in economic conditions in the markets served by us or by
companies in which we have substantial investments; material changes in
available technology; an adverse change in the ratings afforded our debt
securities by nationally accredited ratings organizations; the final outcome of
federal, state, and local regulatory initiatives and proceedings, including
arbitration proceedings, and judicial review of those initiatives and
proceedings, pertaining to, among other matters, the terms of interconnection,
access charges, and unbundled network element and resale rates; the extent,
timing, success, and overall effects of competition from others in the local
telephone and toll service markets; the timing and profitability of our entry
and expansion in the national long-distance market; our ability to combine
former Bell Atlantic and GTE operations, satisfy regulatory conditions and
obtain revenue enhancements and cost savings; the profitability of our broadband
operations; the ability of Verizon Wireless to achieve revenue enhancements and
cost savings, and obtain sufficient spectrum resources; the continuing financial
needs of Genuity Inc., our ability to convert our ownership interest in Genuity
into a controlling interest consistent with regulatory conditions, and Genuity's
ensuing profitability; our ability to recover insurance proceeds relating to
equipment losses and other adverse financial impacts resulting from the
terrorist attacks on Sept. 11, 2001; and changes in our accounting assumptions
that regulatory agencies, including the SEC, may require or that result from
changes in the accounting rules or their application, which could result in an
impact on earnings.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
99 Press release and financial tables dated October 30, 2001,
issued by Verizon Communications Inc. and contained in its
Investor Relations Bulletin.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
Verizon Communications Inc.
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(Registrant)
Date: October 30, 2001 /s/ Lawrence R. Whitman
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Lawrence R. Whitman
Senior Vice President and Controller
EXHIBIT INDEX
EXHIBIT
NUMBER DESCRIPTION
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99 Press release and financial tables, dated October 30, 2001,
issued by Verizon Communications Inc. and contained in its
Investor Relations Bulletin.