Verizon Expands Despite Economic Conflict

West Palm Beach ( – Verizon Communications Inc. reported strong results in the third quarter 2008, reporting 59 cents in diluted earnings per share (EPS) in the third quarter 2008, compared with 44 cents per share in the third quarter 2007.

"Verizon again reported solid revenue, earnings and cash flow growth this quarter," said Chairman and CEO Ivan Seidenberg. "The strategic investments we made over the past few years continue to drive growth in wireless, enterprise, broadband and video.

"Although the capital markets and economy may present challenges, we will continue to execute on our business plan and invest for future growth," he said. "We increased the dividend 7 percent this quarter, reflecting confidence in continued growth opportunities. Verizon has a great set of assets and an employee team focused on creating value for our customers and shareholders."

Verizon had total revenues of $5.4 billion, or growth of 1.2 percent compared with last year’s third quarter. This was Verizon Business’ eighth consecutive quarter of year-over-year pro-forma revenue growth.

Verizon Business continued to expand its global network reach and capabilities, announcing during the quarter that the first phase of the Trans-Pacific Express submarine cable system directly connecting Mainland China, the U.S., South Korea and Taiwan is ready for service. The company also began a significant expansion of its operations in India, activating Private IP nodes in five major business centers following receipt of international and national long-distance licenses earlier this year.

New commercial customer agreements included CA Inc., First Data, H&R Block, Husqvarna and Kuwait Petroleum International Ltd. Verizon Business also signed new contracts with several U.S. government agencies.

Alex Akesson

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