AT&T Announces Second Quarter 2003 Earnings;
Board of Directors States its Intention to Increase the Dividend by 27%
and Authorizes the Repurchase of up to $2 Billion in Debt
- Second quarter earnings per diluted share from continuing operations of
$0.68
- Consolidated revenue of $8.8 billion
- Operating income of $1.0 billion
BEDMINSTER, N.J., July 24 -- AT&T (NYSE: T) today reported
income from continuing operations of $536 million, or earnings per diluted
share of $0.68, for the second quarter of 2003. The company's current quarter
income from continuing operations compares to income of $603 million, or
earnings per diluted share of $0.80, in the second quarter of 2002. AT&T's
overall net income of $536 million, compares to a loss of $12.8 billion for
the second quarter of 2002, which included a significant loss from
discontinued operations.
"AT&T's second quarter results reflect our relentless focus on managing
costs and driving share gains in key areas of our business despite ongoing
economic weakness and increased competitive pressures," said AT&T Chairman and
Chief Executive Officer David W. Dorman. "We continue to leverage our
industry-leading scale and global networking expertise to widen our
competitive advantages and position AT&T for the eventual economic
turnaround."
AT&T reported second quarter 2003 consolidated revenue of $8.8 billion,
which included $6.4 billion from AT&T Business Services and $2.4 billion from
AT&T Consumer Services. This represents a consolidated revenue decline of 8.2
percent versus the second quarter of 2002, primarily due to continued declines
in long distance (LD) voice revenue, partially offset by the continued success
of AT&T Consumer Services' bundled local and LD offering, as well as growth in
several key markets of AT&T Business Services.
AT&T's second quarter 2003 operating income totaled $1.0 billion,
resulting in a consolidated operating margin of 11.7 percent. AT&T Business
Services posted operating income of $597 million, yielding a margin of 9.3
percent, while AT&T Consumer Services generated operating income of $489
million, yielding a margin of 20.6 percent.
AT&T also announced that its Board of Directors has stated its intention
to increase the company's quarterly per share cash dividend by $0.05, to
$0.2375, beginning with AT&T's third quarter dividend payable in November.
Additionally, the company announced that the Board has authorized management
to repurchase up to $2 billion of debt, subject to market conditions and other
relevant considerations.
"AT&T continues to generate strong earnings and cash flow while carefully
managing its costs and capital spending," said AT&T Chief Financial Officer
Thomas W. Horton. "Today's announcement of a change in dividend policy,
coupled with our plan to repurchase additional debt, demonstrates our ongoing
commitment to returning value to our investors while maintaining our overall
financial flexibility and balance sheet strength."
AT&T UNIT HIGHLIGHTS
AT&T Business Services
-- Revenue was $6.4 billion, a decline of 5.0 percent from the prior year
second quarter. The unit's revenue performance reflects pricing
pressure, weakness in retail demand and overall telecommunications
spending, partially offset by strong growth in local voice, wholesale
LD voice and IP&E-services revenue.
-- Long distance voice revenue declined 10.9 percent on a quarter-over-
quarter basis, driven by continued pricing pressure, partially offset
by volume growth. Volumes grew approximately 12 percent on a quarter-
over-quarter basis, driven by strong wholesale growth, which more than
offset the decline in retail volumes.
-- Local voice revenue grew approximately 39 percent from the prior year
second quarter. Local access lines totaled over 4.2 million at the
end of the current period, representing an increase of nearly 135,000
lines from the first quarter of 2003.
-- IP&E-services revenue grew 13.1 percent, while data services revenue
declined 4.1 percent from the prior year quarter.
-- The managed component of total data services and IP&E-services revenue
grew more than 6 percent from the prior year second quarter and now
comprises approximately 31 percent of this revenue total.
-- Operating income totaled $597 million. Operating margin was 9.3
percent, compared with 12.7 percent in the prior year second quarter.
The decline is primarily due to pricing pressure, weak retail demand
resulting from a soft economy, and a mix shift from higher margin
retail LD voice service to lower margin wholesale, data and IP&E
services.
AT&T Consumer Services
-- Revenue was $2.4 billion, a decline of 18.4 percent versus the prior
year second quarter, driven by the continued impact of competition,
wireless and Internet substitution, and customer migration to lower
priced products and calling plans. The revenue decline was partially
offset by growth in bundled revenue, which nearly doubled compared to
the prior year second quarter and now represents over 19 percent of
total AT&T Consumer Services' revenue.
-- Operating income totaled $489 million, yielding an operating margin of
20.6 percent, compared with 27.0 percent in the prior year second
quarter. The year-over-year decline reflects the impact of
substitution, mix shift and competition.
-- At the end of the second quarter, AT&T Consumer provided local service
to more than 3.1 million customers, an increase of more than 100
percent from the prior year second quarter. During the current
reporting period, AT&T began offering service in Indiana, Maryland,
Virginia and Massachusetts. As of June 30, 2003, local service was
available in 12 markets. The company expects to offer local service
in as many as 22 markets by the end of 2003.
OTHER CONSOLIDATED FINANCIAL HIGHLIGHTS
-- Second quarter 2003 net income of $536 million included a
restructuring charge of $66 million related to separation costs
associated with the realignment of the company's management.
-- AT&T realized $25 million of equity earnings, net of income taxes,
during the second quarter of 2003 primarily due to the favorable
settlement of Concert related items.
-- Other income in the second quarter primarily consisted of investment-
related income, gains from sales of our investment in Time Warner
Telecom and the mark-to-market impacts of financial instruments.
-- AT&T ended the quarter with net debt of $10.8 billion. Net debt is
defined as total debt of $17.5 billion less cash of $5.3 billion,
restricted cash of $0.5 billion and net foreign debt fluctuations of
$1.0 billion.
-- Free cash flow was $1.4 billion for the second quarter. Free cash
flow is defined as cash flow from operations of $2.1 billion less cash
used for capital expenditures of $0.8 billion.
-- Capital expenditures for the second quarter were $790 million.
-- The company stated that it had completed nearly two-thirds of the
employee separations that it had taken charges for in 2002 by the end
of the 2003 second quarter, and that it will continue to drive
additional cost efficiencies going forward. This is expected to result
in a charge similar to or slightly higher than the current quarter
charge during the second half of 2003, the majority of which could
occur in the third quarter of 2003.
-- The combined effect of AT&T's previously announced employee
separations and its ongoing management redesign effort will result in
up to a 9% reduction in the company's 2003 year-end headcount versus
year-end 2002 levels, yielding an annualized cost savings of more than
$500 million in the first full year after completion of these efforts.
-- The Board of Directors has stated its intention to increase the
quarterly dividend by $0.05 per share, starting with the third quarter
dividend payable in November 2003. The actual declaration of the
third quarter dividend has not yet taken place and will be subject to
the usual review of the financial condition of the Company and other
relevant factors by the Board of Directors at the time of the
declaration.
-- The Board of Directors has authorized the repurchase of up to $2
billion in debt. The timing and method of any such repurchases have
not yet been determined and will depend on various market conditions
and all other relevant factors and may take the form of calls, tender
offers or open market purchases.
DEFINITIONS and NOTES
AT&T Business Services
LD Voice - includes all of AT&T's domestic and international LD revenue,
including Intralata toll when purchased as part of an LD calling plan.
Local Voice - includes all local calling and feature revenue, Intralata
toll when purchased as part of a local calling plan, as well as Inter-carrier
local revenue.
Data Services- includes bandwidth services (dedicated private line
services through high-capacity optical transport), frame relay and
asynchronous transfer mode (ATM) revenue for LD and local, as well as revenue
for managed data services.
Internet Protocol & Enhanced Services (IP&E-services) - includes all
services that ride on the IP common backbone or that use IP technology,
including managed IP services, as well as application services (e.g., hosting,
security).
Outsourcing, Professional Services & Other - includes complex bundled
solutions primarily in the wide area/local area network space, AT&T's
professional services revenue associated with the company's federal government
customers, as well as all other Business Services revenue (and eliminations)
not previously defined. Also includes revenue from AT&T Latin America prior
to the first quarter of 2003.
Data, IP&E-Services - Percent Managed - managed services refers to AT&T's
management of a client's network or network and applications including
applications that extend to the customer premise equipment.
Data, IP&E-Services - Percent International - a data service that either
originates or terminates outside of the United States, or an IP&E-service
installed or wholly delivered outside the United States.
AT&T Consumer Services
Bundled Services - includes any customer with a local relationship as a
starting point, and all other AT&T subscription-based voice products provided
to that customer.
Standalone LD, Transactional & Other Services - includes any customer with
solely a long distance relationship, non-voice products, or a non
subscription-based relationship.
Local Customers - residential customers who subscribe to AT&T local
service.
Bundled Households - number of households in targeted markets where there
is general availability of AT&T local service.
Other Definitions and Notes
Restricted cash - $0.5 billion of cash that collateralizes a portion of
private debt and is included in "other assets" on the balance sheet.
Foreign currency fluctuations - represents mark-to-market adjustments, net
of cash collateral collected, that increased the debt balance by approximately
$1.0 billion at June 30, 2003, on non-U.S. denominated debt of about $4.0
billion. AT&T has entered into foreign exchange hedges that substantially
offset the fluctuations in the debt balance. The offsetting mark-to-market
adjustments of the hedges are included in "other assets" on the balance sheet.
AT&T Corp. Consolidated Statements of Income (Unaudited)
Dollars in millions (except per share amounts)
Three Months Ended
June 30,
2003 2002 Change
REVENUE
AT&T Business Services $6,406 $6,742 (5.0%)
AT&T Consumer Services 2,376 2,911 (18.4%)
Corporate and Other 13 (73) 117.8%
Total Revenue 8,795 9,580 (8.2%)
OPERATING EXPENSES
Access and other connection 2,708 2,747 (1.4%)
Costs of services and products 1,958 2,086 (6.2%)
Selling, general and
administrative 1,837 1,942 (5.4%)
Depreciation and amortization 1,197 1,213 (1.4%)
Net restructuring and other
charges 66 -- N/A
Total operating expenses 7,766 7,988 (2.8%)
Operating Income 1,029 1,592 (35.3%)
Other income (expense), net 86 (50) 271.9%
Interest (expense) (296) (336) (12.1%)
Income from continuing operations
before income taxes, minority
interest income, and net
earnings (losses) related to
equity investments 819 1,206 (32.1%)
(Provision) for income taxes (308) (513) (39.9%)
Minority interest income -- 33 (100.0%)
Net income/(losses) related to
equity investments 25 (123) 120.5%
Income from continuing operations 536 603 (11.0%)
(Loss) from discontinued
operations - net of taxes -- (13,433) N/A
Net income (loss) $536 (12,830) 104.2%
Weighted-average common shares
(millions) 787 730
Weighted-average common shares
and potential common shares
(millions) 787 750
PER BASIC SHARE:
Earnings from continuing
operations $0.68 $0.83 (18.1%)
(Loss) from discontinued
operations -- (18.41) N/A
Earnings (loss) per basic share $0.68 $(17.58) 103.9%
PER DILUTED SHARE:
Earnings from continuing
operations $0.68 $0.80 (15.0%)
(Loss) from discontinued
operations -- (17.91) N/A
Earnings (loss) per diluted share $0.68 $(17.11) 104.0%
Dividends declared per share $0.1875 $0.1875
AT&T Corp. Consolidated Statements of Income (Unaudited)
Dollars in millions (except per share amounts)
2Q03 1Q03
REVENUE
AT&T Business Services $6,406 $6,437
AT&T Consumer Services 2,376 2,536
Corporate and Other 13 13
Total revenue 8,795 8,986
OPERATING EXPENSES
Access and other connection 2,708 2,698
Costs of services and
products 1,958 2,011
Selling, general and
administrative 1,837 1,921
Depreciation and
amortization 1,197 1,186
Net restructuring and other
charges 66 4
Total operating expenses 7,766 7,820
Operating income (loss) 1,029 1,166
Other income (expense), net 86 10
Interest (expense) (296) (332)
Income (loss) from
continuing operations
before income taxes,
minority interest income,
and net earnings (losses)
related to equity
investments 819 844
(Provision) for income
taxes (308) (297)
Minority interest income -- 1
Net (losses) earnings
related to equity
investments 25 (19)
Income (loss) from
continuing operations 536 529
(Loss) from discontinued
operations - net of taxes -- --
Gain on disposition of
discontinued operations -
net of taxes -- --
Income (loss) before
cumulative effect of
accounting changes 536 529
Cumulative effect of
accounting changes, net of
taxes -- 42
Net income (loss) $536 $571
Weighted-average common
shares (millions) 787 784
Weighted-average common
shares and potential
common shares (millions) 787 785
PER BASIC SHARE:
Earnings (loss) from
continuing operations $0.68 $0.67
(Loss) from discontinued
operations -- --
Gain on disposition of
discontinued operations -- --
Cumulative effect of
accounting changes -- 0.06
Earnings (loss) per basic
share $0.68 $0.73
PER DILUTED SHARE:
Earnings (loss) from
continuing operations $0.68 $0.67
(Loss) from discontinued
operations -- --
Gain on disposition of
discontinued operations -- --
Cumulative effect of
accounting changes -- 0.06
Earnings (loss) per diluted
share $0.68 $0.73
AT&T Corp. Consolidated Statements of Income (Unaudited)
Dollars in millions (except per share amounts)
4Q02 3Q02 2Q02 1Q02 2002
REVENUE
AT&T Business Services $6,588 $6,700 $6,742 $6,528 $26,558
AT&T Consumer Services 2,736 2,794 2,911 3,086 11,527
Corporate and Other (34) (85) (73) (66) (258)
Total revenue 9,290 9,409 9,580 9,548 37,827
OPERATING EXPENSES
Access and other
connection 2,576 2,679 2,747 2,788 10,790
Costs of services and
products 2,197 2,066 2,086 2,014 8,363
Selling, general and
administrative 2,077 2,032 1,942 1,937 7,988
Depreciation and
amortization 1,257 1,243 1,213 1,175 4,888
Net restructuring and
other charges 1,463 (26) -- -- 1,437
Total operating expenses 9,570 7,994 7,988 7,914 33,466
Operating income (loss) (280) 1,415 1,592 1,634 4,361
Other income (expense),
net 208 (180) (50) (55) (77)
Interest (expense) (361) (355) (336) (396) (1,448)
Income (loss) from
continuing operations
before income taxes,
minority interest
income, and net
earnings (losses)
related to equity
investments (433) 880 1,206 1,183 2,836
(Provision) for income
taxes (225) (370) (513) (479) (1,587)
Minority interest income 33 28 33 20 114
Net (losses) earnings
related to equity
investments 14 (13) (123) (278) (400)
Income (loss) from
continuing operations (611) 525 603 446 963
(Loss) from discontinued
operations - net of
taxes (197) (318) (13,433) (565) (14,513)
Gain on disposition of
discontinued operations
- net of taxes 1,324 -- -- -- 1,324
Income (loss) before
cumulative effect of
accounting changes 516 207 (12,830) (119) (12,226)
Cumulative effect of
accounting changes, net
of taxes -- -- -- (856) (856)
Net income (loss) $516 $207 $(12,830) $(975) $(13,082)
Weighted-average common
shares (millions) 776 770 730 709 746
Weighted-average common
shares and potential
common shares
(millions) 776 788 750 738 766
PER BASIC SHARE:
Earnings (loss) from
continuing operations $(0.79) $0.68 $0.83 $0.63 $1.29
(Loss) from discontinued
operations (0.26) (0.41) (18.41) (0.80) (19.44)
Gain on disposition of
discontinued operations 1.71 -- -- -- 1.77
Cumulative effect of
accounting changes -- -- -- (1.21) (1.15)
Earnings (loss) per
basic share $0.66 $0.27 $(17.58) $(1.38) $(17.53)
PER DILUTED SHARE:
Earnings (loss) from
continuing operations $(0.79) $0.67 $0.80 $0.60 $1.26
(Loss) from discontinued
operations (0.26) (0.41) (17.91) (0.76) (18.95)
Gain on disposition of
discontinued operations 1.71 -- -- -- 1.73
Cumulative effect of
accounting changes -- -- -- (1.16) (1.12)
Earnings (loss) per
diluted share $0.66 $0.26 $(17.11) $(1.32) $(17.08)
Segment Disclosures (Unaudited)
Dollars in millions
2Q03 1Q03
AT&T Business Services
LD Voice $2,873 $2,961
Local Voice(1) 384 335
Total Voice 3,257 3,296
Data Services 1,993 2,000
IP&E-Services 459 445
Total Data Services, IP&E-
Services 2,452 2,445
Outsourcing, Professional
Services & Other 697 696
Total Revenue 6,406 6,437
Operating Income (Loss)(2) 597 600
Operating Margin 9.3% 9.3%
Capital Expenditures 763 636
Depreciation & Amortization 1,133 1,126
Total Data Services, IP&E-
Services - % managed 31% 30%
Total Data Services, IP&E-
Services - % international 14% 14%
LD Volume Growth - Yr/Yr 12% 12%
LD Volume % Wholesale 47% 45%
AT&T Consumer Services
Standalone LD,
Transactional and Other
Services $1,916 $2,112
Bundled Services 460 424
Total Revenue 2,376 2,536
Operating Income(3) 489 632
Operating Margin 20.6% 24.9%
Capital Expenditures 19 22
Depreciation & Amortization 36 35
Local Customers (in
thousands) 3,130 2,778
Bundled Households (in
millions) 40.1 32.2
Corporate and Other
Revenue $13 $13
Operating (Loss)(4) (57) (66)
Capital Expenditures 8 4
Depreciation & Amortization 28 25
Total AT&T
Revenue $8,795 $8,986
Operating Income (Loss)(5) 1,029 1,166
Operating Margin 11.7% 13.0%
Capital Expenditures 790 662
Depreciation & Amortization 1,197 1,186
Segment Disclosures (Unaudited)
Dollars in millions
4Q02 3Q02 2Q02 1Q02 2002
AT&T Business Services
LD Voice $2,853 $3,129 $3,224 $3,048 $12,254
Local Voice(1) 336 274 277 268 1,155
Total Voice 3,189 3,403 3,501 3,316 13,409
Data Services 2,079 2,086 2,077 2,018 8,260
IP&E-Services 442 421 406 408 1,677
Total Data Services, IP&E-
Services 2,521 2,507 2,483 2,426 9,937
Outsourcing, Professional
Services & Other 878 790 758 786 3,212
Total Revenue 6,588 6,700 6,742 6,528 26,558
Operating Income (Loss)(2) (612) 854 856 867 1,965
Operating Margin (9.3%) 12.7% 12.7% 13.3% 7.4%
Capital Expenditures 1,297 912 930 575 3,714
Depreciation &
Amortization 1,173 1,128 1,141 1,104 4,546
Total Data Services, IP&E-
Services - % managed 30% 29% 29% 29% 29%
Total Data Services, IP&E-
Services - %
international 15% 14% 15% 13% 14%
LD Volume Growth - Yr/Yr 7% 2% (1%) (1%) 2%
LD Volume % Wholesale 42% 38% 34% 33% 37%
AT&T Consumer Services
Standalone LD,
Transactional and Other
Services $2,375 $2,499 $2,670 $2,869 $10,413
Bundled Services 361 295 241 217 1,114
Total Revenue 2,736 2,794 2,911 3,086 11,527
Operating Income(3) 389 595 787 821 2,592
Operating Margin 14.2% 21.3% 27.0% 26.6% 22.5%
Capital Expenditures 32 34 33 28 127
Depreciation &
Amortization 57 89 43 41 230
Local Customers (in
thousands) 2,423 1,916 1,549 1,266 2,423
Bundled Households (in
millions) 32.2 32.2 17.6 13.1 32.2
Corporate and Other
Revenue $(34) $(85) $(73) $(66) $(258)
Operating (Loss)(4) (57) (34) (51) (54) (196)
Capital Expenditures 17 23 13 10 63
Depreciation &
Amortization 27 26 29 30 112
Total AT&T
Revenue $9,290 $9,409 $9,580 $9,548 $37,827
Operating Income (Loss)(5) (280) 1,415 1,592 1,634 4,361
Operating Margin (3.0%) 15.0% 16.6% 17.1% 11.5%
Capital Expenditures 1,346 969 976 613 3,904
Depreciation &
Amortization 1,257 1,243 1,213 1,175 4,888
(1) Local access lines for the second quarter exceeded 4.2M, an increase
of nearly 135,000 from a restated 1Q03 amount of 4.1M. The 1Q03
amount has been adjusted to reflect approximately 310,000 broadband
access lines not previously reported.
(2) Includes business restructuring and asset impairment (charges)
benefits of ($47M) in 2Q03, ($1,230M) in 4Q02 and $27M in 3Q02.
(3) Includes business restructuring and asset impairment (charges)
benefits of ($5M) in 2Q03, ($223M) in 4Q02 and $12M in 3Q02.
(4) Includes business restructuring (charges) of ($14M) in 2Q03, ($10M)
in 4Q02 and ($13M) in 3Q02.
(5) Includes business restructuring and asset impairment (charges)
benefits of ($66M) in 2Q03, ($1,463M) in 4Q02 and $26M in 3Q02.
AT&T Corp. Consolidated Balance Sheets (Unaudited)
Dollars in millions
June 30, December 31, %
2003 2002 Change
ASSETS
Cash and cash equivalents $5,256 $8,014 (34.4%)
Accounts receivable, less
allowances of $709 and $669 4,771 5,286 (9.7%)
Deferred income taxes 779 910 (14.4%)
Other current assets 1,026 1,693 (39.4%)
Total Current Assets 11,832 15,903 (25.6%)
Property, plant and
equipment, net of
accumulated depreciation of
$33,017 and $31,021 24,831 25,604 (3.0%)
Goodwill 4,727 4,626 2.2%
Other purchased intangible
assets, net of accumulated
depreciation of $280 and
$244 530 556 (4.7%)
Prepaid pension costs 3,723 3,596 3.5%
Other assets 4,741 4,987 (4.9%)
TOTAL ASSETS $50,384 $55,272 (8.8%)
LIABILITIES
Accounts payable $3,300 $3,819 (13.6%)
Payroll and benefit-related
liabilities 963 1,519 (36.6%)
Debt maturing within one year 3,915 3,762 4.1%
Other current liabilities 2,895 2,924 (1.0%)
Total Current Liabilities 11,073 12,024 (7.9%)
Long-term debt 13,563 18,812 (27.9%)
Long-term benefit-related
liabilities 4,185 4,001 4.6%
Deferred income taxes 5,047 4,739 6.5%
Other long-term liabilities
and deferred credits 3,233 3,384 (4.5%)
Total Liabilities 37,101 42,960 (13.6%)
SHAREOWNERS' EQUITY
AT&T Common Stock, $1 par
value, authorized
6,000,000,000 shares; issued
and outstanding 787,543,059
shares (net of 171,760,068
treasury shares) at June 30,
2003 and 783,037,580 shares
(net of 171,801,716 treasury
shares) at December 31, 2002 788 783 0.6%
Additional paid-in capital 27,980 28,163 (0.6%)
Accumulated deficit (15,459) (16,566) 6.7%
Accumulated other
comprehensive loss (26) (68) 62.3%
Total Shareowners' Equity 13,283 12,312 7.9%
TOTAL LIABILITIES &
SHAREOWNERS' EQUITY $50,384 $55,272 (8.8%)
Note to Financial Media: AT&T executives will discuss the company's
performance in a two-way conference call for financial analysts at 8:15 a.m.
ET today. Reporters are invited to listen to the call. U.S. callers should
dial 888-276-0010 to access the call. Callers outside the U.S. should dial
+1-612-326-1003.
In addition, Internet rebroadcasts of the call will be available on the
AT&T Web site beginning later today. The Web site address is
http://www.att.com/ir. An audio rebroadcast of the conference call will be
available beginning in the afternoon on Thursday, July 24 until midnight on
Friday, July 25. To access the replay, please visit http://www.att.com/ir, or
U.S. callers can dial 800-475-6701, access code 661280. Callers outside the
U.S. should dial +1-320-365-3844, access code 661280.
The foregoing, including statements relating to possible future dividends,
are "forward-looking statements" which are based on management's beliefs as
well as on a number of assumptions concerning future events made by and
information currently available to management. Readers are cautioned not to
put undue reliance on such forward-looking statements, which are not a
guarantee of performance and are subject to a number of uncertainties and
other factors, many of which are outside AT&T's control, that could cause
actual results to differ materially from such statements. For a more detailed
description of the factors that could cause such a difference, please see
AT&T's10-K, 10-Q, 8-K and other filings with the Securities and Exchange
Commission. AT&T disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise. This information is presented solely to provide
additional information to further understand the results of AT&T. The
declaration of future dividends is made at the discretion of AT&T's Board of
Directors, which will consider AT&T's financial condition and all other
relevant factors, and there can be no assurance as to the declaration and
amount of future dividends, if any.
(Logo: http://www.newscom.com/cgi-bin/prnh/19991018/ATT)
SOURCE AT&T
-0- 07/24/2003
/CONTACT: Media inquiries, Paul Kranhold, +1-908-234-5105, or Dan Lawler,
+1-908-234-6846; or Investor Relations, +1-908-532-1680, all for AT&T/
/Photo: http://www.newscom.com/cgi-bin/prnh/19991018/ATT/
/Web site: http://www.att.com/ir/
(T)
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