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Verizon Sees Revenue and EPS Growth

NEW YORK Jan. 25, 2011 Lowell McAdam

McAdam said: "Verizon’s superior asset base gives us a solid foothold in growth markets for broadband, wireless data, video and cloud services — businesses that are gaining scale and momentum, as we saw in the second half of 2010.  Verizon has an unmatched strategic position in the growth markets of the future.  Our focus is on leveraging these superior assets to deliver superior value to customers and investors."

McAdam described a transformational change in Verizon’s revenue and growth profile.  Over the past several years, he noted, Verizon has invested in next-generation broadband technologies such as FiOS and wireless LTE; it has acquired assets such as Alltel and MCI to extend its reach in global markets and add scale; and it has divested lower-growth, non-strategic assets.  As a result, 72 percent of Verizon’s total revenues in 2010 were generated by wireless, FiOS and strategic business services, compared with 48 percent in 2006.

$106.6 billion $104.4 billion $102.5 billion

Revenue, Capital Investment and Earnings Expectations

Fran Shammo

With the introduction of the iPhone and LTE devices, Verizon said it sees smartphone penetration rates increasing from a current 26 percent to more than 50 percent by the end of 2011.

Shammo said Verizon Wireless margins have demonstrated years of sustained excellent performance, and improvements in wireline margins are gaining momentum.  He added that the company plans to maintain a disciplined program for capital investments and driving cost efficiencies.

$16.5 billion

Shammo said the company expects to maintain strong cash flow with continued gains in earnings per share (EPS) in 2011, including the impact on wireless margins from expected gains in market share from iPhone sales.

90 cents $33.4 billion $2.08

In addition, he said, continued strong cash flow will enable management to continue to recommend to Verizon’s Board of Directors annual dividend increases.

June 30, 2010 July 1, 2010 www.verizon.com/investor for reconciliations to generally accepted accounting principles (GAAP) for non-GAAP financial measures cited in this document.

New York $106.6 billion www.verizon.com

www.verizon.com/news

NOTE: This document 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 effects of adverse conditions in the U.S. and international economies; the effects of competition in our markets; materially adverse changes in labor matters, including workforce levels and labor negotiations, and any resulting financial and/or operational impact, in the markets served by us or by companies in which we have substantial investments; the effect of material changes in available technology; any disruption of our suppliers’ provisioning of critical products or services; significant increases in benefit plan costs or lower investment returns on plan assets; the impact of natural or man-made disasters or existing or future litigation and any resulting financial impact not covered by insurance; technology substitution; an adverse change in the ratings afforded our debt securities by nationally accredited ratings organizations or adverse conditions in the credit markets impacting the cost, including interest rates, and/or availability of financing; any changes in the regulatory environments in which we operate, including any loss of or inability to renew wireless licenses, and the final results of federal and state regulatory proceedings and judicial review of those results; the timing, scope and financial impact of our deployment of fiber-to-the-premises broadband technology; 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; our ability to complete acquisitions and dispositions; our ability to successfully integrate Alltel Corporation into Verizon Wireless’ business and achieve anticipated benefits of the acquisition; and the inability to implement our business strategies.

Verizon Communications Inc.

  Revenues Reconciliations  – Verizon – As Adjusted

(dollars in millions)

12 Mos. Ended

12 Mos. Ended

Unaudited

12/31/10

12/31/09

Consolidated Operating Revenues – Reported

$     106,565

$    107,808

Less: impact of divested operations

2,407

5,297

Add: deferred revenue adjustment

268

Consolidated Adjusted Operating Revenues

$     104,426

$    102,511

Earnings Per Share Reconciliations  

Adjusted EPS Reconciliation – Verizon

3 Mos. Ended 12/31/10

3 Mos. Ended 9/30/10

3 Mos. Ended 6/30/10

3 Mos. Ended 3/31/10

12 Mos. Ended 12/31/10

Unaudited

EPS

EPS

EPS

EPS

EPS

Reported EPS

$      0.93

$       0.23

$      (0.42)

$        0.16

$        0.90

Merger Integration & Acquisition Related Charges

0.05

0.02

0.06

0.01

0.14

Access Line Spin-Off Related Charges

0.04

0.04

0.04

0.12

Severance, Pension, and Benefit Charges

(0.44)

0.26

0.86

0.67

Medicare Part D Subsidy Charges

0.34

0.34

Deferred Revenue Adjustment

0.03

0.03

Impact of Divested Operations

(0.06)

(0.07)

(0.13)

Adjusted EPS

$      0.54

$       0.55

$        0.51

$       0.48

$        2.08

Note: EPS my not add due to roundings

SOURCE Verizon Communications Inc.

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