MAN GLAUBT DASS DIE AKTIE WERTLOS WIRD, ICH GLAUBE NICHT DARAN
ASHBURN, Va., September 15, 2003 - MCI (WCOEQ, MCWEQ) today filed its July 2003 monthly operating report with the U.S. Bankruptcy Court for the Southern District of New York. During the month of July, MCI recorded $2.116 billion in revenue versus $2.075 billion in June 2003. Revenue gains were driven primarily by an increase in long distance volume, an additional business day, the inclusion of revenue from wireless messaging services that had previously been included in discontinued operations and certain non-recurring items.
Operating income in July was $197 million versus $146 million in June. The increase in operating income was due primarily to the revenue gains described above as well as a decrease in selling, general and administrative expenses, offset by an increase in depreciation and amortization expenses which resulted primarily from the inclusion of the wireless messaging services business.
The Company had net income in July of $207 million compared to net income of $84 million in June. This increase was due to the increase in operating income and an increase in miscellaneous income, including $43 million in one-time gains and adjustments.
July reorganization items were $30 million versus $46 million in June. During the restructuring process, certain business activities will drive one-time costs that will be recognized in the month in which they were incurred. These expenses are expected to fluctuate from month-to-month as the Company implements its cost reduction plans.
In July, MCI recorded capital expenditures of $60 million. MCI ended July with $4.7 billion in cash on hand, an increase of approximately $100 million from the beginning of the month.
"We are encouraged by the steady progress we made in July," said Bob Blakely, MCI chief financial officer. "By recently gaining the support of the overwhelming majority of our creditors for our Plan of Reorganization, we remain on track to emerge from Chapter 11."
The financial results discussed in the July 2003 Monthly Operating Report exclude the results of Embratel. Until MCI completes a thorough balance sheet evaluation, the Company will not issue a balance sheet or cash flow statement as part of its Monthly Operating Report.
The Monthly Operating Reports are available on MCI's Restructuring Information Desk at: global.mci.com/news/infodesk/.
Based on current information and a preliminary analysis of its ability to satisfy outstanding liabilities, MCI believes that when it emerges from bankruptcy proceedings, its existing WorldCom and Intermedia preferred stock and WorldCom group and MCI group tracking stock issues will have no value.
Gruss Doc
habe immer noch Hoffnung
ASHBURN, Va., September 15, 2003 - MCI (WCOEQ, MCWEQ) today filed its July 2003 monthly operating report with the U.S. Bankruptcy Court for the Southern District of New York. During the month of July, MCI recorded $2.116 billion in revenue versus $2.075 billion in June 2003. Revenue gains were driven primarily by an increase in long distance volume, an additional business day, the inclusion of revenue from wireless messaging services that had previously been included in discontinued operations and certain non-recurring items.
Operating income in July was $197 million versus $146 million in June. The increase in operating income was due primarily to the revenue gains described above as well as a decrease in selling, general and administrative expenses, offset by an increase in depreciation and amortization expenses which resulted primarily from the inclusion of the wireless messaging services business.
The Company had net income in July of $207 million compared to net income of $84 million in June. This increase was due to the increase in operating income and an increase in miscellaneous income, including $43 million in one-time gains and adjustments.
July reorganization items were $30 million versus $46 million in June. During the restructuring process, certain business activities will drive one-time costs that will be recognized in the month in which they were incurred. These expenses are expected to fluctuate from month-to-month as the Company implements its cost reduction plans.
In July, MCI recorded capital expenditures of $60 million. MCI ended July with $4.7 billion in cash on hand, an increase of approximately $100 million from the beginning of the month.
"We are encouraged by the steady progress we made in July," said Bob Blakely, MCI chief financial officer. "By recently gaining the support of the overwhelming majority of our creditors for our Plan of Reorganization, we remain on track to emerge from Chapter 11."
The financial results discussed in the July 2003 Monthly Operating Report exclude the results of Embratel. Until MCI completes a thorough balance sheet evaluation, the Company will not issue a balance sheet or cash flow statement as part of its Monthly Operating Report.
The Monthly Operating Reports are available on MCI's Restructuring Information Desk at: global.mci.com/news/infodesk/.
Based on current information and a preliminary analysis of its ability to satisfy outstanding liabilities, MCI believes that when it emerges from bankruptcy proceedings, its existing WorldCom and Intermedia preferred stock and WorldCom group and MCI group tracking stock issues will have no value.
Gruss Doc
habe immer noch Hoffnung
