Verizon Reports on WTC Restoration Efforts, Previews 3Q Growth
📅 - Ivan Seidenberg, president and co-CEO of Verizon Communications (verizon.com), yesterday described progress the company has made in network recovery efforts following the recent terrorist attacks and also gave a preview of certain key third-quarter operating statistics.
Seidenberg made his remarks to analysts at the Goldman Sachs Communacopia Xconference in New York City. "We continue to focus on growth drivers in thewireless, DSL and long-distance markets," Seidenberg said, "and ourexecution remains focused on our goals."
He announced expected continued growth in wireless, DSL and long-distancesubscribers. Verizon Wireless continued growth, with a net addition of752,000 customers for a year-to-date total of 28.7 million. In DSL, Verizonexpects customer additions of 120,000 to 130,000, for a year-to-date totalof 960,000 to 970,000. Previously announced year-end targets are 1.2 to 1.3million, and Seidenberg said there would be "a new marketing thrust and adcampaign" for DSL in the fourth quarter.
In long distance, Verizon expects customer additions of 650,000 to 700,000,for a year-to-date total of 6.6 to 6.7 million - already nearing previouslyannounced increased year-end targets of 6.7 to 6.9 million. Followingfederal approval last month to offer long distance in Pennsylvania, thecompany is allowed to offer long-distance services to more than two-thirdsof its access lines.
Seidenberg said that the company is "still assessing the financial impactfor the quarter just ended and any on-going effects for the year from theattack." Verizon has previously stated that it believes insurance willeventually cover the majority of restoration costs, which are in the processof being quantified. Verizon plans to announce third-quarter earnings Oct.40, and Seidenberg said, "We will have a fuller picture of the impact of thecrisis at that time."
Seidenberg reported that the company has restored approximately 80 percentof voice service originally supplied by a severely damaged Verizon buildingadjacent to the World Trade Center, either by providing services in lowerManhattan or by providing alternative solutions - such as rerouting numbersto new customer locations.
Although the terrorist attacks in New York destroyed or disrupted 200,000voice access lines, 100,000 business lines, 3.6 million data circuits and 10cellular towers, Verizon has "virtually rebuilt the entire communicationsnetwork in lower Manhattan," Seidenberg said. Following the tragedy, Verizoncompleted twice the normal call volumes, kept the rest of its network aroundthe country operating normally and restored service so that the New YorkStock Exchange reopened to a record-setting trading day on Sept. 17.
"Scale and scope matter," Seidenberg said. "The ability to draw on ourdiverse, national resources was invaluable. We had the processes andexperienced people in place, as well as the industry-wide cooperation, todeal with a restoration effort of such enormous magnitude. Our ability torecover shows the operational and financial strength of this company."
Seidenberg made his remarks to analysts at the Goldman Sachs Communacopia Xconference in New York City. "We continue to focus on growth drivers in thewireless, DSL and long-distance markets," Seidenberg said, "and ourexecution remains focused on our goals."
He announced expected continued growth in wireless, DSL and long-distancesubscribers. Verizon Wireless continued growth, with a net addition of752,000 customers for a year-to-date total of 28.7 million. In DSL, Verizonexpects customer additions of 120,000 to 130,000, for a year-to-date totalof 960,000 to 970,000. Previously announced year-end targets are 1.2 to 1.3million, and Seidenberg said there would be "a new marketing thrust and adcampaign" for DSL in the fourth quarter.
In long distance, Verizon expects customer additions of 650,000 to 700,000,for a year-to-date total of 6.6 to 6.7 million - already nearing previouslyannounced increased year-end targets of 6.7 to 6.9 million. Followingfederal approval last month to offer long distance in Pennsylvania, thecompany is allowed to offer long-distance services to more than two-thirdsof its access lines.
Seidenberg said that the company is "still assessing the financial impactfor the quarter just ended and any on-going effects for the year from theattack." Verizon has previously stated that it believes insurance willeventually cover the majority of restoration costs, which are in the processof being quantified. Verizon plans to announce third-quarter earnings Oct.40, and Seidenberg said, "We will have a fuller picture of the impact of thecrisis at that time."
Seidenberg reported that the company has restored approximately 80 percentof voice service originally supplied by a severely damaged Verizon buildingadjacent to the World Trade Center, either by providing services in lowerManhattan or by providing alternative solutions - such as rerouting numbersto new customer locations.
Although the terrorist attacks in New York destroyed or disrupted 200,000voice access lines, 100,000 business lines, 3.6 million data circuits and 10cellular towers, Verizon has "virtually rebuilt the entire communicationsnetwork in lower Manhattan," Seidenberg said. Following the tragedy, Verizoncompleted twice the normal call volumes, kept the rest of its network aroundthe country operating normally and restored service so that the New YorkStock Exchange reopened to a record-setting trading day on Sept. 17.
"Scale and scope matter," Seidenberg said. "The ability to draw on ourdiverse, national resources was invaluable. We had the processes andexperienced people in place, as well as the industry-wide cooperation, todeal with a restoration effort of such enormous magnitude. Our ability torecover shows the operational and financial strength of this company."
Reads: 1857 | Category: General | Source: TheWHIR : Web Host Industry Reviews
URL source: http://www.thewhir.com/marketwatch/verizon104.cfm
Want to add a website news or press release ? Just do it, it's free! Use add web hosting news!