Bellsouth Corp
1 June 2001
For More Information
Jeff Battcher (404) 713-0274
BellSouth Second Quarter Results To Be Impacted by FX Losses
ATLANTA, June 1, 2001 - BellSouth Corporation (BLS: NYSE) estimated today that
it will recognize losses of five to six cents per share in the second quarter of
2001 due to declining currencies in Brazil and Colombia. Although foreign
exchange rates could strengthen or decline further during the rest of the year,
the dramatic movement in the last two months will result in a non-cash charge to
income in the second quarter.
The second quarter foreign exchange loss will also impact results for the year.
Adjusted for the five to six cents per share in the current quarter, the Company
expects to be within its previous guidance of 7-9% earnings per share growth for
the year.
About BellSouth Corporation
BellSouth Corporation is a Fortune 100 communications services company
headquartered in Atlanta, Georgia, serving more than 45 million customers in the
United States and 16 other countries, including Argentina, Brazil, Chile,
Colombia, Ecuador, Guatemala, Nicaragua, Panama, Peru, Uruguay and Venezuela.
Consistently recognized for customer satisfaction, BellSouth provides a full
array of broadband data and e-commerce solutions to business customers,
including Web hosting and other Internet services. In the residential market,
Bellsouth offers DSL high-speed Internet access, advanced voice features and
other services. BellSouth also provides online and directory advertising
services, including BellSouth Real PagesSM.com
BellSouth owns 40 percent of Cingular Wireless, the nation's second largest
wireless company, which provides innovative wireless data and voice services.
In addition to historical information, this document contains forward-looking
statements regarding events and financial trends. Factors that could affect
future results and could cause actual results to differ materially from those
expressed or implied in the forward-looking statements include: (i) a change in
economic conditions in domestic or international markets where we operate or
have material investments which would affect demand for our services; (ii) the
intensity of competitive activity and its resulting impact on pricing strategies
and new product offerings; and (iii) higher than anticipated cash requirements
for investments, new business initiatives and acquisitions. The forward-looking
information in this document is given as of this date only, and BellSouth
assumes no duty to update this information.
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