Summary
This 8-K filing from Verizon Communications Inc. (VZ) on January 4, 2007, primarily announces the reclassification of its domestic print and Internet yellow pages directories publishing operations, formerly part of the Information Services segment, as discontinued operations following their spin-off into Idearc Inc. on November 17, 2006. This strategic move allows investors to better analyze the ongoing core businesses of Verizon by segregating the divested yellow pages assets. The filing also updates the presentation of discontinued operations to include previously divested assets such as Verizon Dominicana and Telecomunicaciones de Puerto Rico, Inc. (TELPRI). The sale of Verizon Dominicana was completed in the fourth quarter of 2006. Verizon is providing historical financial data for the past eleven quarters that reflects these changes, enabling a clearer view of the company's performance excluding these divested segments.
Key Highlights
- 1Verizon completed the spin-off of its domestic print and Internet yellow pages directories business (Idearc Inc.) on November 17, 2006.
- 2The former Information Services segment, primarily consisting of the yellow pages operations, is now classified as discontinued operations.
- 3Discontinued operations also include interests in Verizon Dominicana and TELPRI, which were previously designated for sale.
- 4The sale of Verizon Dominicana to América Móvil was completed in the fourth quarter of 2006.
- 5Verizon is providing revised historical consolidated financial information for the past eleven quarters to reflect these discontinued operations.
- 6This reclassification aims to provide investors with a clearer picture of Verizon's ongoing business performance.
- 7The filing is dated January 4, 2007, and reports on events occurring on and prior to January 3, 2007.