SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report: October 20, 1997
AT&T CORP.
A New York Commission File I.R.S. Employer
Corporation No. 1-1105 No. 13-4924710
32 Avenue of the Americas, New York, New York 10013-2412
Telephone Number (212) 387-5400
<PAGE>
Form 8-K
AT&T Corp.
October 20, 1997
Item 5. Other Events.
See Exhibit 99 to this Form 8-K.
Item 7. Financial Statements and Exhibits.
(c) Exhibits.
Exhibit 99 AT&T Corp. Press Release issued October 20, 1997.
<PAGE>
Form 8-K
AT&T Corp.
October 20, 1997
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
AT&T CORP.
/s/ Marilyn J. Wasser
---------------------------------
By: Marilyn J. Wasser
Vice President and Secretary
October 20, 1997
<PAGE>
EXHIBIT INDEX
Exhibit
Number
99 AT&T Corp. Press Release issued October 20, 1997
AT&T BOARD NAMES ARMSTRONG CHAIRMAN AND CEO;
THIRD QUARTER EARNINGS OF 71 CENTS A SHARE ANNOUNCED;
UNIVERSAL CARD AND CUSTOMER CARE UNITS TO BE SOLD
FOR RELEASE MONDAY, OCTOBER 20, 1997
NEW YORK -- The AT&T Board of Directors today announced the election of
C. Michael Armstrong as the company's chairman and chief executive officer,
effective November 1. Armstrong succeeds Robert E. Allen who, after serving in
the role since 1988, said last July that he planned to retire when his
replacement was named. Prior to his appointment, Armstrong, 59, was chairman and
CEO of Hughes Electronics Corporation.
The Board also announced that John D. Zeglis, 50, was elected president
and would continue as a member of the Board. To help facilitate the transition
in leadership, Allen, 62, will become chairman of the Board's Executive
Committee until his retirement at the end of February 1998.
Separately, the company announced that earnings from continuing
operations in the third quarter were 71 cents a share. Including gains from the
sale of its submarine systems unit to Tyco Incorporated, third quarter profits
were 75 cents a share.
Revenues grew more than 1 percent year-over-year on communications
services volumes that rose more than 10 percent. Revenue growth was tempered
principally by lower consumer long distance prices reflecting lower access
charges that the company is passing through to customers. The company also
continued to increase its use of free minutes to retain and acquire high usage
consumer customers.
The company also announced it plans to sell two profitable, but non
strategic, businesses - AT&T Universal Card Services and AT&T Solutions Customer
Care.
AT&T Universal Card Services is the company's credit card unit. AT&T
Solutions Customer Care, formerly known as American Transtech, provides
relationship-management support services - such as telemarketing and customer
service - as part of the company's highly successful outsourcing, consulting and
systems integration unit. Both units to be sold are headquartered in
Jacksonville, Fla. The company considers the balance of AT&T Solutions strategic
to its mission of serving multi-national companies.
The company expects to complete the divestitures by mid-1998, based on
expressions of interest it has already received from a number of potential
buyers. Proceeds from the sales will be used for general corporate purposes.
