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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: March 13, 2000
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 10013-3412
Telephone Number (212) 387-5400
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Form 8-K AT&T Corp.
March 13, 2000
ITEM 5 OTHER EVENTS.
a) AT&T Wireless Group financial information.
AT&T is making available certain AT&T Wireless Group 1999 financial information
included in Exhibit 99 as follows:
1. Unaudited Combined Statements of Operations for the three-month
periods ended March 31, 1999, June 30, 1999 and September 30, 1999.
2. Unaudited Combined Balance Sheets at March 31, 1999, June 30, 1999 and
September 30, 1999.
3. Supplemental unaudited selected financial data for the 850 and 1900
megahertz markets for the three-month periods ended March 31, 1999,
June 30, 1999, September 30, 1999 and December 31, 1999 and for the
year ended December 31, 1999.
ITEM 7 Financial Statements and Exhibits.
c) Exhibits
Exhibit 99 AT&T Wireless Group financial information.
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Form 8-K AT&T Corp.
March 13, 2000
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/ N. S. Cyprus
----------------------------------
By: N. S. Cyprus
Vice President and Controller
March 13, 2000
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AT&T Corp.
Form 8-K Exhibit 99
March 13, 2000
<TABLE>
<CAPTION>
AT&T WIRELESS GROUP COMBINED STATEMENTS OF OPERATIONS
(unaudited)
For the Three Months Ended
March 31, June 30, September 30,
Dollars in millions 1999 1999 1999
<S> <C> <C> <C>
Revenues
Services revenues $1,372 $1,689 $1,867
Equipment revenues 191 189 182
Total revenues 1,563 1,878 2,049
Operating Expenses
Network and other costs of services 810 940 993
Depreciation and amortization 276 308 333
Selling, general and administrative 564 614 655
Total operating expenses 1,650 1,862 1,981
Operating (loss) income (87) 16 68
Other income(expense), net 44 140 (4)
Interest expense 32 38 32
(Loss) income before income taxes (75) 118 32
(Benefit) provision for income taxes (26) 43 14
Net (loss)income (49) 75 18
Dividend requirements on preferred
stock held by AT&T, net 14 13 14
Net (loss) income attributable to
AT&T's residual interest $ (63) $ 62 $ 4
</TABLE>
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AT&T Corp.
Form 8-K Exhibit 99
March 13, 2000
<TABLE>
<CAPTION>
AT&T WIRELESS GROUP COMBINED BALANCE SHEETS
(unaudited)
March 31, June 30, September 30,
Dollars in millions 1999 1999 1999
<S> <C> <C> <C>
Assets
Cash and cash equivalents $ 24 $ 115 $ 16
Accounts receivable, less allowances
of $88, $98 and $98 906 1,133 1,223
Inventories 196 161 109
Deferred income taxes 95 110 126
Prepaid expenses and other current assets 39 39 32
Total Current Assets 1,260 1,558 1,506
Property, plant and equipment, net of
accumulated depreciation of $2,824,
$3,035 and $3,243 5,062 5,694 6,143
Licensing costs, net of accumulated
amortization of $1,349, $1,399 and
$1,459 7,791 8,312 8,366
Investments 3,954 4,020 4,477
Goodwill, net and other assets 1,321 2,286 2,364
Total Assets $19,388 $21,870 $22,856
Liabilities
Accounts payable $ 340 $ 472 $ 502
Payroll and benefit-related liabilities 123 216 231
Debt maturing within one year 112 122 137
Other current liabilities 756 870 920
Total Current Liabilities 1,331 1,680 1,790
Long-term debt due to AT&T 2,600 3,000 3,200
Deferred income taxes 3,647 3,938 3,922
Other long-term liabilities 39 41 49
Total Liabilities 7,617 8,659 8,961
Minority Interest 94 82 77
Shareowner's Equity
Preferred stock held by AT&T 1,000 1,000 1,000
AT&T's residual interest 10,675 12,111 12,799
Accumulated other comprehensive income 2 18 19
Total Shareowner's Equity 11,677 13,129 13,818
Total Liabilities and
Shareowner's Equity $19,388 $21,870 $22,856
</TABLE>
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AT&T Corp.
Form 8-K Exhibit 99
March 13, 2000
SUPPLEMENTAL UNAUDITED SELECTED FINANCIAL DATA FOR 850 MEGAHERTZ AND 1900
MEGAHERTZ MARKETS
The AT&T Wireless Group provides its mobile voice services using both 850
megahertz cellular and 1900 megahertz Personal Communications Services (PCS)
licenses. The AT&T Wireless Group does not manage its business for these
spectrums separately, therefore it does not provide separate 850 megahertz and
1900 megahertz financial statements in the normal course of operations. As
supplemental information, however, we have set out in the table below
information on 850 megahertz markets and 1900 megahertz markets to demonstrate
the estimated financial performance of these different types of markets. The
supplemental information contains a number of allocations and attributions
between the markets based on management's judgment. There can be no assurance
that the financial results provided below would have been obtained were these
markets actually managed separately. In addition, mixed markets possessing both
850 megahertz and 1900 megahertz systems in operation are categorized as 850
megahertz markets.
Supplemental Unaudited Selected Financial Data
Amounts in millions (unless otherwise specified)
<TABLE>
<CAPTION>
For the Three Months Ended For the Year
March 31, June 30, Sept. 30, Dec. 31, Ended Dec. 31,
1999 1999 1999 1999 1999
<S> <C> <C> <C> <C> <C>
850 Megahertz
Revenues:
Services revenues $ 1,159 $ 1,393 $ 1,525 $ 1,509 $ 5,586
Equipment revenues 152 148 148 199 647
Total revenues 1,311 1,541 1,673 1,708 6,233
EBITDA* 271 381 422 (227) 847
EBITDA (excluding asset
impairment and
restructuring charges) 271 381 422 282 1,356
Capital expenditures N/A N/A N/A N/A 1,453
Subscribers 6.7 7.7 7.9 8.2 8.2
ARPU** (in dollars) $ 58.0 $ 62.7 $ 64.2 $ 62.3 $ 61.9
Licensed POPs 75.3
1900 Megahertz
Revenues:
Services revenues $ 188 $ 267 $ 326 $ 370 $ 1,151
Equipment revenues 36 35 33 39 143
Total revenues 224 302 359 409 1,294
EBITDA* (71) (44) (6) (70) (191)
EBITDA (excluding asset
impairment and
restructuring charges) (71) (44) (6) (50) (171)
Capital expenditures N/A N/A N/A N/A 880
Subscribers 0.8 1.0 1.2 1.4 1.4
ARPU** (in dollars) $ 87.0 $ 95.7 $ 96.5 $ 94.9 $ 94.1
Licensed POPs 104.9
</TABLE>
* EBITDA is defined as earnings before interest and taxes, excluding other
income (expense), net, plus depreciation and amortization
** Average monthly revenue per user
N/A - Not available
