SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
February 4, 2000
BELLSOUTH CORPORATION
(Exact name of registrant as specified in its charter)
Georgia 1-8607 58-1533433
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
Room 15G03, 1155 Peachtree Street, N. E., Atlanta, Georgia 30309-3610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(404) 249-2000
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Item 5. Other Events
Fourth Quarter 1999 Earnings
On February 4, 2000, BellSouth announced that it will record a one-time,
after-tax charge of between $60 million and $80 million in the first quarter of
2000 to reduce its domestic workforce by approximately 2,100 positions. See
Exhibit 99 for a complete copy of the related press release.
February 8, 2000 Analyst Meeting Comments
Ron Dykes, Chief Financial Officer, said at an analyst conference in New York
Tuesday that BellSouth expects normalized diluted EPS growth for 2000 as a whole
to be in the 10-12 percent range, which may track a quarterly trajectory similar
to last year. EPS growth for 2001 was forecast to be in the 13-15 percent range.
Mr. Dykes also stated that consolidated total operating revenue growth is
targeted in the 8 to 10 percent range for both 2000 and 2001, with data revenue
growth of approximately 30%. Operating expenses for the same period are targeted
to grow in the range of 7 to 9 percent. Capital expenditures are projected to be
$6.0 to $6.5 billion for 2000 and $5.5 to $6.0 billion for 2001.
Mr. Dykes also announced that BellSouth is studying the possibility of issuing a
tracking stock.
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Cautionary Language Concerning Forward-Looking Statements
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Statements that do not address historical performance are based on our
assumptions and estimates and are subject to risks and uncertainties. For these
statements, we claim the protection of the safe harbor for forward-looking
statements provided by the Private Securities Litigation Reform Act of 1995.
Factors that could affect future operating results and financial position and
could cause actual results to differ materially from those expressed in the
forward-looking statements are:
o a change in economic conditions in domestic or international markets where
we operate or have material investments which would affect demand for our
services;
o the intensity of competitive activity and its resulting impact on pricing
strategies and new product offerings;
o further delay in our entry into the interLATA long distance market;
o higher than anticipated start-up costs or significant up-front investments
associated with new business initiatives;
o unanticipated higher capital spending from the deployment of new
technologies; and
o unsatisfactory results in regulatory actions including access reform,
universal service, terms of interconnection and unbundled network elements
and resale rates;
This list of cautionary statements is not exhaustive. These and other
developments could cause our actual results to differ materially from those
forecast or implied in the forward-looking statements. You are cautioned not to
place undue reliance on these forward-looking statements, which are current only
as of the date of this filing. We have no obligation to publicly release the
results of any revisions to these forward-looking statements to reflect events
or circumstances after the date of this filing.
Item 7. Financial Statements and Exhibits
(c) Exhibits
Exhibit No.
99 Press Release - BellSouth Streamlining Support Staff
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SIGNATURE
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.
BELLSOUTH CORPORATION
By: /s/ W. Patrick Shannon
W. Patrick Shannon
Vice President and Controller
February 4, 2000
BellSouth Streamlining Support Staff
For Immediate Release:
February 4, 2000
ATLANTA, GA - BellSouth said today that by streamlining work processes, it
expects to reduce its domestic workforce by approximately 2,100 positions. As a
result, the company will record a one-time, after-tax charge of between $60
million and $80 million in the first quarter of 2000. Staff functions are being
consolidated as BellSouth shifts from a multiple company structure to a single
organization.
"Streamlining these organizations will allow us to be more responsive to our
customers' needs," said Duane Ackerman, chairman and chief executive officer.
"These staffing decisions are being made with careful review and attention, and
we are committed to making decisions that are fair and equitable to all of our
employees."
BellSouth is a $25 billion communications services company. It provides
telecommunications, wireless communications, cable and digital TV, directory
advertising and publishing, and Internet and data services to more than 37
million customers in 20 countries worldwide.
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NOTE: For more information about BellSouth, visit the BellSouth Web page at
http://www.bellsouth.com. Also, BellSouth news releases dating back one year are
available by fax at no charge by calling 1-800-758-5804, ext. 095650 or write:
for Atlanta releases 1155 Peachtree St., N.E.; Atlanta, Ga. 30309-3610 and for
DC releases; 1133 21st St., N.W.; Suite 900; Washington, D.C. 20036.
