Monday, January 10, 2005

SBC to Report $250 million in Personnel Charges

SBC Communications expects its fourth-quarter 2004 reported earnings will include charges totaling approximately $250 million, or $0.05 per diluted share, related to previously announced work force reductions and changes to its management pension plan.

Approximately $150 million of the total are cash charges for severance payments related to the work force reductions. During 2004, SBC had a net reduction in its total work force of more than 6,000 -- with approximately half the reductions occurring in Q4. SBC said in the fourth quarter that expected work force reductions could exceed 10,000 jobs through the end of 2005.

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