Wednesday, January 4, 2006

MCI Restates Financials for First Three Quarters of 2005

Just prior to an expected closing of its merger with Verizon, MCI reissued financial statements for the quarterly periods ended March 31, 2005; June 30, 2005; and September 30, 2005. As a result of a comprehensive review of its contributions to the Federal Universal Service Fund, MCI determined that previously issued financial statements included an error related to these contributions. The result of the error was an over-stated net income for the nine-month period ended September 30, 2005 of $52 million.

MCI said the restatement will have no impact on MCI's pending merger with Verizon.

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