PR
Newswire -- September 2, 2010
NEW
YORK,Sept. 2 /PRNewswire/ --The Board of Directors of Verizon Communications Inc.
(NYSE, Nasdaq: VZ) today declared a quarterly dividend of 48.75 cents per outstanding
share, an increase of 1.25 cents per share, or 2.6 percent, from the previous
quarter. On an annual basis, this increases Verizon's dividend 5 cents per share,
from $1.90 to $1.95 per share.
The
quarterly dividend is payable on Nov. 1, 2010, to Verizon Communications shareowners
of record at the close of business on Oct. 8, 2010. "This
increase is a clear indication of the strength of our cash flow, our balance sheet
and our company," said Ivan Seidenberg, Verizon chairman and chief executive
officer. "Our board is yet again demonstrating its resolve in returning value
to our shareholders and its belief in our strategies, all while continuing to
invest in the long-term growth of our business." This
is the fourth consecutive year that Verizon's Board of Directors has approved
a quarterly dividend increase in September. Also,
on July 1, Verizon completed the access line spinoff and merger transaction with
Frontier Communications Corporation. Through the spinoff, Verizon shareholders
received $1.85 per share in value in the form of Frontier shares and cash in what
was, effectively, a stock dividend. Verizon
has approximately 2.7 million shareowners and approximately 2.8 billion shares
of common stock outstanding. The company made nearly $2.7 billion in dividend
payments through the first half of 2010. Verizon
Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York, is a global
leader in delivering broadband and other wireless and wireline communications
services to mass market, business, government and wholesale customers. Verizon
Wireless operates America's most reliable wireless network, serving more than
92 million customers nationwide. Verizon also provides converged communications,
information and entertainment services over America's most advanced fiber-optic
network, and delivers innovative, seamless business solutions to customers around
the world. A Dow 30 company, Verizon last year generated consolidated revenues
of more than $107 billion. For more information, visit www.verizon.com. VERIZON'S
ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies,
media contacts, high-quality video and images, and other information are available
at Verizon's News Center on the World Wide Web at www.verizon.com/news. To receive
news releases by e-mail, visit the News Center and register for customized automatic
delivery of Verizon news releases.
SOURCE
Verizon Communications Inc.
Subject
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Company Codes: NYSE:VZ
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