Verizon Reports Continued Strong Results With EPS Growth of 8.6

Another Record-Breaking Quarter at Verizon Wireless; Solid Increases in Wireline Data and Broadband; $1.8 Billion in First-Quarter Earnings

NEW YORK, April 27 /PRNewswire/ --

FIRST-QUARTER HIGHLIGHTS

Consolidated Results

- 63 cents in diluted EPS (earnings per share), up 8.6 percent year-over- year from 58 cents in adjusted EPS (non-GAAP measure)

Wireless

- First-quarter Verizon Wireless record of 1.64 million net customer additions, up 18.0 percent; 45.5 million total customers, up 16.8 percent

- Total quarterly revenues up 20.4 percent, to $7.4 billion; average monthly service revenue per customer up 2.1 percent; churn (customer turnover) of 1.33 percent, a new record low for the second consecutive quarter

Wireline

- Verizon's best-ever quarterly DSL line growth; 385,000 net new broadband connections (DSL and FiOS data customers), 3.9 million total broadband connections

- Data revenues up 11.6 percent; long-distance revenues up 8.3 percent

Notes: Growth percentages cited above compare first quarter 2005 with first quarter 2004. See the schedules accompanying this news release and

for reconciliations to generally accepted accounting principles (GAAP) for the non-GAAP financial measures included in this announcement. Discontinued operations in the prior-year quarterly period presented includes the operations of Verizon Information Services Canada, following an agreement to sell that business.

Verizon Communications Inc. (NYSE:VZ) today reported first-quarter

2005 earnings of $1.8 billion, or 63 cents per diluted share, as quarterly revenues increased 6.6 percent, driven by the fifth consecutive quarter of more than 20 percent total revenue growth year-over-year at Verizon Wireless.

The $1.8 billion in reported first-quarter 2005 earnings compares with $1.2 billion, or 43 cents per share, in the first quarter 2004. Verizon's 63 cents per share in first-quarter 2005 earnings increased

8.6 percent compared with 58 cents per share in the first quarter
2004, when 2004 results are adjusted for special items, primarily for pension settlements associated with a voluntary separation plan (non-GAAP measure). No special items or adjustments are included in first-quarter 2005 results.

Consolidated revenues of $18.2 billion in the first quarter 2005 increased 6.6 percent, or $1.1 billion, compared with the first quarter 2004.

Verizon Wireless contributed $7.4 billion, or 40.8 percent, of first- quarter 2005 consolidated revenues. This compares with wireless revenues of $6.2 billion, or 36.1 percent of consolidated revenues, in the first quarter 2004. Total wireless revenues have increased by more than 10 percent year- over-year for 11 consecutive quarters, including the 20 percent-plus year- over-year increases for the past five quarters.

Operating revenues for Domestic Telecom, the company's U.S. wireline business segment, were $9.5 billion in the first quarter 2005, a 1.2 percent decrease compared with $9.6 billion in the first quarter 2004. This is the segment's lowest rate of revenue decline in nearly four years.

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