Verizon Communications Inc.

1095 Avenue of the Americas

Year founded: 1983

Industry: Telecommunications

Post 200 Category: Top Companies Headquartered Outside Region

Revenue: n/a

Net Income/Loss: n/a

Earnings per share: n/a

Dividend: n/a

Stockholder equity: n/a

Auditor: Ernst & Young LLP

Stock: VZ

Assets: n/a

Market capitalization: $96.75 Billion

52-week high: 42.27 11/12/2004

52-week low: 34.13 7/21/2004

Chairman and CEO: Ivan G. Seidenberg

President: Lawrence T. Babbio Jr.

Employees: 210396

Local employees: 14500

Description: Verizon is the nation's largest phone company and the Washington area's dominant carrier, offering local and long-distance calling. Verizon subsidiaries also provide wireless and high-speed Internet access services.

Developments: With its combination of phone-line, wireless and Internet-service businesses for consumers and corporations and its extensive business and political operations in the Washington area, Verizon's local employee base is considerable. Its government affairs and lobbying operation is one of the corporate world's largest and most aggressive, and its efforts have paid large dividends in the past three years. The company and its industry peers persuaded regulators to eliminate requirements that allowed competitors to use the established regional phone companies' lines at discounted rates. Combined with rules allowing phone companies such as Verizon to compete in the market for long-distance service, the changes are resulting in an industry shakeout that is eliminating many rival providers of local and long-distance services. Verizon has bid to acquire MCI Inc., the once-giant long-distance company that has struggled with corporate scandal, bankruptcy protection and the regulatory changes. At press time, MCI's board had deemed superior a rival bid from Qwest Communications International. Another major Verizon initiative is the continuing upgrade of some of its service areas — including some neighborhoods in the Washington suburbs — with fiber-optic cable that promises Internet speed dwarfing today's standards, as well as television and video programming that could one day challenge cable and satellite firms. Verizon enjoyed an excellent year financially, with its 2004 earnings up sharply and its debt pared by $6.11 billion, to $39.27 billion.