%DESCRIPTION: Specialized telecommunications common carrier, based in Washington, with its own microwave network (built at a cost of more than $200 million) spanning 8,000 miles and serving the nation's 50 major metropolitan markets -- which account for half of all U.S. business telephones, MCI's major marker (OTC). 1979 (CALENDAR YEAR) PROFITS PER SHARE: $0.16. DIVIDENDS: None on common stock. Total payout for preferred was $4.3 million ($2.64 for one series and $1.80 for the other). FOUNDED: 1968. TOP EXECUTIVES: William McGowan, chairman; V. Orville Wright, president.
The company's objective for the past year has been to combine growth in the scope of its operations with sustained growth in its earning performance. MCI believes the results achieved during calendar 1979 demonstrate that the company is meeting its dual goal. MCI, which is expected to report revenues of substantially more than $100 million in the fiscal year that ended March 31, faces key decisions on the legal front this year. The company has brought two major antitrust suits against the Bell System, including one in which the company is seeking $2.7 billion in damages. In addition, MCI is expanidng its challenge to AT&T's dominance in the residential long distance telephone market, bringing the service to Washington and other cities for the first time this year.