The Regents - University of California | Office of The President

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C. 1998 Year End Statements
53. In its March 30, 1999 filing with the SEC for the year ended
December 31, 1998, WorldCom made the following representations about its
operations, including revenues and income:
MCI WORLDCOM. INC. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF
OPERATIONS (In Millions, Except Per Share Data)
For the Years Ended December 31,
1998 1997 1996
Revenues $17,678 $7,384 $4,449
Operating expenses:
Line costs
SG&A
8,416
4,312
3,764
1,626
2,397
867
Deprec. & amort.
In-process R&D
2,200 976 320
and other charges
Total
3,725
18,653
–
6,366
2,740
6,324
Operating income (loss) (975) 1,018 (1,875)
Other income (expense):
Interest expense (637) (395) (253)
Miscellaneous 41 40 25
Income (loss) before income taxes,
min. ints.& extraordinary items (1,571) 663 (2,103)
Provision for income taxes 876 416 130
Income (loss) before min. ints. &
extraordinary items (2,447) 247 (2,233)
Minority interests (93) – –
Income (loss) before
extraordinary items (2,540) 247 (2,233)
Extraordinary items (net of inc.
taxes of $78, $0 and $16, resp.) (129) (3) (24)
Net income (loss) (2,669) 244 (2,257)
Dist. on subs. trust mand.
redeemable pref. securities 18 – –
Pref. dividend requirements 13 26 1
Net income (loss) appl. to
common shareholders $ (2,700) $ 218 $(2,258)
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COMPLAINT