The Regents - University of California | Office of The President

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Net income (loss) 4,013 (2,725) 182
Distributions on sub trust
mandatorily redeemable
preferred securities
Preferred dividend req.
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Net income (loss) applicable to
common shareholders $ 3,941 $(2,767) $ 143
57. On March 24, 2000, Arthur Andersen provided an unqualified
opinion of the consolidated financial statements, including the Statements of
Operations:
We have audited the accompanying consolidated balance
sheets of MCI WORLDCOM, Inc. (a Georgia
corporation) and subsidiaries as of December 31, 1999
and 1998, and the related consolidated statements of
operations, shareholders' investment and cash flows for
each of the years in the three-year period ended
December 31, 1999. These financial statements are the
responsibility of the Company's management. Our
responsibility is to express an opinion on these financial
statements based on our audits. We did not audit the
financial statements of Brooks Fiber Properties, Inc., a
company acquired during 1998 in a transaction
accounted for as a pooling-of-interests, as discussed in
Note 2, as of and for the year ended December 31, 1997.
Such statements are included in the consolidated
financial statements of MCI WORLDCOM, Inc. and
reflect total revenues of two percent of the related
consolidated totals in 1997. These statements were
audited by other auditors whose report has been
furnished to us and our opinion, insofar as it relates to
amounts included for Brooks Fiber Properties, Inc. is
based solely upon the report of the other auditors.
We conducted our audits in accordance with auditing
standards generally accepted in the United States. Those
standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting
the amounts and disclosures in the financial statements.
An audit also includes assessing the accounting
principles used and significant estimates made by
management, as well as evaluating the overall financial
statement presentation. We believe that our audit and the
report of the other auditors provide a reasonable basis for
our opinion.
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COMPLAINT