-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, IBF8feNo6WMiQpLxaUJwJsEE/kgOsAodPM1klW2mouVv+IOW7yW3Qmjzx9G7eODm uh8IO02LcZgCv/IDopMhPA== 0000732713-05-000264.txt : 20051215 0000732713-05-000264.hdr.sgml : 20051215 20051215160855 ACCESSION NUMBER: 0000732713-05-000264 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20051214 ITEM INFORMATION: Cost Associated with Exit or Disposal Activities ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20051215 DATE AS OF CHANGE: 20051215 FILER: COMPANY DATA: COMPANY CONFORMED NAME: BELLSOUTH CORP CENTRAL INDEX KEY: 0000732713 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 581533433 STATE OF INCORPORATION: GA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-08607 FILM NUMBER: 051266765 BUSINESS ADDRESS: STREET 1: 1155 PEACHTREE ST NE STREET 2: ROOM 15G03 CITY: ATLANTA STATE: GA ZIP: 30309-3610 BUSINESS PHONE: 4042492000 MAIL ADDRESS: STREET 1: 1155 PEACHTREE STREET NE CITY: ATLANTA STATE: GA ZIP: 30309-3610 8-K 1 form8k121505.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 8-K

 

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

Date of report (Date of earliest event reported): December 14, 2005

 

BELLSOUTH CORPORATION

(Exact Name of Registrant as Specified in Its Charter)

 

GEORGIA

(State or Other Jurisdiction of Incorporation)

 

1-8607

58-1533433

(Commission File Number)

(IRS Employer Identification No.)

 

Room 15G03, 1155 Peachtree Street, N. E., Atlanta, Georgia

30309-3610

(Address of Principal Executive Offices)

(Zip Code)

 

(404) 249-2000

(Registrant’s Telephone Number, Including Area Code)

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

o

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

o

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

o            Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

o            Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 


 

 

Item 2.05 Costs Associated With Exit or Disposal Activities

 

In an ongoing effort to better position the company for success in the increasingly competitive broadband marketplace, on December 14, 2005, BellSouth determined that it would reduce its management workforce by approximately 1,500 employees. The reductions are expected to be completed by the end of April 2006. The anticipated benefit of the work force reductions is expected to be in the range of $175 million annually.

 

As a result of this reduction in force, we will record an after-tax charge for employee termination benefits of approximately $95 million, approximately $50 million of which will be recognized in the fourth quarter 2005. Cash expenditures related to the severance are expected to be incurred in the first half of 2006.

 

Item 9.01 Financial Statements and Exhibits

 

 

(c) Exhibits

 

Exhibit No.

 

99a

Press Release dated December 15, 2005

 

2

 


 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

BELLSOUTH CORPORATION

 

 

By: /s/ Pat Shannon

 

 

Pat Shannon

 

 

Senior Vice President – Finance and Controller

 

December 15, 2005

 

 

 

 

 

3

 

 

 

 EX-99 2 form8k121505ex99a.htm EXHIBIT 99A

Exhibit 99a

For More Information:

 

Jeff Battcher

404 249-2793

 

BellSouth announces management reduction

Most are expected to take voluntary offer

 

December 15, 2005, ATLANTA - In an ongoing effort to better position the company for success in the competitive broadband marketplace, today BellSouth announced a management reduction of approximately 1,500 employees. The reductions will primarily take place in supervisory and non-supervisory management positions, including staff support functions. Most of the reductions are expected to occur through the acceptance of voluntary severance packages and are to be completed by April 30, 2006.

 

“Reducing workforce is the toughest business decision a company has to make,” said BellSouth Chairman and CEO Duane Ackerman. “We have worked hard to avoid it, but many companies our size and particularly our competitors operate with lower overhead and fewer management layers.”

 

BellSouth will record an after-tax charge of approximately $95 million, approximately $50 million of which will be recognized in the fourth quarter of 2005.

 

About BellSouth Corporation

 

BellSouth Corporation is a Fortune 100 communications company headquartered in Atlanta, Georgia. BellSouth has joint control and 40 percent ownership of Cingular Wireless, the nation’s largest wireless voice and data provider with 52.3 million customers.

 

Backed by award-winning customer service, BellSouth offers the most comprehensive and innovative package of voice and data services available in the market. Through BellSouth Answers®, residential and small business customers can bundle their local and long distance service with dial-up and high-speed DSL Internet access, satellite television and Cingular® Wireless service. For businesses, BellSouth provides secure, reliable local and long distance voice and data networking solutions. BellSouth also offers print and online directory advertising through The Real Yellow Pages® from BellSouth® and YELLOWPAGES.COM™

 

BellSouth believes that diversity and fostering an inclusive environment are critical in maintaining a competitive advantage in today's global marketplace. More information about BellSouth can be found at http://www.bellsouth.com.

 

In addition to historical information, this document may contain forward-looking

statements regarding events and financial trends. Factors that could affect future

results and could cause actual results to differ materially from those expressed or

implied in the forward-looking statements include: (i) a change in economic

conditions in markets where we operate or have material investments which

would affect demand for our services; (ii) the intensity of competitive activity and

its resulting impact on pricing strategies and new product offerings; and (iii) those factors contained in the Company's periodic reports filed with the SEC. The forward-looking

information in this document is given as of this date only, and, BellSouth

assumes no duty to update this information.

 

 

 

 

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