EX-99 4 tables.htm FINANCIAL STATEMENTS
Financial Data

SBC COMMUNCIATIONS INC.
Consolidated Statements of Income
Dollars in millions except per share amounts
Unaudited    Three Months Ended Twelve Months Ended
    12/31/03   12/31/02   % Chg   12/31/03 12/31/02   % Chg
Operating Revenues  
    Voice $ 5,277 $ 5,947   -11.3% $ 22,134 $ 24,752   -10.6%
    Data   2,604   2,382   9.3%   10,150   9,639   5.3%
    Long-distance voice   703   551   27.6%   2,561   2,324   10.2%
    Directory advertising   1,084   1,864   -41.8%   4,317   4,504   -4.2%
    Other   399   473   -15.6%   1,681   1,919   -12.4%
      Total Operating Revenues   10,067   11,217   -10.3%   40,843   43,138   -5.3%

Operating Expenses  
    Cost of sales (exclusive of depreciation)
        and amortization shown separately below) 		  4,333   4,220   2.7%   16,653   16,362   1.8%
    Selling, general and administrative   2,577   2,611   -1.3%   9,851   9,575   2.9%
    Depreciation and amortization   1,945   2,138   -9.0%   7,870   8,578   -8.3%
    Total Operating Expenses   8,855   8,969   -1.3%   34,374   34,515   -0.4%
Operating Income   1,212   2,248   -46.1%   6,469   8,623   -25.0%
Interest Expense   269   336   -19.9%   1,241   1,382   -10.2%
Interest Income   198   134   47.8%   603   561   7.5%
Equity in Net Income of Affiliates   80   305   -73.8%   1,253   1,921   -34.8%
Other Income (Expense) - Net   130   507   -74.4%   1,817   734   -
Income Before Income Taxes   1,351   2,858   -52.7%   8,901   10,457   -14.9%
Income Taxes   439   503   -12.7%   2,930   2,984   -1.8%
Income Before Extraardinary item and Cumulative
     Effect of Accounting Changes		   912   2,355   -61.3%   5,971   7,473   -20.1%
Extraordinary Item, Net of tax   (7)   -   -   (7)   -   -
Cumulative Effect of Accounting Changes, net of tax   -   -   -   2,541   (1,820)   -
Net Income $ 905 $ 2,355   -61.6% $ 8,505 $ 5,653   50.5%

Basic Earnings Per Share:
Income Before Extraordinary Item and Cumulative
     Effect of Accounting Changes		 $ 0.28 $ 0.71   -60.6% $ 1.80 $ 2.24   -19.6%
Net Income $ 0.27 $ 0.71   -62.0% $ 2.56 $ 1.70   50.6%
Weighted Average Common
    Shares Outstanding (000,000)		   3,308   3,320   -0.4%   3,318   3,330   -0.4%

Diluted Earnings Per Share:
Income Before Extraordinary Item and Cumulative
     Effect of Accounting Changes		 $ 0.28 $ 0.71   -60.6% $ 1.80 $ 2.23   -19.3%
Net Income $ 0.27 $ 0.71   -62.0% $ 2.56 $ 1.69   51.5%
Weighted Average Common
     Shares Outstanding with Dilution (000,000)		   3,320   3,333   -0.4%   3,329   3,348   -0.6%








Financial Data

SBC COMMUNCIATIONS INC.
Statements of Segment Income
Dollars in millions
Unaudited    Three Months Ended Twelve Months Ended

Wireline   12/31/03   12/31/02   % Chg   12/31/03 12/31/02   % Chg
Segment Operating Revenues
    Voice $ 5,260 $ 5,936   -11.4% $ 22,077 $ 24,716   -10.7%
    Data   2,604   2,382   9.3%   10,150   9,639   5.3%
    Long-distance voice   703   551   27.6%   2,561   2,324   10.2%
    Other   382   356   7.3%   1,616   1,713   -5.7%
Total Segment Operating Revenues   8,949   9,225   -3.0%   36,404   38,392   -5.2%

Segment Operating Expenses
    Cost of sales   4,114   3,913   5.1%   15,805   15,536   1.7%
    Selling, general and administrative
        Selling 		  1,631   1,385   17.8%   6,276   5,849   7.3%
        General and administrative   685   808   -15.2%   2,518   2,596   -3.0%
    Selling, general and administrative   2,316   2,193   5.6%   8,794   8,445   4.1%
    Depreciation and amortization   1,913   2,107   -9.2%   7,763   8,442   -8.0%
Total Segment Operating Expenses   8,343   8,213   1.6%   32,362   32,423   -0.2%
Segment Income $ 606 $ 1,012   -40.1% $ 4,042 $ 5,969   -32.3%

Cingular *
Segment Operating Revenues
    Service revenues $ 3,534 $ 3,460   2.1% $ 14,223 $ 13,922   2.2%
    Equipment sales   378   244   54.9%   1,260   981   28.4%
Total Segment Operating Revenues   3,912   3,704   5.6%   15,483   14,903   3.9%

Segment Operating Expenses
    Cost of services and equipment sales   1,516   1,405   7.9%   5,683   5,106   11.3%
    Selling, general and administrative   1,495   1,316   13.6%   5,422   5,426   -0.1%
    Depreciation and amortization   572   467   22.5%   2,089   1,850   12.9%
Total Segment Operating Expenses   3,583   3,188   12.4%   13,194   12,382   6.6%
Segment Operating Income   329   516   -36.2%   2,289   2,521   -9.2%
Other Income (Expense) - Net   (305)   (332)   8.1%   (1,239)   (1,270)   2.4%
Segment Income $ 24 $ 184   -87.0% $ 1,050 $ 1,251   -16.1%

* Results reflect 100% of Cingular Wireless' actual results.

Directory
Segment Operating Revenues $ 1,070 $ 1,849   -42.1% $ 4,254 $ 4,451   -4.4%
Segment Operating Expenses
    Cost of sales   228   335   -31.9%   896   920   -2.6%
    Selling, general and administrative
        Selling 		  173   279   -38.0%   641   672   -4.6%
        General and administrative   98   88   11.4%   395   339   16.5%
    Selling, general and administrative   271   367   -26.2%   1,036   1,011   2.5%
    Depreciation and amortization   5   7   -28.6%   21   30   -30.0%
Total Segment Operating Expenses   504   709   -28.9%   1,953   1,961   -0.4%
Segment Income $ 566 $ 1,140   -50.4% $ 2,301 $ 2,490   -7.6%

International
Segment Operating Revenues $ 7 $ 9   -22.2% $ 30 $ 35   -14.3%
Segment Operating Expenses   5   27   -81.5%   47   85   -44.7%
Segment Operating Income (Loss)   2   (18)   -   (17)   (50)   66.0%
Equity in Net Income of Affiliates   51   190   -73.2%   606   1,152   -47.4%
Segment Income $ 53 $ 172   -69.2% $ 589 $ 1,102   -46.6%








Financial Data

SBC COMMUNCIATIONS INC.
Consolidated Balance Sheets
Dollars in millions except per share amounts
Unaudited   12/31/03   12/31/02

Assets        
Current Assets        
  Cash and cash equivalents $ 4,806 $ 3,567
  Accounts receivable - net of allowances for uncollectibles of $914 and $1,427   6,178   8,540
  Short term investments   378   1
  Prepaid expenses   760   687
  Deferred income taxes   712   704
  Other current assets   1,134   590
  Total current assets   13,968   14,089
Property, plant and equipment - at cost   133,923   131,755
  Less: accumulated depreciation and amortization   81,795   83,265
Property, Plant and Equipment - Net   52,128   48,490
Goodwill - Net   1,611   1,643
Investments in Equity Affiliates   6,947   5,887
Investments in and Advances to Cingular Wireless   11,003   10,468
Other Assets   14,509   14,480
  Total Assets $ 100,166 $ 95,057

Liabilities and Shareowners' Equity        
Current Liabilities        
  Debt maturing within one year $ 1,879 $ 3,505
  Accounts payable and accrued liabilities   10,870   9,413
  Accrued taxes   478   870
  Dividends payable   1,033   895
   Total current liabilities   14,260   14,683
Long-Term Debt   16,060   18,536
Deferred Credits and Other Noncurrent Liabilities        
  Deferred income taxes   15,079   10,726
  Postemployment benefit obligation   12,692   14,094
  Unamortized investment tax credits   220   244
  Other noncurrent liabilities   3,607   3,575
   Total deferred credits and other noncurrent liabilities   31,598   28,639

Shareowners' Equity        
  Common shares issued ($1 par value)   3,433   3,433
  Capital in excess of par value   13,010   12,999
  Retained earnings   27,635   23,802
  Treasury shares (at cost)   (4,698)   (4,584)
  Additional minimum pension liability adjustment   (1,132)   (1,473)
  Accumulated other comprehensive income   -   (978)
   Total shareowners' equity   38,248   33,199
    Total Liabilities and Shareowners' Equity $ 100,166 $ 95,057








Financial Data

SBC COMMUNCIATIONS INC.
Consolidated Statements of Cash Flows
Dollars in millions, increase (decrease) in cash and cash equivalents
Unaudited       Twelve months ended
    12/31/03   12/31/02   12/31/01
Operating Activities            
Net Income $ 8,505 $ 5,653 $ 7,008
Adjustments to reconcile net income to
  net cash provided by operating activities: 		           
    Depreciation and amortization   7,870   8,578   9,077
    Undistributed earnings from investments in equity affiliates   (965)   (1,586)   (755)
    Provision for uncollectible accounts   869   1,407   1,384
    Amortization of investment tax credits   (25)   (30)   (44)
    Deferred income tax expense   3,444   2,472   1,971
    Gain on sales of investments   (1,775)   (794)   (498)
    Extraordinary item, net of tax   7   -   18
    Cumulative effect of accounting change, net of tax   (2,541)   1,820   -
    Retirement benefit funding   (1,645)   -   -
    Changes in operating assets and liabilities:            
        Accounts receivable   (154)   (571)   (672)
        Other current assets   (148)   486   (61)
        Accounts payable and accrued liabilities   521   (1,943)   (2,364)
    Other - net   (446)   (282)   (259)
Total adjustments   5,012   9,557   7,797
Net Cash Provided by Operating Activities   13,517   15,210   14,805

Investing Activities            
Construction and capital expenditures   (5,219)   (6,808)   (11,189)
Investments in affiliates - net   -   (139)   1,482
Purchase of marketable securities   (710)   -   -
Maturities of marketable securities   248   -   510
Purchase of other investments   (436)   -   -
Dispositions   3,020   4,349   1,254
Acquisitions   (8)   (731)   (445)
Other   -   1   1
Net Cash Used in Investing Activities   (3,105)   (3,328)   (8,387)

Financing Activities            
Net change in short-term borrowings with
  original maturities of three months or less 		  (78)   (1,791)   (2,733)
Issuance of other short-term borrowings   -   4,618   7,481
Repayment of other short-term borrowings   (1,070)   (7,718)   (4,170)
Issuance of long-term debt   -   2,251   3,732
Repayment of long-term debt   (3,098)   (1,499)   (4,036)
Early extinguishment of corporation-obligated mandatorily redeemable
   preferred securities of subsidiary trusts 		  -   -   (1,000)
Purchase of treasury shares   (490)   (1,456)   (2,068)
Issuance of treasury shares   102   147   323
Redemption of preferred shares of subsidiaries   -   -   (470)
Issuance of preferred shares of subsidiaries   -   43   -
Dividends paid   (4,539)   (3,557)   (3,456)
Other   -   (56)   39
Net Cash Used in Financing Activities   (9,173)   (9,018)   (6,358)
Net increase in cash and cash equivalents   1,239   2,864   60
Cash and cash equivalents beginning of year   3,567   703   643
Cash and Cash Equivalents End of Year $ 4,806 $ 3,567 $ 703