SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 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):
July 10, 2001
BELLSOUTH CORPORATION
(Exact name of registrant as specified in its charter)
Georgia 1-8607 58-1533433
(State or other (Commission (IRS Employer
jurisdiction of File Number) Identification
incorporation) No.)
Room 15G03, 1155 Peachtree Street, N. E., Atlanta, Georgia 30309-3610
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code
(404) 249-2000
Item 5. Other Matters
BellSouth Corporation stated today that it is taking a charge to earnings of
five cents per share in the second quarter for prior claims from competitive
local exchange carriers regarding reciprocal compensation for ISP traffic. The
charge will be normalized as a special item in the second quarter. With respect
to BellSouth's previously announced foreign exchange losses of five to six cents
per share, those losses will be included in continuing earnings and will not be
normalized.
See Exhibit 99 for a copy of the related press release.
Safe Harbor
In addition to historical information, this document contains forward-looking
statements regarding events and financial trends that may affect our future
operating results, financial position and cash flows. These statements are based
on our assumptions and estimates and are subject to risks and uncertainties. For
these statements, we claim the protection of the safe harbor for forward-looking
statements provided by the Private Securities Litigation Reform Act of 1995.
There are possible developments that could cause our actual results to differ
materially from those forecast or implied in the forward-looking statements. You
are cautioned not to place undue reliance on these forward-looking statements,
which are current only as of the date of this filing. We disclaim any intention
or obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
While the below list of cautionary statements is not exhaustive, some factors
that could affect future operating results, financial position and cash flows
and could cause actual results to differ materially from those expressed in the
forward-looking statements are:
- a change in economic conditions in domestic or international markets where
we operate or have material investments which would affect demand for our
services;
- significant deterioration in foreign currencies relative to the U.S. dollar
in foreign countries in which we operate;
- changes in U.S. or foreign laws or regulations, or in their
interpretations, which could result in the loss, or reduction in value, of
our licenses, concessions or markets, or in an increase in competition,
compliance costs or capital expenditures;
- a decrease in the growth rate of demand for the services which we offer;
- the intensity of competitive activity and its resulting impact on pricing
strategies and new product offerings;
- protracted delay in our entry into the interLATA long distance market;
- higher than anticipated start-up costs or significant up-front investments
associated with new business initiatives;
- unanticipated higher capital spending from, or delays in, the deployment of
new technologies; and
- the impact of the wireless joint venture with SBC Communications, known as
Cingular Wireless, including marketing and product development efforts and
financial capacity.
(c) Exhibits
Exhibit No.
99 July 10, 2001 Press Release
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/ W. Patrick Shannon
W. Patrick Shannon
Vice President - Finance and
Supply Chain Management
July 10, 2001