AT&T Inc. Financial Review 2008
AT&T Inc. Financial Review 2008 Selected Financial and Operating Data 22 Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Consolidated Financial Statements 49 Notes to Consolidated Financial Statements 53 Report of Management 76 Report of Independent Registered Public Accounting Firm 77 Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting 78 Board of Directors 79 Senior Officers 80 AT&T Annual Report 2008 | 21 Selected Financial and Operating Data Dollars in millions except per share amounts At December 31 or for the year ended: 2008 2007 20062 20053 2004 Financial Data1 Operating revenues $124,028 $118,928 $ 63,055 $ 43,764 $ 40,733 Operating expenses $100,965 $ 98,524 $ 52,767 $ 37,596 $ 34,832 Operating income $ 23,063 $ 20,404 $ 10,288 $ 6,168 $ 5,901 Interest expense $ 3,390 $ 3,507 $ 1,843 $ 1,456 $ 1,023 Equity in net income of affiliates $ 819 $ 692 $ 2,043 $ 609 $ 873 Other income (expense) – net $ (589) $ 615 $ 393 $ 397 $ 1,414 Income taxes $ 7,036 $ 6,253 $ 3,525 $ 932 $ 2,186 Income from continuing operations $ 12,867 $ 11,951 $ 7,356 $ 4,786 $ 4,979 Income from discontinued operations, net of tax4 $ — $ — $ — $ — $ 908 Net income $ 12,867 $ 11,951 $ 7,356 $ 4,786 $ 5,887 Earnings per common share: Income from continuing operations $ 2.17 $ 1.95 $ 1.89 $ 1.42 $ 1.50 Net income $ 2.17 $ 1.95 $ 1.89 $ 1.42 $ 1.78 Earnings per common share – assuming dilution: Income from continuing operations $ 2.16 $ 1.94 $ 1.89 $ 1.42 $ 1.50 Net income
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