AT&T Wireless 2008 Annual Report Download - page 3

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AT&T Annual Report 2008
To AT&T Investors: 1
Randall Stephenson
Chairman, Chief Executive Officer
and President
AT&T continued to set the pace for the industry in 2008. We grew
revenues and earnings per share. We strengthened our position
in key customer segments. And we returned value to stockholders
through share buybacks and a strong dividend.
But here’s what I’m most proud of: We delivered those strong results in a
very challenging economic environment. Despite the downturn, the demand to
stay connected — wirelessly and over the Internet — continues to grow globally.
And we are focused as never before on meeting that demand.
In fact, no company is better positioned to capitalize on this growth and deliver
on the vision I laid out in these pages last year — to connect people with their
world, everywhere they live and work, and do it better than anyone else.
My No. 1 job is to ensure that AT&T grows over the long term, and I’m confident
we have what it takes to do that. We have the best brand in telecom. We offer
superior networks, products and capabilities. And we’re investing significantly
in fast-growing areas to meet the increasing demand for connectivity.
The volatile economy demanded even more financial strength, flexibility
and disciplined execution, and we delivered. We spotted the economic
slowdown early in the year and quickly moved to reduce costs without
sacrificing growth opportunities or customer service. As a result, we
ended 2008 as we began it — financially strong, with world-class
operations and clear market leadership. In 2009, we plan to repeat that
performance, in what continues to be a challenging environment.
Our success is reflected in our 2008 financial highlights:
Reported consolidated revenues were up more than 4 percent
to $124 billion.
Reported earnings per share grew 11.3 percent to $2.16 per share.
We returned $15.6 billion to stockholders through dividends
and share repurchases.
We also delivered strong cash flow, enabling us to achieve our
25th consecutive year of dividend growth by increasing our
quarterly dividend 2.5 percent in December. Our commitment to
create long-term value for our owners underpins all our plans.