Verizon Communications (New York, NY), local phone firm, had USDlr2.29 bil net income in 4th-qtr 2002, vs a USDlr2.04 bil net loss in the year-earlier period. Revenue was USDlr17.2 bil, up 1.2%. The return to profit was helped by cost-reduction measures. The company's number of phone lines dropped 3.7% to 58 mil. For all of 2003, sales will rise by no higher than 2%. Verizon has pulled a registration statement for a Verizon Wireless IPO.
