SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Report: December 11, 2003
AT&T CORP.
(Exact Name of Registrant as Specified in Charter)
New York
(State or Other Jurisdiction of Incorporation)
1-1105 13-4924710
(Commission File Number) (IRS Employer Identification No.)
One AT&T Way
Bedminster, New Jersey 07921
(Address of Principal Executive (Zip Code)
Offices)
Registrant's telephone number, including area code: (908) 221-2000
Not Applicable
(Former Name or Former Address, If Changed Since Last Report)
A New York Commission File I.R.S. Employer
Corporation No. 1-1105 No. 13-4924710
ITEM 5. Other Events
What are we disclosing?
On December 11, 2003, our Chairman and Chief Executive Officer, David W. Dorman,
made the following statements at the Credit Suisse First Boston Media and
Telecom Week Conference in New York City:
It's important to note that we have gone through a major transformation and we
continue to make great progress in transforming our cost structure, and we've
been able to drive out cost through head count reductions as we've automated
processes. We had previously said that we would reduce our head count by ten
percent by year end 2003. We're updating that today. We'll actually achieve a 12
percent reduction in head count year over year.
We have made great progress in cost of services and SG&A, and we've more than
kept pace with the declining revenue that we've seen largely from price
compression between third quarter of '03 and third quarter of '02. In fact, the
total costs of services and SG&A has declined by a billion dollars in those two
categories on an annualized basis. On the other hand, access cost and
depreciation for business services and I'm talking about just business services
here, have increased year over year in absolute dollars and as a percent of
business revenue.
SIGNATURES
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.
AT&T CORP.
/s/ Robert S. Feit
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By: Robert S. Feit
Vice President - Law and Secretary
December 17, 2003