EX-99.2 4 exhibit99_2.txt EXHIBIT 99.2 EXHIBIT 99.2 WorldCom Issues September 2002 Operating Results CLINTON, Miss., November 11, 2002 - WorldCom, Inc. today filed its September 2002 Monthly Operating Report with the U.S. Bankruptcy Court for the Southern District of New York. During the month of September 2002, WorldCom recorded $2.3 billion in revenue, $416 million in earnings before interest, taxes, depreciation and amortization (EBITDA) and a net loss from continuing operations of $108 million. During the month, WorldCom's capital expenditure of approximately $98 million was focused on line cost reductions and new products - such as The WorldCom Connection, The Neighborhood and IP-based virtual private networks. This lower level of spending reflects previous spending to build out the global network, completion of major systems integration projects and discontinued operations. WorldCom ended September with approximately $1.4 billion in cash on hand, an increase of $200 million from the beginning of the period. The financial results discussed in this release and the September 2002 Monthly Operating Report exclude results from Embratel. Until WorldCom completes a thorough balance sheet evaluation, including reviews of goodwill, property and equipment, accrual balances and allowances for doubtful accounts, the Company will not issue a balance sheet or cash flow statement as part of its monthly operating report. The Monthly Operating Reports are available on WorldCom's Restructuring Information Desk at www.worldcom.com. Based on current information and a preliminary analysis of its ability to satisfy outstanding liabilities, WorldCom believes when it emerges from bankruptcy proceedings, its existing WorldCom and Intermedia preferred stock and WorldCom group and MCI group tracking stock issues will have no value. About WorldCom, Inc. WorldCom, Inc. (WCOEQ, MCWEQ) is a pre-eminent global communications provider for the digital generation, operating in more than 65 countries. With one of the most expansive, wholly-owned IP networks in the world, WorldCom provides innovative data and Internet services for businesses to communicate in today's market. In April 2002, WorldCom launched The Neighborhood built by MCI - the industry's first truly any-distance, all-inclusive local and long-distance offering to consumers for one fixed monthly price. For more information, go to http://www.worldcom.com. Forward-Looking Statements This document includes certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from these expectations due to WorldCom's bankruptcy proceedings and matters arising out of pending class-action and other lawsuits and ongoing internal and government investigations relating to the previously announced restatements of its financial results. Other factors that may cause actual results to differ materially from management's expectations include economic uncertainty; the effects of vigorous competition; the impact of technological change on our business, alternative technologies, and dependence on availability of transmission facilities; risks of international business; regulatory risks in the United States and internationally; contingent liabilities; uncertainties regarding the collectibility of receivables; risks associated with debt service requirements and; our financial leverage; uncertainties associated with the success of acquisitions; and the ongoing war on terrorism. More detailed information about those factors is contained in WorldCom's filings with the Securities and Exchange Commission.