-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, NfD2IEL1vD6VVDMs+wJ+WM6HJQZ5XpHFR+9NXvE0whQBcwEopR13q2nYp5wlj0rM xnz1iisolabvZBer6NG4Mg== 0000950103-06-000026.txt : 20060105 0000950103-06-000026.hdr.sgml : 20060105 20060105172608 ACCESSION NUMBER: 0000950103-06-000026 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20050104 ITEM INFORMATION: Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20060105 DATE AS OF CHANGE: 20060105 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MCI INC CENTRAL INDEX KEY: 0000723527 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 581521612 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-10415 FILM NUMBER: 06513924 BUSINESS ADDRESS: STREET 1: 500 CLINTON CENTER DRIVE CITY: CLINTON STATE: MS ZIP: 39056 BUSINESS PHONE: 6014605600 FORMER COMPANY: FORMER CONFORMED NAME: MC INC DATE OF NAME CHANGE: 20040420 FORMER COMPANY: FORMER CONFORMED NAME: WORLDCOM INC DATE OF NAME CHANGE: 20000501 FORMER COMPANY: FORMER CONFORMED NAME: MCI WORLDCOM INC DATE OF NAME CHANGE: 19980914 8-K 1 jan0506_8k.htm


SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549-1004

______________

FORM 8-K

______________

CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934

Date of report (Date of earliest event reported): January 4, 2006

MCI, Inc.
(Exact Name of Registrant as Specified in Charter)
______________

DELAWARE 001-10415 20-0533283
(State or Other Jurisdiction
of Incorporation)
(Commission File Number) (IRS Employer
Identification No.)
   

22001 Loudoun County Parkway,   20147
Ashburn, Virginia
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (703) 886-5600

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
   
   
o   Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o   Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o   Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o   Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 






2


Item 4.02. Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review.

On January 5, 2006, MCI, Inc. (“MCI” or “we”) issued a press release announcing a restatement of its condensed consolidated financial statements for the three months, six months and nine months ended March 31, June 30 and September 30, 2005, respectively. A copy of the press release is attached hereto as Exhibit 99.1. Information required to be provided under this Item 4.02 is included in the press release. In light of the restatement, the amended condensed consolidated financial statements for the first three quarters of 2005 should be read in place of the Form 10-Q documents previously filed with the SEC.

Item 9.01. Financial Statements and Exhibits.

  (a)

Financial Statements of Businesses Acquired.

Not applicable.

     
  (b)

Pro Forma Financial Information.

Not applicable.

     
  (c) Exhibits.
     
  Exhibit No.    Description of Exhibit
       
  99.1    Press release dated January 5, 2006 






3

SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


  MCI, INC.
(Registrant)
     
  By:  /s/ Robert T. Blakely
   
  Name:   Robert T. Blakely
  Title: Executive Vice President and Chief
Financial Officer
Date:  January 5, 2006    





4

EXHIBIT INDEX

Exhibit No.    Description  
       
99.1    Press release dated January 5, 2006   



EX-99.1 2 ex9901.htm

Exhibit 99.1

Contacts:  Media  Investors 
  Brad Burns  Susan Watson 
  (800) 644-NEWS  (703) 886-5282 

MCI Restates Financial Statements for First Three Quarters of 2005

Restatement Results in a Cumulative $52 million reduction in 2005 Net Income

No Impact on Merger Agreement with Verizon

ASHBURN, Va., January 5, 2006 – MCI, Inc. (NASDAQ: MCIP) today announced it has made amended filings with the Securities and Exchange Commission to reflect a restatement of previously issued financial statements for the quarterly periods ended March 31, 2005; June 30, 2005; and September 30, 2005.

As a result of a comprehensive review of its contributions to the Federal Universal Service Fund, MCI determined that previously issued financial statements included an error related to these contributions for the years ended December 31, 2004 and 2003 as well as the first three quarters of 2005 which cumulatively over-stated net income for the nine-month period ended September 30, 2005 by $52 million. The Company determined that it should restate the previously issued 2005 quarterly results. In light of the restatement, the amended condensed consolidated financial statements for the first three quarters of 2005 should be read in place of the Form 10-Q documents previously filed with the SEC. Form 10-K has been amended to reflect material weakness under Section 404. MCI’s management made this determination on January 4, 2006 after consultation with its independent auditors and review by the Company’s audit committee. Amounts related to periods prior to December 31, 2004 are being recorded as a cumulative adjustment of $35 million in MCI’s fourth quarter 2005 financial results.

The restatement will have no impact on MCI’s pending merger with Verizon.

About MCI
MCI, Inc. (NASDAQ: MCIP) is a leading global communications provider, delivering innovative, cost-effective, advanced communications connectivity to businesses, governments and consumers. With one of the most expansive global IP backbones and wholly-owned data networks, MCI develops the converged communications products and services that are the foundation for commerce and communications in today's market. For more information, go to www.mci.com.






Forward-Looking Statements

This document contains statements about expected future events and financial results that are forward-looking and subject to risks and uncertainties. For those statements, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995. The following important factors could affect future results and could cause those results to differ materially from those expressed in the forward-looking statements: a significant change in the timing of, or the imposition of any government conditions to, the closing of the previously announced proposed transaction between MCI and Verizon; actual and contingent liabilities; and the extent and timing of our ability to obtain revenue enhancements and cost savings following the previously announced proposed transaction between MCI and Verizon. Additional factors that may affect the future results of MCI and Verizon are set forth in their respective filings with the Securities and Exchange Commission, which are available at http://investor.verizon.com/SEC/ and http://www.mci.com/about/investor_relations/sec/.

###




-----END PRIVACY-ENHANCED MESSAGE-----