AT&T Inc. (T, Financial) filed Quarterly Report for the period ended 2010-06-30.
At&t Inc. has a market cap of $158.01 billion; its shares were traded at around $26.74 with a P/E ratio of 11.9 and P/S ratio of 1.3. The dividend yield of At&t Inc. stocks is 6.3%. At&t Inc. had an annual average earning growth of 2.8% over the past 10 years.T is in the portfolios of Mark Hillman of Hillman Capital Management, Ronald Muhlenkamp of Muhlenkamp Fund, Brian Rogers of T Rowe Price Equity Income Fund, Charles Brandes of Brandes Investment, George Soros of Soros Fund Management LLC, NWQ Managers of NWQ Investment Management Co, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Arnold Van Den Berg of Century Management, Jeremy Grantham of GMO LLC, Pioneer Investments, Jeff Auxier of Auxier Focus Fund, Tweedy Browne of Tweedy Browne CO LLC, Irving Kahn of Kahn Brothers & Company Inc., John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bill Frels of Mairs & Power Inc. , Steven Cohen of SAC Capital Advisors, Richard Aster Jr of Meridian Fund, Richard Aster Jr of Meridian Fund, David Dreman of Dreman Value Management, Tom Russo of Gardner Russo & Gardner, Kenneth Fisher of Fisher Asset Management, LLC, Dodge & Cox, PRIMECAP Management.
At June 30, 2010, we had $9,721 debt maturing within one year, which included $6,408 of long-term debt maturities and $3,313 of commercial paper and other short-term borrowings. Debt maturing within one year includes $1,000 of annual put reset securities issued by BellSouth that may be put back to us by the holders each April until maturity in 2021. In July 2010, we issued $2,250 of 2.50% global notes due 2015 for proceeds of approximately $2,235. In August 2010, we announced a private offer to exchange any and all of the outstanding 8.750% senior notes of New Cingular Wireless Services, Inc. due 2031 and, subject to pro-ration, the outstanding 8.00% senior notes of AT&T Corp. due 2031, for a new series of AT&T Inc. notes due 2040 and cash. The offer is subject to conditions, including that we receive a minimum principal amount of $500 in the exchange.
At June 30, 2010, our debt ratio was 40.3% compared to 43.7% at June 30, 2009 and 41.3% at December 31, 2009. The decreased debt ratio from a year ago is due to a $6,722 decrease in debt and a $4,471 increase in stockholders equity. The decreased debt ratio from December 31, 2009 is due to a $2,083 decrease in debt and a $1,162 increase in stockholders equity.
We have a $9,465 credit agreement with a syndicate of investment and commercial banks, which we have the right to increase up to an additional $2,535, provided no event of default under the credit agreement has occurred. The current agreement will expire in July 2011. We also have the right to terminate, in whole or in part, amounts committed by the lenders under this agreement in excess of any outstanding advances; however, any such terminated commitments may not be reinstated. Advances under this agreement may be used for general corporate purposes, including support of commercial paper borrowings and other short-term borrowings. We must maintain a debt-to-EBITDA (earnings before interest, income taxes, depreciation and amortization, and other modifications described in the agreement) financial ratio covenant of not more than three-to-one as of the last day of each fiscal quarter for the four quarters then ended. We comply with all covenants under the agreement. At June 30, 2010, we had no borrowings outstanding under this agreement.
At June 30, 2010, we had interest rate swaps with a notional value of $11,250 and a fair value of $602.
We have fixed-to-fixed cross-currency swaps on foreign-currency-denominated debt instruments with a U.S. dollar notional value of $7,502 to hedge our exposure to changes in foreign currency exchange rates. These derivatives have been designated at inception and qualify as cash flow hedges with a net fair value of $(906) at June 30, 2010. We have rate locks with a notional value of $3,400 and a net fair value of $(290) and foreign exchange contracts with a notional value of $229 and a net fair value of $(16) at June 30, 2010.
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At&t Inc. has a market cap of $158.01 billion; its shares were traded at around $26.74 with a P/E ratio of 11.9 and P/S ratio of 1.3. The dividend yield of At&t Inc. stocks is 6.3%. At&t Inc. had an annual average earning growth of 2.8% over the past 10 years.T is in the portfolios of Mark Hillman of Hillman Capital Management, Ronald Muhlenkamp of Muhlenkamp Fund, Brian Rogers of T Rowe Price Equity Income Fund, Charles Brandes of Brandes Investment, George Soros of Soros Fund Management LLC, NWQ Managers of NWQ Investment Management Co, James Barrow of Barrow, Hanley, Mewhinney & Strauss, Arnold Van Den Berg of Century Management, Jeremy Grantham of GMO LLC, Pioneer Investments, Jeff Auxier of Auxier Focus Fund, Tweedy Browne of Tweedy Browne CO LLC, Irving Kahn of Kahn Brothers & Company Inc., John Buckingham of Al Frank Asset Management, Inc., Paul Tudor Jones of The Tudor Group, Jim Simons of Renaissance Technologies LLC, Bill Frels of Mairs & Power Inc. , Steven Cohen of SAC Capital Advisors, Richard Aster Jr of Meridian Fund, Richard Aster Jr of Meridian Fund, David Dreman of Dreman Value Management, Tom Russo of Gardner Russo & Gardner, Kenneth Fisher of Fisher Asset Management, LLC, Dodge & Cox, PRIMECAP Management.
Highlight of Business Operations:
In the first six months of 2010, we paid dividends of $4,960 compared with $4,834 in the first six months of 2009, primarily reflecting an increase in the quarterly dividend approved by our Board of Directors in December 2009. Dividends declared by our Board of Directors totaled $0.42 per share in the second quarter of 2010 and $0.41 per share in the second quarter of 2009. Our dividend policy considers the expectations and requirements of stockholders, internal requirements of AT&T and long-term growth opportunities. It is our intent to provide the financial flexibility to allow our Board of Directors to consider dividend growth and to recommend an increase in dividends to be paid in future periods. All dividends remain subject to declaration by our Board of Directors.At June 30, 2010, we had $9,721 debt maturing within one year, which included $6,408 of long-term debt maturities and $3,313 of commercial paper and other short-term borrowings. Debt maturing within one year includes $1,000 of annual put reset securities issued by BellSouth that may be put back to us by the holders each April until maturity in 2021. In July 2010, we issued $2,250 of 2.50% global notes due 2015 for proceeds of approximately $2,235. In August 2010, we announced a private offer to exchange any and all of the outstanding 8.750% senior notes of New Cingular Wireless Services, Inc. due 2031 and, subject to pro-ration, the outstanding 8.00% senior notes of AT&T Corp. due 2031, for a new series of AT&T Inc. notes due 2040 and cash. The offer is subject to conditions, including that we receive a minimum principal amount of $500 in the exchange.
At June 30, 2010, our debt ratio was 40.3% compared to 43.7% at June 30, 2009 and 41.3% at December 31, 2009. The decreased debt ratio from a year ago is due to a $6,722 decrease in debt and a $4,471 increase in stockholders equity. The decreased debt ratio from December 31, 2009 is due to a $2,083 decrease in debt and a $1,162 increase in stockholders equity.
We have a $9,465 credit agreement with a syndicate of investment and commercial banks, which we have the right to increase up to an additional $2,535, provided no event of default under the credit agreement has occurred. The current agreement will expire in July 2011. We also have the right to terminate, in whole or in part, amounts committed by the lenders under this agreement in excess of any outstanding advances; however, any such terminated commitments may not be reinstated. Advances under this agreement may be used for general corporate purposes, including support of commercial paper borrowings and other short-term borrowings. We must maintain a debt-to-EBITDA (earnings before interest, income taxes, depreciation and amortization, and other modifications described in the agreement) financial ratio covenant of not more than three-to-one as of the last day of each fiscal quarter for the four quarters then ended. We comply with all covenants under the agreement. At June 30, 2010, we had no borrowings outstanding under this agreement.
At June 30, 2010, we had interest rate swaps with a notional value of $11,250 and a fair value of $602.
We have fixed-to-fixed cross-currency swaps on foreign-currency-denominated debt instruments with a U.S. dollar notional value of $7,502 to hedge our exposure to changes in foreign currency exchange rates. These derivatives have been designated at inception and qualify as cash flow hedges with a net fair value of $(906) at June 30, 2010. We have rate locks with a notional value of $3,400 and a net fair value of $(290) and foreign exchange contracts with a notional value of $229 and a net fair value of $(16) at June 30, 2010.
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