Br.small Co.2 Regulatory News (BSC)

7 Apr 2006 07:00

Bellsouth Corp06 April 2006 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 8-K/A CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): March 31, 2006 BELLSOUTH CORPORATION (Exact Name of Registrant as Specified in Its Charter) GEORGIA (State or Other Jurisdiction of Incorporation) 1-8607 58-1533433 (Commission File Number) (IRS Employer Identification No.) Room 15G03, 1155 Peachtree Street, N. E., Atlanta, Georgia 30309-3610 (Address of Principal Executive Offices) (Zip Code) (404) 249-2000 (Registrant's Telephone Number, Including Area Code) (Former Name or Former Address, if Changed Since Last Report) 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): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) (X) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Item 2.05. Costs Associated With Exit or Disposal Activities On March 13, 2006, BellSouth filed a Form 8-K/A indicating that based on themodified terms of a previously announced workforce reduction it would record a$45 million after-tax credit to income in the first quarter of 2006. TheCompany expected to record a charge for the early termination benefit in thesecond quarter of 2006 upon acceptance of the offer by the employees affected bythis workforce reduction. Based on the number of employee acceptances receivedthrough March 31, 2006, the Company recorded an after-tax charge of $30 millionin the first quarter of 2006 thus reducing the credit to $15 million. We continue to estimate that the total after-tax charge related to thisworkforce reduction initiative to be recorded in 2006 will be approximately $100million. The total after-tax charge taken in 2005 and 2006 related to theworkforce reduction initiative is expected to be $107 million. SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, theregistrant has duly caused this report to be signed on its behalf by theundersigned thereunto duly authorized. BELLSOUTH CORPORATION By: /s/ Raymond E. Winborne, Jr. Raymond E. Winborne, Jr. Controller April 6, 2006 This information is provided by RNS The company news service from the London Stock Exchange