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Verizon sees $970 mn healthcare charge

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CIOL Bureau
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NEW YORK, USA: Verizon Communications Inc said on Thursday it expects to record a charge of $970 million related to the new U.S. healthcare reform law.

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The second biggest U.S. telephone company said the one-time non-cash charge stems from the elimination of an income tax deduction related to providing retirees with prescription drug coverage.

Verizon - expected by analysts to report 2010 revenue of $108.53 billion - was the latest in a stream of big US companies to announce costs related to the Obama administration's overhaul of the healthcare system.

The week before its bigger rival AT&T Inc said it expects to take a charge of $1 billion as a result of the reforms.

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