The New AT&T is an Engine for Creating Stockholder Value

By any measure, we had a great year. But I'm most proud of the value we returned to our stockholders. Our total stockholder return in 2006 was more than 53 percent, the second-highest return for all Dow industrials stocks. We also achieved our seventh consecutive quarter of adjusted double-digit year-over-year EPS growth. And adjusted EPS for the year was 36 percent higher than in 2005.

We also demonstrated our commitment to stockholder value by launching a plan to repurchase $10 billion in stock by the end of 2007, and we got a strong start toward this goal by repurchasing $2.7 billion in 2006. In addition, we increased our dividend for the 22nd consecutive year — a record unmatched in our industry.

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