Cincinnati Bell 2001 Annual Report Download - page 40

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38
CONSOLIDATED STATEMENTS OF OPERATIONS AND
COMPREHENSIVE INCOME (LOSS)
Year ended December 31 ($ in millions, except per share amounts) 2001 2000 1999
REVEN U E $2,350.5 $2,050.1 $1,102.0
COSTS AND EX P E N S E S
Cost of services and products (excluding depreciation of
$353.4, $258.7, and $124.8 included below) 1,159.4 968.1 490.3
Selling, general and administrative 565.6 584.0 281.2
Depreciation 441.3 346.2 159.7
Amortization 113.6 113.5 21.2
Restructuring and other charges (credits) 241.9 (0.8) 10.9
Total costs and expenses 2,521.8 2,011.0 963.3
OPERATING (LOSS) INCOME(171.3) 39.1 138.7
Minority interest expense (income) 51.3 44.1 (2.7)
Equity loss in unconsolidated entities 4.0 15.5 15.3
Interest expense 168.1 163.6 61.6
Loss (gain) on investments (11.8) 356.3 —
Other expense (income), net (16.5) 1.7 (1.4)
Income (loss) from continuing operations before income taxes, extraordinary
item and cumulative effect of change in accounting principle (366.4) (542.1) 65.9
Income tax expense (benefit) (80.2) (165.6) 31.3
Income (loss) from continuing operations before extraordinary item
and cumulative effect of change in accounting principle (286.2) (376.5) 34.6
Income from discontinued operations, net of taxes — 0.2 3.4
Extraordinary item, net of taxes — — (6.6)
Cumulative effect of change in accounting principle, net of taxes — (0.8) —
NET INCOME (LOSS) (286.2) (377.1) 31.4
Dividends and accretion applicable to preferred stock 10.4 8.1 2.1
NET INCOME (LOSS) APP L ICABLE TO COMMON SHAREOW N E R S $ (296.6) $ (385.2) $ 29.3
NET INCOME (LOSS) $ (286.2) $ (377.1) $ 31.4
Other comprehensive income (loss), net of tax:
Unrealized loss on interest rate swaps (7.4) — —
Unrealized gain (loss) on investments (85.9) 85.9 170.0
Unrealized gain on cash flow hedges 17.0 — —
Reclassification adjustment — investments
and gain on cash flow hedges (17.0) (170.0) —
Additional minimum pension liability adjustment (0.1) (0.1) 3.6
Total other comprehensive income (loss) (93.4) (84.2) 173.6
COMP R E H E N S IVE INCOME (LOSS) $ (379.6) $ (461.3) $ 205.0
BASIC INCOME (LOSS) PER COMMON SHARE
Income (loss) from continuing operations before extraordinary item and cumulative
effect of change in accounting principle applicable to common shareowners $ (1.36) $ (1.82) $ 0.23
Income from discontinued operations, net of taxes — — 0.02
Extraordinary items and cumulative effect of change in accounting principle,
net of taxes — — (0.05)
NET INCOME (LOSS) $ (1.36) $ (1.82) $ 0.20
DILUTED INCOME (LOSS) PER COMMON SHARE
Income (loss) from continuing operations before extraordinary item and cumulative
effect of change in accounting principle applicable to common shareowners $ (1.36) $ (1.82) $ 0.22
Income from discontinued operations, net of taxes — — 0.02
Extraordinary items and cumulative effect of change in accounting principle,
net of taxes — — (0.04)
NET INCOME (LOSS) $ (1.36) $ (1.82) $ 0.20
W E IGHTED AVERAGE COMMON SHARES OUTSTANDING (Millions)
Basic 217.4 211.7 144.3
Diluted 217.4 211.7 150.7
The accompanying notes are an integral part of the financial statements.