Cincinnati Bell 2004 Annual Report Download - page 133

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Cincinnati Bell Inc.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS)
(Millions of Dollars, Except Per Share Amounts)
Year Ended December 31
2004 2003 2002
Revenue $1,207.1 $1,557.8 $ 2,178.6
Costs and expenses
Cost of services and products (excluding depreciation of $155.7,
$136.6 and $373.9, respectively, included below) ................ 481.4 681.5 1,035.6
Selling, general and administrative ................................. 227.6 353.1 502.2
Depreciation ........................................................ 178.6 169.1 471.0
Amortization ....................................................... 9.1 0.6 25.3
Restructuring charges (credits) ..................................... 11.6 (2.6) 37.1
Asset impairments and other charges ............................... 3.2 8.8 2,200.9
Gain on sale of broadband assets ................................... (3.7) (336.7) —
Total operating costs and expenses ............................... 907.8 873.8 4,272.1
Operating income (loss) ............................................. 299.3 684.0 (2,093.5)
Minority interest expense (income) ................................... (0.5) 42.2 57.6
Interest expense and other financing costs ............................ 203.3 234.2 164.2
Loss on investments .................................................. — — 10.7
Other income, net ..................................................... 3.8 9.6 0.5
Income (loss) from continuing operations before income taxes,
discontinued operations and cumulative effect of change in
accounting principle ................................................ 100.3 417.2 (2,325.5)
Income tax expense (benefit) ......................................... 36.1 (828.8) 123.7
Income (loss) from continuing operations before discontinued
operations and cumulative effect of change in accounting principle 64.2 1,246.0 (2,449.2)
Income from discontinued operations, net of taxes of $119.7 ......... — — 217.6
Income (loss) before cumulative effect of change in accounting
principle ............................................................ 64.2 1,246.0 (2,231.6)
Cumulative effect of change in accounting principle, net of taxes
of $0.0, $47.5 and $5.9, respectively ............................... — 85.9 (2,008.7)
Net income (loss) .................................................... 64.2 1,331.9 (4,240.3)
Preferred stock dividends ............................................. 10.4 10.4 10.4
Net income (loss) applicable to common shareowners ............. $ 53.8 $1,321.5 $(4,250.7)
Net income (loss) .................................................... $ 64.2 $1,331.9 $(4,240.3)
Other comprehensive income (loss), net of tax:
Unrealized gain on interest rate swaps ............................. — 4.5 2.9
Additional minimum pension liability adjustment .................. (3.2) 7.0 (6.0)
Total other comprehensive income (loss) ............................. (3.2) 11.5 (3.1)
Comprehensive income (loss) ........................................ $ 61.0 $1,343.4 $(4,243.4)
Basic earnings (loss) per common share ............................
Income (loss) from continuing operations ............................. $ 0.22 $ 5.44 $ (11.27)
Income from discontinued operations, net of taxes ................. — — 1.00
Cumulative effect of change in accounting principle, net of taxes . . — 0.38 (9.20)
Net income (loss) per common share ............................. $ 0.22 $ 5.82 $ (19.47)
Diluted earnings (loss) per common share ..........................
Income (loss) from continuing operations ............................. $ 0.21 $ 5.02 $ (11.27)
Income from discontinued operations, net of taxes ................. — — 1.00
Cumulative effect of change in accounting principle, net of taxes . . — 0.34 (9.20)
Net income (loss) per common share ............................. $ 0.21 $ 5.36 $ (19.47)
Weighted average common shares outstanding (millions) ..........
Basic ............................................................... 245.1 226.9 218.4
Diluted ............................................................. 250.5 253.3 218.4
The accompanying notes are an integral part of the consolidated financial statements.
59
Form 10-K