Cincinnati Bell 2004 Annual Report Download - page 9

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Financial Highlights
Year Ended December 31
(dollars in millions) 2004 2003 2002
Operating Data
Revenue $ 1,207.1 $1,557.8 $ 2,178.6
Cost of services and products, selling, general, and
administrative, depreciation and amortization $ 896.7 $1,204.3 $ 2,034.1
Restructuring, asset impairments and other charges $ 14.8 $ 6.2 $ 2,238.0
Gain on sale of broadband assets $ (3.7) $ (336.7) $ –
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 (gain) on investments $– $ – $ 10.7
Income (loss) from continuing operations before discontinued
operations, extraordinary items and cumulative effect of
change in accounting principle $ 64.2 $1,246.0 $(2,449.2)
Net income (loss) $ 64.2 $1,331.9 $(4,240.3)
Financial Position
Property, plant and equipment, net $ 851.1 $ 898.8 $ 867.9
Total assets $ 1,958.7 $2,073.5 $ 1,452.6
Long-term debt $ 2,111.1 $2,274.5 $ 2,354.7
Total debt $ 2,141.2 $2,287.8 $ 2,558.4
Total long-term obligations $ 2,237.7 $2,406.0 $ 2,966.3
Minority interest $ 39.2 $ 39.7 $ 443.9
Shareowners’ equity (deficit) $ (624.5) $ (679.4) $(2,598.8)
These financial highlights should be read in conjunction with the Consolidated Financial Statements and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” included in the Report on Form 10-K.
Certain of the statements and predictions contained in
this report constitute forward-looking statements within
the meaning of the Private Securities Litigation Reform
Act. In particular, any statements, projections or esti-
mates that include or reference the words “believes,”
“anticipates,” “plans,” “intends,” “expects,” “will,” or any
similar expression fall within the safe harbor for forward-
looking statements contained in the Reform Act. Actual
results or outcomes may differ materially from those indi-
cated or suggested by any such forward-looking statement
for a variety of reasons, including but not limited to,
Cincinnati Bell’s ability to maintain its market position in
communications services, including for wireless, wireline
and internet services, general economic trends affecting
the purchase or supply of telecommunication services,
world and national events that may affect the ability to
provide services, changes in the regulatory environment,
any rulings, orders or decrees that may be issued by any
court or arbitrator, restrictions imposed under our various
credit facilities and debt instruments, work stoppages
caused by labor disputes, adjustments resulting from year-
end audit procedures and Cincinnati Bell’s ability to
develop and launch new products and services. More
information on potential risks and uncertainties is avail-
able in the company’s recent filings with the Securities
and Exchange Commission, including Cincinnati Bell’s
annual Form 10-K report, quarterly Form 10-Q reports
and Forms 8-K. The forward-looking statements included
in this report represent the company’s estimates as of April
2005. The company anticipates that subsequent events
and developments will cause its estimates to change.
Safe Harbor Statement