Cincinnati Bell 2007 Annual Report Download

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2007 Annual Report
Letter to
Shareholders
Notice of
2008 Annual Meeting
and Proxy Statement
Report on
Form 10-K

Table of contents

  • Page 1
    2007 Annual Report Letter to Shareholders Notice of 2008 Annual Meeting Report on and Proxy Statement Form 10-K

  • Page 2
    Contents Letter to Shareholders from the Chairman, the President & Chief Executive Officer and the Chief Financial Officer Financial Highlights Board of Directors and Company Officers Notice of Annual Meeting of Shareholders Proxy Statement Report on Form 10-K

  • Page 3
    ... and services rated Zoomtown, Cincinnati Bell's high-speed internet service, in the top three and Cincinnati Bell Any Distance, our long distance service, in the top four of all service providers nationwide. No other company was rated higher that offers service in our operating area. Our customers...

  • Page 4
    ... small community just outside of our traditional local operating area, and is located in Lebanon, Ohio. This acquisition provides a learning environment and possibly the platform to offer the most extensive bundle of consumer services: home phone, high speed internet, home security monitoring, cable...

  • Page 5
    ...Cincinnati Bell was the first North American carrier to commercially launch these services. Spinvox converts a voice mail message to a text message while CB Home Run marries mobile phone service with traditional wireline service by providing network access via a wireless internet (WiFi) access point...

  • Page 6
    ...three-year agreement renews the labor contract for current bargaining unit employees, which was set to expire May 10, 2008, establishes a new compensation and benefit structure for future bargaining unit employees, and offers a retirement incentive for eligible bargaining unit employees. The Company...

  • Page 7
    ... are available at the following website: investor.cincinnatibell.com (see fourth quarter 2007 Earnings Release). Adjusted EBITDA provides a useful measure of operational performance. The Company defines Adjusted EBITDA as GAAP operating income plus depreciation, amortization, restructuring charges...

  • Page 8
    ... and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Cincinnati Bell's Form 10-K report, Form 10-Q reports and Form 8-K reports. The forward-looking statements included in...

  • Page 9
    ... Corporation Bruce L. Byrnes (2, 3, 4*) Vice Chairman of the Board Global Brand Building Training The Procter & Gamble Company John F. Cassidy (3) President and Chief Executive Officer Cincinnati Bell Inc. Robert W. Mahoney (1, 4) Chairman Emeritus Diebold, Inc. Daniel J. Meyer (1*, 2, 3) Retired...

  • Page 10
    [THIS PAGE INTENTIONALLY LEFT BLANK]

  • Page 11
    ...The 2008 Annual Meeting of Shareholders of Cincinnati Bell Inc. (the "Company") will be held on Friday, April 25, 2008, at 11:00 a.m., Eastern Daylight Savings Time, at the Queen City Club, 331 East Fourth Street, Cincinnati, Ohio, for the following purposes: 1. 2. To elect three Class III directors...

  • Page 12

  • Page 13
    INFORMATION FOR SHAREHOLDERS THAT PLAN TO ATTEND THE 2008 ANNUAL MEETING OF SHAREHOLDERS The Queen City Club is located on the corner of Fourth Street and Broadway Street at 331 East Fourth Street, Cincinnati, Ohio. Below are directions to the Queen City Club in downtown Cincinnati: From I-71 ...

  • Page 14
    ...Statement ...Questions and Answers about the Proxy Materials and the Annual Meeting ...Board Structure and Corporate Governance ...Director Compensation ...Compensation Committee Interlocks and Insider Participation ...Code of Business Conduct and Codes of Ethics ...Certain Relationships and Related...

  • Page 15
    ... Street Cincinnati, Ohio 45202 PROXY STATEMENT For the Annual Meeting of Shareholders to be held on Friday, April 25, 2008 This Proxy Statement is furnished to the shareholders of Cincinnati Bell Inc., an Ohio corporation (the "Company"), in connection with the solicitation of proxies by the Board...

  • Page 16
    Cincinnati Bell Inc. is a full-service local provider of data and voice communications services and equipment and a regional provider of wireless and long distance communications services. The Company provides telecommunications services on its owned local and wireless networks with a well-regarded ...

  • Page 17
    ...business on the Record Date. This includes: (i) shares held directly in your name as the shareholder of record, including common shares purchased through the Cincinnati Bell Employee Stock Purchase Plan; (ii) shares that are held by a trust used in connection with a Company employee or director plan...

  • Page 18
    ... shares at the Annual Meeting. Q: How can I vote my shares without attending the meeting? A: Whether you hold shares directly as the shareholder of record or beneficially in street name or credited to your account under a Company employee or director plan, you may vote your proxy over the Internet...

  • Page 19
    ...in the Company's Quarterly Report on Form 10-Q for the first quarter of fiscal year 2008. Q: What happens if additional proposals are presented at the meeting? A: Other than the proposals described in this Proxy Statement, we do not expect any matters to be presented for a vote at the Annual Meeting...

  • Page 20
    ...any Internet access charges you may incur. In addition to the costs of mailing of the proxy materials, the Company may incur costs to provide additional copies of these proxy materials (if requested) and for its directors, officers and employees to solicit proxies or votes in person, by telephone or...

  • Page 21
    ... separate copies, please see the instructions on page 65. If you and other shareholders at the same mailing address are currently receiving multiple copies of Company communications but would like to participate in our householding program, please see the instructions on page 65. Proxy Statement 7

  • Page 22
    ... STRUCTURE AND CORPORATE GOVERNANCE Our business, property and affairs are managed under the direction of our Board. Members of our Board are kept informed of our business through discussions with our President and Chief Executive Officer and other officers, by reviewing materials provided to them...

  • Page 23
    .... To this end, the Audit and Finance Committee meets in executive session with its own members and may also meet separately with the Independent Accountants, the Company's internal auditors, General Counsel or members of management. The Audit and Finance Committee Charter provides a more detailed...

  • Page 24
    ... meets at least three times each calendar year. The Compensation Committee also meets separately with the Company's Chief Executive Officer and other corporate officers, as it deems appropriate, to establish and review the performance criteria and compensation of the Company's executive officers...

  • Page 25
    ... Annual Meeting by any qualified shareholder. The Governance and Nominating Committee uses the following process to identify and evaluate director nominee candidates. Any qualified individual or group, including shareholders, incumbent directors and members of top management, may at any time propose...

  • Page 26
    ... Company on the first business day of the year, both in each of 2007 and 2008, had his or her account under the Directors Deferred Compensation Plan credited on such date with an amount equal to the value of 6,000 common shares of the Company. Subject to future changes in the plan, each non-employee...

  • Page 27
    ...shares shortly (generally within two weeks) after he or she receives them. The Directors Deferred Compensation Plan provides three exceptions to the rules regarding the timing of distributions of a non-employee director's account under the plan: (i) in the event of a change in control of the Company...

  • Page 28
    ...% of the fair market value of such shares as determined at the time the option is granted. With certain exceptions provided in each of the 1997 and 2007 Directors Stock Option Plans, a non-employee director of the Company who is granted an option under the plan generally will have ten years from the...

  • Page 29
    ..., see Note 14 to the Company's Consolidated Financial Statements included in the Annual Report of Form 10-K for the year ended December 31, 2007. (c) On the date of the 2007 Annual Meeting of Shareholders (May 3, 2007), each director was granted a stock option for 9,000 shares. In addition, Mr. Zrno...

  • Page 30
    ... past fiscal year served, as a member of the board of directors or compensation committee of any entity that has one or more executive officers serving on the Company's Board or Compensation Committee. CODE OF BUSINESS CONDUCT AND CODES OF ETHICS The Company has a Code of Business Conduct applicable...

  • Page 31
    ... of its business under competitive marketplace conditions and on terms that were reasonable and in the best interests of the Company. The aggregate amount paid by P&G for the Company's services in 2007 was approximately $9 million. The Company believes that Mr. Byrnes received no personal benefit in...

  • Page 32
    ... the 2011 Annual Meeting of Shareholders and Bruce L. Byrnes, an incumbent director, as a Class I director, to serve until 2009. Since the Company's retirement policy applicable to Board members provides that directors cannot continue to serve on the Board past the annual meeting following their...

  • Page 33
    ...he has been President and Chief Operating Officer of Cincinnati Bell Telephone Company since May 2001; and President of Cincinnati Bell Wireless Company since 1997. Director since 2002. Age 53. John F. Cassidy Mr. Mahoney is retired. He served as Chairman of the Board and Chief Executive Officer of...

  • Page 34
    ... Corporation (a financial planning services company) since 1972. He is a director of the Federal Reserve Bank of Cleveland, Duke Energy Corporation, The Timken Company, Touchstone Mutual Funds, Long Stanton Manufacturing Company and a member of the Board of Trustees for the University of Cincinnati...

  • Page 35
    ... three-year terms of directors are designed to provide stability, enhance long-term planning and insure that, at any given time, there are directors serving on the Board who are familiar with the Company and our business and strategic goals. Staggered terms also give new directors an opportunity to...

  • Page 36
    ... the Company's Amended Articles of Incorporation with the Secretary of State of Ohio. The Company would make such filing promptly after approval of the proposal at the annual meeting. The directors elected at the 2009 annual meeting of shareholders would then be elected to serve one-year terms. For...

  • Page 37
    ... the voting shareholders will be seated on the Board and enhances the accountability of each Board member to the shareholders. Therefore, the Board has concluded that the majority vote standard and the director resignation provisions would be in the best interest of the Company. Proxy Statement 23

  • Page 38
    ... of State of Ohio. The Company would make such a filing promptly after approval of the proposal at the annual meeting. The new standard would then be applicable to the election of directors at the 2009 annual meeting of shareholders. * The numbering of the Article to be added if this proposal...

  • Page 39
    .... Proxy Statement ** The numbering of the Section to be added to Article II of the Amended Regulations if the Majority Vote Proposal is adopted will depend on whether the Company's Declassification Proposal is approved by the shareholders. If the Declassification Proposal is approved, the new...

  • Page 40
    ... against the proposed amendments. The Board recommends a vote FOR the proposed amendments. Effect of Management Vote on Proposal Because the directors and officers of the Company own beneficially 8,091,316 voting shares or 3.3 percent of the outstanding voting securities, their votes are not likely...

  • Page 41
    ... registered public accounting firm to audit the financial statements of the Company for the fiscal year ending December 31, 2008. One or more members of the firm of Deloitte & Touche LLP will attend the Annual Meeting, will have an opportunity to make a statement and will be available to answer...

  • Page 42
    ... financial statements with the management of the Company and has reviewed a report from management assessing the Company's internal controls. The Audit and Finance Committee has discussed with Deloitte & Touche LLP, the Company's Independent Accountants for the fiscal year ended December 31, 2007...

  • Page 43
    ...- $1,938,643 Proxy Statement The audit fees for the years ended December 31, 2007 and 2006 were for services rendered in connection with the audit of the Company's annual consolidated financial statements, review of consolidated financial statements included in the Company's reports filed with the...

  • Page 44
    ... 13D include a number of shares with respect to which certain of the reporting persons (Gabelli Funds, LLC and GAMCO Asset Management, Inc.) have the right to beneficial ownership upon the conversion of the Company's 6 3⁄ 4% Cumulative Convertible Preferred Shares. (d) As reported on Schedule 13G...

  • Page 45
    ...1.9 Proxy Statement 8,091,316 3.3% - * indicates ownership of less than 1% of issued and outstanding shares. (a) Includes common shares subject to outstanding options under the Cincinnati Bell Inc. 1997 Long Term Incentive Plan, the Cincinnati Bell Inc. 2007 Long Term Incentive Plan...

  • Page 46
    ... and Analysis with management. Based on our review and discussions with management, we have recommended to the Board of Directors that the Compensation Discussion and Analysis be included in this Proxy Statement and incorporated by reference in Cincinnati Bell Inc.'s Annual Report on Form 10...

  • Page 47
    ... offerings as well as expansion into new markets. Compensation Elements and General Principles There are three elements to the Company's executive compensation program: • Fixed compensation - Base salary. • "At-risk" annual compensation - Annual incentives paid in cash. • "At-risk" long-term...

  • Page 48
    ... of 19 telecommunications companies. The Company, in consultation with Towers Perrin and Mr. Mazza, annually reviews the list of companies in this group to make certain that the group is appropriate, and the Compensation Committee, after review, approves the peer group. The telecommunications peer...

  • Page 49
    ... Carpenter Technology Celgene Cephalon Ceridian Chesapeake COACH Comfort Systems USA Connell Proxy Statement • Experian Americas • FANUC Robotics America Fleetwood Enterprises Forest Laboratories G&K Services GATX Genzyme Gilead Sciences Global Crossing GTECH H.B. Fuller Harman International...

  • Page 50
    ... data and input from its own independent consultant as well as from Company management (primarily the Chief Executive Officer and Vice President of Human Resources & Administration), the Compensation Committee allocates total target direct compensation among base salary, annual bonus and long-term...

  • Page 51
    ... of EBITDA and revenues. In conjunction with such review, they may adjust the calculated result or goal amount to reflect a change in business direction, reallocation of Company resources or an unanticipated event. For 2007, the Compensation Committee allocated the annual incentive targets as...

  • Page 52
    ...40%) of the executive's total annual incentive target. Linear interpolation is used to determine payouts at achievement levels not set forth in the table. The EBITDA and revenue results and targets for 2007, as adjusted by the Compensation Committee for changes in business direction or unanticipated...

  • Page 53
    ... a ten-year period. The Compensation Committee has a long-standing practice of making its annual grants of stock options at its December meeting. The Compensation Committee (and in the case of the Chief Executive Officer, the full Board) grants stock option awards based upon a review of peer company...

  • Page 54
    ... compensation programs that promote achievement of current-year goals and longer-term business strategy in a way that is closely aligned with shareholder interests. Over time, short- and long-term objectives and strategies may change, and the Company and the Compensation Committee will make changes...

  • Page 55
    ... applicable Internal Revenue Code limits for qualified plans. The Company funds all contributions to this plan. In addition, the Chief Executive Officer is also covered under a nonqualified supplemental retirement plan, the Cincinnati Bell Pension Program ("SERP"), the benefits of which are payable...

  • Page 56
    ... compensation opportunity - base salary, annual bonus and long-term incentive compensation - with the Compensation Committee. In addition, the Compensation Committee reviewed a tally sheet showing the value or cost of participation in the Company's various benefit, retirement and perquisite plans...

  • Page 57
    ... 1, 2004 to its present level. Mr. Cassidy's total cash compensation, which is the sum of his base salary plus annual target bonus, is 95% of the peer group benchmark. Long-Term Incentives - For the 2007 fiscal year, Mr. Cassidy was granted 298,200 performance units (at target) with respect to the...

  • Page 58
    ... 60% of his ownership goal. Employment Agreements and Severance and Change-in-Control Payments and Benefits The Company generally enters into employment agreements with the named executive officers for several reasons. Employment agreements give the Company the flexibility to make changes in key...

  • Page 59
    ..., see Note 14 to our Consolidated Financial Statements included in our Annual Report on Form 10-K for the year ended December 31, 2007. (b) The values also reflect the FAS 123(R) expense the Company recorded in 2006 related to time-based restricted stock awards granted to Messrs. Ross and Wilson on...

  • Page 60
    ... page 41. The following program benefits were utilized by the executives: Mr. Cassidy - automobile allowance election, legal/financial planning fees and club dues; Mr. Ross - automobile allowance, club dues, life insurance, monthly home security system and legal/financial planning fees; Mr. Keating...

  • Page 61
    Proxy Statement [THIS PAGE INTENTIONALLY LEFT BLANK] 47

  • Page 62
    ...annual incentive program for the executive officers, see the discussion in the Compensation Disclosure and Analysis beginning on page 37. (b) The Company granted performance units to each of the executives named above. If the Company attains the cumulative three-year free cash flow goal for the 2007...

  • Page 63
    ... stock and, as required under the Cincinnati Bell Inc. 1997 Long Term Incentive Plan, is determined by averaging the low and high traded price of the Company's stock on the NYSE on the date of grant. The average of the high and low price of the Company's common shares on the NYSE on January 26, 2007...

  • Page 64
    ...payable when the Company customarily pays such bonuses but no later than March 31, 2008. Mr. Dir resigned and his employment agreement terminated upon his departure, which was effective October 31, 2007. Each of the Named Executive Officers participates in the Cincinnati Bell Management Pension Plan...

  • Page 65
    ... monthly compensation for the highest 36 month period during the participants last five years of employment, less an offset for any benefits payable from the qualified and nonqualified provisions of the Cincinnati Bell Management Pension Plan and the participant's projected age 65 social security...

  • Page 66
    ...preparation, and • financial, estate and legal planning/documents. Executives must pay first for eligible services and submit an invoice and evidence of payment in order to be reimbursed. In addition, the Company believes these executives should have annual, extensive physical examinations and, to...

  • Page 67
    ... concerning options and other equity awards held by the Named Executive Officers at December 31, 2007: Outstanding Equity Awards at 2007 Fiscal Year-End Option Awards Stock Awards Equity Incentive Plan Awards: Number of Unearned Shares, Units or Other Rights That Have Not Vested (#) (b) Equity...

  • Page 68
    ... amount also includes the performance unit grant made to each of the executives for the 2007 - 2009 performance cycle on January 26, 2007. (c) Amounts represent the value of equity incentive plan awards not yet vested based on the closing price of the Company's common shares on the NYSE on December...

  • Page 69
    ... are required, under the terms of the 1997 Cincinnati Bell Inc. Executive Deferred Compensation Plan, to be invested in common shares of the Company for a period of at least six months. Shares deferred are payable upon the termination of employment in two annual installments beginning the later of...

  • Page 70
    ... Named Executive Officers of the Company participated during 2007 in the Cincinnati Bell Management Pension Plan (the "Management Pension Plan"), which is a tax-qualified defined benefit pension plan. The Management Pension Plan is the same plan that is available to all other eligible salaried and...

  • Page 71
    ...of a plan participant's total plan compensation for 2007 that exceeds the Social Security old-age retirement taxable wage base for 2007. A participant's account under the Management Pension Plan is also generally credited with assumed interest for each calendar year at a certain interest rate. Such...

  • Page 72
    ... price of the Company's stock ($4.75) on December 31, 2007 with respect to deferrals made prior to 2007. The 1997 Cincinnati Bell Inc. Executive Deferred Compensation Plan (the "Executive Deferred Compensation Plan") generally permits under its current policies, for any calendar year, each employee...

  • Page 73
    ... common shares) as designated by the participant. The accounts under the Executive Deferred Compensation Plan are not funded in a manner that would give any participant a secured interest in any funds, and benefits are paid from the assets of the Company and its subsidiaries (or from a trust that...

  • Page 74
    ... of employment, assuming a December 31, 2007 termination date and, where applicable, using the closing price of our common shares of $4.75 (as reported on the NYSE as of December 31, 2007). Executive Payment on Termination Base Salary ...Annual Incentive Target Opportunity ...Long Term Incentives...

  • Page 75
    ...Cassidy) of participation in the Company's Management Pension Plan as though the executive had remained employed at the same base rate of pay and target bonus; • Continued medical, dental, vision and life insurance benefits during the one-year period (or two-year period for Mr. Cassidy) following...

  • Page 76
    ...Cassidy) of participation in the Company's Management Pension Plan as though the executive had remained employed at the same base rate of pay and target bonus; • Continued medical, dental, vision and life insurance coverage during the one-year period (or two-year period for Mr. Cassidy) following...

  • Page 77
    ... - $684,149, Mr. Freyberger - $67,344 and Mr. Wilson - $517,522. These amounts represent stock they own outright, vested in-the-money stock options, pension benefits and, in the case of Messrs. Cassidy, Ross, Freyberger and Wilson nonqualified deferred compensation amounts. Proxy Statement 63

  • Page 78
    ...J. Wilson, General Counsel and Secretary, Cincinnati Bell Inc., 221 East Fourth Street, Cincinnati, Ohio 45202, and must be received no later than November 23, 2008 for the 2009 Annual Meeting of Shareholders. Other Matters to Come Before the Meeting At the time this Proxy Statement was released for...

  • Page 79
    ... into this Proxy Statement, please write to Christopher J. Wilson, General Counsel and Secretary, Cincinnati Bell Inc., 221 East Fourth Street, Cincinnati, Ohio 45202, and the Company will send you one free of charge. You may also obtain a copy of any of the following corporate governance documents...

  • Page 80
    ... who presides at meetings of the non-management directors. The Company has established procedures for such shareholder communications. Shareholders should send any communications to Christopher J. Wilson, General Counsel and Secretary, Cincinnati Bell Inc., 221 East Fourth Street, Cincinnati, Ohio...

  • Page 81
    ...Commission File Number: 1-8519 CINCINNATI BELL INC. Ohio (State of Incorporation) 31-1056105 (I.R.S. Employer Identification No.) 221 East Fourth Street, Cincinnati, Ohio 45202 Telephone 513-397-9900 Securities registered pursuant to Section 12(b) of the Act: Title of each class Common Shares (par...

  • Page 82
    ... and Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships, Related Transactions and Director Independence ...Principal Accountant Fees and Services ...101...

  • Page 83
    .... Cincinnati Bell Telephone Company LLC and Cincinnati Bell Extended Territories LLC The Company provides wireline voice and data services to its historical operating territory in southwestern Ohio, northern Kentucky and southeastern Indiana through the operations of CBT, an Incumbent Local Exchange...

  • Page 84
    ... conferencing, and VoIP services to businesses and residential customers in the Greater Cincinnati and Dayton, Ohio areas. Residential customers can choose from a variety of long distance plans, which include unlimited long distance for a flat fee, purchase of minutes at a per-minute-of-use rate...

  • Page 85
    ...advanced digital voice and data communications services through the operation of a Global System for Mobile Communications ("GSM")/General Packet Radio Service ("GPRS") wireless network in a licensed service territory, which includes Greater Cincinnati and Dayton, Ohio and areas of northern Kentucky...

  • Page 86
    ...tests, unique rate plans, which may be bundled with the Company's wireline services, and extensive and conveniently located retail outlets. The segment offers unique calling plans, such as the "Unlimited Everyday Calling Plan" to any Cincinnati Bell local voice, wireless or business customers and CB...

  • Page 87
    ... management designed to reduce cost and mitigate risk while optimizing performance for its customers. The telecom and IT equipment distribution product line is the value-added reseller operation of Technology Solutions. With years of experience and significant local market penetration, the Company...

  • Page 88
    ... Company's business segments for the years ended December 31, 2007, 2006, and 2005, and assets as of December 31, 2007 and 2006, is set forth in Note 15 to the Consolidated Financial Statements. Item 1A. Risk Factors The Company's substantial debt could limit its ability to fund operations, expose...

  • Page 89
    ... the trading price of the Cincinnati Bell common stock, preferred stock, and debt instruments. The Company's creditors and preferred stockholders have claims that are superior to claims of the holders of Cincinnati Bell common stock. Accordingly, in the event of the Company's dissolution, bankruptcy...

  • Page 90
    ... operating area. Insight Cable, which provides cable service in the northern Kentucky portion of the Company's ILEC territory, began to offer VoIP and long distance services in 2007. Time Warner Cable, AT&T, Verizon, and others offer VoIP and long distance services in Cincinnati and Dayton. Wireless...

  • Page 91
    ... and in particular, companies that offer unlimited wireless service plans for a flat monthly fee, are a cause of CBT's access line loss. Technology Solutions competes against numerous other information technology consulting, web-hosting, data center and computer system integration companies, many of...

  • Page 92
    ...or the increase in power costs may impact additional sales of data center space. Long sales cycle for data center services may materially affect the data center business and results of its operations. A customer's decision to license cabinet space in one of the Company's data centers and to purchase...

  • Page 93
    ... residential customers. The Company seeks to meet these needs through new product introductions, service quality, and technological superiority. The Company has implemented GSM technology and is currently building its 3G wireless network, which is expected to be operational in 2008, and works with...

  • Page 94
    ... can offer alternatives to the Company's existing services. The development of new technologies and products could accelerate the Company's loss of access lines and increase wireless customer churn, which could have a material adverse effect on the Company's revenue, results of operations, and...

  • Page 95
    ... plan assets used in pension and postretirement calculations, which the Company would be required to recognize over the next several years under generally accepted accounting principles. Should the securities markets decline and medical and prescription drug costs increase significantly, the Company...

  • Page 96
    .... The data centers provide 24-hour monitoring of the customer's computer equipment in the data center, power, environmental controls, and high-speed, high bandwidth point-to-point optical network connections. Due to the acquisition of ATI in 2006, CBTS also has leased offices located in Kentucky and...

  • Page 97
    ..., Related Stockholder Matters and Issuer Purchases of Equity Securities (a) Market Information The Company's common shares (symbol: CBB) are listed on the New York Stock Exchange. The high and low daily closing prices during each quarter for the last two fiscal years are listed below: First Quarter...

  • Page 98
    ... regarding the Company's purchases of its common stock during the quarter ended December 31, 2007: Maximum Number (or Appropriate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs * Total Number of Shares (or Units) Purchased Average Price Paid per Share (or...

  • Page 99
    ... per share amounts) 2007 2006 2005 2004 2003 Operating Data Revenue ...Cost of services and products, selling, general, and administrative, depreciation and amortization expense ...Restructuring, asset impairments and other charges, shareholder claim settlement (a) ...Gain on sale of broadband...

  • Page 100
    ... In-territory primary consumer access line penetration of its DSL product increased to 42% in 2007, up 8 percentage points from last year. In March 2007, the Company purchased a local telecommunication business, which offers voice, data and cable TV services, in Lebanon, Ohio for a purchase price of...

  • Page 101
    ... to its Custom ConnectionsSM "Super Bundle" which offers local, long distance, wireless, internet access, and the Company's value-added service package, Custom Connections®, at a price lower than the amount the customer would pay for the services individually. The Company finished the year with...

  • Page 102
    ... TDMA network assets; • $10.9 million decrease in Wireline operating income due to lower revenue; and • $9.7 million increase in corporate costs mainly related to the $6.3 million settlement of the Company's shareholder litigation in the first quarter of 2006 and increased business development...

  • Page 103
    ... 2007, CBET purchased a local telecommunication business, which offers voice, data and cable services, in Lebanon, Ohio. The Wireline segment also includes the operations of CBAD, CBCP, the Company's payphone business and CBE. CBAD provides long distance, audio conferencing and VoIP services and...

  • Page 104
    ... The Company's Super Bundle offers local, long distance, wireless, internet access and the Company's value added services package, Home Phone Pak, at a price lower than the amount the customer would pay for the services individually. In its traditional operating area, the Company added approximately...

  • Page 105
    ... 31, 2005. Long distance revenue increased $2.3 million in 2006 compared to 2005. The increase was primarily due to new dedicated access business customers and a 28% increase in minutes of use for audio conferencing. The Company had approximately 552,000 subscribed long distance access lines as of...

  • Page 106
    ... To satisfy increasing demand for existing voice minutes of use by customers as well as to provide enhanced data services such as streaming video, the Company is building a third generation ("3G") network to deploy on the purchased AWS spectrum. The Company spent approximately $11 million in 2007 to...

  • Page 107
    ... the introduction of more attractive rate plans. Equipment revenue for 2007 increased $0.7 million as compared to 2006 primarily due to revenue increases per handset sale. Cost and expenses Cost of services and products consists largely of network operation costs, interconnection expenses with other...

  • Page 108
    ... Wireless Services Inc., CBW lost roaming revenue as Cingular customers are not using CBW's network. Equipment revenue for 2006 increased $3.6 million compared to 2005 due to the increase in subscriber additions and the migration to the GSM network. The Company subsidized the price of handset sales...

  • Page 109
    ... rents from customers residing in the Company's data centers, managed VOIP Solutions and IT services that include network management, electronic data storage, disaster recovery and data security management. Revenue increased $20.2 million in 2007 as compared to the same period a year ago primarily...

  • Page 110
    ... cost of goods sold related to higher IT and equipment revenue, $13.7 million increase in payroll and contracted services due to growth in data center and managed service revenue, and increased data center facilities costs. The increase in selling, general, and administrative expenses for 2007 was...

  • Page 111
    ... Communications Inc.), provided long haul voice, data, and Internet service over an 18,700 mile fiber optic network. In 2001, the business environment for BRCOM and the broader telecommunications industry deteriorated rapidly and significantly, causing the Company to incur substantial operating...

  • Page 112
    ... of credit because the customer had prepaid $21.5 million for data center services. 2006 Debt Repayments During 2006, the Company repaid debt in the amount of $13.3 million. This debt repayment amount was lower than 2007 and 2005 because the Company used its cash to fund the purchases of ATI and the...

  • Page 113
    ... and Contingencies" and amounts under open purchase orders. (4) Included in accrued pension and postretirement benefits are payments for the Company's postretirement benefits, qualified pension plans, non-qualified pension plan and other employee retirement agreements. Amount includes $11 million of...

  • Page 114
    ... requested early negotiations with local union leadership in an effort to renew the labor contract for current bargaining employees, which was set to expire on May 10, 2008. If ratified by the CWA membership, the new agreement will: • Retain the current call center work as local Cincinnati jobs...

  • Page 115
    ..., which expire in March 2013, to purchase one share of Cincinnati Bell common stock at $3.00 each. Of the total gross proceeds received for the 16% Notes, $47.5 million was allocated to the fair value of the warrants using the Black-Scholes option-pricing model. This value less applicable issuance...

  • Page 116
    ...data centers, the Company purchased a data center business in South Bend, Indiana in December 2007 for a purchase price of $20.3 million (including $0.6 million of accrued transaction costs), of which $19.0 million was paid in cash in 2007. In the first quarter of 2007, the Company purchased a local...

  • Page 117
    ...fails to meet these levels, customers may be able to receive service credits for their accounts. The Company records these credits against revenue when an event occurs that gives rise to such credits. In multi-year data center arrangements with increasing or decreasing monthly billings, revenues are...

  • Page 118
    ...IT equipment from the installation services. The Company recognizes the IT equipment upon completion of its contractual obligations, generally upon delivery of the IT equipment to the customer, and recognizes installation service revenue upon completion of the installation. Pricing of local services...

  • Page 119
    ... its estimated fair value. To satisfy increasing demand for existing voice minutes of use by customers as well as to provide enhanced data services such as streaming video, the Company is constructing a 3G network and deploying it on the newly purchased AWS spectrum. Due to this implementation...

  • Page 120
    ...in its Consolidated Statement of Operations. For reporting periods prior to the end of the Company's fiscal year, the Company records income tax expense based upon an estimated annual effective tax rate. This rate is computed using the statutory tax rate and an estimate of annual net income adjusted...

  • Page 121
    ... executives. The Company also provides health care and group life insurance benefits for eligible retirees. The Company's measurement date for its pension and postretirement obligations is as of December 31st of each year. When changes to the plans occur during interim periods, the Company reviews...

  • Page 122
    ... are reviewed annually, include the discount rate, expected long-term rate of return on plan assets and health care cost trend rates. Discount rate A discount rate is used to measure the present value of the benefit obligations. The Company determines the discount rate for each plan individually...

  • Page 123
    ... of $68.6 million for the pension plans and $79.5 million for the postretirement and other benefit plans. The unrecognized net losses have been primarily generated by changes in previous years related to discount rates, asset return differences and actual health care costs. Because gains and losses...

  • Page 124
    ...for new competitive entrants and services with minimal regulation such as cable modem broadband providers and VoIP providers. While Cincinnati Bell has expanded beyond its incumbent local exchange operations by offering wireless, long distance, broadband service, Internet access and out-of-territory...

  • Page 125
    ... exchanges. CBT implemented rate increases for basic local exchange service in the affected exchanges beginning in January 2007. The Ohio Consumers' Counsel appealed the PUCO's decision to the Ohio Supreme Court, which heard arguments on December 12, 2007. Ohio Cable Franchise Ohio statewide video...

  • Page 126
    ... the Private Securities Litigation Reform Act of 1995, which are based on Cincinnati Bell Inc.'s current expectations, estimates and projections. Statements that are not historical facts, including statements about the beliefs, expectations and future plans and strategies of the Company, are forward...

  • Page 127
    ... or generally within the overall economy; changes in competition in markets in which the Company operates; pressures on the pricing of the Company's products and services; advances in telecommunications technology; the ability to generate sufficient cash flow to fund the Company's business plan...

  • Page 128
    ... and 2006, respectively. A hypothetical 10% change in market interest rates at December 31, 2007 and 2006 would change the fair value of the interest rate swap contracts by approximately $12 million and $13 million, respectively. The following table sets forth the face amounts, maturity dates, and...

  • Page 129
    ...Schedules Index to Consolidated Financial Statements Consolidated Financial Statements: Management's Report on Internal Control over Financial Reporting ...Reports of Independent Registered Public Accounting Firm ...Consolidated Statements of Operations ...Consolidated Balance Sheets ...Consolidated...

  • Page 130
    ...Company's internal control system is designed to produce reliable financial statements in conformity with accounting principles generally accepted in the United States. Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2007. In making...

  • Page 131
    ... Misstatements in Current Year Financial Statements, elected application effective January 1, 2006, FASB Statement No. 123(R), Share-Based Payment, effective January 1, 2006, FASB Statement No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of...

  • Page 132
    ... the provisions of FASB Statement No. 123(R), Share-Based Payment. As discussed in Note 9 to the consolidated financial statements, the Company adopted the provisions of FASB Statement No. 158, Employers' Accounting for Defined Benefit Pension and Other Postretirement Plans, an amendment of FASB...

  • Page 133
    Cincinnati Bell Inc. CONSOLIDATED STATEMENTS OF OPERATIONS (Millions of Dollars, Except Per Share Amounts) Year Ended December 31, 2007 2006 2005 Revenue Services ...Products ...Total revenue ...Costs and expenses Cost of services ...Cost of products sold ...Selling, general and administrative ......

  • Page 134
    ... portion of long-term debt ...Accounts payable ...Current portion of unearned revenue and customer deposits ...Accrued taxes ...Accrued interest ...Accrued payroll and benefits ...Other current liabilities ...Total current liabilities ...Long-term debt, less current portion ...Accrued pension and...

  • Page 135
    ... costs and consent fees ...Issuance of common shares - exercise of stock options ...Preferred stock dividends ...Other ...Net cash used in financing activities ...Net increase (decrease) in cash and cash equivalents ...Cash and cash equivalents at beginning of year ...Cash and cash equivalents...

  • Page 136
    ... ...Remeasurement of pension and postretirement liabilities and other, net of taxes of ($27.1) ...Comprehensive income ...Shares issued (purchased) under employee plans and other ...Stock-based compensation . . Dividends on 6 3⁄ 4% preferred stock ...Balance at December 31, 2007 ... 3.1 - - $129...

  • Page 137
    ... services through businesses in three segments: Wireline, Wireless and Technology Solutions. See Note 15 for information on changes to the Company's reportable segments. The Company generates substantially all of its revenue by serving customers in the Greater Cincinnati and Dayton, Ohio areas...

  • Page 138
    ... transitioned its wireless customers from its legacy Time Division Multiple Access ("TDMA") network to its Global System for Mobile Communications ("GSM") network. Although the Company had shortened the useful lives of the TDMA equipment to December 31, 2006, the Company incurred charges of $42...

  • Page 139
    ...fails to meet these levels, customers may be able to receive service credits for their accounts. The Company records these credits against revenue when an event occurs that gives rise to such credits. In multi-year data center arrangements with increasing or decreasing monthly billings, revenues are...

  • Page 140
    ...all other taxes collected from customers on a net basis. Stock-Based Compensation - In accordance with Statement of Financial Accounting Standards ("SFAS") No. 123(R), "Share-Based Payment," the Company values all share-based payments to employees, including grants of employee stock options, at fair...

  • Page 141
    ... Benefit Pension Plans and for Termination Benefits." Also, the Company considers whether employee terminations give rise to a pension and postretirement curtailment charge under SFAS No. 88. The Company's policy is that terminations in a calendar year involving 10% or more of the plan service years...

  • Page 142
    ... with the opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. SFAS No. 159 will be effective for the first fiscal year that begins after November 15, 2007. The Company does...

  • Page 143
    ... employees over the next five years that are primarily related to the Company's need to downsize its Wireline operations to conform to the decreased access lines being served by the Company. These costs were recorded in accordance with SFAS No. 112, "Employers' Accounting for Postemployment Benefits...

  • Page 144
    ... Company adopted a restructuring plan which included initiatives to consolidate data centers, reduce the Company's expense structure, exit the network construction business, eliminate other non-strategic operations and merge the digital subscriber line ("DSL") and certain dial-up Internet operations...

  • Page 145
    ... of Operations in 2007, 2006 and 2005, respectively, was associated with the cost of providing services and products. To satisfy increasing demand for existing voice minutes of use by customers as well as to provide enhanced data services such as streaming video, the Company is building a 3G network...

  • Page 146
    ... will be included in the Technology Solutions segment. Local Telecommunication Business In March 2007, the Company purchased a local telecommunication business ("Lebanon"), which offers voice, data and cable TV services, in Lebanon, Ohio for a purchase price of $7.0 million, of which $4.6 million...

  • Page 147
    ...the-months digits method. Amortization of the customer relationship intangible asset associated with tower collocations utilizes a straight-line method. Tower collocation revenue is received from other wireless carriers for the placement of their radios on CBW towers. These amortization methods best...

  • Page 148
    satisfy increasing demand for existing voice minutes of use by customers as well as to provide enhanced data services such as streaming video, the Company is building a 3G network in its Cincinnati and Dayton regions to deploy on the newly purchased AWS spectrum. The Company expects the 3G network ...

  • Page 149
    .... The receivables facility has a term of five years, expiring in March 2012. Under the receivables facility, Cincinnati Bell Telephone Company LLC ("CBT"), Cincinnati Bell Extended Territories LLC ("CBET"), CBW, Cincinnati Bell Any Distance Inc., and Cincinnati Bell Complete Protection Inc. sell...

  • Page 150
    ... $9.5 million in 2007, 2006, and 2005, respectively. Under the Corporate credit facility, the Company pays commitment fees to the lenders on a quarterly basis related to the Corporate credit facility at an annual rate equal to 0.50% of the unused amount of borrowings on the revolving line of credit...

  • Page 151
    ....8 million and were used to prepay term credit facilities and permanently reduce commitments under the Company's then-existing revolving credit facility. Interest on the 7 1⁄ 4% Notes due 2013 is payable in cash semi-annually in arrears on January 15 and July 15 of each year, commencing on January...

  • Page 152
    ... credit facility for the write-off of deferred financing fees. All of the 8 3⁄ 8% Notes constitute a single class of security with the same terms and are fixed rate bonds to maturity. Interest on the 8 3⁄ 8% Notes is payable in cash semi-annually in arrears on January 15 and July 15, commencing...

  • Page 153
    ... and equipment and an offsetting amount recorded as a liability discounted to the present value. The Company had $29.4 million in total indebtedness relating to capitalized leases as of December 31, 2007 of which, $25.8 million was considered long-term. The underlying leased assets generally secure...

  • Page 154
    ...the Consolidated Statements of Operations amounted to $5.2 million, $5.1 million, and $7.1 million during 2007, 2006 and 2005, respectively. In 2007, the Company wrote-off deferred financing costs of $1.2 million related to the repayment of the Tranche B Term Loan, the purchase and retirement of the...

  • Page 155
    ... Insurance Plans The Company also provides health care and group life insurance benefits for eligible retirees. The Company funds certain group life insurance benefits through Retirement Funding Accounts and funds health care benefits and other group life insurance benefits using Voluntary Employee...

  • Page 156
    ... cost sharing by retirees. In August 2007, the Company announced further changes to its pension and postretirement plans that reduce medical benefit payments by fixing the annual Company contribution for each eligible retiree and that reduce life insurance benefits paid from these plans. Based...

  • Page 157
    ...plans' funded status follows: Pension Benefits 2007 2006 Postretirement and Other Benefits 2007 2006 (dollars in millions) Change in benefit obligation: Benefit obligation at January 1, ...Service..., 2007 and 2006, the Company's accumulated benefit obligation ("ABO") related to its pension plans was...

  • Page 158
    ... 158, "Employer's Accounting for Defined Benefit Pension and Other Postretirement Plans-an amendment of FASB Statements No. 87, 88, 106, and 132(R)." SFAS No. 158 requires the Company to recognize the overfunded or underfunded status for the Company's benefit plans, with changes in the funded status...

  • Page 159
    ... December 31, 2006, pension plan assets included $6.4 million in Company common stock. The postretirement and other plans' assets consist of the following: Health Care Percentage of Plan Assets at Target December 31, Allocation 2008 2007 2006 Group Life Insurance Percentage of Plan Assets at Target...

  • Page 160
    ... assumptions used in accounting for the pension and postretirement benefit cost: Pension Benefits 2007 2006 2005 Postretirement and Other Benefits 2007 2006 2005 Discount rate ...Expected long-term rate of return on pension and health and life plan assets ...Future compensation growth rate ... 5.95...

  • Page 161
    ... rate of 1.44 shares of Company common stock per depositary share of 6 3⁄ 4% convertible preferred stock. Annual dividends of $10.4 million on the outstanding 6 3⁄ 4% convertible preferred stock are payable quarterly in arrears in cash, or in common stock in certain circumstances if cash payment...

  • Page 162
    ... data processing, professional and consulting and technical support services for the Company within CBT's operating territory. In return, the Company will be the exclusive provider of local telecommunications services to Convergys. The contract extension reduced the Company's annual commitment...

  • Page 163
    ... a result of the demutualization of Anthem and that a class of insured persons should have received the stock instead. In February 2008, the Company filed a response in which it denied all liability and raised a number of defenses. The Company believes that it has meritorious defenses and intends to...

  • Page 164
    ...a reconciliation of the statutory federal income tax rate with the effective tax rate for each year: Year Ended December 31, 2007 2006 2005 U.S. federal statutory rate ...State and local income taxes, net of federal income tax ...Change in valuation allowance, net of federal income tax ...State law...

  • Page 165
    ... for new employees, promotions and performance achievements. The numbers of shares authorized and available for grant under these plans were 30.8 million and 6.7 million, respectively, at December 31, 2007. In May 2007, the Company's shareholders approved both The Cincinnati Bell Inc. 2007 Long Term...

  • Page 166
    ... 31, 2007, unrecognized compensation expense related to these shares was $1.2 million, which is expected to be recognized over the next three years. Stock Option Awards Generally, stock options have ten-year terms and vesting terms of three years. On December 30, 2005, the Company accelerated the...

  • Page 167
    ... the best interest of the Company's shareholders. The following table provides a summary of the Company's outstanding stock option awards: 2007 WeightedAverage Exercise Prices Per Shares Share 2006 WeightedAverage Exercise Prices Per Shares Share 2005 WeightedAverage Exercise Prices Per Shares Share...

  • Page 168
    ... million in 2007, $2.8 million in 2006, and $1.5 million in 2005, as described in Note 3. The Wireless segment provides advanced, digital voice and data communications services and sales of related communications equipment to customers in the Greater Cincinnati and Dayton, Ohio operating areas. This...

  • Page 169
    ...Company's business segment information is as follows: (dollars in millions) Year Ended December 31, 2007 2006 2005 Revenue Wireline ...Wireless ...Technology Solutions ...Intersegment ...Total revenue ...Intersegment revenue Wireline ...Wireless ...Technology Solutions ...Total intersegment revenue...

  • Page 170
    ... in millions) Year Ended December 31, 2007 2006 2005 Service revenue Wireline ...Wireless ...Managed and data center services ...Telephony installation and maintenance ...Other ...Total service revenue ...Product revenue Handsets and accessories ...IT and computer-related equipment ...Telephony and...

  • Page 171
    ... the data center space and managed services under that long-term contract. The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2007 and 2006 and the Condensed Consolidating Statements of Operations and Cash Flows for the years ended...

  • Page 172
    ...and expenses ...Operating income (loss) ...Interest expense ...Other expense (income) ...Income (loss) before equity in earnings of subsidiaries and income taxes ...Income tax expense (benefit) ...Equity in earnings of subsidiaries, net of tax ...Net income ...Preferred stock dividends ...Net income...

  • Page 173
    ..., plant and equipment, net ...Goodwill and other intangibles, net ...Investments in and advances to subsidiaries ...Other noncurrent assets ...Total assets ...Current portion of long-term debt ...Accounts payable ...Other current liabilities ...Total current liabilities ...Long-term debt, less...

  • Page 174
    ...(used in) operating activities ...Capital expenditures ...Acquisition of businesses and deposit for wireless licenses ...Other investing activities ...Cash flows used in investing activities ...Funding between Parent and subsidiaries, net ...Issuance of long-term debt ...Increase in Corporate credit...

  • Page 175
    ... the data center space and managed services under that long-term contract. The following information sets forth the Condensed Consolidating Balance Sheets of the Company as of December 31, 2007 and 2006 and the Condensed Consolidating Statements of Operations and Cash Flows for the three years ended...

  • Page 176
    ...Total Revenue ...Operating costs and expenses ...Operating income (loss) ...Interest expense ...Other income ...Income (loss) before equity in earnings of subsidiaries and income taxes ...Income tax expense (benefit) ...Equity in earnings of subsidiaries, net of tax ...Net income ...Preferred stock...

  • Page 177
    ..., plant and equipment, net ...Goodwill and other intangibles, net ...Investments in and advances to subsidiaries ...Other noncurrent assets ...Total assets ...Current portion of long-term debt ...Accounts payable ...Other current liabilities ...Total current liabilities ...Long-term debt, less...

  • Page 178
    ...(used in) operating activities ...Capital expenditures ...Acquisition of businesses and deposit for wireless licenses ...Other investing activities ...Cash flows used in investing activities ...Funding between Parent and subsidiaries, net ...Issuance of long-term debt ...Increase in Corporate credit...

  • Page 179
    ... ...Other investing activities ...Cash flows used in investing activities ...Funding between Parent and subsidiaries, net ...Issuance of long-term debt ...Repayment of debt ...Other financing activities ...Cash flows provided by (used in) financing activities ...Increase (decrease) in cash and cash...

  • Page 180
    ... with generally accepted accounting principles. Cincinnati Bell Inc.'s management, with the participation of the Chief Executive Officer and Chief Financial Officer, have evaluated any changes in the Company's internal control over financial reporting that occurred during the fourth quarter of 2007...

  • Page 181
    ... directors of Cincinnati Bell Inc. can be found in the Proxy Statement for the Annual Meeting and incorporated herein by reference. The Company's Code of Ethics for Senior Financial Officers that applies to its Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer is filed...

  • Page 182
    ... operational roles within Cincinnati Bell from 2000 to 2005. Items 11 and 12. Executive Compensation and Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters The information required by these items can be found in the Proxy Statement for the Annual Meeting...

  • Page 183
    ... and among Broadwing Inc., GS Mezzanine Partners II, L.P., GS Mezzanine Partners II Offshore, L.P., and any other affiliate purchasers (Exhibit (4)(c)(vii) to Annual Report on Form 10-K for the year ended December 31, 2002, File No. 1-8519). Equity Registration Rights Agreement, dated as of March 26...

  • Page 184
    ... thereto, and the Bank of New York, as Trustee in connection with Cincinnati Bell 7% Senior Notes due 2015 (Exhibit 4.1 to Current Report on Form 8-K, filed on February 23, 2005, File No. 1-8519). No other instrument which defines the rights of holders of long term debt of the registrant is filed...

  • Page 185
    ... Report on Form 8-K, filed March 29, 2007, File No. 1-8519). Asset Purchase Agreement, dated November 30, 2007 among Cincinnati Bell Any Distance Inc. as Buyer, EGIX,Inc and EGIX Network Services, Inc as Sellers, and the Seller's respective subsidiaries and principal shareholders. Asset Purchase...

  • Page 186
    ...to the Company's 2007 Proxy Statement on Schedule 14A filed on March 14, 2007, File No. 1-8519). Cincinnati Bell Inc. 2007 Performance Unit Agreement (Exhibit 10 to Quarterly Report on Form 10-Q for the quarter ended March 31, 2007, File No. 1-8519). Cincinnati Bell Management Pension Plan effective...

  • Page 187
    ... 28, 2005. Amendment to Cincinnati Bell Management Pension Plan effective as of January 1, 2006. Amendment to Cincinnati Bell Management Pension Plan effective as of January 1, 2007. Cincinnati Bell Inc. Form of Stock Option Agreement (Employees) (Exhibit 10.1 to Current Report on Form 8-K, date of...

  • Page 188
    ... CINCINNATI BELL INC. VALUATION AND QUALIFYING ACCOUNTS (dollars in millions) Beginning of Period Charge (Benefit) to Expenses To (from) Other Accounts Deductions End of Period Allowance for Doubtful Accounts Year 2007 ...Year 2006 ...Year 2005 ...Deferred Tax Valuation Allowance Year 2007 ...Year...

  • Page 189
    .... CINCINNATI BELL INC. February 26, 2008 By /s/ Brian A. Ross Brian A. Ross Chief Financial Officer By /s/ Kurt A. Freyberger Kurt A. Freyberger Chief Accounting Officer Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on...

  • Page 190
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  • Page 191
    ... security analysts; retrieve stock prices; and review frequently asked questions. Phone: Individual investors may also contact us via our Shareholder Information Line at (800) 345-6301. Mail: Contact us via U.S. Mail at Cincinnati Bell Inc., Investor Relations, 221 East 4th Street, Cincinnati, Ohio...

  • Page 192
    221 East Fourth Street P.O. Box 2301 Cincinnati, Ohio 45202 513.397.9900 www.cincinnatibell.com