Cincinnati Bell 2009 Annual Report Download - page 172

18. Quarterly Financial Information (Unaudited)
2009
(dollars in millions, except per common share amounts)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Revenue ............................... $325.5 $327.6 $337.7 $345.2 $1,336.0
Operating income ........................ 80.3 75.6 73.2 66.4 295.5
Net income ............................. 28.8 26.3 27.7 6.8 89.6
Basic earnings per common share ........... 0.12 0.11 0.12 0.02 0.37
Diluted earnings per common share .......... 0.12 0.11 0.12 0.02 0.37
2008
(dollars in millions, except per common share amounts)
First
Quarter
Second
Quarter
Third
Quarter
Fourth
Quarter Total
Revenue ............................... $348.5 $351.2 $346.5 $356.8 $1,403.0
Operating income ........................ 57.1 79.9 79.8 88.4 305.2
Net income ............................. 12.9 25.6 26.6 37.5 102.6
Basic earnings per common share ........... 0.04 0.10 0.10 0.15 0.39
Diluted earnings per common share .......... 0.04 0.09 0.10 0.15 0.38
The effects of assumed common share conversions are determined independently for each respective quarter
and year and may not be dilutive during every period due to variations in operating results. Therefore, the sum of
quarterly per share results will not necessarily equal the per share results for the full year.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
No reportable information under this item.
Item 9A. Controls and Procedures
(a) Evaluation of disclosure controls and procedures.
The term “disclosure controls and procedures” (defined in SEC Rule 13a-15(e)) refers to the controls
and other procedures of a company that are designed to ensure that information required to be disclosed by a
company in the reports that it files under the Securities Exchange Act of 1934 (the “Exchange Act”) is
recorded, processed, summarized and reported within required time periods. Disclosure controls and
procedures include, without limitation, controls and procedures designed to ensure that information required
to be disclosed is accumulated and communicated to management, including the Chief Executive Officer
and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Cincinnati Bell Inc.’s management, with the participation of the Chief Executive Officer and Chief
Financial Officer, have evaluated the effectiveness of the Company’s disclosure controls and procedures as
of December 31, 2009 (the “Evaluation Date”). Based on that evaluation, Cincinnati Bell Inc.’s Chief
Executive Officer and Chief Financial Officer have concluded that, as of the Evaluation Date, such controls
and procedures were effective to ensure that information the Company is required to disclose in reports that
are filed or submitted under the Exchange Act are recorded, processed, summarized, and reported within the
time periods specified in the SEC’s rules and forms, and that such information is accumulated and
communicated to management, including the Chief Executive Officer and Chief Financial Officer, as
appropriate, to allow timely decisions regarding required disclosure.
(b) Management’s annual report on internal control over financial reporting.
Management’s Report on Internal Control over Financial Reporting and the Report of Independent
Registered Public Accounting Firm are set forth in Part II, Item 8 of this Annual Report on Form 10-K.
(c) Changes in internal control over financial reporting.
The term “internal control over financial reporting” (defined in SEC Rule 13a-15(f)) refers to the
process of a company that is designed to provide reasonable assurance regarding the reliability of financial
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