FairPoint Communications 2003 Annual Report Download - page 28
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40
The Board of Directors
FairPoint Communications, Inc.:
We have audited the accompanying consolidated balance sheets of FairPoint Communications, Inc. and subsidiaries (the Company) as
of December 31, 2002 and 2003, and the related consolidated statements of operations, stockholders' equity (deficit), comprehensive income
(loss), and cash flows for each of the years in the three-year period ended December 31, 2003. These consolidated financial statements are
the responsibility of FairPoint Communications, Inc.'s management. Our responsibility is to express an opinion on these consolidated
financial statements based on our audits.
We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated
financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as
well as evaluating the overall consolidated financial statement presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the
Company as of December 31, 2002 and 2003, and the results of their operations and their cash flows for each of the years in the three-year
period ended December 31, 2003, in conformity with accounting principles generally accepted in the United States of America.
As described in note 1 to the consolidated financial statements, the Company adopted the provisions of SFAS No. 142,
, as required for goodwill and intangible assets effective January 1, 2002.
As described in notes 1 and 7 to the consolidated financial statements, the Company adopted the provisions of SFAS No. 150,
effective July 1, 2003.
/s/ KPMG LLP
Omaha, Nebraska
March 12, 2004
41
Current assets:
Cash $5,394 5,603
Accounts receivable, net 25,024 28,845
Materials and supplies 3,355 4,139
Prepaid and other 1,548 1,517
Investments available-for-sale 560 1,889
Assets of discontinued operations 806 105
Assets held for sale 16,647 —
Total current assets 53,334 42,098
Property, plant, and equipment, net 271,690 266,706
Other assets:
Goodwill, net of accumulated amortization 443,781 468,845
Investments 43,627 41,792