FairPoint Communications 2006 Annual Report Download - page 38
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The following financial information should be read in conjunction with “Item 7. Management’s Discussion and Analysis of Financial Condition and
Results of Operations” and our consolidated financial statements and notes thereto contained elsewhere in this Annual Report. Amounts are in thousands,
except access lines and per share data.
Revenues $270,069 $262,843 $252,645 $231,432 $230,819
Operating expenses:
Operating expenses 155,463 143,425 128,804 111,203 111,189
Depreciation and amortization 53,236 52,390 50,287 48,089 46,310
Total operating expenses 208,699 195,815 179,091 159,292 157,499
Income from operations 61,370 67,028 73,554 72,140 73,320
Interest expense(1) (39,665)(46,416)(104,315)(90,224)(69,520)
Other income (expense), net(2) 28,671 (75,156)6,926 9,600 (11,974)
Income (loss) from continuing operations before income
taxes 50,376 (54,544)(23,835)(8,484)(8,174)
Income tax (expense) benefit(3) (19,858)83,096 (516)236 (518)
Minority interest in income of subsidiaries (2)(2)(2)(2)(2)
Income (loss) from continuing operations 30,516 28,550 (24,353)(8,250)(8,694)
Income from discontinued operations 574 380 671 9,921 21,933
Net income (loss) 31,090 28,930 (23,682)1,671 13,239
Redeemable preferred stock dividends and accretion(1) — — — (8,892)(11,918)
Gain on repurchase of redeemable preferred stock — — — 2,905 —
Net income (loss) attributable to common shareholders $31,090 $28,930 $(23,682)$(4,316)$1,321
Basic shares outstanding 34,629 31,927 9,468 9,483 9,498
Diluted shares outstanding 34,754 31,957 9,468 9,483 9,498
Basic and diluted earnings (loss) from continuing operations
per share $0.88 $0.89 $(2.57)$(1.50)$(2.17)
Capital expenditures $32,317 $28,099 $36,492 $33,595 $38,803
Access line equivalents(4) 311,150 288,899 271,150 264,308 248,581
Residential access lines 194,119 188,206 189,668 196,145 189,803
Business access lines 57,587 55,410 49,606 50,226 51,810
High Speed Data subscribers 59,444 45,283 31,876 17,937 6,968
Net cash provided by operating activities of continuing
operations $81,766 $61,682 $45,975 $32,834 $55,632
Net cash used in investing activities of continuing operations (27,361)(42,807)(20,986)(54,010)(30,258)
Net cash used in financing activities of continuing operations (54,668)(16,647)(23,966)(1,976)(12,546)
Cash $3,805 $5,083 $3,595 $5,603 $5,394
Property, plant and equipment, net 246,264 242,617 252,262 266,706 271,690
Total assets 885,230 908,139 819,136 843,068 829,253
Total long term debt 607,986 607,425 810,432 825,560 804,190
Preferred shares subject to mandatory redemption(5) — — 116,880 96,699 90,307
Total stockholders’ equity (deficit) 224,719 246,848 (172,952)(147,953)(146,150)
(1) Interest expense includes amortization of debt issue costs aggregating $1,571, $1,859, $4,603, $4,171 and $3,664 for the fiscal years ended December 31, 2006, 2005,
2004, 2003 and 2002. We prospectively adopted the
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