Frontier Communications 2004 Annual Report Download - page 16

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
14
Item 6. Selected Financial Data
(1) Represents revenue from continuing operations. Revenue from acquisitions contributed $569.8 million and $49.5 million for the years ended December 31, 2001 and 2000,
respectively. Revenue from gas operations sold represented $137.7 million, $218.8 million and $232.3 million in 2003, 2001 and 2000, respectively. Revenue from electric
operations sold represented $9.7 million, $67.4 million, $76.6 million, $94.3 million and $95.1 million in 2004, 2003, 2002, 2001 and 2000, respectively.
(2) Extraordinary expense represents an extraordinary after tax expense of $43.6 million related to the discontinuance of the application of Statement of Financial Accounting Standards
No. 71 to our local exchange telephone operations in 2001. The cumulative effect of changes in accounting principles represents the $65.8 million after tax non-cash gain resulting
from the adoption of Statement of Financial Accounting Standards No. 143 in 2003, and the write-off of ELI’s goodwill of $39.8 million resulting from the adoption of Statement of
Financial Accounting Standards No. 142 in 2002.
(3) On August 17, 2004, we issued common stock to equity unit holders in settlement of the equity purchase contract.
(4) The consolidation of this item changed effective January 1, 2004 as a result of the adoption of FIN 46R, “Consolidation of Variable Interest Entities.” See Note 16 for a complete
discussion.
($ in thousands, except per share amounts)
2004 2003 2002 2001 2000
Revenue (1) 2,192,980$ 2,444,938$ 2,669,332$ 2,456,993$ 1,802,358$
Income (loss) from continuing operations before
extraordinary expense and cumulative effect of changes in
accounting principle
(2)
72,150$ 122,083$ (822,976)$ (63,926)$ (40,071)$
Net income (loss) 72,150$ 187,852$ (682,897)$ (89,682)$ (28,394)$
Basic income (loss) per share of Common Stock
from continuing operations before extraordinary expense
and cumulative effect of changes in accounting
principle
(2)
0.24$ 0.44$ (2.93)$ (0.28)$ (0.15)$
Available for common shareholders per basic share 0.24$ 0.67$ (2.43)$ (0.38)$ (0.11)$
Available for common shareholders per diluted share 0.23$ 0.64$ (2.43)$ (0.38)$ (0.11)$
Cash dividends declared (and paid) per common share 2.50$ -$ -$ -$ -$
2004 2003 2002 2001 2000
Total assets 6,668,419$ 7,445,545$ 8,144,502$ 10,551,351$ 6,954,954$
Long-term debt 4,266,998$ 4,195,629$ 4,957,361$ 5,534,906$ 3,062,289$
Equity units (3) -$ 460,000$ 460,000$ 460,000$ -$
Company Obligated Mandatorily Redeemable
Convertible Preferred Securities (4) -$ 201,250$ 201,250$ 201,250$ 201,250$
Shareholders' equity 1,362,240$ 1,415,183$ 1,172,139$ 1,946,142$ 1,720,001$
Year Ended December 31,
As of December 31,