Frontier Communications 2004 Annual Report Download - page 50

F-6
CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
FOR THE YEARS ENDED DECEMBER 31, 2004, 2003 and 2002
($ in thousands, except for per-share amounts)
The accompanying Notes are an integral part of these Consolidated Financial Statements.
2004 2003 2002
Revenue 2,192,980$ 2,444,938$ 2,669,332$
O
p
eratin
g
ex
p
enses:
Cost of services
(
exclusive of de
p
reciation and amortization
)
205,166 369,689 476,920
Other o
p
eratin
g
ex
p
enses 840,186 901,751 1,002,355
De
p
reciation and amortization 572,710 595,276 755,522
Reserve for
(
recover
y
of
)
telecommunications bankru
p
tcies -
(
4,377
)
10,880
Restructurin
g
and other ex
p
enses - 9,687 37,186
Loss on im
p
airment - 15,300 1,074,058
Mana
g
ement succession and strate
g
ic alternatives ex
p
enses
(
see Note 13
)
90,632 - -
Total o
p
eratin
g
ex
p
enses 1,708,694 1,887,326 3,356,921
O
p
eratin
g
income
(
loss
)
484,286 557,612
(
687,589
)
Investment income
(
loss
)
, net 33,626 10,432
(
98,359
)
Other income
(
loss
)
, net
(
53,359
)
43,989 22,537
Interest ex
p
ense 379,024 416,524 468,229
Income
(
loss
)
from continuin
g
o
p
erations before income taxes, dividends
on convertible
p
referred securities and cumulative effect of chan
g
e in
accountin
gp
rinci
p
le 85,529 195,509
(
1,231,640
)
Income tax ex
p
ense
(
benefit
)
13,379 67,216
(
414,874
)
Income
(
loss
)
from continuin
g
o
p
erations before dividends on convertible
p
referred securities and cumulative effect of chan
g
e in accountin
gp
rinci
p
le 72,150 128,293
(
816,766
)
Dividends on convertible
p
referred securities, net of income tax benefit of $
(
3,853
)
*- 6,210 6,210
Income
(
loss
)
from continuin
g
o
p
erations before cumulative effect of chan
g
e
in accountin
gp
rinci
p
le 72,150 122,083
(
822,976
)
Loss from discontinued o
p
erations, net of income tax benefit of $0,
$0 and $554, res
p
ectivel
y
- -
(
1,478
)
Gain on dis
p
osal of water se
g
ment, net of income taxes of $135,303 - - 181,369
Total income from discontinued o
p
erations, net of income taxes of $0,
$0 and $134,749, res
p
ectivel
y
- - 179,891
Income
(
loss
)
before cumulative effect of chan
g
e in accountin
gp
rinci
p
le 72,150 122,083
(
643,085
)
Cumulative effect of chan
g
e in accountin
gp
rinci
p
le, net of tax of
$0, $41,591 and $0, res
p
ectivel
y
- 65,769
(
39,812
)
Net income (loss) available for common shareholders 72,150$ 187,852$ (682,897)$
Basic income
(
loss
)p
er common share:
Income
(
loss
)
from continuin
g
o
p
erations before cumulative effect of chan
g
e
in accountin
gp
rinci
p
le 0.24$ 0.44$
(
2.93
)
$
Income from discontinued o
p
erations - - 0.64
Income
(
loss
)
from cumulative effect of chan
g
e in accountin
gp
rinci
p
le - 0.23
(
0.14
)
Net income (loss) per common share available for common shareholders 0.24$ 0.67$ (2.43)$
Diluted income
(
loss
)p
er common share:
Income
(
loss
)
from continuin
g
o
p
erations before cumulative effect of chan
g
e
in accountin
gp
rinci
p
le 0.23$ 0.42$
(
2.93
)
$
Income from discontinued o
p
erations - - 0.64
Income
(
loss
)
from cumulative effect of chan
g
e in accountin
gp
rinci
p
le - 0.22
(
0.14
)
Net income (loss) per common share available for common shareholders 0.23$ 0.64$ (2.43)$
* The consolidation of this item chan
g
ed effective Januar
y
1, 2004 as a result of the a
pp
lication of a newl
y
mandated accountin
g
standard
"FIN 46R." See Note 16 for a com
p
lete discussion.