Frontier Communications 2005 Annual Report Download - page 23

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21
CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
(2) Includes restricted shares withheld (under the terms of grants under employee stock compensation plans) to
offset minimum tax withholding obligations that occur upon the vesting of restricted shares. The Company’s
stock compensation plans provide that the value of shares withheld shall be the average of the high and low
price of the Company’s common stock on the date the relevant transaction occurs.
ITEM 6. SELECTED FINANCIAL DATA
($ in thousands, except per share amounts)
Year Ended December 31,
2005 2004 2003 2002 2001
Revenue (1) . . . . . . . . . . . . . . . . . . . . . . . . . . $ 2,162,479 $ 2,168,422 $ 2,424,174 $ 2,647,671 $ 2,435,489
Income (loss) from continuing operations
before extraordinary expense and
cumulative effect of changes in
accounting principle (2) . . . . . . . . . . . . . $ 200,168 $ 66,919 $ 117,703 $ (828,140 ) $ (68,434 )
Net income (loss) . . . . . . . . . . . . . . . . . . . . $ 202,375 $ 72,150 $ 187,852 $ (682,897 ) $ (89,682 )
Basic income (loss) per share of common
stock from continuing operations before
extraordinary expense and cumulative
effect of changes in accounting
principle (2) . . . . . . . . . . . . . . . . . . . . . . . $ 0.59 $ 0.22 $ 0.42 $ (2.95 ) $ (0.30 )
Available for common shareholders per
basic share . . . . . . . . . . . . . . . . . . . . . . . $ 0.60 $ 0.24 $ 0.67 $ (2.43 ) $ (0.38 )
Available for common shareholders per
diluted share . . . . . . . . . . . . . . . . . . . . . $ 0.60 $ 0.23 $ 0.64 $ (2.43 ) $ (0.38 )
Cash dividends declared (and paid) per
common share . . . . . . . . . . . . . . . . . . . . $ 1.00 $ 2.50 $ — $ — $ —
As of December 31,
2005 2004 2003 2002 2001
Total assets . . . . . . . . . . . . . . . . . . . . . . . . . $ 6,412,109 $ 6,668,419 $ 7,445,545 $ 8,144,502 $ 10,551,351
Long-term debt . . . . . . . . . . . . . . . . . . . . . . $ 3,999,376 $ 4,266,998 $ 4,195,626 $ 4,957,338 $ 5,534,867
Equity units (3) . . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 460,000 $ 460,000 $ 460,000
Company Obligated Mandatorily
Redeemable Convertible Preferred
Securities (4) . . . . . . . . . . . . . . . . . . . . . . $ — $ — $ 201,250 $ 201,250 $ 201,250
Shareholders’ equity . . . . . . . . . . . . . . . . . . $ 1,041,809 $ 1,362,240 $ 1,415,183 $ 1,172,139 $ 1,946,142
(1) Represents revenue from continuing operations. Revenue from acquisitions contributed $569.8 million for
the year ended December 31, 2001. Revenue from gas operations sold was $137.7 million in 2003 and $218.8
million in 2001. Revenue from electric operations sold was $9.7 million, $67.4 million, $76.6 million and $94.3
million in 2004, 2003, 2002 and 2001, respectively. Total revenue associated with these operations is available
in Note 22, “Segment Information.”
(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 15 for a complete discussion.