Frontier Communications 2005 Annual Report Download - page 83

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F-34
CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
Notes to Consolidated Financial Statements
(23) QUARTERLY FINANCIAL DATA (UNAUDITED):
($ in thousands, except per share amounts)
First
quarter
Second
quarter
Third
quarter
Fourth
quarter
2005
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 537,223 $ 531,798 $ 537,346 $ 556,112
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,112 146,897 141,617 173,223
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,634 44,584 38,376 76,781
Net income available for common shareholders
per basic share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.13 $ 0.13 $ 0.11 $ 0.23
Net income available for common shareholders
per diluted share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.12 $ 0.13 $ 0.11 $ 0.23
2004
Revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 552,311 $ 537,796 $ 539,188 $ 539,127
Operating income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 137,598 126,014 70,087 142,406
Net income (loss) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42,868 23,792 (11,290) 16,780
Net income (loss) available for common shareholders
per basic share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.15 $ 0.08 $ (0.04) $ 0.05
Net income (loss) available for common shareholders
per diluted share . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 0.15 $ 0.08 $ (0.04) $ 0.05
The quarterly net income (loss) per common share amounts are rounded to the nearest cent. Annual net income
(loss) per common share may vary depending on the effect of such rounding.
2005 Transactions
On February 1, 2005, we sold shares of Prudential Financial, Inc. for approximately $1,112,000 in cash, and we
recognized a pre-tax gain of approximately $493,000 that is included in other income (loss), net.
On March 15, 2005, we completed the sale of our conferencing business for approximately $43,565,000 million
in cash. The pre-tax gain on the sale of CCUSA was $14,061,000. The after-tax gain was approximately
$1,167,000.
In June 2005, the Company sold for cash its interests in certain key man life insurance policies on the lives of
Leonard Tow, our former Chairman and Chief Executive Officer, and his wife, a former director. The cash surrender
value of the policies purchased by Dr. Tow totaled approximately $24,195,000, and we recognized a pre-tax gain of
approximately $457,000 that is included in other income (loss), net.
During 2005, we sold shares of Global Crossing Limited for approximately $1,084,000 in cash, and we
recognized a pre-tax gain for the same amount that is included in other income (loss), net.
2004 Transactions
On April 1, 2004, we completed the sale of our Vermont electric distribution operations for approximately
$13,992,000 in cash, net of selling expenses.
During the third quarter of 2004, we sold our corporate aircraft for approximately $15,298,000 in cash. The
pre-tax loss on the sale was $1,087,000.
In October 2004, we sold cable assets in California, Arizona, Indiana, and Wisconsin for approximately
$2,263,000 in cash. The pre-tax gain on these sales was $40,000.