Frontier Communications 2006 Annual Report Download - page 11

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
AVAILABLE INFORMATION
We are subject to the informational requirements of the Securities Exchange Act of 1934. Accordingly, we
file periodic reports, proxy statements and other information with the Securities and Exchange Commission
(SEC). Such reports, proxy statements and other information may be obtained by visiting the Public Reference
Room of the SEC at 100 F Street, NE, Washington, D.C. 20549 or by calling the SEC at 1-800-SEC-0330. In
addition, the SEC maintains an Internet site (www.sec.gov) that contains reports, proxy and information
statements and other information regarding the Company and other issuers that file electronically. Material filed
by us can also be inspected at the offices of the New York Stock Exchange, Inc. (NYSE), 20 Broad Street, New
York, NY 10005, on which our common stock is listed. On June 26, 2006, our Chief Executive Officer submitted
the annual certification required by Section 303A.12(a) of the NYSE Listed Company Manual. In addition, the
certifications of our Chief Executive Officer and Chief Financial Officer required under Section 302 of the
Sarbanes-Oxley Act of 2002 are included as exhibits to this Form 10-K.
We also make available on our website, or in printed form upon request, free of charge, our Corporate
Governance Guidelines, Code of Business Conduct and Ethics, and the charters for the Audit, Compensation, and
Nominating and Corporate Governance committees of the Board of Directors. Stockholders may request printed
copies of these materials by writing to: 3 High Ridge Park, Stamford, Connecticut 06905 Attention: Corporate
Secretary. Our website address is www.czn.net.
ITEM 1A. RISK FACTORS
Before you make an investment decision with respect to our securities, you should carefully consider all the
information we have included or incorporated by reference in this Form 10-K and our subsequent periodic filings
with the SEC. In particular, you should carefully consider the risk factors described below and read the risks and
uncertainties related to “forward-looking statements” as set forth in the “Management’s Discussion and Analysis
of Financial Condition and Results of Operations” section of this Form 10-K. The risks and uncertainties
described below are not the only ones facing our company. Additional risks and uncertainties that are not
presently known to us or that we currently deem immaterial or that are not specific to us, such as general
economic conditions, may also adversely affect our business and operations.
RISKS RELATED TO COMPETITION AND OUR INDUSTRY
We face intense competition, which could adversely affect us.
The telecommunications industry is extremely competitive and competition is increasing. The traditional
dividing lines between long distance, local, wireless, cable and internet services are becoming increasingly
blurred. Through mergers and various service expansion strategies, services providers are striving to provide
integrated solutions both within and across geographic markets. Our competitors include CLECs and other
providers (or potential providers) of services, such as internet service providers, or ISPs, wireless companies,
neighboring incumbents, VOIP providers such as Vonage and cable companies that may provide services
competitive with ours or services that we intend to introduce. Competition is intense and increasing and we
cannot assure you that we will be able to compete effectively. For example, at December 31, 2006 we had
111,000 fewer access lines than we had at December 31, 2005 and we believe wireless and cable telephony
providers have increased their market share in our markets. We expect to continue to lose access lines and that
competition with respect to all our products and services will increase.
We expect competition to intensify as a result of the entrance of new competitors and the development of
new technologies, products and services. We cannot predict which of the many possible future technologies,
products or services will be important to maintain our competitive position or what expenditures will be required
to develop and provide these technologies, products or services. Our ability to compete successfully will depend
on marketing and on our ability to anticipate and respond to various competitive factors affecting the industry,
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