Frontier Communications 2006 Annual Report Download - page 54

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For The Years Ended December 31, 2006, 2005 and 2004
($ in thousands, except for per-share amounts)
2006 2005 2004
Revenue .................................................. $2,025,367 $2,017,041 $2,022,378
Operating expenses:
Cost of services (exclusive of depreciation and amortization) .... 171,247 156,822 160,914
Other operating expenses ................................ 733,143 751,047 761,150
Depreciation and amortization ............................ 476,487 520,204 549,381
Management succession and strategic alternatives expenses ..... — — 90,632
Total operating expenses .................................... 1,380,877 1,428,073 1,562,077
Operating income .......................................... 644,490 588,968 460,301
Investment income ......................................... 83,570 14,340 32,766
Other income (loss), net ..................................... (1,127) (1,361) (53,465)
Interest expense ............................................ 336,446 338,735 378,291
Income from continuing operations before income taxes ........ 390,487 263,212 61,311
Income tax expense ......................................... 136,479 75,270 4,247
Income from continuing operations ........................ 254,008 187,942 57,064
Discontinued operations (see Note 8):
Income from discontinued operations ....................... 147,136 36,844 24,218
Income tax expense ..................................... 56,589 22,411 9,132
Income from discontinued operations ....................... 90,547 14,433 15,086
Net income available for common shareholders .............. $ 344,555 $ 202,375 $ 72,150
Basic income per common share:
Income from continuing operations ........................ $ 0.79 $ 0.56 $ 0.19
Income from discontinued operations ....................... 0.28 0.04 0.05
Net income per common share ............................ $ 1.07 $ 0.60 $ 0.24
Diluted income per common share:
Income from continuing operations ........................ $ 0.78 $ 0.56 $ 0.18
Income from discontinued operations ....................... 0.28 0.04 0.05
Net income per common share ............................ $ 1.06 $ 0.60 $ 0.23
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6