Frontier Communications 2007 Annual Report Download - page 22

Download and view the complete annual report

Please find page 22 of the 2007 Frontier Communications annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 100

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100

CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
ITEM 6. SELECTED FINANCIAL DATA
The following tables present selected historical consolidated financial information of Citizens for the
periods indicated. The selected historical consolidated financial information of Citizens as of and for each of the
five fiscal years in the period ended December 31, 2007 has been derived from Citizens’ historical consolidated
financial statements. The selected historical consolidated financial information as of December 31, 2007 and
2006 and for the three years ended December 31, 2007 is derived from the audited historical consolidated
financial statements of Citizens included elsewhere in this Form 10-K. The selected historical consolidated
financial information as of December 31, 2004 and for the years ended December 31, 2004 and 2003 is derived
from the audited historical consolidated financial statements of Citizens not included in this Form 10-K. The
selected historical consolidated financial information as of December 31, 2003 is derived from the unaudited
historical consolidated financial statements of Citizens not included in this Form 10-K and has been recast to be
comparable to the audited historical consolidated financial statements.
($ in thousands, except per share amounts)
Year Ended December 31,
2007 2006 2005 2004 2003
Revenue (1) ........................... $2,288,015 $2,025,367 $2,017,041 $2,022,378 $2,268,561
Income from continuing operations before
cumulative effect of change in accounting
principle (2) ......................... $ 214,654 $ 254,008 $ 187,942 $ 57,064 $ 71,879
Net income .......................... $ 214,654 $ 344,555 $ 202,375 $ 72,150 $ 187,852
Basic income per share of common stock
from continuing operations before
cumulative effect of change in accounting
principle (2) ......................... $ 0.65 $ 0.79 $ 0.56 $ 0.19 $ 0.26
Earnings available for common shareholders
per basic share ...................... $ 0.65 $ 1.07 $ 0.60 $ 0.24 $ 0.67
Earnings available for common shareholders
per diluted share .................... $ 0.65 $ 1.06 $ 0.60 $ 0.23 $ 0.64
Cash dividends declared (and paid) per
common share ...................... $ 1.00 $ 1.00 $ 1.00 $ 2.50 $ —
As of December 31,
2007 2006 2005 2004 2003
Total assets .......................... $7,256,069 $6,797,536 $6,427,567 $6,679,899 $7,457,939
Long-term debt ....................... $4,736,897 $4,467,086 $3,995,130 $4,262,658 $4,179,590
Equity units (3) ........................ $ — $ — $ — $ — $ 460,000
Company Obligated Mandatorily
Redeemable
Convertible Preferred Securities (4) ........ $ — $ — $ — $ — $ 201,250
Shareholders’ equity ................... $ 997,899 $1,058,032 $1,041,809 $1,362,240 $1,415,183
(1) Operating results include activities from our Vermont Electric segment for three months of 2004 and the
year ended 2003, and for Commonwealth from the date of its acquisition on March 8, 2007 and for GVN
from the date of its acquisition on October 31, 2007.
(2) The cumulative effect of change 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.
(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
No. 46R, “Consolidation of Variable Interest Entities.”
18