Frontier Communications 2007 Annual Report Download - page 56

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CITIZENS COMMUNICATIONS COMPANY AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
For The Years Ended December 31, 2007, 2006 And 2005
($ in thousands, except for per-share amounts)
2007 2006 2005
Revenue ................................................... $2,288,015 $2,025,367 $2,017,041
Operating expenses:
Network access expenses ................................. 228,242 171,247 156,822
Other operating expenses ................................. 808,501 733,143 751,047
Depreciation and amortization ............................. 545,856 476,487 520,204
Total operating expenses ...................................... 1,582,599 1,380,877 1,428,073
Operating income ........................................... 705,416 644,490 588,968
Investment income .......................................... 35,781 79,436 12,223
Other income (loss), net ...................................... (17,833) 3,007 756
Interest expense ............................................. 380,696 336,446 338,735
Income from continuing operations before income taxes ......... 342,668 390,487 263,212
Income tax expense .......................................... 128,014 136,479 75,270
Income from continuing operations ......................... 214,654 254,008 187,942
Discontinued operations (see Note 8):
Income from discontinued operations before income taxes ....... — 147,136 36,844
Income tax expense ...................................... — 56,589 22,411
Income from discontinued operations ........................ — 90,547 14,433
Net income available for common shareholders .................... $ 214,654 $ 344,555 $ 202,375
Basic income per common share:
Income from continuing operations ......................... $ 0.65 $ 0.79 $ 0.56
Income from discontinued operations ........................ — 0.28 0.04
Net income per common share ............................. $ 0.65 $ 1.07 $ 0.60
Diluted income per common share:
Income from continuing operations ......................... $ 0.65 $ 0.78 $ 0.56
Income from discontinued operations ........................ — 0.28 0.04
Net income per common share ............................. $ 0.65 $ 1.06 $ 0.60
The accompanying Notes are an integral part of these Consolidated Financial Statements.
F-6