Frontier Communications 2009 Annual Report Download - page 31

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Item 6. Selected Financial Data
The following tables present selected historical consolidated financial information of Frontier for the
periods indicated. The selected historical consolidated financial information of Frontier as of and for each of
the five fiscal years in the period ended December 31, 2009 has been derived from Frontier’s historical
consolidated financial statements. The selected historical consolidated financial information as of December 31,
2009 and 2008 and for the three years ended December 31, 2009 is derived from the audited historical
consolidated financial statements of Frontier included elsewhere in this Form 10-K. The selected historical
consolidated financial information as of December 31, 2007, 2006 and 2005 and for the years ended December
31, 2006 and 2005 is derived from the audited historical consolidated financial statements of Frontier not
included in this Form 10-K.
2009 2008 2007 2006 2005
Year Ended December 31,
($ in thousands, except per share amounts)
Revenue(1) ............................. $2,117,894 $2,237,018 $2,288,015(4) $2,025,367 $2,017,041
Income from continuing operations(2) .... $ 123,181 $ 184,274 $ 216,514(5) $ 258,321(6) $ 189,923
Net income attributable to common
shareholders of Frontier .............. $ 120,783 $ 182,660 $ 214,654 $ 344,555 $ 202,375
Basic income per share of common
stock from continuing operations(3) .... $ 0.38 $ 0.57 $ 0.64(4)(5) $ 0.78(6) $ 0.55
Earnings attributable to common
shareholders of Frontier per basic
share(3) .............................. $ 0.38 $ 0.57 $ 0.64(4)(5) $ 1.06(6) $ 0.60
Earnings attributable to common
shareholders of Frontier per diluted
share(3) .............................. $ 0.38 $ 0.57 $ 0.64(4)(5) $ 1.06(6) $ 0.59
Cash dividends declared (and paid) per
common share ....................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
2009 2008 2007 2006 2005
As of December 31,
Total assets . ........................... $6,878,255 $6,888,676 $7,256,069 $6,797,536 $6,427,567
Long-term debt ........................ $4,794,129 $4,721,685 $4,736,897 $4,467,086 $3,995,130
Total shareholders’ equity of Frontier . . . $ 327,611 $ 519,045 $ 997,899 $1,058,032 $1,041,809
(1) Operating results include activities for Commonwealth Telephone Enterprises, Inc. (Commonwealth or CTE)
from the date of its acquisition on March 8, 2007 and for Global Valley Networks, Inc. and GVN Services
(together GVN) from the date of their acquisition on October 31, 2007.
(2) Operating results exclude activities for Electric Lightwave, LLC (ELI) for 2006 and 2005. In 2006, we sold
our CLEC business, ELI for $255.3 million (including the sale of associated real estate) in cash plus the
assumption of approximately $4.0 million in capital lease obligations. We recognized a pre-tax gain on the
sale of ELI of approximately $116.7 million. Our pre-tax gain on the sale was $71.6 million.
(3) Operating results include the pre-tax impacts of losses on retirement of debt or exchanges of debt of $45.9
million ($28.9 million after tax or $0.09 per share), $6.3 million ($4.0 million after tax or $0.01 per share),
$18.2 million ($11.5 million after tax or $0.03 per share), $2.4 million ($1.5 million after tax or $0.01 per
share) and $3.2 million ($2.0 million after tax or $0.01 per share) for 2009, 2008, 2007, 2006 and 2005,
respectively.
(4) Revenue for 2007 includes the favorable one-time impact of $38.7 million ($24.4 million after tax or $0.07
per share) for a significant favorable settlement of a carrier dispute.
(5) Operating results for 2007 reflect the positive pre-tax impact of a pension curtailment gain of $14.4 million
($9.1 million after tax or $0.03 per share), resulting from the freeze placed on certain pension benefits of the
former CTE non-union employees.
(6) Operating results for 2006 reflect the favorable pre-tax impact of a $61.4 million ($38.7 million after tax or
$0.12 per share) gain recognized on the liquidation and dissolution of Rural Telephone Bank.
29
FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES