CenturyLink 2004 Annual Report Download - page 21

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[ 19 ]
Consolidated Statements of Income
Dollars, except per share amounts,
and shares in thousands
Year ended December 31,
2004 2003 2002
Operating Revenues $2,407,372 2,367,610 1,971,996
Operating Expenses
Cost of services and products
(exclusive of depreciation and amortization) 755,413 739,210 635,164
Selling, general and administrative 397,102 374,352 301,681
Corporate overhead costs allocable to discontinued operations – – 9,548
Depreciation and amortization 500,904 503,652 450,197
Total operating expenses 1,653,419 1,617,214 1,396,590
Operating Income 753,953 750,396 575,406
Other Income (Expense)
Interest expense (211,051) (226,751) (221,845)
Income from unconsolidated cellular entity 7,067 6,160 5,582
Nonrecurring gains and losses, net – – 3,709
Other income (expense) (2,597) 2,154 (63,814)
Total other income (expense) (206,581) (218,437) (276,368)
Income from Continuing Operations Before Income Tax Expense 547,372 531,959 299,038
Income Tax Expense 210,128 187,252 105,505
Income from Continuing Operations 337,244 344,707 193,533
Discontinued Operations
Income from discontinued operations, net of $284,459 tax – – 608,091
Net Income $ 337,244 344,707 801,624
Basic Earnings per Share
From continuing operations $ 2.45 2.40 1.36
From discontinued operations $ – – 4.29
Basic earnings per share $ 2.45 2.40 5.66
Diluted Earnings per Share
From continuing operations $ 2.41 2.35 1.35
From discontinued operations $ – – 4.21
Diluted earnings per share $ 2.41 2.35 5.56
Dividends per Common Share $ 0.23 0.22 0.21
Average Basic Shares Outstanding 137,215 143,583 141,613
Average Diluted Shares Outstanding 142,144 148,779 144,408
CENTURYTEL 2004 ANNUAL REPORT