FairPoint Communications 2003 Annual Report Download - page 41
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December 31, 2002 $560 — — 560
December 31, 2003 420 1,469 — 1,889
Proceeds from sales of available-for-sale securities were $1.1 million, $0.4 million, and $0.3 million in 2001, 2002, and 2003,
respectively. Gross gains of $1.0 million, approximately $7,000 and $0.1 million in 2001, 2002, and 2003, respectively, were realized on
those sales.
The Company's noncurrent investments at December 31, 2002 and 2003 consist of the following:
Investment in cellular companies and partnerships $16,341 14,399
RTB stock 20,125 20,125
CoBank stock and unpaid deferred CoBank patronage 4,903 5,136
RTFC secured certificates and unpaid deferred RTFC patronage 534 478
Other nonmarketable minority equity investments and Non-
Qualified Deferred Compensation Plan assets 1,724 1,654
Total investments $43,627 41,792
The Company records its share of the earnings or losses of the investments accounted for under the equity method on a three-month
lag. The investments accounted for under the equity method and the Company's ownership percentage as of December 31, 2002 and 2003
are summarized below:
Chouteau Cellular Telephone Company 33.7%33.7%
Illinois Valley Cellular RSA 2—I Ptnrs 13.3% —
Illinois Valley Cellular RSA 2—II Ptnrs 13.3% —
Illinois Valley Cellular RSA 2—III Ptnrs 13.3% —
ILLINET Communications, LLC 9.1%9.1%
Orange County-Poughkeepsie Limited Partnership 7.5%7.5%
ILLINET Communications of Central IL LLC 5.2%5.2%
Syringa Networks, LLC 13.9%13.9%
Proceeds from sales of investments accounted for under the equity method were $0.2 million and $1.8 million in 2001 and 2003,
respectively. Gross gains of approximately $43,000 and $0.5 million, respectively, were realized on those sales. There were no sales of
investments accounted for under the equity method during 2002.
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Chouteau Cellular Telephone Company (a limited partnership in which the Company holds a 1.0% general partner interest and a
32.67% limited partner interest) (Chouteau) is an investment vehicle which holds a 25% member interest in Independent Cellular
Telephone, LLC (ICT). ICT in turn is an investment vehicle which holds a 44.45% member interest in United States Cellular Telephone of
Greater Tulsa, LLC (Tulsa, LLC). Because Tulsa, LLC is the actual operating entity within the overall investment structure, its summary
financial information is presented below, rather than summary information for the Chouteau Cellular Telephone Company, which is the
actual entity accounted for under the equity method on the books of the Company:
Current assets $12,346 10,060
Property, plant, and equipment, net 65,394 90,060
Other 20,648 20,834
Total assets $98,388 120,954
Current liabilities $55,070 70,718
Noncurrent liabilities 2,878 1,165
Members' equity 40,440 49,071