FairPoint Communications 2010 Annual Report Download - page 50

Table of Contents

    

Revenues $ 1,070,986 $ 1,119,090 $1,274,619 $1,197,465 $1,193,392
Operating expenses:
Cost of services and sales 525,728 515,394 576,786 555,954 540,305
Selling, general and administrative expenses 365,373 417,512 384,388 288,762 283,089
Depreciation and amortization 289,824 275,334 255,032 233,231 258,515
Total operating expenses 1,180,925 1,208,240 1,216,206 1,077,947 1,081,909
Income (loss) from operations (109,939) (89,150) 58,413 119,518 111,483
Interest expense(1) (140,896) (204,919) (162,040) (70,581) (65,741)
Gain (loss) on derivative instruments — 12,320 (11,800) — —
Gain on early retirement of debt — 12,357 — — —
Other income, net 2,715 2,000 3,494 3,350 3,531
Income (loss) before reorganization items and income
taxes (248,120) (267,392) (111,933) 52,287 49,273
Reorganization items (41,120) (53,018) — — —
Income (loss) before income taxes (289,240) (320,410) (111,933) 52,287 49,273
Income tax (expense) benefit 7,661 79,014 43,408 (19,459) (17,322)
Net income (loss) $ (281,579) $ (241,396) $ (68,525) $ 32,828 $ 31,951
Basic shares outstanding 89,424 89,271 80,443 53,761 53,761
Diluted shares outstanding 89,424 89,271 80,443 53,761 53,761
Basic and diluted earnings (loss) per share $ (3.15) $ (2.70) $ (0.85) $ 0.61 $ 0.59
Cash dividends per share $ — $ 0.2575 $ 0.773 $ — $ —
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Capital expenditures $ 197,795 $ 178,752 $ 296,992 $ 149,458 $ 213,808
Access line equivalents(2) 1,417,290 1,545,976 1,721,709 1,600,971 1,703,375
Residential access lines 712,591 802,668 926,610 882,933 966,267
Business access lines 327,812 357,605 392,496 371,041 390,379
Wholesale access lines(3) 87,142 97,161 107,243 124,123 149,998
HSD subscribers 289,745 288,542 295,360 222,874 196,731

Net cash provided by operating activities $ 191,626 $ 150,323 $ 57,505 $ 264,504 $ 340,590
Net cash used in investing activities (197,268) (177,391) (283,332) (137,216) (212,542)
Net cash provided by (used in) financing activities 1,784 66,098 296,152 (127,288) (128,048)

Cash, excluding restricted cash of $4,098, $4,036
and $68,503 at December 31, 2010, 2009 and
2008 $ 105,497 $ 109,355 $ 70,325 $ — $ —
Property, plant and equipment, net 1,859,700 1,950,435 2,013,515 1,628,066 1,701,425
Total assets 2,973,794 3,172,122 3,335,940 1,938,172 2,044,796
Total long-term debt(4) 2,520,959 2,515,446 2,470,253 — —
Total stockholders’ equity (deficit) (587,418) (218,427) 23,786 1,119,162 1,211,913
(1) Interest expense includes amortization of debt issue costs aggregating $2.0 million and $3.8 million for the fiscal years ended December 31, 2010 and
2009, respectively, as well as amortization of debt discount of $0.5 million for the fiscal year ended December 31, 2009. Debt issue costs of
$23.8 million on the Pre-Petition Credit Facility and following the filing of the Chapter 11 Cases, $9.9 million of discount on the Pre-Petition Notes were
written off in order to adjust the carrying amount of our pre-petition debt to the Bankruptcy Court approved amount of the allowed claims for our pre-
petition debt. These write-offs are included in Reorganization items for the year ended December 31, 2009.
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