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35
Predecessor Company
Year Ended December 31,
Three Hundred
Forty-One
Days Ended
December 31,
2011
Twenty-Four
Days Ended
January 24,
2011
Year Ended December 31,
2013 2012 2010 2009
Results of Continuing Operations:
Revenues $ 939,354 $ 973,649 $ 963,112 $ 66,378 $ 1,070,986 $ 1,119,090
Operating expenses, excluding
impairment on intangible assets and
goodwill 1,052,540 1,155,632 1,107,298 87,442 1,180,925 1,208,240
Impairment of intangible assets and
goodwill — — 262,019 — — —
Loss from operations (113,186) (181,983) (406,205) (21,064) (109,939) (89,150)
Interest expense (1) 78,675 67,610 63,807 9,321 140,896 204,919
Gain (loss) on derivative instruments — — — — — 12,320
Gain on early retirement of debt — — — — — 12,357
Reorganization items income
(expense)(2) — — — 897,313 (41,120) (53,018)
Net (loss) income $ (103,494) $ (153,294) $ (414,945) $ 586,907 $ (281,579) $ (241,396)
(Loss) earnings per share from
continuing operations:
Basic $ (3.95) $ (5.90) $ (16.06) $ 6.56 $ (3.15) $ (2.70)
Diluted $ (3.95) $ (5.90) $ (16.06) $ 6.54 $ (3.15) $ (2.70)
Cash dividends per share $ — $ — $ — $ — $ — $ 0.2575
Weighted average shares
outstanding:
Basic 26,190 25,987 25,838 89,424 89,424 89,271
Diluted 26,190 25,987 25,838 89,695 89,424 89,271
Financial Position (at period end) (3):
Cash, excluding restricted cash (4) $ 42,700 $ 23,203 $ 17,350 $ 10,262 $ 105,497 $ 109,355
Total assets 1,599,898 1,732,361 1,985,671 2,516,871 2,973,794 3,172,122
Total long-term debt (5) 918,122 957,000 1,000,000 1,000,000 2,520,959 2,515,446
Total stockholders' (deficit) equity (309,196) (317,813) (106,143) 498,486 (587,418) (218,427)
Operating Data (at period end):
Access line equivalents (6) 1,208,932 1,278,434 1,346,894 N/A 1,417,290 1,545,976
Residential access lines 527,890 586,725 645,453 N/A 712,591 802,668
Business access lines 291,417 299,701 311,241 N/A 327,812 357,605
Wholesale access lines (7) 59,859 65,641 76,065 N/A 87,142 97,161
Broadband subscribers 329,766 326,367 314,135 N/A 289,745 288,542
Summary of Cash Flows:
Net cash provided by (used in)
operating activities $ 171,085 $ 192,775 $ 170,099 $ (81,091) $ 191,626 $ 150,323
Net cash used in investing activities (95,951) (144,307) (162,850) (12,477) (197,268) (177,391)
Net cash (used in) provided by
financing activities (55,637) (42,615) (161) (1,667) 1,784 66,098
Capital expenditures 128,298 145,066 163,648 12,477 197,795 178,752
(1) Upon the October 26, 2009 filing of the Chapter 11 Cases and through January 24, 2011, in accordance with guidance under
the applicable reorganization accounting rules, we ceased to accrue interest expense on the Pre-Petition Notes and our interest
rate swap agreements as it was unlikely that such interest expense would be paid or would become an allowed priority secured
or unsecured claim. We continued to accrue interest expense on the Pre-Petition Credit Facility, as such interest was considered
an allowed claim pursuant to the Plan. All pre-petition debt was terminated on January 24, 2011. See "Item 7. Management's
Discussion and Analysis—Liquidity and Capital Resources—Debt" included elsewhere in this Annual Report for further
information on our pre-petition debt. We have accrued interest in normal course subsequent to January 24, 2011.