FairPoint Communications 2013 Annual Report Download - page 63

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See accompanying notes to consolidated financial statements.
61
FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
Years Ended December 31, 2013 and 2012, Three Hundred Forty-One Days Ended December 31, 2011 and
Twenty-Four Days Ended January 24, 2011
(in thousands, except per share data)
Predecessor
Company
Three Hundred
Forty-One
Days Ended
December 31,
2011
Twenty-Four
Days Ended
January 24,
2011
Year Ended
December 31,
2013
Year Ended
December 31,
2012
Revenues $ 939,354 $ 973,649 $ 963,112 $ 66,378
Operating expenses:
Cost of services and sales, excluding
depreciation and amortization 439,217 450,441 453,673 39,826
Selling, general and administrative expense,
excluding depreciation and amortization 331,656 332,243 316,966 26,101
Depreciation and amortization 282,438 376,614 336,891 21,515
Reorganization related income (771) (3,666) (232) —
Impairment of intangible assets and goodwill — — 262,019 —
Total operating expenses 1,052,540 1,155,632 1,369,317 87,442
Loss from operations (113,186) (181,983) (406,205) (21,064)
Other income (expense):
Interest expense (78,675) (67,610) (63,807) (9,321)
Loss on debt refinancing (6,787) — — —
Other 4,863 739 1,791 (132)
Total other expense (80,599) (66,871) (62,016) (9,453)
Loss before reorganization items and income taxes (193,785) (248,854) (468,221) (30,517)
Reorganization items — — — 897,313
(Loss) income before income taxes (193,785) (248,854) (468,221) 866,796
Income tax benefit (expense) 90,291 95,560 53,276 (279,889)
Net (loss) income from continuing operations (103,494) (153,294) (414,945) 586,907
Gain on sale of discontinued operations, net of taxes 10,044 — — —
Net (loss) income $ (93,450) $ (153,294) $ (414,945) $ 586,907
Weighted average shares outstanding:
Basic 26,190 25,987 25,838 89,424
Diluted 26,190 25,987 25,838 89,695
(Loss) earnings per share, basic:
Continuing operations $ (3.95) $ (5.90) $ (16.06) $ 6.56
Discontinued operations 0.38 — — —
(Loss) earnings per share, basic $ (3.57) $ (5.90) $ (16.06) $ 6.56
(Loss) earnings per share, diluted:
Continuing operations $ (3.95) $ (5.90) $ (16.06) $ 6.54
Discontinued operations 0.38 — — —
(Loss) earnings per share, diluted $ (3.57) $ (5.90) $ (16.06) $ 6.54