Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - WINDSTREAM HOLDINGS, INC. | form8k.htm |
Exhibit 99
WINDSTREAM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Quarter to Date - As Adjusted
2011 | 2010 | ||||||||||||||||||||||||||
For the Quarter Ended | For the Quarter Ended | ||||||||||||||||||||||||||
(Millions, except per share amounts) | March 31 | June 30 | September 30 | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||
Revenues and sales: | |||||||||||||||||||||||||||
Service revenues | $ | 996.5 | $ | 1,001.7 | $ | 994.6 | $ | 828.3 | $ | 897.6 | $ | 938.5 | $ | 957.0 | |||||||||||||
Product sales | 26.5 | 28.0 | 28.6 | 19.5 | 19.3 | 26.9 | 23.6 | ||||||||||||||||||||
Total revenues and sales | 1,023.0 | 1,029.7 | 1,023.2 | 847.8 | 916.9 | 965.4 | 980.6 | ||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization included below) | 360.8 | 372.0 | 365.2 | 287.6 | 325.7 | 343.0 | 371.4 | ||||||||||||||||||||
Cost of products sold | 20.1 | 24.0 | 24.5 | 16.3 | 17.9 | 22.7 | 18.0 | ||||||||||||||||||||
Selling, general and administrative | 136.0 | 133.3 | 132.0 | 107.9 | 125.8 | 127.8 | 134.4 | ||||||||||||||||||||
Depreciation and amortization | 205.2 | 196.8 | 203.8 | 155.5 | 167.7 | 179.9 | 190.6 | ||||||||||||||||||||
Merger, integration and restructuring | 9.0 | 5.2 | 20.4 | 23.2 | 17.3 | 11.7 | 32.8 | ||||||||||||||||||||
Total costs and expenses | 731.1 | 731.3 | 745.9 | 590.5 | 654.4 | 685.1 | 747.2 | ||||||||||||||||||||
Operating income | 291.9 | 298.4 | 277.3 | 257.3 | 262.5 | 280.3 | 233.4 | ||||||||||||||||||||
Other income (expense), net | 2.6 | (3.2 | ) | (1.5 | ) | (0.3 | ) | (0.9 | ) | (3.0 | ) | 0.7 | |||||||||||||||
Loss on early extinguishment of debt | (101.4 | ) | (2.5 | ) | (20.5 | ) | — | — | — | — | |||||||||||||||||
Interest expense | (146.5 | ) | (136.4 | ) | (134.2 | ) | (123.0 | ) | (123.6 | ) | (132.3 | ) | (142.8 | ) | |||||||||||||
Income before income taxes | 46.6 | 156.3 | 121.1 | 134.0 | 138.0 | 145.0 | 91.3 | ||||||||||||||||||||
Income taxes | 17.2 | 59.6 | 43.0 | 53.4 | 53.9 | 53.5 | 34.8 | ||||||||||||||||||||
Net income | $ | 29.4 | $ | 96.7 | $ | 78.1 | $ | 80.6 | $ | 84.1 | $ | 91.5 | $ | 56.5 | |||||||||||||
Basic and diluted earnings per share | |||||||||||||||||||||||||||
Net income | $ | .06 | $ | .19 | $ | .15 | $ | .19 | $ | .18 | $ | .19 | $ | .10 | |||||||||||||
1
WINDSTREAM CORPORATION
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Year to Date - As Adjusted
2011 | 2010 | 2009 | |||||||||||||||||||||||||||||
For the Year-to-Date Period Ended | For the Year-to-Date Period Ended | For the Year Ended | |||||||||||||||||||||||||||||
(Millions, except per share amounts) | March 31 | June 30 | September 30 | March 31 | June 30 | September 30 | December 31 | December 31 | |||||||||||||||||||||||
Revenues and sales: | |||||||||||||||||||||||||||||||
Service revenues | $ | 996.5 | $ | 1,998.2 | $ | 2,992.8 | $ | 828.3 | $ | 1,725.9 | $ | 2,664.4 | $ | 3,621.4 | $ | 2,872.5 | |||||||||||||||
Product sales | 26.5 | 54.5 | 83.1 | 19.5 | 38.8 | 65.7 | 89.3 | 123.8 | |||||||||||||||||||||||
Total revenues and sales | 1,023.0 | 2,052.7 | 3,075.9 | 847.8 | 1,764.7 | 2,730.1 | 3,710.7 | 2,996.3 | |||||||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization included below) | 360.8 | 732.8 | 1,098.0 | 287.6 | 613.3 | 956.3 | 1,327.7 | 934.2 | |||||||||||||||||||||||
Cost of products sold | 20.1 | 44.1 | 68.6 | 16.3 | 34.2 | 56.9 | 74.9 | 107.5 | |||||||||||||||||||||||
Selling, general and administrative | 136.0 | 269.3 | 401.3 | 107.9 | 233.7 | 361.5 | 495.9 | 324.1 | |||||||||||||||||||||||
Depreciation and amortization | 205.2 | 402.0 | 605.8 | 155.5 | 323.2 | 503.1 | 693.7 | 538.3 | |||||||||||||||||||||||
Merger, integration and restructuring | 9.0 | 14.2 | 34.6 | 23.2 | 40.5 | 52.2 | 85.0 | 31.6 | |||||||||||||||||||||||
Total costs and expenses | 731.1 | 1,462.4 | 2,208.3 | 590.5 | 1,244.9 | 1,930.0 | 2,677.2 | 1,935.7 | |||||||||||||||||||||||
Operating income | 291.9 | 590.3 | 867.6 | 257.3 | 519.8 | 800.1 | 1,033.5 | 1,060.6 | |||||||||||||||||||||||
Other income (expense), net | 2.6 | (0.6 | ) | (2.1 | ) | (0.3 | ) | (1.2 | ) | (4.2 | ) | (3.5 | ) | (1.1 | ) | ||||||||||||||||
Loss on early extinguishment of debt | (101.4 | ) | (103.9 | ) | (124.4 | ) | — | — | — | — | — | ||||||||||||||||||||
Interest expense | (146.5 | ) | (282.9 | ) | (417.1 | ) | (123.0 | ) | (246.6 | ) | (378.9 | ) | (521.7 | ) | (410.2 | ) | |||||||||||||||
Income before income taxes | 46.6 | 202.9 | 324.0 | 134.0 | 272.0 | 417.0 | 508.3 | 649.3 | |||||||||||||||||||||||
Income taxes | 17.2 | 76.8 | 119.8 | 53.4 | 107.3 | 160.8 | 195.6 | 250.8 | |||||||||||||||||||||||
Net income | $ | 29.4 | $ | 126.1 | $ | 204.2 | $ | 80.6 | $ | 164.7 | $ | 256.2 | $ | 312.7 | $ | 398.5 | |||||||||||||||
Basic and diluted earnings per share | |||||||||||||||||||||||||||||||
Net income | $ | .06 | $ | .25 | $ | .40 | $ | .19 | $ | .37 | $ | .56 | $ | .66 | $ | .90 | |||||||||||||||
2
WINDSTREAM CORPORATION
ADJUSTMENTS TO CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Quarter to Date - Increase (Decrease) as Compared to Previously Reported
2011 | 2010 | ||||||||||||||||||||||||||
For the Quarter Ended | For the Quarter Ended | ||||||||||||||||||||||||||
(Millions, except per share amounts) | March 31 | June 30 | September 30 | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||
Revenues and sales: | |||||||||||||||||||||||||||
Service revenues | $ | (0.1 | ) | $ | (0.7 | ) | $ | (0.1 | ) | $ | (0.1 | ) | $ | (0.4 | ) | $ | (0.4 | ) | $ | (0.4 | ) | ||||||
Product sales | — | — | — | — | — | — | — | ||||||||||||||||||||
Total revenues and sales | (0.1 | ) | (0.7 | ) | (0.1 | ) | (0.1 | ) | (0.4 | ) | (0.4 | ) | (0.4 | ) | |||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization included below) | (6.7 | ) | (4.0 | ) | (7.6 | ) | (7.6 | ) | (6.2 | ) | (7.7 | ) | 19.4 | ||||||||||||||
Cost of products sold | — | — | — | — | — | — | — | ||||||||||||||||||||
Selling, general and administrative | (2.7 | ) | (2.1 | ) | (3.1 | ) | (3.1 | ) | (2.5 | ) | (2.8 | ) | 5.9 | ||||||||||||||
Depreciation and amortization | (0.2 | ) | (0.2 | ) | (0.2 | ) | 0.1 | — | — | — | |||||||||||||||||
Merger, integration and restructuring | — | — | — | — | — | — | — | ||||||||||||||||||||
Total costs and expenses | (9.6 | ) | (6.3 | ) | (10.9 | ) | (10.6 | ) | (8.7 | ) | (10.5 | ) | 25.3 | ||||||||||||||
Operating income | 9.5 | 5.6 | 10.8 | 10.5 | 8.3 | 10.1 | (25.7 | ) | |||||||||||||||||||
Other income (expense), net | — | — | — | — | — | — | — | ||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | — | — | ||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | ||||||||||||||||||||
Income before income taxes | 9.5 | 5.6 | 10.8 | 10.5 | 8.3 | 10.1 | (25.7 | ) | |||||||||||||||||||
Income taxes | 3.6 | 2.1 | 4.2 | 4.0 | 3.2 | 3.8 | (9.8 | ) | |||||||||||||||||||
Net income | $ | 5.9 | $ | 3.5 | $ | 6.6 | $ | 6.5 | $ | 5.1 | $ | 6.3 | $ | (15.9 | ) | ||||||||||||
Basic and diluted earnings per share | |||||||||||||||||||||||||||
Net income | $ | .01 | $ | .01 | $ | .01 | $ | .02 | $ | .01 | $ | .01 | $ | (.04 | ) | ||||||||||||
3
WINDSTREAM CORPORATION
ADJUSTMENTS TO CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)
Year to Date- Increase (Decrease) as Compared to Previously Reported
2011 | 2010 | 2009 | |||||||||||||||||||||||||||||
For the Year-to Date Period Ended | For the Year-to-Date Period Ended | For the Year Ended | |||||||||||||||||||||||||||||
(Millions, except per share amounts) | March 31 | June 30 | September 30 | March 31 | June 30 | September 30 | December 31 | December 31 | |||||||||||||||||||||||
Revenues and sales: | |||||||||||||||||||||||||||||||
Service revenues (1) | $ | (0.1 | ) | $ | (0.8 | ) | $ | (0.9 | ) | $ | (0.1 | ) | $ | (0.5 | ) | $ | (0.9 | ) | $ | (1.3 | ) | $ | (0.3 | ) | |||||||
Product sales | — | — | — | — | — | — | — | ||||||||||||||||||||||||
Total revenues and sales | (0.1 | ) | (0.8 | ) | (0.9 | ) | (0.1 | ) | (0.5 | ) | (0.9 | ) | (1.3 | ) | (0.3 | ) | |||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||||
Cost of services (exclusive of depreciation and amortization included below) (1) | (6.7 | ) | (10.7 | ) | (18.3 | ) | (7.6 | ) | (13.8 | ) | (21.5 | ) | (2.1 | ) | (80.3 | ) | |||||||||||||||
Cost of products sold | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Selling, general and administrative (1) | (2.7 | ) | (4.8 | ) | (7.9 | ) | (3.1 | ) | (5.6 | ) | (8.4 | ) | (2.5 | ) | (24.2 | ) | |||||||||||||||
Depreciation and amortization (1) | (0.2 | ) | (0.4 | ) | (0.6 | ) | 0.1 | 0.1 | 0.1 | 0.1 | 0.5 | ||||||||||||||||||||
Merger, integration and restructuring | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Total costs and expenses | (9.6 | ) | (15.9 | ) | (26.8 | ) | (10.6 | ) | (19.3 | ) | (29.8 | ) | (4.5 | ) | (104.0 | ) | |||||||||||||||
Operating income | 9.5 | 15.1 | 25.9 | 10.5 | 18.8 | 28.9 | 3.2 | 103.7 | |||||||||||||||||||||||
Other income (expense), net | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Loss on early extinguishment of debt | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Interest expense | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Income before income taxes | 9.5 | 15.1 | 25.9 | 10.5 | 18.8 | 28.9 | 3.2 | 103.7 | |||||||||||||||||||||||
Income taxes (1) | 3.6 | 5.7 | 9.9 | 4.0 | 7.2 | 11.0 | 1.2 | 39.7 | |||||||||||||||||||||||
Net income (1) | $ | 5.9 | $ | 9.4 | $ | 16.0 | $ | 6.5 | $ | 11.6 | $ | 17.9 | $ | 2.0 | $ | 64.0 | |||||||||||||||
Basic and diluted earnings per share | |||||||||||||||||||||||||||||||
Net income | $ | .01 | $ | .02 | $ | .03 | $ | .02 | $ | .03 | $ | .04 | $ | — | $ | .14 | |||||||||||||||
(1) We have retrospectively adjusted certain revenue and expense line items for previously unrecorded immaterial errors. The net impact to the affected lines for the nine month period ended
September 30, 2011 and the years ended December 31, 2010 and 2009, respectively, is summarized below:
(Millions) | 2011 | 2010 | 2009 | ||||||||
Service revenues | $ | (0.9 | ) | $ | (1.3 | ) | $ | (0.3 | ) | ||
Cost of services (exclusive of depreciation and amortization included below) | — | (1.2 | ) | — | |||||||
Selling, general and administrative | (1.1 | ) | (2.0 | ) | (1.9 | ) | |||||
Depreciation and amortization | 1.2 | 1.7 | 1.7 | ||||||||
Operating income | (1.0 | ) | 0.2 | (0.1 | ) | ||||||
Income taxes | (0.4 | ) | 0.1 | (0.1 | ) | ||||||
Net income | $ | (0.6 | ) | $ | 0.1 | $ | — | ||||
4