Broadwing Inc. Reports Third Quarter Profit, Positive Cash Flow; Implements Broadband Unit Restructuring.Business Editors/High-Tech Writers CINCINNATI--(BUSINESS WIRE)--Oct. 29, 2002 Broadwing Broadwing can mean:-
See: New York Stock Exchange :BRW BRW Business Review Weekly (business magazine; Melbourne, Victoria, Australia) BRW Business Report Writer BRW Barrow, AK, USA - Barrow (Airport Code) BRW Business Requirement Worksheet ): -- Cash Flow Positive at $62 Million, A Quarter Ahead of Schedule -- EPS of $0.01, Up $0.19 Per Share Over Loss For Same Period in 2001 -- Announces Plan to Reduce Costs with Objective to Reach Cash Flow Positive at Broadband Unit -- Reduces debt by $43 Million Broadwing Inc. (NYSE:BRW) today announced financial results for the third quarter, reporting $62 million in positive cash flow. Revenue for the quarter was $563 million and earnings from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the were $0.01 per share, up $0.19 per share over the same period last year. As a result of the reorganization of Teleglobe, the company recognized a $41 million non-recurring, non-cash benefit in revenue and earnings before interest, taxes, depreciation, and amortization Earnings before interest, taxes, depreciation, and amortization (EBITDA) A financial measure defined as revenues less cost of goods sold and selling, general, and administrative expenses. (EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) A metric used to show a company's profitability, but not its cash flow. EBITDA became popular in the 1980s to show the potential profitability of leveraged buyouts, but has become ) for the quarter. The company also recorded a $7 million restructure charge related to employee severance The act of dividing, or the state of being divided. The term severance has unique meanings in different branches of the law. Courts use the term in both civil and criminal litigation in two ways: first, when dividing a lawsuit into two or more parts, and second, when and a contract termination Defense procurement: the cessation or cancellation, in whole or in part, of work under a prime contract or a subcontract thereunder for the convenience of, or at the option of, the government, or due to failure of the contractor to perform in accordance with the terms of the contract (default). during the period. The company's new management team announced a restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). of its Broadwing Communications unit that is intended to reduce expenses by approximately $200 million annually. The company believes that this substantial expense reduction is a critical step in enabling Broadwing Communications to become cash flow positive. The company also said it plans to soon approach its banks to amend various provisions of its credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities , including extending 2004 maturities. "We are committed to building value for our shareholders, and the steps we announce today will allow us to do just that, as we reposition Broadwing Communications for positive cash flow which should continue de-leveraging our company," said Kevin KEVIN Keepers of the Eternal Vigilance of the Islamic Nation (fictional, from White Teeth by Zadie Smith) Mooney Mooney is family name, which is probably predominantly derived from the Irish Ó Maonaigh. It can also be spelled Moony, Meaney, Mauney, Moon, Money. The word can refer to: Companies
Meaney spelling "I am pleased to announce that Broadwing Inc. is cash flow positive on a consolidated basis, one quarter ahead of schedule, and that we reduced our debt by $43 million in the quarter," Mooney said. "We are now focused on maintaining the strength and stability of our Cincinnati Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. businesses while driving our broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). unit to positive cash flow." Restructuring Plan The company said the restructuring plan it began implementing yesterday for Broadwing Communications will benefit its large enterprise customers and the overall business. The plan is intended to reduce current expenses by approximately $200 million annually and enables the unit to reach its goal of being cash flow positive. The plan targets line cost reductions of 25 percent over the next six months through network grooming Combining, consolidating and segregating network traffic using devices such as digital cross-connects, add/drop multiplexers and SONET switches. Grooming is a telephone term that typically refers to managing high-capacity lines between central offices, carriers, ISPs and very large , optimization optimization Field of applied mathematics whose principles and methods are used to solve quantitative problems in disciplines including physics, biology, engineering, and economics. , and rate negotiations; consolidates the unit's workforce by 500 positions; and also calls for exiting its wholesale international voice business. The plan continues to focus the company's sales efforts on large enterprise accounts, which will continue to be served through local sales offices along with the highly successful national accounts program. The company will service its smaller enterprise accounts through its more cost effective consumer and small business channel. Bob Shingler shin·gle 1 n. 1. A thin oblong piece of material, such as wood or slate, that is laid in overlapping rows to cover the roof or sides of a house or other building. 2. , 45, currently president of voice services, has been promoted to president of Broadwing Communications to oversee the plan. Shingler, who will be based in Austin Austin. 1 City (1990 pop. 21,907), seat of Mower co., SE Minn., on the Cedar River, near the Iowa line; inc. 1868. The commercial and industrial center of a rich farm region, it is noted as home to the Hormel meatpacking company, whose Spam Town museum , is an industry veteran with over 20 years of experience. Prior to joining Broadwing Communications earlier this year, he held a variety of positions with BellSouth
 r`əp), 6th largest continent, c.4,000,000 sq mi (10,360,000 sq km) including adjacent islands (1992 est. pop. 512,000,000). and the U.S.
Earnings Results Broadwing reported revenue of $563 million for the third quarter, down 3 percent from the same period a year ago. EBITDA increased 27 percent year over year to $195 million. Operating income Operating Income The profit realized from a business' own operations. Notes: This would not include income from things such as investments in other firms. Also referred to as operating profit or recurring profit. was $61 million, up from $11 million in the third quarter of 2001. These results are inclusive of inclusive of prep. Taking into consideration or account; including. the one-time items previously mentioned. The company generated a total of $62 million in cash flow in the quarter, $24 million from operations and $38 million from a federal tax refund Tax refund Money back from the government when too much tax has been paid or withheld from a salary. . This cash was used to reduce $43 million of debt in the quarter. Broadwing's credit facility balance as of September 30 was $1.66 billion. It is in compliance with all its debt covenants. "For the quarter, Broadwing Communications consumed con·sume v. con·sumed, con·sum·ing, con·sumes v.tr. 1. To take in as food; eat or drink up. See Synonyms at eat. 2. a. $39 million of cash flow while the remaining businesses generated a positive $63 million of cash flow," commented Tom Schilling, Broadwing's CFO See Chief Financial Officer. . "Therefore, lowering Broadwing Communications cash consumption should substantially improve consolidated cash flow." Cincinnati-based Operations Broadwing's Cincinnati-based businesses reported revenue of $289 million, unchanged from a year ago. EBITDA of $138 million represented an 11 percent improvement and operating income increased 15 percent to $93 million. Selling, general and administrative expenses were down 28 percent. Capital spending capital spending Spending for long-term assets such as factories, equipment, machinery, and buildings that permits the production of more goods and services in future years. for the Cincinnati Bell Cincinnati Bell is the dominant telephone company for Cincinnati, Ohio and its nearby suburbs in Ohio, Indiana and Kentucky. The parent company is named Cincinnati Bell Inc. companies in the third quarter was $27 million, a 34 percent reduction versus the same quarter a year ago. Local Communications Services Cincinnati Bell Telephone revenue declined 1 percent versus the same quarter in 2001 to $207 million. EBITDA was up 1 percent to $107 million and the EBITDA margin was 52 percent. Operating income grew 1 percent to $71 million. Complete Connections, Cincinnati Bell's bundled services product, added 9,000 subscribers. Cincinnati Bell is one of the industry leaders in the penetration of value added Value Added The enhancement a company gives its product or service before offering the product to customers. Notes: This can either increase the products price or value. services, with 39 percent penetration. Wireless Services Cincinnati Bell Wireless posted revenue of $67 million, representing a 4 percent increase over the same period in 2001. EBITDA improved 54 percent to $30 million and the EBITDA margin of 45 percent represented an improvement of 15 points. Operating income was up 80 percent to $22 million and capital spending was down $8 million to $4 million for the quarter. Cincinnati Bell Wireless ended the quarter with 465,000 subscribers, a 1 percent decline sequentially, but an increase of 6 percent from a year ago. Churn churn: see butter. was under 1.8 percent and postpaid post·paid adj. With the postage having been paid in advance. postpaid Adverb, adj with the postage prepaid Adj. 1. ARPU (Average Revenue Per User) A calculation often used to determine the overall value of an application. It is also used to rate particular customers, especially in the wireless space, by comparing someone's account to the overall average. was $60 per month. Other Communications Services Other Communications Services revenue was flat with the third quarter of 2001 at $20 million, while EBITDA improved to $1 million from breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations during the same period last year. Market share for Cincinnati Bell Any Distance, the company's long distance offering, improved to 69 percent in the residential market and 42 percent in the business market. Broadband Services See broadband and broadband service provider. Broadwing Communications recorded revenue of $296 million, a decline of 3 percent from the third quarter 2001. EBITDA was $57 million, up $24 million. The EBITDA and revenue figures include the non-cash recognition of $41 million related to the Teleglobe reorganization. In the quarter, operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. improved $39 million to a loss of $28 million. Broadwing Communications experienced solid growth in sales to up-market enterprise customers, while the prolonged pro·long tr.v. pro·longed, pro·long·ing, pro·longs 1. To lengthen in duration; protract. 2. To lengthen in extent. erosion in the carrier market continued to be responsible for the revenue and EBITDA decline. With the national network complete, capital expense was reduced from $121 million in the third quarter of 2001 to $13 million for the quarter this year. Additionally, Broadwing Communications has deferred cash payment of the quarterly dividend, due November 15, 2002, on its Broadwing Communications subsidiary 12 1/2 percent preferred shares Preferred shares Preferred shares give investors a fixed dividend from the company's earnings and entitle them to be paid before common shareholders. See: Preferred stock. , in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with the terms of the security. The dividend will be accrued ac·crue v. ac·crued, ac·cru·ing, ac·crues v.intr. 1. To come to one as a gain, addition, or increment: interest accruing in my savings account. 2. and the Company will conserve approximately $12.4 million of cash in the fourth quarter. "We have fulfilled ful·fill also ful·fil tr.v. ful·filled, ful·fill·ing, ful·fills also ful·fils 1. To bring into actuality; effect: fulfilled their promises. 2. our commitment to achieve positive cash flow for Broadwing Inc. and we are moving with the purpose and urgency required to make our broadband services business cash flow positive, address our financing needs, and continue to keep our Cincinnati Bell franchise strong and healthy," said Mooney. Broadwing updated its financial guidance for 2002, reaffirming $2.15 billion in revenue, raising projected EBITDA to $640 million, and lowering the capital expenditures figure for the second time this year to $190 million from $230 million. The company also indicated that as a result of the announced restructuring of Broadwing Communications, it expects to record a cash charge of up to $10 million for the fourth quarter. Conference Call/Webcast Broadwing will host a conference call discussing the third quarter results on Tuesday, October 29, 2002 at 11:00 EST EST electroshock therapy. EST abbr. electroshock therapy , which will be web-cast on the company's website at www.broadwing.com. About Broadwing Broadwing Inc. (NYSE: BRW) is an integrated communications company Communications Company is a communications unit of the United States Marine Corps. They are part of Combat Logistics Regiment 37 , 3rd Marine Logistics Group (3MLG) and III Marine Expeditionary Force (III MEF). The unit is based out of the Marine Corps Base Camp Smedley D. comprised of Broadwing Communications and Cincinnati Bell. Broadwing Communications leads the industry as the world's first intelligent, all-optical, switched network provider and offers businesses nationwide a competitive advantage by providing data, voice and Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the solutions that are flexible, reliable and innovative on its 18,500-mile optical network and its award-winning IP backbone. Cincinnati Bell is one of the nation's most respected and best performing local exchange and wireless providers with a legacy of unparalleled customer service excellence and financial strength. The company was recently ranked number one in customer satisfaction, for the second year in a row, by J.D. Power and Associates for local residential telephone service and residential long distance among mainstream users and received the number one ranking in wireless customer satisfaction in its Cincinnati market. Cincinnati Bell provides a wide range of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. products and services to residential and business customers in Ohio, Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. and Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). . Broadwing Inc. is headquartered in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. . For more information, visit www.broadwing.com. Note: Information included in this news release contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve potential risks and uncertainties. Broadwing's future results could differ materially from those discussed herein. Factors that could cause or contribute to such differences include, but are not limited to, Broadwing's ability to maintain its market position in communications services, general economic trends affecting the purchase of telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. services, world and national events that may affect the ability to provide services, and its ability to develop and launch new products and services. More information on potential risks and uncertainties is available in the company's recent filings with the Securities and Exchange Commission, including the 2001 Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for Broadwing Inc. and Broadwing Communications Inc.
Broadwing Inc.
Consolidated Statements of Operations
(Unaudited)
(in millions - except per share amounts)
For the Three Months For the Nine Months
Ended September 30, % Ended September 30, %
2002 2001 Change 2002 2001 Change
------- ------- ------ ------- ------ ------
Revenue
------
Broadband $ 296.2 $ 306.1 (3%) $ 843.4 $ 925.1 (9%)
Local 206.5 208.5 (1%) 626.0 620.3 1%
Wireless 66.9 64.3 4% 196.8 184.1 7%
Other 19.5 20.3 (4%) 59.4 57.6 3%
Intersegment (26.2) (21.2) 24% (72.8) (61.5) 18%
------- ------- ------- -------
Total Revenue 562.9 578.0 (3%) 1,652.8 1,725.6 (4%)
------- ------- ------- -------
Costs & Expenses
----------------
Cost of Services
and Products 251.8 287.6 (12%) 784.0 844.3 (7%)
Selling, General
& Administrative 116.5 136.6 (15%) 369.1 431.8 (15%)
------- ------- ------- -------
EBITDA 194.6 153.8 27% 499.7 449.5 11%
Depreciation and
Amortization 126.8 143.3 (12%) 370.8 405.5 (9%)
Restructuring and
Other Charges 7.1 -- n/m 23.6 9.6 146%
------- ------- ------- -------
Operating Income
(Loss) 60.7 10.5 n/m 105.3 34.4 206%
Equity Loss in
Unconsolidated
Entities -- -- n/m -- 4.0 (100%)
Minority Interest
Expense 15.5 13.8 12% 44.4 39.2 13%
Other Expense
(Income), Net 1.4 (7.4) n/m 0.4 (6.4) n/m
Interest Expense 40.1 44.2 (9%) 117.4 127.3 (8%)
------- ------- ------- -------
Income (Loss) from
Continuing Operations
Before Income Taxes and
Cumulative Effect of
Change in Accounting
Principle 3.7 (40.1) n/m (56.9) (129.7) (56%)
Income Tax Expense
(Benefit) (0.3) (4.5) (93%) (9.1) (18.3) (50%)
------- ------- ------- -------
Income (Loss) from
Continuing Operations
Before Cumulative Effect
of Change in Accounting
Principle 4.0 (35.6) n/m (47.8) (111.4) (57%)
Discontinued
Operations, Net
of Taxes -- 7.7 (100%) 217.6 20.8 n/m
Cumulative Effect of
Change in Accounting
Principle, Net of
Taxes -- -- n/m (2,008.7) -- n/m
------- ------- ------- -------
Net Income (Loss) 4.0 (27.9) n/m (1,838.9) (90.6) n/m
Dividends and Accretion
Applicable to
Preferred Stock 2.6 2.6 0% 7.8 7.8 0%
------- ------- ------- -------
Net Income (Loss)
Applicable to
Common
Shareowners $ 1.4 $ (30.5) n/m $ (1,846.7) $ (98.4) n/m
======== ======= ======= =======
Basic and Diluted
Earnings (Loss) Per
Common Share
--------------------
Income (Loss) from
Continuing
Operations before
Cumulative Effect of
Change in Accounting
Principle $ 0.01 $ (0.18) $ (0.26) $ (0.55)
Discontinued Operations,
Net of Taxes -- 0.04 1.00 0.10
Cumulative Effect of
Change in Accounting
Principle,
Net of Taxes -- -- (9.20) --
------- ------- ------- -------
Net Income (Loss)
Per Common
Share $ 0.01 $ (0.14) $ (8.46) $ (0.45)
======== ======= ======= =======
Weighted Average
Common Shares
Outstanding
----------------------
-Basic 218.5 217.8 218.3 217.2
-Diluted 219.0 217.8 218.3 217.2
Other Data:
----------
Capital
Expenditures $ 40.2 $ 162.8 (75%) $ 139.9 $ 536.8 (74%)
Free Cash Flow
(from Continuing
Operations) $ 62.0 $ (23.2) n/m $ (27.1) $ (251.2) (89%)
Cash Expenditures
for
Restructuring $(11.1) $ (3.7) 200% $ (60.4) $ (12.0) n/m
Cash Received from
Income Tax Refunds 38.3 $ 18.4 108% $ 38.3 $ 18.4 108%
Broadwing Inc.
Consolidated Statements of Operations
(Unaudited)
(in millions - except per share amounts)
3rd 4th 1st 2nd 3rd
Quarter Quarter Quarter Quarter Quarter
2001 2001 2002 2002 2002
-------------------------------------- --------
Revenue
-------
Broadband $ 306.1 $ 272.4 $ 269.0 $ 278.1 $ 296.2
Local 208.5 211.3 209.7 209.9 206.5
Wireless 64.3 63.9 62.0 67.9 66.9
Other 20.3 20.6 19.5 20.4 19.5
Intersegment (21.2) (22.2) (22.8) (23.8) (26.2)
--------------------------------------- -------
Total Revenue 578.0 546.0 537.4 552.5 562.9
--------------------------------------- -------
Costs & Expenses
----------------
Cost of Services
and Products 287.6 286.6 264.6 267.6 251.8
Selling, General
& Administrative 136.6 129.8 125.8 126.8 116.5
--------------------------------------- -------
EBITDA 153.8 129.6 147.0 158.1 194.6
Depreciation and
Amortization 143.3 149.2 121.6 122.2 126.8
Restructuring and
Other Charges -- 232.0 16.5 -- 7.1
--------------------------------------- -------
Operating Income
(Loss) 10.5 (251.6) 8.9 35.9 60.7
Equity Loss in
Unconsolidated Entities -- -- -- -- --
Minority Interest
Expense 13.8 12.1 14.2 14.8 15.5
Other Expense (Income),
Net (7.4) (22.0) (1.2) 0.4 1.4
Interest Expense 44.2 40.9 38.3 38.9 40.1
--------------------------------------- -------
Income (Loss) from
Continuing Operations
Before Income Taxes and
Cumulative Effect
of Change in
Accounting Principle (40.1) (282.6) (42.4) (18.2) 3.7
Income Tax Expense
(Benefit) (4.5) (78.2) (8.9) 0.1 (0.3)
--------------------------------------- -------
Income (Loss) from
Continuing Operations
Before Cumulative
Effect of Change
in Accounting
Principle (35.6) (204.4) (33.5) (18.3) 4.0
Discontinued Operations,
Net of Taxes 7.7 8.8 217.8 (0.2) --
Cumulative Effect of
Change in Accounting
Principle, Net of Taxes -- -- (2,008.7) -- --
--------------------------------------- -------
Net Income (Loss) (27.9) (195.6) (1,824.4) (18.5) 4.0
Dividends and Accretion
Applicable to
Preferred Stock 2.6 2.6 2.6 2.6 2.6
--------------------------------------- -------
Net Income (Loss)
Applicable to
Common Shareowners $ (30.5) $ (198.2)$ (1,827.0)$ (21.1) $ 1.4
======================================= ======
Basic and Diluted Earnings
(Loss) Per Common Share
---------------------------
Income (Loss) from
Continuing Operations
before Cumulative
Effect of Change in
Accounting
Principle $ (0.18) $ (0.95) $ (0.17) $ (0.10)$ 0.01
Discontinued Operations,
Net of Taxes 0.04 0.04 1.00 -- --
Cumulative Effect of Change
in Accounting Principle,
Net of Taxes -- -- (9.21) -- --
--------------------------------------- -------
Net Income (Loss) Per
Common Share $ (0.14) $ (0.91) $ (8.38) $ (0.10)$ 0.01
======================================= ======
Weighted Average Common
Shares Outstanding
-----------------------
-Basic 217.8 218.0 218.2 218.4 218.5
-Diluted 217.8 218.0 218.2 218.4 219.0
Other Data:
----------
Capital Expenditures $ 162.8 $ 111.7 $ 52.7 $ 47.0 $ 40.2
Free Cash Flow (from
Continuing
Operations) $ (23.2) $ (63.8) $ (64.2) $ (24.9)$ 62.0
Cash Expenditures
for Restructuring $ (3.7) $ (4.5) $ (37.1) $ (12.2)$ (11.1)
Cash Receipts from Income
Tax Refunds 18.4 2.1 -- -- 38.3
Broadwing Inc.
Consolidated Balance Sheets
(in millions - except debt convenants)
(Unaudited)
September 30, December 31,
2002 2001
------------ -----------
Assets
Cash and Cash Equivalents $ 34.7 $ 30.0
Receivables - Net 303.5 310.9
Other Current Assets 74.3 109.1
Property, Plant and Equipment - Net 2,850.2 3,059.3
Goodwill 40.9 2,048.6
Other Intangible Assets - Net 371.9 396.3
Other Noncurrent Assets 221.8 336.4
Assets of Discontinued Operations -- 21.4
-------- --------
Total Assets $ 3,897.3 $ 6,312.0
======== ========
Liabilities and Shareowners' (Deficit) Equity
Debt Maturing in One Year $ 91.9 $ 150.0
Current Portion of Unearned Revenue
and Customer Deposits 133.1 178.3
Other Current Liabilities 459.1 582.0
Long-Term Debt, Less Current Portion 2,471.0 2,702.0
Unearned Revenue, Less Current Portion 298.7 415.9
Other Noncurrent Liabilities 161.7 157.8
Minority Interest 443.0 435.7
Liabilities of Discontinued Operations -- 11.9
Common Shareowners' (Deficit) Equity (161.2) 1,678.4
-------- --------
Total Liabilities and Shareowners'
(Deficit) Equity $ 3,897.3 $ 6,312.0
======== ========
Other Data:
Common Shares Outstanding
at Balance Sheet Date 218.5 218.1
Credit Facility Availability $ 186.9 $ 348.9
Debt Covenants:
--------------
Debt to EBITDA Ratio - Calculated 3.20 3.70
Debt to EBITDA Ratio - Required 4.00 5.00
Senior Secured Debt to EBITDA Ratio - Calculated 2.69 3.16
Senior Secured Debt to EBITDA Ratio - Required 3.00 3.75
Debt to Capitalization Ratio - Calculated 42% 46%
Debt to Capitalization Ratio - Required 55% 55%
Interest Coverage Ratio - Calculated 3.69 3.39
Interest Coverage Ratio - Required 2.50 2.00
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