CTE Clarifies Pro Forma Definition Presented in its 2000 Fourth Quarter Earnings Release.Business Editors DALLAS, Pa.--(BUSINESS WIRE)--Feb. 22, 2001 This morning, Commonwealth Telephone Enterprises, Inc. ("CTE (Coefficient of Thermal Expansion) The difference between the way two materials expand when heat is applied. This is very critical when chips are mounted to printed circuit boards, because the silicon chip expands at a different rate than the plastic board. ") (Nasdaq: CTCO CTCO Chicago Transportation Coordination Office , CTCOB) announced its results for the 2000 fourth quarter and full year. Because certain Pro Forma data was presented in the discussion of results, a definition of the term Pro Forma was included in the text. The Pro Forma definition as stated in the release was inaccurate. As it appears in the release, the paragraph in question reads: Throughout the discussion of results below, for both the 2000 fourth quarter and full year, as well as the comparative 1999 information, the term Pro Forma reflects the historical and current performance of CTE's three CLEC (Competitive Local Exchange Carrier) An organization offering local telephone service that is not one of the traditional telephone companies. The Telecommunications Act of 1996 allowed competition to the incumbent telcos (ILECs), enabling new companies (CLECs) "edge-out" markets, and excludes the performance of the five expansion markets which CTE is exiting, as well as the effect of the one-time restructuring charge. Additionally, the Pro Forma full year results also exclude the impact of a one-time, substantially non-cash severance charge taken in the 2000 third quarter in connection with the July 27 separation of CTE's former president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . The accompanying financial tables include not only reported fourth quarter and full year income statements, but also Pro Forma fourth quarter and full year income statements. The paragraph should have read: Throughout the discussion of results below, for both the 2000 fourth quarter and full year, as well as the comparative 1999 information, the term Pro Forma reflects exclusion of the effect of the one-time restructuring charge, and the impact of a one-time, substantially non-cash severance charge taken in the 2000 third quarter in connection with the July 27 separation of CTE's former president and CEO. The accompanying financial tables include not only reported fourth quarter and full year income statements, but also Pro Forma fourth quarter and full year income statements. About CTE Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves a growing base of business and residential customers with the full array of state-of-the-art data and voice telecommunications products and services, including broadband data services and high-speed Internet access, delivered over its 100% digitally-switched, fiber-rich network. CTE's primary operating segments are: Commonwealth Telephone Company ("CT"), the nation's eighth largest independent incumbent local exchange carrier ILEC, short for incumbent local exchange carrier, is a local telephone company in the United States that was in existence at the time of the break up of AT&T into the Regional Bell Operating Companies (RBOCs) also known as the "Baby Bells". ("ILEC (Incumbent Local Exchange Carrier) A traditional local telephone company such as one of the Regional Bell companies (RBOCs). Contrast with CLEC. See ELEC and TELRIC. "), which has been operating in various rural Pennsylvania markets since 1897; and, CTSI CTSI Census Tract Street Index (US Census Bureau) CTSI California Traffic Safety Institute CTSI Corbett Technology Solutions, Inc. (Chantilly, VA) CTSI Central Terminal Signaling Interface , Inc. ("CTSI"), a competitive local exchange carrier ("CLEC") operating in "edge-out" markets adjacent to CT's territory that commenced operations in 1997. CTE's support businesses include epix(TM) Internet Services (www.epix.net), one of the northeast's largest rural ISPs with over 48,000 dial-up Internet access See dial-up. subscribers; and, Jack Flash(R), a broadband data service that uses DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary technology to offer high-speed Internet access and digital connectivity solutions. Additionally, CTE operates two other support businesses that provide expertise to its CT and CTSI operations. These businesses are Commonwealth Communications, a provider of telecommunications equipment and facilities management services; and, CLD CLD Called CLD Cloud CLD Cleared CLD Chronic Lung Disease CLD Council for Learning Disabilities CLD Cooled CLD Chronic Liver Disease CLD Clear Direction Flag CLD Certified LabVIEW Developer CLD Causal Loop Diagram , a switch-based long-distance reseller. A web site featuring current information regarding Commonwealth Telephone Enterprises, Inc. can be found on the Internet at www.ct-enterprises.com. Forward-Looking Statements The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor" for forward-looking statements. Certain information included in this press release is forward-looking. Such forward-looking information involves important risks and uncertainties that could significantly affect results expressed in any forward-looking statements made in this press release. These risks and uncertainties include, but are not limited to, uncertainties related to the Company's ability to further penetrate its markets and the related costs of that effort, economic conditions, acquisitions and divestitures, government and regulatory policies, the pricing and availability of equipment, materials and inventories, technological developments and changes in the competitive environment in which the Company operates. |
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