CTE Reports 2001 Third Quarter Diluted Earnings Per Share of $0.76, and Normalized Diluted Earnings Per Share of $0.40.Business Editors DALLAS Dallas, city (1990 pop. 1,006,877), seat of Dallas co., N Tex., on the Trinity River near the junction of its three forks; inc. 1871. The second largest Texas city, after Houston, and the eighth largest U.S. , Pa.--(BUSINESS WIRE)--Oct. 31, 2001 Commonwealth Telephone Company Achieves 5% Access Line Growth and Expands 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 Margin to 65% 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 "Edge-Out" Markets Add 3,612 Net Access Lines, Achieves EBITDA of $5.7 million and a 30% EBITDA Margin 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 NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : CTCO CTCO Chicago Transportation Coordination Office , CTCOB) today announced financial results for the 2001 third quarter. CTE reported normalized diluted earnings per share diluted earnings per share An earnings measure calculated by dividing net income less preferred stock dividends for a period by the average number of shares of common stock that would be outstanding if all convertible securities were converted into shares of ("EPS (Encapsulated PostScript) A PostScript file format used to transfer a graphic image between applications and platforms. EPS files contain PostScript code as well as an optional preview image in TIFF, WMF, PICT or EPSI, the latter being an ASCII-only format. ") of $0.40, versus $0.09 in the 2000 third quarter. The normalized 2000 third quarter EPS figure reflects the exclusion exclusion /ex·clu·sion/ (eks-kloo´zhun) 1. a shutting out or elimination. 2. surgical isolation of a part, as of a segment of intestine, without removal from the body. of a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. , substantially non-cash 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 charge of $0.06 per share. CTE's 2001 third quarter reported EPS of $0.76 included $0.36 of favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. items as follows: -- $0.23 representing 2001 year-to-date tax benefits which were recorded in the third quarter in connection with recently implemented tax strategies; and, -- $0.13 resulting from the recording of an after-tax positive settlement of $3.0 million in connection with certain restructuring charges recorded in the 2000 fourth quarter. The favorable tax benefits and positive settlement in connection with CTE's 2000 fourth quarter restructuring charge restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. were recorded below CTE's EBITDA (earnings before interest, taxes, depreciation and amortization Earnings before interest, taxes, depreciation and amortization (EBITDA) is a non-GAAP metric that can be used to evaluate a company's profitability.
An income statement that combines the income statements of two or more organizations. As with other consolidated statements, a consolidated income statement eliminates any funds owed to or due from firms within the same group. . Consolidated con·sol·i·date v. con·sol·i·dat·ed, con·sol·i·dat·ing, con·sol·i·dates v.tr. 1. To unite into one system or whole; combine: Reported Results CTE's consolidated reported revenues in the 2001 third quarter were $76.2 million, a growth rate of 3% versus the 2000 third quarter. Consolidated reported EBITDA was $36.2 million versus $22.5 million in last year's third quarter, an increase in reported EBITDA of 61%. CTE's reported diluted earnings per share were $0.76 in the 2001 third quarter, versus $0.03 in the year ago quarter. Consolidated capital expenditures ("CAPEX") were $17.2 million, versus $33.3 million in the 2000 third quarter. Excluding the reported 2000 third quarter revenues in the CTSI, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("CTSI") expansion markets (i.e., CTSI's non- non- word element [L.]not . non- pref. Not: noninvasive. "edge-out" markets) which CTSI has exited, CTE's normalized 2001 third quarter consolidated revenue growth was 8%. Excluding the 2000 third quarter EBITDA impact of CTSI's expansion markets, as well as the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. severance charge, CTE's 2001 third quarter normalized EBITDA growth was 22%. CTE's consolidated 2001 third quarter CAPEX of $17.2 million compares to normalized CAPEX of $22.1 million in the 2000 third quarter which reflects the exclusion of CAPEX in CTSI's expansion markets. "CTE has completed another impressive quarter," said Michael Michael, archangel Michael (mī`kəl) [Heb.,=who is like God?], archangel prominent in Christian, Jewish, and Muslim traditions. In the Bible and early Jewish literature, Michael is one of the angels of God's presence. J. Mahoney Mahoney could refer to:
"Commonwealth Telephone Company continued to build on its outstanding record of operational and financial performance, while achieving a record 65% EBITDA margin in the quarter," continued Mahoney. "In the RLEC RLEC Rural Local Exchange Carrier RLEC Report Log Exception Condition (rural local exchange carrier) space, Commonwealth Telephone Company is among the leaders not only in terms of financial performance, but also in terms of operational excellence. CT's entire organization operates with a keen focus on exceeding the expectations of our customers. "We also began the year with an aim of rapidly improving the operational and financial performance of CTSI, our "edge-out" competitive local exchange carrier operation," said Mahoney. "Our redirected focus on this operation has yielded impressive results. We have continued to achieve our access line growth objectives while controlling costs, improving all aspects of our service delivery and enhancing our quality. The result has been solid EBITDA growth and the attainment of a record 30% EBITDA margin in the quarter. "On a consolidated basis, we saw the benefits of tax strategies we have proactively undertaken come to fruition fru·i·tion n. 1. Realization of something desired or worked for; accomplishment: labor finally coming to fruition. 2. Enjoyment derived from use or possession. 3. in the quarter," continued Mahoney. "The actions we have taken will result in significant cash tax savings for CTE, and will substantially lower our effective tax rate going forward." Commonwealth Telephone Company ("CT") Results CT had a total of 327,347 access lines installed at the end of the 2001 third quarter - a growth rate of 5% versus last year. CT's solid growth in switched access lines resulted from a combination of continued residential additional line marketing success, as well as from steady growth in the number of business lines installed in CT's territory. CT's residential additional line penetration The successful unauthorized breach of a security perimeter. See penetration test. reached 38% at the end of the quarter, while business line growth was 7% versus the 2000 third quarter. As expected, CT's 2001 third quarter revenues grew 3% to $47.4 million, versus revenues of $46.0 million in the 2000 third quarter. The 3% growth rate, which is lower than CT's historical revenue growth rate, is consistent with prior guidance, and results from lower access revenues due to previously disclosed dis·close tr.v. dis·closed, dis·clos·ing, dis·clos·es 1. To expose to view, as by removing a cover; uncover. 2. To make known (something heretofore kept secret). modifications to CT's access settlements formula calculation, and due to changes to jurisdictional access minutes of use ("MOUs"). CT's reported 2001 third quarter EBITDA was $30.8 million versus reported EBITDA of $26.6 million in the 2000 third quarter, a growth rate of 16%. On a normalized basis, excluding the impact of the aforementioned severance charge, CT's 2000 third quarter EBITDA was $28.3 million, resulting in a 2001 third quarter normalized EBITDA growth rate of 9%. CT's 2001 third quarter reported EBITDA margin expanded to 65% versus 58% in the year ago quarter. Adjusted for the severance charge, CT's 2000 normalized EBITDA margin was 62%. CT's strong margin expansion in the 2001 third quarter versus last year resulted primarily from growth in high-margin access revenues, as well as continued focus on cost control and productivity improvements. CT's 2001 third quarter CAPEX was $9.9 million versus $8.5 million in the 2000 third quarter. CT Receives Customer Service Distinction for Fourth Consecutive Year In October October: see month. , CT was identified by the Pennsylvania Pennsylvania (pĕnsəlvā`nyə), one of the Middle Atlantic states of the United States. It is bordered by New Jersey, across the Delaware River (E), Delaware (SE), Maryland (S), West Virginia (SW), Ohio (W), and Lake Erie and New York Public Utility Commission ("PUC (Public Utility Commission) A regulatory body in every state in the U.S. that governs public utilities within its jurisdiction such as electricity, gas, oil, sewer, water, transportation and telephone service. Some states call it the Public Service Commission (PSC). ") in its recently released annual Utility Consumer Activities Report and Evaluation as again having the lowest justified complaint rate in the year 2000 out of the five companies with the largest local exchange carrier operations in Pennsylvania - including Alltel ALLTEL Corporation (NYSE: AT) is an American telecommunications company with headquarters in Little Rock, Arkansas. Alltel provides wireless services to residential and business customers in 35 states. Pennsylvania, Inc., United Telephone Company of Pennsylvania d/b/a Sprint, Verizon Pennsylvania (formerly Bell Atlantic - Pennsylvania, Inc.), and Verizon North Verizon North, Inc. is a current Verizon operating company serving a former GTE region. GTE North originally served Illinois, Indiana, Iowa, Michigan, Minnesota, Missouri, Nebraska, Ohio, Pennsylvania, and Wisconsin. , Inc. (formerly GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) North, Inc.). Commonwealth Telephone Company has received this distinction for four consecutive years, and ten of the last twelve years. "It is remarkable to note the consistency Consistency can refer to:
CTSI "Edge-Out" Market Results (Note: The results discussed below reflect only the performance of CTSI's "edge-out" markets.) During the 2001 third quarter, CTSI installed 3,612 net access lines. CTSI ended the quarter with a total of 108,702 net access lines installed, reflecting a growth rate of 16% versus last year. At the end of the third quarter, 96% of CTSI's access lines were "on-switch," and 49% were "on-net Connected to the Internet, or connected to a LAN or WAN. Contrast with off-net. " (defined as 100% on CTSI's owned network). CTSI's business/residential line split at the end of the 2001 third quarter was 86%/14%. CTSI's 2001 third quarter revenues were $18.9 million, a growth rate of 42% versus revenues of $13.3 million in the 2000 third quarter. The 42% revenue growth was driven primarily by increased access revenues, as well as increased local revenues, which tracked CTSI's solid access line growth. CTSI's EBITDA in the 2001 third quarter was $5.7 million, versus EBITDA of $1.1 million in the 2000 third quarter, reflecting an EBITDA margin of 30% for the quarter. CTSI's impressive EBITDA growth and margin expansion were primarily driven by high-margin access revenue growth, and by continued overall cost control, including reduced expenses resulting from an increase in "on-net" access lines during the quarter. CTSI's 2001 third quarter CAPEX was $5.1 million versus $9.4 million in the 2000 third quarter. The $5.1 million of CAPEX was effectively all success-based in support of line growth. Jack Flash(R) 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 In the 2001 third quarter, CTE's DSL (digital subscriber line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and ) product, Jack Flash(R), installed 751 net new DSL subscribers. Jack Flash(R), which was launched in November November: see month. 1999, now has a total of 6,367 installed DSL subscribers. Jack Flash(R) is marketed in CTE's CT and CTSI geographies. Jack Flash(R) utilizes DSL technology to provide 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). connectivity A generic term for connecting devices to each other in order to transfer data back and forth. It often refers to network connections, which embraces bridges, routers, switches and gateways as well as backbone networks. over standard telephone lines at speeds over 50 times faster than today's traditional dial-up Refers to using the regular "dial-up" telephone network to send data from a computer to a remote network or to a remote device. The computer's digital data are converted to analog signals in the same frequency range as human voice by a modem. modems. 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 Communicating information, including data, text, pictures, voice and video over long distance. See communications. products and services, including broadband data services and high-speed Internet See broadband. 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 publicly held independent rural local exchange carrier ("RLEC"), which has been operating in various rural Pennsylvania markets since 1897; and, CTSI, LLC ("CTSI"), a local exchange carrier operating outside CT's territory that commenced operations in 1997. CTE's support businesses include epix(R) 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 Services (www.epix.net), one of the northeast's largest rural ISPs with over 47,000 dial-up Internet access See dial-up. subscribers; and, Jack Flash(R), a broadband data service that uses DSL 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 The management of a user's computer installation by an outside organization. All operations including systems, programming and the datacenter can be performed by the facilities management organization on the user's premises. 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 long-dis·tance adj. 1. Covering a long distance: a long-distance runner; operating under long-distance supervision. 2. reseller An organization that sells hardware and software to the general public. Resellers purchase products from software publishers and hardware manufacturers. . 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 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. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. " for forward-looking statements. Certain information included in this press release is forward-looking for·ward-look·ing adj. Concerned with or making provision for the future: forward-looking educators; a forward-looking corporate plan. Adj. 1. . Such forward-looking information involves important risks and uncertainties that could significantly affect expected results in the future and cause them to be different from those expressed in any forward-looking statements made by, or on behalf of, the Company. 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 reg·u·late tr.v. reg·u·lat·ed, reg·u·lat·ing, reg·u·lates 1. To control or direct according to rule, principle, or law. 2. policies, the pricing and availability of equipment, materials and inventories, technological developments and changes in the competitive environment in which the Company operates. Michael J. Mahoney, CTE 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. , will host a conference call and simultaneous webcast at 11:00 a.m. (EST EST electroshock therapy. EST abbr. electroshock therapy ) this morning. Mr. Mahoney will review CTE's 2001 third quarter results and provide updated 2001 full year guidance. The call is expected to last approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. 30 minutes. To access today's conference call, please call 1-800-521-5431. The conference call passcode is 1279796. The simultaneous webcast can be accessed via the Internet at www.ct-enterprises.com or www.nasdaq.com. The conference call will be archived and available for replay for 48 hours following the call. To access the replay, please call 1-800-625-5288, passcode 1279796. The webcast will also be available for replay for 48 hours at www.ct-enterprises.com and www.nasdaq.com.
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
3RD QUARTER 2001
--------------------------------------------
CT CTSI OTHER TOTAL
-- ---- ----- -----
Sales $ 47,440 $ 18,889 $ 9,894 $ 76,223
Costs & Expenses before
Corporate Management
Fees and Depreciation &
Amortization (1) 16,379 13,053 10,249 39,681
Corporate Management
Fees 300 99 (99) 300
---- --- ---- ----
EBITDA 30,761 5,737 (256) 36,242
Depreciation &
Amortization 10,583 4,384 1,410 16,377
Restructuring Charges
(Reversals) - (5,268) - (5,268)
Operating Income
(Loss) 20,178 6,621 (1,666) 25,133
Interest and Dividend
Income 567 - 88 655
Interest Expense (1,902) - (2,396) (4,298)
Other Income
(Expense), net 256 (40) 46 262
Income (Loss) before
Income Taxes 19,099 6,581 (3,928) 21,752
Provision (Benefit)
for Income Taxes(2) 4,768 354 (1,154) 3,968
Income (Loss) before
Equity in
Unconsolidated
Entities 14,331 6,227 (2,774) 17,784
Equity in
Unconsolidated
Entities - 200 - 200
Net Income (Loss) $ 14,331 $ 6,427 $ (2,774) $ 17,984
========= ======== ========= =========
3RD QUARTER 2000
-------------------------------------------
CT CTSI OTHER TOTAL
-- ---- ----- -----
Sales $ 45,994 $ 16,572 $ 11,155 $ 73,721
Costs & Expenses before
Corporate Management
Fees and Depreciation &
Amortization (1) 19,118 19,737 11,902 50,757
Corporate Management
Fees 300 81 119 500
---- --- ---- ---
EBITDA 26,576 (3,246) (866) 22,464
Depreciation &
Amortization 9,458 4,528 1,327 15,313
Restructuring Charges
(Reversals) - - - -
Operating Income
(Loss) 17,118 (7,774) (2,193) 7,151
Interest and Dividend
Income 810 - 200 1,010
Interest Expense (2,077) (3) (3,533) (5,613)
Other Income
(Expense), net (80) 49 2 (29)
Income (Loss) before
Income Taxes 15,771 (7,728) (5,524) 2,519
Provision (Benefit)
for Income Taxes(2) 6,654 (2,577) (2,005) 2,072
Income (Loss) before
Equity in
Unconsolidated
Entities 9,117 (5,151) (3,519) 447
Equity in
Unconsolidated
Entities - 271 - 271
Net Income (Loss) $ 9,117 $ (4,880) $ (3,519) $ 718
======== ========= ========= =====
(1) In 2000, CT, Other and Total include the effect of a one-time
pre-tax severance charge for $1.7m, $1.1m and $2.8m,
respectively, with an after-tax effect of $1.0m, $0.4m and
$1.4m, respectively.
(2) In 2001, CT, CTSI and Total include the effect of year-to-date
tax benefits which were recorded in the third quarter in
connection with certain tax strategies of $3.4m, $2.1m and
$5.5m, respectively.
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
NINE MONTHS ENDED SEPTEMBER 30, 2001
---------------------------------------------
CT CTSI OTHER TOTAL
-- ---- ----- -----
Sales $ 140,370 $ 59,381 $ 29,885 $ 229,636
Costs & Expenses
before Corporate
Management Fees
and Depreciation
& Amortization (1) 50,229 48,936 30,083 129,248
Corporate
Management Fees 900 297 (297) 900
---- ---- ----- ----
EBITDA 89,241 10,148 99 99,488
Depreciation &
Amortization 31,384 12,538 4,043 47,965
Restructuring
Charges (Reversals) - (8,678) - (8,678)
Operating Income
(Loss) 57,857 6,288 (3,944) 60,201
Interest and
Dividend Income 1,790 - 430 2,220
Interest Expense (5,963) (1) (8,692) (14,656)
Other Income
(Expense), net (140) 473 1 334
Income (Loss) before
Income Taxes 53,544 6,760 (12,205) 48,099
Provision (Benefit)
for Income Taxes (2) 19,313 909 (4,063) 16,159
Income (Loss) before
Equity in
Unconsolidated
Entities 34,231 5,851 (8,142) 31,940
Equity in
Unconsolidated
Entities - 1,609 - 1,609
Net Income (Loss) $ 34,231 $ 7,460 $ (8,142) $ 33,549
========= ======== ========= =========
NINE MONTHS ENDED SEPTEMBER 30, 2000
---------------------------------------------
CT CTSI OTHER TOTAL
-- ---- ----- -----
Sales $ 135,147 $ 46,348 $ 33,071 $ 214,566
Costs & Expenses
before Corporate
Management Fees
and Depreciation
& Amortization (1) 52,702 56,475 32,986 142,163
Corporate
Management Fees 900 243 357 1,500
---- ---- ---- -----
EBITDA 81,545 (10,370) (272) 70,903
Depreciation &
Amortization 27,290 11,241 3,480 42,011
Restructuring
Charges (Reversals) - - - -
Operating Income
(Loss) 54,255 (21,611) (3,752) 28,892
Interest and
Dividend Income 2,152 - 496 2,648
Interest Expense (6,215) (3) (8,690) (14,908)
Other Income
(Expense), net (164) 536 150 522
Income (Loss) before
Income Taxes 50,028 (21,078) (11,796) 17,154
Provision (Benefit)
for Income Taxes (2) 21,077 (6,849) (4,153) 10,075
Income (Loss) before
Equity in
Unconsolidated
Entities 28,951 (14,229) (7,643) 7,079
Equity in
Unconsolidated
Entities - 1,412 - 1,412
Net Income (Loss) $ 28,951 $(12,817) $ (7,643) $ 8,491
========= ========= ========= =======
(1) In 2000, CT, Other and Total include the effect of a one-time
pre-tax severance charge for $1.7m, $1.1m and $2.8m,
respectively, with an after-tax effect of $1.0m, $0.4m and
$1.4m, respectively.
(2) In 2001, CT, CTSI and Total include the effect of year-to-date
tax benefits which were recorded in the third quarter in
connection with certain tax strategies of $3.4m, $2.1m and
$5.5m, respectively.
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CTSI SEGMENT
(UNAUDITED)
(Dollars in Thousands)
3rd QUARTER 2001
-------------------------------
CTSI CTSI TOTAL
Edge-out Expansion CTSI
-------- --------- ----
Sales $ 18,889 $ - $ 18,889
Costs & Expenses
before Corporate
Management Fees
and Depreciation
& Amortization 13,053 - 13,053
Corporate
Management Fees 99 - 99
--- -- ---
EBITDA $ 5,737 $ - $ 5,737
======== ==== ========
3rd QUARTER 2000
-------------------------------
CTSI CTSI TOTAL
Edge-out Expansion CTSI
-------- --------- ----
Sales $ 13,349 $ 3,223 $ 16,572
Costs & Expenses
before Corporate
Management Fees
and Depreciation
& Amortization 12,144 7,593 19,737
Corporate
Management Fees 81 - 81
--- -- --
EBITDA $ 1,124 $ (4,370) $ (3,246)
======== ========= =========
NINE MONTHS ENDED SEPT 30, 2001
---------------------------------
CTSI CTSI TOTAL
Edge-out Expansion CTSI
-------- --------- ----
Sales $ 53,818 $ 5,563 $ 59,381
Costs & Expenses
before Corporate
Management Fees
and Depreciation
& Amortization 40,723 8,213 48,936
Corporate
Management Fees 297 - 297
---- -- ----
EBITDA $ 12,798 $ (2,650) $ 10,148
========= ========= =========
NINE MONTHS ENDED SEPT 30, 2000
---------------------------------
CTSI CTSI TOTAL
Edge-out Expansion CTSI
-------- --------- ----
Sales $ 38,156 $ 8,192 $ 46,348
Costs & Expenses
before Corporate
Management Fees
and Depreciation
& Amortization 36,721 19,754 56,475
Corporate
Management Fees 243 - 243
---- -- ---
EBITDA $ 1,192 $(11,562) $(10,370)
======== ========= =========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENT OF OPERATIONS
(UNAUDITED)
QUARTER ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
------------------------------------------------
2001 2000 2001 2000
Basic Earnings per
Average Common
Share:
Net Income (Loss) $0.77 $0.03 $1.45 $0.38
================================================
Weighted Average
Common Shares
Outstanding 23,307,195 22,547,906 23,096,803 22,431,467
Diluted Earnings
per Average
Common Share:
Net Income (Loss) $0.76 $0.03 $1.43 $0.37
================================================
Weighted Average
Common Shares and
Common Stock
Equivalents
Outstanding 23,679,606 23,123,559 23,523,206 23,174,242
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
September 30, December 31,
2001 2000
----------------------------------
ASSETS
CURRENT ASSETS
Cash and Temporary
Cash Investments $ 32,666 $ 37,046
Accounts Receivable
from Related Parties 216 491
Other Current Assets 75,212 73,284
Deferred Income Taxes 19,953 16,126
----------------------------------
Total Current Assets 128,047 126,947
----------------------------------
PROPERTY PLANT AND
EQUIPMENT
(NET OF ACCUMULATED
DEPRECIATION OF
$369,000 IN 2001
AND $331,128 IN 2000) 423,177 426,122
INVESTMENTS 10,360 9,367
DEFERRED CHARGES
AND OTHER ASSETS 20,914 20,408
----------------------------------
TOTAL ASSETS $ 582,498 $ 582,844
==================================
LIABILITIES AND
SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes Payable $ 65,000 $ 30,000
Current Maturities of
Long Term Debt 9,010 9,010
Advance Billings and
Customer Deposits 4,712 5,162
Accrued Taxes - -
Accrued Interest 2,412 4,587
Accrued Restructuring
Expenses 8,888 21,825
Accounts Payable to
Related Parties 927 780
Other Current
Liabilities 80,383 88,570
----------------------------------
Total Current
Liabilities 171,332 159,934
----------------------------------
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
September 30, December 31,
2001 2000
----------------------------------
LONG TERM DEBT 188,562 260,319
CAPITAL LEASE OBLIGATION 318 -
DEFERRED INCOME TAXES 33,982 26,643
OTHER DEFERRED CREDITS 33,932 22,665
COMMON SHAREHOLDERS' EQUITY:
Common Stock 27,250 26,824
Additional Paid-in Capital 255,120 245,396
Deferred Compensation (4,740) (6,529)
Other Comprehensive Income
(Loss) (3,486) -
Retained Earnings 11,262 (22,287)
Treasury Stock at Cost,
3,821,883 shares at
September 30, 2001
and 3,798,383 shares
at December 31, 2000 (131,034) (130,121)
----------------------------------
Total Common
Shareholders' Equity 154,372 113,283
----------------------------------
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $ 582,498 $ 582,844
==================================
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