CTE Reports 2004 Third Quarter Results; CTE Reports Third Quarter Diluted Earnings Per Share of $0.71, Reflecting a 15% Increase Versus Year Ago Quarter.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. -- Net New 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 Subscribers Increase 40% Versus End of Year Ago Quarter 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 ), today announced financial results for the 2004 third quarter. 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:
abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT ) this morning. Mr. Mahoney will review CTE's 2004 third quarter results, and update 2004 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 1-877-277-1088. The conference call passcode is 1337035. The simultaneous webcast can be accessed via the 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 at www.ct-enterprises.com. The conference call will be archived and available for replay for 48 hours following the call. To access the replay, please call 1-800-642-1687, passcode 1337035. The webcast will also be available for replay for 48 hours at www.ct-enterprises.com. CTE 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: Results For the 2004 third quarter, CTE reported 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 $0.71, versus reported diluted di·lute tr.v. di·lut·ed, di·lut·ing, di·lutes 1. To make thinner or less concentrated by adding a liquid such as water. 2. To lessen the force, strength, purity, or brilliance of, especially by admixture. EPS of $0.62 in the 2003 third quarter. CTE's 2003 third quarter reported diluted EPS included a $1.0 million (pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ), or $0.03 per share (after-tax af·ter-tax also af·ter·tax adj. Relating to or being that which remains after payment, especially of income taxes: after-tax profits. ), favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. effect resulting from the sale of impaired See assistive technology. receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed in connection with WorldCom's 2002 second quarter bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most filing. CTE ended the 2004 third quarter with a total of 475,296 switched access lines installed, reflecting a reduction of 1,141 switched access lines installed over the past 12 months ended on September September: see month. 30, 2004, or a decline of 0.2%. CTE's consolidated revenues in the 2004 third quarter were $83.8 million, down just over 1% versus the 2003 third quarter. The 2003 third quarter revenues, which were $85.0 million, included approximately $1.9 million of access revenues that are not reflected in the 2004 third quarter due to the percent local usage ("PLU PLU Pacific Lutheran University PLU People Like Us (LGBT community) PLU Price Look-Up PLU Primary Logical Unit PLU Product Look-Up PLU Phi Lambda Upsilon (National Chemistry Honor Society) ") issue relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc Verizon Communications
Verizon Communications, Inc. Inc., that was initially discussed in CTE's 2003 third quarter Form 10-Q Form 10-Q See 10-Q. , as well as $1.0 million of revenues in connection with the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. receivables. CTE's consolidated 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. in the 2004 third quarter was $25.7 million, versus $26.6 million in last year's third quarter. The 2003 third quarter reflected roughly $1.9 million of operating income that is not reflected in the 2004 third quarter due to the PLU issue mentioned above. Also, the 2003 third quarter included $1.0 million of operating income in connection with the WorldCom receivables. For the 2004 third quarter, CTE reported net income of $15.1 million, versus reported net income of $14.7 million in the 2003 third quarter. Consolidated capital expenditures ("CAPEX") were $11.5 million in the 2004 third quarter, versus CAPEX of $12.3 million in the year ago quarter.
The table below sets forth highlights of CTE's 2004 third quarter
reported consolidated results, versus the 2003 third quarter reported
consolidated results:
2004 2003 % Change
Third Quarter Third Quarter Inc./(Dec.)
------------- ------------- -----------
Total Access Lines 475,296 476,437 -
Revenues $83.8M $85.0M ( 1%)
Operating Income $25.7M $26.6M ( 3%)
Depreciation and Amortization $17.7M $17.9M ( 1%)
CAPEX $11.5M $12.3M ( 7%)
Reported EPS $0.71 $0.62 15%
"I am pleased with our overall operating and financial results for the 2004 third quarter," said Michael J. Mahoney, CTE's president and chief executive officer. "Our two primary operations, Commonwealth Telephone Company 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 , both outperformed expectations in the quarter. I am particularly pleased with the performance of our DSL product. We added a record 1,703 net new subscribers in the quarter, and 4,894 over the past 12 months, reflecting 40% growth of our overall DSL subscriber subscriber, n the person, usually the employee, who represents the family unit in relation to the prepayment plan. Other family members are dependents. Also called certificate holders or enrollees. base versus the end of last year's third quarter." Common Stock Repurchase Stock repurchase A firm's repurchase of outstanding shares of its common stock. Program Update In the 2004 third quarter, CTE completed just over $0.7 million of common stock repurchases. Since the stock repurchase program began last November November: see month. , CTE has repurchased 3,047,244 common shares in open market and block transactions at an average all-in cost All-In Cost Shorthand for "all-included" costs, which are expressed as the interest paid or received for total costs of a financial transaction. Notes: All-in costs include the spread, commission, interest payments, and any other fees resulting from the transaction. of approximately $38.90 per share, or just under $119 million. Repurchased shares have been placed in Treasury and may be used for the Company's employee benefit plans. No time limit has been set for the completion of the remaining $31 million of authorized au·thor·ize tr.v. au·thor·ized, au·thor·iz·ing, au·thor·iz·es 1. To grant authority or power to. 2. To give permission for; sanction: common stock repurchases. The remaining authorized repurchases will be executed executed 1) adj. to have been completed. (Example: "it is an executed contract") 2) v. to have completed or fully performed. (Example: "he executed all the promises made in the contract") 3) v. at CTE's discretion, based on ongoing assessments of the Company's capital needs and the market value of CTE's common stock. Commonwealth Telephone Company ("CT") Results CT had a total of 334,766 switched access lines installed at the end of the 2004 third quarter - down just over 1% from the 338,514 switched access lines installed at the end of last year's third quarter. CT's residential additional line penetration The successful unauthorized breach of a security perimeter. See penetration test. was 37% at the end of the 2004 third quarter, versus 39% at the end of the corresponding quarter last year. A portion of the quarter-over-prior-year-same-quarter decline in additional line penetration is attributed to the solid DSL growth achieved at CT over the past year. CT's installed base of business lines increased by just over 1% in the 2004 third quarter, versus the 2003 third quarter. CT's 2004 third quarter revenues were $57.0 million, down 1% versus revenues of $57.6 million in the 2003 third quarter. CT's 2003 third quarter revenues included the favorable $1.0 million effect of the previously mentioned WorldCom receivables. CT's 2004 third quarter operating income was $24.8 million, versus operating income of $25.7 million in the year ago quarter. CT's 2003 third quarter included $1.0 million of operating income in connection with the WorldCom receivables. CT's 2004 third quarter CAPEX were $6.7 million, versus $8.2 million in the 2003 third quarter. The decreased CAPEX in the third quarter versus last year resulted primarily from timing differences. CTSI, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("CTSI") Results CTSI had a total of 140,530 switched access lines installed at the end of the 2004 third quarter - a growth rate of 2% versus the 137,923 access lines installed at the end of the 2003 third quarter. Sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen , versus the 2004 second quarter, CTSI's net access lines installed increased by 1,214, or 1%. At the end of the 2004 third quarter, 98% of CTSI's access lines were "on-switch," and 54% 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 2004 third quarter was 91%/9%. CTSI's 2004 third quarter revenues were $20.7 million, versus revenues of $21.7 million in the 2003 third quarter. CTSI's 2003 third quarter revenues included approximately $1.9 million of access revenues, which are not included in the 2004 third quarter revenues due to the PLU issue. CTSI's operating income in the 2004 third quarter was $1.6 million, versus operating income of $2.0 million in the 2003 third quarter. The quarter-over-prior-year-same-quarter comparison reflects the effect of the PLU issue. CTSI's 2004 third quarter capital expenditures were $4.2 million, versus $4.0 million in the year ago quarter. Jack Flash(R) DSL In the 2004 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), gained 1,703 net new DSL subscribers. Jack Flash(R) had a total of 17,029 installed DSL subscribers at the end of the 2004 third quarter, a growth rate of 40% versus last year's third quarter. 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 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. 2004 Guidance Outlined
The table below sets forth CTE's consolidated 2004 full year guidance,
which Mr. Mahoney will discuss on this morning's conference call and
webcast:
Previously Communicated Updated
2004 Full Year 2004 Full Year
Item Guidance Guidance (1)
------------------------------- ----------------------- --------------
Consolidated
CTE Access Line Growth 0% - 1% Unchanged
Revenue Growth (1%) - 0% Unchanged
Operating Income $98M - $99M $101M - $102M
Depreciation and
Amortization $71M - $72M Unchanged
Effective Tax Rate 37% - 38% Unchanged
Diluted EPS - 4Q04 n/a $0.68 - $0.70
Diluted EPS - FY04 $2.68 - $2.70 $2.80 - $2.82
CAPEX $43M - $45M Unchanged
(1) Does not reflect the remaining authorized $31 million of stock
repurchases.
"I am again pleased to be in a position to raise our earnings guidance for the full year," said Mahoney. "Our solid third quarter financial performance has led us to increase our 2004 reported diluted EPS guidance to a range of $2.80 to $2.82 per share, from our prior reported diluted EPS guidance of $2.68 to $2.70." About CTE Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves a growing base of business and residential customers with the full array of technologically advanced 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 seventh largest publicly held independent local exchange carrier, which has been operating in various rural 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 markets since 1897; and, CTSI, LLC ("CTSI"), a local exchange carrier operating in competitive markets outside CT's territory, that formally commenced operations in 1997. Jack Flash(R), a broadband data service that uses DSL technology to offer high-speed Internet access and digital connectivity solutions, is offered throughout CTE's service territories. CTE's support businesses include epix(R) Internet Services (www.epix.net), one of the Northeast's largest rural Internet Service Providers Internet service provider (ISP) Company that provides Internet connections and services to individuals and organizations. For a monthly fee, ISPs provide computer users with a connection to their site (see data transmission), as well as a log-in name and password. ("ISPs"), and 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. A web site featuring current information regarding Commonwealth Telephone Enterprises, Inc., can be found on the Internet at www.ct-enterprises.com. However, the information on this web site does not form a part of this release. 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, reductions in rates or traffic that is subject to access charges, changes in the competitive environment in which the Company operates and receipt of necessary approvals.
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
THREE MONTHS ENDED SEPTEMBER 30, 2004
-------------------------------------
CT CTSI OTHER TOTAL
---------- -------- ------- ---------
Sales $ 56,977 $20,673 $6,126 $ 83,776
Costs & Expenses (excluding
other operating expenses) 20,042 14,060 6,300 40,402
Depreciation & Amortization 12,117 5,009 580 17,706
Restructuring Reversals - - - -
---------- -------- ------- ---------
Operating Income (Loss) 24,818 1,604 (754) 25,668
Interest and Dividend Income 1,755
Interest Expense (3,585)
Other Income (Expense), net (32)
Equity in Income of
Unconsolidated Entities 240
---------
Income before Income Taxes and
Cumulative Effect of Accounting
Change 24,046
Provision for Income Taxes 8,927
---------
Income before Cumulative Effect
of Accounting Change 15,119
Cumulative Effect of Accounting
Change, Net of Tax -
---------
Net Income $ 15,119
=========
THREE MONTHS ENDED SEPTEMBER 30, 2003
-------------------------------------
CT CTSI OTHER TOTAL
---------- -------- ------- ---------
Sales $ 57,565 $21,702 $5,694 $ 84,961
Costs & Expenses (excluding
other operating expenses) 20,058 14,444 6,016 40,518
Depreciation & Amortization 11,786 5,225 869 17,880
Restructuring Reversals - - - -
---------- -------- ------- ---------
Operating Income (Loss) 25,721 2,033 (1,191) 26,563
Interest and Dividend Income 1,006
Interest Expense (4,429)
Other Income (Expense), net 45
Equity in Income of
Unconsolidated Entities 201
---------
Income before Income Taxes and
Cumulative Effect of Accounting
Change 23,386
Provision for Income Taxes 8,723
---------
Income before Cumulative Effect
of Accounting Change 14,663
Cumulative Effect of Accounting
Change, Net of Tax -
---------
Net Income $ 14,663
=========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
NINE MONTHS ENDED SEPTEMBER 30, 2004
---------------------------------------
CT CTSI OTHER TOTAL
---------- -------- --------- ---------
Sales $ 171,418 $62,005 $ 18,747 $252,170
Costs & Expenses (excluding
other operating expenses) 59,094 41,667 20,081 120,842
Depreciation & Amortization 35,787 15,310 2,241 53,338
Restructuring Reversals - (799) - (799)
---------- -------- --------- ---------
Operating Income (Loss) 76,537 5,827 (3,575) 78,789
Interest and Dividend Income 4,047
Interest Expense (12,397)
Other Income (Expense), net 487
Equity in Income of
Unconsolidated Entities 2,265
---------
Income before Income Taxes and
Cumulative Effect of
Accounting Change 73,191
Provision for Income Taxes 27,189
---------
Income before Cumulative
Effect of Accounting Change 46,002
Cumulative Effect of
Accounting Change, Net of Tax -
---------
Net Income $ 46,002
=========
NINE MONTHS ENDED SEPTEMBER 30, 2003
---------------------------------------
CT CTSI OTHER TOTAL
---------- -------- --------- ---------
Sales $ 166,492 $64,671 $ 19,957 $251,120
Costs & Expenses (excluding
other operating expenses) 58,907 41,555 20,208 120,670
Depreciation & Amortization 34,997 15,394 2,625 53,016
Restructuring Reversals - - - -
---------- -------- --------- ---------
Operating Income (Loss) 72,588 7,722 (2,876) 77,434
Interest and Dividend Income 2,186
Interest Expense (9,025)
Other Income (Expense), net (1,113)
Equity in Income of
Unconsolidated Entities 1,855
---------
Income before Income Taxes and
Cumulative Effect of
Accounting Change 71,337
Provision for Income Taxes 26,506
---------
Income before Cumulative
Effect of Accounting Change 44,831
Cumulative Effect of
Accounting Change, Net of Tax 13,230
---------
Net Income $ 58,061
=========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(GAAP)
THREE MONTHS ENDED NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
----------------------- -----------------------
2004 2003 2004 2003
----------- ----------- ----------- -----------
Basic Earnings per
Average Common Share:
Income before
Cumulative Effect of
Accounting Change $0.72 $0.62 $2.15 $1.91
Cumulative Effect of
Accounting Change,
Net of Tax $0.00 $0.00 $0.00 $0.56
-----------------------------------------------
Net Income $0.72 $0.62 $2.15 $2.47
===============================================
Weighted Average
Common Shares
Outstanding 20,957,919 23,608,855 21,434,209 23,520,895
Diluted Earnings per
Average Common Share:
Income before
Cumulative Effect of
Accounting Change $0.71 $0.62 $2.13 $1.89
Cumulative Effect of
Accounting Change,
Net of Tax $0.00 $0.00 $0.00 $0.56
-----------------------------------------------
Net Income $0.71 $0.62 $2.13 $2.45
===============================================
Weighted Average
Common Shares and
Common Stock
Equivalents
Outstanding 21,164,781 23,783,146 21,613,082 23,704,746
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
SEPTEMBER 30, DECEMBER 31,
2004 2003
--------------------------
ASSETS
CURRENT ASSETS:
Cash and Temporary Cash Investments $ 269,989 $ 336,035
Accounts Receivable and Unbilled Revenues,
Net of Allowance for Doubtful Accounts of
$2,473 in 2004 and $2,329 in 2003 48,953 50,240
Other Current Assets 12,698 9,387
Deferred Income Taxes 17,823 17,016
--------------------------
Total Current Assets 349,463 412,678
--------------------------
PROPERTY PLANT AND EQUIPMENT (NET OF
ACCUMULATED DEPRECIATION OF $495,288 IN
2004 AND $452,989 IN 2003) 388,585 410,485
INVESTMENTS 11,211 10,204
DEFERRED CHARGES AND OTHER ASSETS 16,995 18,286
--------------------------
TOTAL ASSETS $ 766,254 $ 851,653
==========================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
SEPTEMBER 30, DECEMBER 31,
2004 2003
--------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes Payable $ 35,000 $ 65,000
Capital Lease Obligation 721 777
Current Maturities of Long Term Debt - 5,623
Accounts Payable 25,905 29,135
Advance Billings and Customer Deposits 5,497 5,212
Accrued Expenses 52,019 54,331
Accrued Restructuring Expenses 324 812
--------------------------
Total Current Liabilities 119,466 160,890
--------------------------
LONG TERM DEBT 300,000 323,898
CAPITAL LEASE OBLIGATION 541 1,082
DEFERRED INCOME TAXES 85,037 79,876
OTHER LONG TERM LIABILITIES 18,889 23,178
COMMON SHAREHOLDERS' EQUITY:
Common Stock 24,012 24,014
Additional Paid-in Capital 277,887 267,076
Deferred Compensation (11,108) (6,451)
Other Comprehensive Loss (1,135) (2,490)
Retained Earnings 70,902 24,900
Treasury Stock at Cost, 3,044,036 shares at
September 30, 2004 and 1,207,016 at
December 31, 2003 (118,237) (44,320)
--------------------------
Total Common Shareholders' Equity 242,321 262,729
--------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 766,254 $ 851,653
==========================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
NINE MONTHS ENDED
SEPTEMBER 30,
-------------------
2004 2003
--------- ---------
NET CASH PROVIDED BY OPERATING ACTIVITIES $ 95,799 $ 88,500
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant & Equipment (31,390) (29,598)
Other 1,238 3,730
--------- ---------
Net Cash Used in Investing Activities (30,152) (25,868)
--------- ---------
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of Long-Term Debt - 300,000
Redemption of Long-Term Debt (29,521) (55,382)
Redemption of Short-Term Debt (30,000) -
Proceeds from Exercise of Stock Options 3,066 3,373
Capital Lease Payments (597) (218)
Payment Made for Debt Issuance Costs (77) -
Stock Repurchases (74,564) -
--------- ---------
Net Cash Used in Financing Activities (131,693) 247,773
--------- ---------
Net (Decrease)/Increase in Cash and Temporary Cash
Investments (66,046) 310,405
--------- ---------
Cash and Temporary Cash Investments at Beginning
of Period 336,035 34,935
--------- ---------
Cash and Temporary Cash Investments at End of
Period $269,989 $345,340
========= =========
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