CTE Reports 2005 Fourth Quarter Results.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. -- 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 ):
CTE Reports Fourth Quarter Diluted Earnings Per Share of $0.77, Versus
Reported Diluted Earnings Per Share of $0.67 in the Year Ago Quarter
Consolidated Reported Operating Income Increases 11% Versus Year
Ago Quarter
Net New DSL Subscribers Increase 57% Versus Year Ago Quarter End
Commonwealth Telephone Enterprises, Inc. ("CTE") (Nasdaq:CTCO), today announced financial results for the 2005 fourth 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:
EST abbr. electroshock therapy ) today. Mr. Mahoney will review CTE's 2005 fourth quarter results, and 2006 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 4136444. 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 4136444. The webcast will also be available for replay for 48 hours at www.ct-enterprises.com. CTE 2005 Fourth Quarter 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 2005 fourth 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 $0.77, 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 $0.67 in the 2004 fourth quarter. Included in CTE's 2005 fourth quarter reported diluted EPS is a $0.02 favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. effect resulting from certain non-cash access revenue settlements and non-cash network costs settlements included in the 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 , LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control ("CTSI"), results; a $0.06 per share favorable effect resulting from a sales and use tax Sales and use tax refers to:
For the 2005 full year, CTE reported diluted EPS of $2.71, versus a reported diluted EPS of $2.60 for the 2004 full year. A summary of certain items that are reflected in the 2005 full year and 2004 full year reported diluted EPS figures is detailed on an accompanying ac·com·pa·ny v. ac·com·pa·nied, ac·com·pa·ny·ing, ac·com·pa·nies v.tr. 1. To be or go with as a companion. 2. schedule. CTE's reported diluted EPS versus last year, for both the 2005 fourth quarter and the 2005 full year, reflects the effect of including additional shares in the diluted EPS calculation due to the conversion rate adjustments made under CTE's Convertible Notes in connection with its dividend strategy. Specifically, the 2005 fourth quarter and 2005 full year average fully diluted share counts include an additional 2.0 million shares and 1.4 million shares, respectively, in connection with the payment of our dividends and their effect on our convertible debt, versus the prior year's comparable periods. CTE ended the 2005 fourth quarter with a total of 461,251 switched access lines in service, reflecting a decrease of 10,591 switched access lines in service over the past 12 months, or a reduction of 2%. CTE's reported consolidated revenues in the 2005 fourth quarter were $83.5 million, essentially flat versus 2004 fourth quarter reported revenues of $83.6 million. CTE's reported 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 2005 fourth quarter was $30.6 million, versus reported consolidated operating income of $27.7 million in last year's fourth quarter, reflecting an increase of 11%. For the 2005 fourth quarter, CTE reported net income of $20.7 million, versus reported net income of $16.0 million in the 2004 fourth quarter. Consolidated capital expenditures ("CAPEX") were $14.0 million in the 2005 fourth quarter, versus CAPEX of $12.1 million in the year ago quarter. The table below sets forth highlights of CTE's 2005 fourth quarter reported consolidated results, versus the 2004 fourth quarter:
2005 2004 % Change
Fourth Quarter Fourth Quarter Inc./(Dec.)
-------------- -------------- -----------
Total Access Lines 461,251 471,842 ( 2%)
Revenues $83.5M $83.6M -
Operating Income $30.6M $27.7M 11%
Depreciation and
Amortization $11.9M $17.6M (32%)
CAPEX $14.0M $12.1M 15%
Reported EPS $0.77 $0.67 15%
"We ended 2005 on a positive note with the completion of another solid quarter," said Michael J. Mahoney, CTE's president and chief executive officer. "Our two primary operating units operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon , Commonwealth Telephone Company and CTSI, both achieved solid results for the quarter. We again achieved record 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. growth with our 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 product - attaining net subscriber growth of 57%, versus the end of last year's fourth quarter. Our balance sheet remains strong, and we are well positioned as we move ahead in 2006." CTE's reported consolidated revenues for the 2005 full year were $333.9 million, a decline of 1% versus the 2004 full year reported revenues of $335.8 million. Consolidated reported operating income was $112.1 million, versus $106.4 million for the 2004 full year, reflecting an increase of 5%. Consolidated capital expenditures were $43.9 million, versus $43.5 million for the 2004 full year. The table below sets forth highlights of CTE's 2005 full year reported consolidated results, versus the 2004 full year consolidated results:
2005 2004 % Change
Full Year Full Year Inc./(Dec.)
--------- --------- -----------
Total Access Lines 461,251 471,842 ( 2%)
Revenues $333.9M $335.8M ( 1%)
Operating Income $112.1M $106.4M 5%
Depreciation and
Amortization $57.9M $71.0M (18%)
CAPEX $43.9M $43.5M 1%
Reported EPS $2.71 $2.60 4%
Commonwealth Telephone Company ("CT") Results CT had a total of 323,555 switched access lines in service at the end of the 2005 fourth quarter - reflecting a reduction of slightly less than 3% versus last year's fourth quarter. CT's residential additional line penetration The successful unauthorized breach of a security perimeter. See penetration test. was 33% at the end of the quarter, down from 36% in the year ago quarter. CT's 2005 fourth quarter reported revenues were $57.8 million, versus reported revenues of $56.2 million in the 2004 fourth quarter, reflecting a growth rate of 3%. For the 2005 full year, reported revenues were $228.5 million, slightly above the $227.7 million of revenues reported by CT for the 2004 full year. CT's 2005 fourth quarter reported operating income was $31.4 million, versus $23.9 million in the 2004 fourth quarter, or an increase of 32%. For the 2005 full year, reported operating income was $111.9 million, versus $100.4 million for the 2004 full year, a growth rate of 11%. CT's reported expenses in the 2005 fourth quarter included the previously mentioned favorable non-cash sales and use tax settlement, which was $2.8 million (pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta ). CT's 2005 fourth quarter CAPEX were $8.6 million, versus $8.0 million in the 2004 fourth quarter. For the 2005 full year, CAPEX were $27.2 million, versus $27.0 million for the 2004 full year. CTSI Results CTSI had a total of 137,696 switched access lines in service at the end of the 2005 fourth quarter - reflecting a 1% decline, versus the 138,820 switched access lines in service at the end of the 2004 fourth quarter. The decline in CTSI's access lines in service was primarily due to a reduction in ISP (1) See in-system programmable. (2) (Internet Service Provider) An organization that provides access to the Internet. Connection to the user is provided via dial-up, ISDN, cable, DSL and T1/T3 lines. customer lines, as the 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. ISP business continued to weaken. CTSI's general business access lines in service increased 5% over the past 12 months. At the end of the 2005 fourth quarter, 99% 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 2005 fourth quarter was 91%/9%, identical to the split at the end of the 2004 fourth quarter. CTSI's 2005 fourth quarter reported revenues were $21.6 million, versus reported revenues of $21.6 million in the 2004 fourth quarter. CTSI's 2005 and 2004 fourth quarter revenues include favorable effects of $0.9 million and $0.8 million, respectively, resulting from certain access revenue settlements. For the 2005 full year, CTSI's reported revenues were $86.5 million, versus 2004 full year reported revenues of $83.6 million. CTSI's 2005 and 2004 reported full year revenues include favorable effects of $2.6 million and $0.8 million, respectively, resulting from certain access revenue settlements. CTSI's reported operating income in the 2005 fourth quarter was $2.9 million, versus reported operating income of $4.5 million in the 2004 fourth quarter. CTSI's 2005 fourth quarter reported operating income includes a $1.2 million favorable effect resulting from the aforementioned a·fore·men·tioned adj. Mentioned previously. n. The one or ones mentioned previously. aforementioned Adjective mentioned before Adj. 1. $0.9 million of favorable access revenue settlements, and a favorable $0.3 million effect resulting from certain network costs settlements. CTSI's 2004 fourth quarter reported operating income includes a $2.5 million favorable effect resulting from the aforementioned $0.8 million of favorable access revenue settlements, and a favorable $1.7 million effect resulting from certain network costs settlements. CTSI's reported operating income in the 2005 full year was $12.9 million, versus reported operating income of $10.4 million in the 2004 full year. CTSI's 2005 full year reported operating income includes a $4.3 million favorable effect resulting from the aforementioned $2.6 million of favorable access revenue settlements, and a favorable $1.7 million effect resulting from certain network costs settlements. CTSI's 2004 full year reported operating income includes a $2.5 million favorable effect resulting from the aforementioned $0.8 million of favorable access revenue settlements, and a favorable $1.7 million effect resulting from certain network costs settlements. CTSI's 2005 fourth quarter capital expenditures were $4.8 million, versus $3.4 million in the year ago quarter. For the 2005 full year, CTSI's CAPEX were $15.3 million, versus 2004 full year CAPEX of $14.9 million. DSL In the 2005 fourth quarter, CTE installed a record 3,125 net new DSL subscribers. CTE had 29,262 DSL subscribers in service at the end of the 2005 fourth quarter, having added a record total of 10,650 net new subscribers over the past 12 months, which reflected a growth rate of 57%, versus the end of last year's fourth quarter. DSL is marketed in CTE's CT and CTSI geographies. 2006 Guidance Outlined The table below sets forth CTE's consolidated 2006 full year guidance and 2006 first quarter EPS guidance, which Mr. Mahoney will review on this morning's conference call and webcast:
2006 Full Year
Item Guidance (1)
---- --------------
Consolidated CTE Access Line Growth (3%) - (1%)
Revenue Growth (1%) - 0%
Operating Income $109M - $111M
Depreciation and Amortization $45M - $46M
Effective Tax Rate 38% - 39%
Diluted EPS - 1Q06 (2) $0.57 - $0.59
Diluted EPS - FY06 (2) $2.43 - $2.49
CAPEX $44M - $47M
(1) Does not reflect any additional common stock repurchases or
conversions of notes.
(2) Includes the effect of anticipated quarterly dividends to be paid
in 2006 (subject to declaration by CTE's Board of Directors).
About CTE Headquartered in Dallas, PA, Commonwealth Telephone Enterprises, Inc., serves business and residential customers with a 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 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). 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 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. CTE deploys broadband DSL technology to offer high-speed Internet access in the CT and CTSI service territories. CTE's support businesses include epix(R) Internet Services (www.epix.net), one of the Northeast's largest rural dial-up 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. This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act and CTE intends that such forward-looking statements be subject to these safe harbors 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. . Such forward-looking statements involve risks and uncertainties that could significantly affect expected results in the future differently than expressed in any forward-looking statements made by CTE. These risks and uncertainties include, but are not limited to, uncertainties related to CTE'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 are subject to access charges, changes in the competitive environment in which CTE operates and receipt of necessary regulatory approvals.
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
THREE MONTHS ENDED DECEMBER 31,
2005
----------------------------------
CT CTSI OTHER TOTAL
-------- -------- ------- --------
Sales $57,803 $21,596 $4,126 $83,525
Costs & Expenses (excluding other
operating expenses) 19,489 13,885 7,612 40,986
Depreciation & Amortization 6,913 4,804 211 11,928
Restructuring Reversals - - - -
-------- -------- ------- --------
Operating Income (Loss) 31,401 2,907 (3,697) 30,611
Interest and Dividend Income 1,339
Interest Expense (3,691)
Other Income (Expense), Net 837
Equity in Income of Unconsolidated
Entities 742
--------
Income before Income Taxes 29,838
Provision for Income Taxes 9,144
--------
Net Income $20,694
========
THREE MONTHS ENDED DECEMBER 31,
2004
----------------------------------
CT CTSI OTHER TOTAL
-------- -------- ------- --------
Sales $56,248 $21,563 $5,830 $83,641
Costs & Expenses (excluding other
operating expenses) 20,125 12,142 6,080 38,347
Depreciation & Amortization 12,260 4,895 481 17,636
Restructuring Reversals - - - -
-------- -------- ------- --------
Operating Income (Loss) 23,863 4,526 (731) 27,658
Interest and Dividend Income 1,726
Interest Expense (4,403)
Other Income (Expense), Net 199
Equity in Income of Unconsolidated
Entities 971
--------
Income before Income Taxes 26,151
Provision for Income Taxes 10,122
--------
Net Income $16,029
========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
YEAR ENDED DECEMBER 31, 2005
-------------------------------------
CT CTSI OTHER TOTAL
--------- -------- -------- ---------
Sales $228,464 $86,495 $18,897 $333,856
Costs & Expenses (excluding other
operating expenses) 79,153 54,315 30,446 163,914
Depreciation & Amortization 37,439 19,271 1,182 57,892
Restructuring Reversals - (31) - (31)
--------- -------- -------- ---------
Operating Income (Loss) 111,872 12,940 (12,731) 112,081
Interest and Dividend Income 8,375
Interest Expense (14,084)
Other Income (Expense), Net (896)
Equity in Income of
Unconsolidated Entities 3,177
---------
Income before Income Taxes 108,653
Provision for Income Taxes 38,545
---------
Net Income $70,108
=========
YEAR ENDED DECEMBER 31, 2004
-------------------------------------
CT CTSI OTHER TOTAL
--------- -------- -------- ---------
Sales $227,666 $83,568 $24,577 $335,811
Costs & Expenses (excluding other
operating expenses) 79,219 53,809 26,161 159,189
Depreciation & Amortization 48,047 20,205 2,722 70,974
Restructuring Reversals - (799) - (799)
--------- -------- -------- ---------
Operating Income (Loss) 100,400 10,353 (4,306) 106,447
Interest and Dividend Income 5,773
Interest Expense (16,800)
Other Income (Expense), Net 686
Equity in Income of
Unconsolidated Entities 3,236
---------
Income before Income Taxes 99,342
Provision for Income Taxes 37,311
---------
Net Income $62,031
=========
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
(Dollars in Thousands, Except Per Share Amounts)
(GAAP)
THREE MONTHS ENDED YEAR ENDED
DECEMBER 31, DECEMBER 31,
----------------------- -----------------------
2005 2004 2005 2004
----------- ----------- ----------- -----------
Net Income $20,694 $16,029 $70,108 $62,031
Net Income Adjustment
for Interest on
Convertible Debt,
Net of Tax 1,878 1,869 7,491 7,480
----------------------- -----------------------
Net Income, as
Adjusted $22,572 $17,898 $77,599 $69,511
======================= =======================
Weighted Average
Common Shares
Outstanding - Basic 21,906,680 21,003,357 21,617,630 21,325,907
Effect of Dilutive
Securities on Shares
Outstanding:
Stock Options and
Restricted Stock 114,067 262,122 262,390 190,608
Convertible Debt 7,285,200 5,263,170 6,712,529 5,263,170
----------------------- -----------------------
Weighted Average
Common Shares
Outstanding - Diluted 29,305,947 26,528,649 28,592,549 26,779,685
======================= =======================
Basic Earnings per
Average Common Share:
Net Income $0.94 $0.76 $3.24 $2.91
======================= =======================
Diluted Earnings per
Average Common Share:
Net Income $0.77 $0.67 $2.71 $2.60
======================= =======================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
SUMMARY OF CERTAIN ITEMS INCLUDED IN REPORTED EPS
(UNAUDITED)
(Dollars in Thousands, Except Per Share Amounts)
YEAR ENDED DECEMBER 31, 2005
----------------------------
Favorable/(unfavorable) items Pre-tax After-tax EPS
----------------------------- ---------- ---------- ------
Access revenue settlements $ 2,608 $ 1,632 $ 0.06
Network costs settlements 1,646 1,031 0.03
Non-cash compensation related to Q2
dividend (2,416) (1,516) (0.05)
Dividend strategy & exchange fees (2,037) (1,278) (0.05)
Sales and use tax settlement 2,764 1,722 0.06
Deferred income tax liability true-up - 1,934 0.07
YEAR ENDED DECEMBER 31, 2004
----------------------------
Favorable/(unfavorable) items Pre-tax After-tax EPS
----------------------------- ---------- ---------- ------
Restructuring reversals $ 799 $ 504 $ 0.02
Network costs settlements 1,701 1,060 0.04
Verizon trunking dispute settlement 760 473 0.02
True-up of income tax liability (979) (1,228) (0.05)
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
DECEMBER 31, DECEMBER 31,
2005 2004
-------------------------
ASSETS
CURRENT ASSETS:
Cash and Temporary Cash Investments $104,968 $312,260
Accounts Receivable and Unbilled Revenues,
Net of Allowance for Doubtful Accounts of
$1,362 in 2005 and $2,185 in 2004 36,528 40,089
Other Current Assets 8,830 8,805
Deferred Income Taxes 11,275 13,388
-------------------------
Total Current Assets 161,601 374,542
-------------------------
PROPERTY PLANT AND EQUIPMENT (NET OF
ACCUMULATED DEPRECIATION OF $550,007 IN 2005
AND $506,711 IN 2004) 368,506 382,523
INVESTMENTS 10,269 10,338
DEFERRED CHARGES AND OTHER ASSETS 15,018 16,028
-------------------------
TOTAL ASSETS $555,394 $783,431
=========================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Dollars in Thousands)
DECEMBER 31, DECEMBER 31,
2005 2004
-------------------------
LIABILITIES AND SHAREHOLDERS' EQUITY
CURRENT LIABILITIES:
Notes Payable $35,000 $35,000
Capital Lease Obligation 360 721
Accounts Payable 26,590 25,012
Advance Billings and Customer Deposits 5,248 5,316
Accrued Expenses 38,937 55,057
Accrued Restructuring Expenses - 344
-------------------------
Total Current Liabilities 106,135 121,450
-------------------------
LONG TERM DEBT 300,000 300,000
CAPITAL LEASE OBLIGATION - 361
DEFERRED INCOME TAXES 72,490 77,279
OTHER LONG TERM LIABILITIES 20,904 18,411
COMMON SHAREHOLDERS' EQUITY:
Common Stock 24,226 24,172
Additional Paid-in Capital 118,723 284,358
Deferred Compensation (16,861) (10,093)
Other Comprehensive Loss (2,415) (830)
Retained Earnings 26,327 86,931
Treasury Stock at Cost, 2,383,564 shares at
December 31, 2005 and 3,049,114 at December
31, 2004 (94,135) (118,608)
-------------------------
Total Common Shareholders' Equity 55,865 265,930
-------------------------
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $555,394 $783,431
=========================
COMMONWEALTH TELEPHONE ENTERPRISES, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Dollars in Thousands)
(GAAP)
YEAR ENDED
DECEMBER 31,
---------------------
2005 2004
---------- ----------
NET CASH PROVIDED BY OPERATING ACTIVITIES $128,505 $142,504
CASH FLOWS FROM INVESTING ACTIVITIES:
Additions to Property, Plant & Equipment (43,875) (43,519)
Other 3,308 3,655
---------- ----------
Net Cash Used in Investing Activities (40,567) (39,864)
---------- ----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Redemption of Long-Term Debt - (29,521)
Redemption of Short-Term Debt - (30,000)
Dividends Paid (315,877) -
Dividends and Exchange Offer Costs (2,149) -
Proceeds from Exercise of Stock Options 23,678 9,136
Capital Lease Payments (722) (777)
Payment Made for Debt Issuance Costs (160) (76)
Stock Repurchases - (75,177)
---------- ----------
Net Cash Used in Financing Activities (295,230) (126,415)
---------- ----------
Net Decrease in Cash and Temporary Cash
Investments (207,292) (23,775)
---------- ----------
Cash and Temporary Cash Investments at Beginning
of Period 312,260 336,035
---------- ----------
Cash and Temporary Cash Investments at End of
Period $104,968 $312,260
========== ==========
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