CenturyTel Achieves Excellent Customer Growth During 1999 and Completes 16th Consecutive Year of Record Earnings.Business Editors MONROE Monroe. 1 Industrial city (1990 pop. 54,909), seat of Ouachita parish, SE La., on the Ouachita River; founded c.1785, inc. as a city 1900. The center of the great Monroe Natural Gas Field (discovered 1915), it has important chemical plants, as well as , La.--(BUSINESS WIRE)--Jan. 27, 2000 CenturyTel CenturyTel, Inc. (NYSE: CTL) formerly named Century Telephone Enterprises, Inc. is a United States telecommunications firm, headquartered in Monroe, Louisiana. , Inc. (NYSE NYSE See: New York Stock Exchange :CTL See control key. 1. CTL - Checkout Test language. 2. CTL - Compiler Target Language. 3. CTL - Computational Tree Logic ) announces operating results for fourth quarter 1999. -- Revenues from recurring re·cur intr.v. re·curred, re·cur·ring, re·curs 1. To happen, come up, or show up again or repeatedly. 2. To return to one's attention or memory. 3. To return in thought or discourse. operations climbed 11.8% to $426.5 million. -- Net income from recurring operations jumped 15.7% to $58.9 million. -- 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 from recurring operations rose 16.7% to $.42. -- Earnings before interest, taxes, depreciation, amortization and gain on sales of assets, from recurring operations increased 8.8% to $214.3 million.
Fourth Quarter Highlights,
excluding the effect of asset
divestitures and
nonrecurring gains and losses
(In thousands, except per Quarter Ended Quarter Ended
share amounts) 12/31/99 12/31/98 % Change
---------- ---------- ----
Revenues (1) $ 426,458 $ 381,446 11.8%
EBITDA (2) $ 214,271 $ 196,922 8.8
Net Income (3) $ 58,942 $ 50,926 15.7
Diluted Earnings Per
Share (3)(4) $ .42 $ .36 16.7
Average Diluted Shares
Outstanding (4) 141,756 140,693 .8
Telephone Revenues (1) $ 293,167 $ 261,143 12.3
Wireless Revenues $ 102,024 $ 98,466 3.6
Other Operations Revenues $ 31,267 $ 21,837 43.2
------------------------------------------------------------------
Telephone Access Lines 1,272,867 1,214,709 4.8%
Wireless Units in
Majority-Owned Markets 707,486 614,045 15.2%
------------------------------------------------------------------
(1) 1999 results include a $9.6 million incremental revenue
contribution from the 1998 acquisition of properties in Wisconsin
from Ameritech
(2) Earnings before interest, taxes, depreciation, amortization and
gain on sales of assets
(3) Excludes after-tax gain on asset sales of $7.6 million, or $.05
per share, and nonrecurring charges of $5.8 million, or $.04 per
share, in fourth quarter 1999
(4) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
&uot;CenturyTel finished 1999 with excellent customer growth during the fourth quarter,&uot; Glen F. Post, III, President and Chief Executive Officer, said. &uot;For the quarter, CenturyTel added 56,600 wireless subscribers, 18,200 long distance customers and 4,700 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 customers. Financial performance from recurring operations was very strong during the quarter. We enter 2000 focused on driving additional growth in our core wireline and wireless operations, aggressively deploying 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, expanding our 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) initiative and completing previously announced acquisitions.&uot; Net income for the quarter from recurring operations climbed 15.7% to $58.9 million from $50.9 million in fourth quarter 1998. Diluted earnings per share from recurring operations increased 16.7% to $.42 from $.36. 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: revenues from recurring operations rose 11.8% to $426.5 million from $381.4 million. 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 from recurring operations grew to $214.3 million from $196.9 million, an 8.8% increase. CenturyTel achieved a consolidated EBITDA margin of 50.2% during the quarter. These results exclude the 1998 contribution to revenues of $33.6 million and associated expenses from the sale of non-strategic assets in Alaska Alaska (əlă`skə), largest in area of the United States but third smallest (exceeding only Vermont and Wyoming) in population, occupying the northwest extremity of the North American continent, separated from the coterminous United States and South Texas during the second quarter 1999. Also excluded are a one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. gain of $7.6 million, or $.05 per share, related to the sale of non-strategic assets and one-time charges of $5.8 million, or $.04 per share, in the fourth quarter of 1999. $4.1 million of these one-time charges is related to a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. taken by BellSouth
Telephone revenues from recurring operations grew 12.3% to $293.2 million during the quarter, compared with $261.1 million in fourth quarter 1998. A prior-year acquisition contributed $9.6 million in incremental Additional or increased growth, bulk, quantity, number, or value; enlarged. Incremental cost is additional or increased cost of an item or service apart from its actual cost. telephone revenues during the quarter. Telephone 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. from recurring operations increased 13.4%, reaching $91.4 million from $80.6 million, and EBITDA from recurring operations rose 12.7% to $159.8 million from $141.7 million a year ago. CenturyTel's fourth quarter telephone EBITDA margin was 54.5% while the operating income margin was 31.2% from recurring operations. These results exclude the 1998 contribution to revenues of $31.2 million and associated expenses from telephone properties in Alaska that were sold during second quarter 1999. &uot;During the quarter, CenturyTel deployed DSL service utilizing the new G-lite equipment and the demand has been very strong. In addition, we successfully initiated a CLEC trial in Shreveport Shreveport (shrēv`pôrt), city (1990 pop. 198,525), seat of Caddo parish, NW La., on the Red River near the Tex. and Ark. lines; inc. 1839. , Louisiana Louisiana (ləwē'zēăn`ə, l  ē'–), state in the S central United States. It is bounded by Mississippi, with the Mississippi R. , during the quarter and we look forward to making our CLEC
services commercially available during the first half of 2000,&uot;
Post said.
Wireless revenues from recurring operations grew 3.6% to $102.0 million in fourth quarter 1999, compared with $98.5 million in fourth quarter 1998. Wireless operating income from recurring operations was $22.1 million compared to $25.1 million, an 11.7% decrease, and EBITDA from recurring operations decreased 3.3% to $39.8 million compared to $41.1 million a year ago. Higher customer growth directly increased sales and marketing expenses which reduced operating income and cash flow for the quarter. CenturyTel's fourth quarter wireless EBITDA margin was 39.0% (40.3% based on service revenues), and operating income margin was 21.7% (22.4% based on service revenues). Average monthly cellular service revenue per user (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 $49 during fourth quarter 1999, a 10.9% decrease from $55 a year ago. The average monthly churn rate (1) The percentage of customers who cancel their online, cellphone or other subscription service during a certain time period. (2) The percentage of employees who leave the company during a certain time period. See churning. was 1.9%. These results exclude the 1998 contribution to revenues of $3.7 million and associated expenses from cellular properties in South Texas and Alaska that were sold during second quarter 1999. &uot;CenturyTel achieved company-record fourth quarter wireless customer growth as we added more than 56,000 wireless subscribers, surpassing the 700,000 wireless customer mark. 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 accelerated 73% for the year, while customer churn churn: see butter. declined 33 basis points. This strong customer growth led to increased sales and marketing costs in the current quarter but should generate additional revenue in future quarters,&uot; Post said. Other operations revenues from recurring operations grew 43.2% to $31.3 million during fourth quarter 1999, compared with $21.8 million in fourth quarter 1998. CenturyTel's long distance business generated $7.9 million of the increase in other operations revenues. CenturyTel now serves more than 303,700 long distance customers, adding nearly 18,200 during the quarter. CenturyTel recently announced its intentions to close its operator services A variety of telephone services that require human intervention, including person-to-person calls, collect calls, credit card billing and directory and dialing assistance. Such services are performed by LECs, IXCs and alternative operator services (AOS), organizations that are used by call center business due to continuing losses and the lack of viable long-term Long-term Three or more years. In the context of accounting, more than 1 year. long-term 1. Of or relating to a gain or loss in the value of a security that has been held over a specific length of time. Compare short-term. growth prospects. &uot;CenturyTel's long distance customer base surpassed the 300,000 customer mark as long distance revenues jumped 49% to $24 million for the quarter,&uot; Post said. For the full year of 1999, net income from recurring operations climbed 22.7% to $237.9 million from $193.9 million in 1998. Diluted earnings per share increased 20.9% to $1.68 from $1.39, and consolidated revenues rose 12.4% to $1.6 billion from $1.4 billion. EBITDA grew to $861.2 million from $765.4 million, a 12.5% increase. These results exclude the revenue impact and associated expenses related to the sale of the assets in Alaska and South Texas, which occurred in second quarter 1999. Also excluded are one-time gains of $7.3 million, or $.05 per share, related to the sale of non-strategic assets and one-time charges of $5.8 million, or $.04 per share, during 1999. &uot;CenturyTel generated free-cash flow of $167 million, demonstrating our financial strength and ability to reduce debt. We reduced long-term debt Long-Term Debt Loans and financial obligations lasting over one year. Notes: For example debts obligations such as bonds and notes which have maturities greater than one year would be considered long-term debt. by $470 million during 1999, utilizing free-cash flow and proceeds from asset sales,&uot; Post said. In addition to historical information, this release includes certain 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 are subject to uncertainties that could cause the Company's actual results to differ materially from such statements. Such uncertainties include but are not limited to: the effects of ongoing deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. in the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. industry; the effects of greater than anticipated competition in the Company's markets; possible changes in the demand for the Company's products and services; the Company's ability to successfully introduce new offerings on a timely and cost-effective cost-effective, n the minimal expenditure of dollars, time, and other elements necessary to achieve the health care result deemed necessary and appropriate. basis; the risks inherent in rapid technological change; the Company's ability to effectively manage its growth, including the timely consummation CONSUMMATION. The completion of a thing; as the consummation of marriage; (q.v.) the consummation of a contract, and the like. 2. A contract is said to be consummated, when everything to be done in relation to it, has been accomplished. of pending acquisitions, and integrating newly-acquired properties into the Company's operations; and the effects of more general factors such as changes in overall market or economic conditions or in legislation, regulation or public policy. These and other uncertainties related to the Company's business are described in greater detail in the Company's Annual Report on 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 the year ended December December: see month. 31, 1998. CenturyTel, Inc. provides integrated communications services including local exchange, wireless, long distance, Internet access See how to access the Internet. and security monitoring services The general surveillance of known air traffic movements by reference to a radar scope presentation or other means, for the purpose of passing advisory information concerning conflicting traffic or providing navigational assistance. to more than two million customers in 21 states. The company, headquartered in Monroe, Louisiana The city of Monroe is the parish seat of Ouachita Parish, in the US state of Louisiana. [1] [2] It is the principal city of the Monroe, Louisiana Metropolitan Statistical Area (pop. , is publicly traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. under the symbol CTL. CenturyTel is the seventh largest local exchange telephone company, based on access lines, and the ninth largest cellular company, based on population equivalents owned, in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. . Visit CenturyTel's corporate website at www.centurytel.com.
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
In thousands, except INCREASE
per share amounts 1999 1998 (DECREASE)
--------- --------- ------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 87,415 88,072 (0.7%)
Network access 171,377 167,007 2.6%
Other 34,375 35,999 (4.5%)
--------- ---------
293,167 291,078 0.7%
--------- ---------
Operating expenses
Plant operations 65,904 68,555 (3.9%)
Customer operations 23,109 24,596 (6.0%)
Corporate and other 44,400 40,849 8.7%
Depreciation and amortization 68,313 68,377 (0.1%)
--------- ---------
201,726 202,377 (0.3%)
--------- ---------
Telephone operating income 91,441 88,701 3.1%
--------- ---------
WIRELESS OPERATIONS
Operating revenues
Service revenues 98,619 99,343 (0.7%)
Equipment sales 3,405 2,780 22.5%
--------- ---------
102,024 102,123 (0.1%)
--------- ---------
Operating expenses
Cost of equipment sold 7,560 5,781 30.8%
System operations 14,472 15,764 (8.2%)
General, administrative and
customer service 19,456 20,565 (5.4%)
Sales and marketing 20,773 16,949 22.6%
Depreciation and amortization 17,630 17,071 3.3%
--------- ---------
79,891 76,130 4.9%
--------- ---------
Wireless operating income 22,133 25,993 (14.9%)
--------- ---------
OTHER OPERATIONS
Operating revenues 31,267 21,837 43.2%
--------- ---------
Operating expenses
Cost of sales and other 25,499 15,706 62.4%
Depreciation and amortization 2,580 818 215.4%
--------- ---------
28,079 16,524 69.9%
--------- ---------
Other operating income 3,188 5,313 (40.0%)
--------- ---------
TOTAL OPERATING INCOME 116,762 120,007 (2.7%)
OTHER INCOME (EXPENSE)
Interest expense (35,832) (40,767) (12.1%)
Income from unconsolidated
cellular entities 762 7,764 (90.2%)
Minority interest (2,353) (2,533) (7.1%)
Gain on sales of assets 11,648 - -
Other income and expense 2,468 2,814 (12.3%)
Income tax expense (32,782) (35,091) (6.6%)
--------- ---------
NET INCOME $ 60,673 52,194 16.2%
========= =========
EARNINGS PER SHARE (1)
Basic (2) $ 0.43 0.38 13.2%
Diluted (3) $ 0.43 0.37 16.2%
SHARES OUTSTANDING (1)
Basic 139,372 137,469 1.4%
Diluted 141,756 140,693 0.8%
DIVIDENDS PER COMMON SHARE (1) $ 0.0450 0.0433 3.9%
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
(2) Excluding the effect of asset divestitures and nonrecurring gains
and losses, basic earnings per share were $.42 and $.37 for 1999
and 1998, respectively
(3) Excluding the effect of asset divestitures and nonrecurring gains
and losses, diluted earnings per share were $.42 and $.36 for
1999 and 1998, respectively
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
Excludes the effect of asset
divestitures and nonrecurring
gains and losses
In thousands, except INCREASE
per share amounts 1999 1998 (DECREASE)
--------- --------- -------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 87,415 78,503 11.4%
Network access 171,377 152,163 12.6%
Other 34,375 30,477 12.8%
--------- ---------
293,167 261,143 12.3%
--------- ---------
Operating expenses
Plant operations 65,904 58,539 12.6%
Customer operations 23,109 21,767 6.2%
Corporate and other 44,400 39,096 13.6%
Depreciation and amortization 68,313 61,118 11.8%
--------- ---------
201,726 180,520 11.7%
--------- ---------
Telephone operating income 91,441 80,623 13.4%
--------- ---------
WIRELESS OPERATIONS
Operating revenues
Service revenues 98,619 95,755 3.0%
Equipment sales 3,405 2,711 25.6%
--------- ---------
102,024 98,466 3.6%
--------- ---------
Operating expenses
Cost of equipment sold 7,560 5,619 34.5%
System operations 14,472 15,080 (4.0%)
General, administrative and
customer service 19,456 20,039 (2.9%)
Sales and marketing 20,773 16,601 25.1%
Depreciation and amortization 17,630 16,069 9.7%
--------- ---------
79,891 73,408 8.8%
--------- ---------
Wireless operating income 22,133 25,058 (11.7%)
--------- ---------
OTHER OPERATIONS
Operating revenues 31,267 21,837 43.2%
--------- ---------
Operating expenses
Cost of sales and other 24,250 15,706 54.4%
Depreciation and amortization 1,080 818 32.0%
--------- ---------
25,330 16,524 53.3%
--------- ---------
Other operating income 5,937 5,313 11.7%
--------- ---------
TOTAL OPERATING INCOME 119,511 110,994 7.7%
OTHER INCOME (EXPENSE)
Interest expense (35,832) (34,968) 2.5%
Income from unconsolidated
cellular entities 7,622 7,764 (1.8%)
Minority interest (2,353) (2,533) (7.1%)
Other income and expense 2,468 2,692 (8.3%)
Income tax expense (32,474) (33,023) (1.7%)
--------- ---------
NET INCOME $ 58,942 50,926 15.7%
========= =========
EARNINGS PER SHARE (1)
Basic $ 0.42 0.37 13.5%
Diluted $ 0.42 0.36 16.7%
SHARES OUTSTANDING (1)
Basic 139,372 137,469 1.4%
Diluted 141,756 140,693 0.8%
DIVIDENDS PER COMMON SHARE (1) $ 0.0450 0.0433 3.9%
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
In thousands, except INCREASE
per share amounts 1999 1998 (DECREASE)
----------- ----------- ------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 353,534 331,736 6.6%
Network access 654,003 629,583 3.9%
Other 135,056 130,291 3.7%
----------- -----------
1,142,593 1,091,610 4.7%
----------- -----------
Operating expenses
Plant operations 262,864 245,164 7.2%
Customer operations 91,077 92,552 (1.6%)
Corporate and other 160,819 157,293 2.2%
Depreciation and amortization 275,476 262,893 4.8%
----------- -----------
790,236 757,902 4.3%
----------- -----------
Telephone operating income 352,357 333,708 5.6%
----------- -----------
WIRELESS OPERATIONS
Operating revenues
Service revenues 411,492 398,739 3.2%
Equipment sales 10,777 9,088 18.6%
----------- -----------
422,269 407,827 3.5%
----------- -----------
Operating expenses
Cost of equipment sold 21,408 16,992 26.0%
System operations 56,866 60,049 (5.3%)
General, administrative and
customer service 79,569 81,350 (2.2%)
Sales and marketing 61,903 57,967 6.8%
Depreciation and amortization 68,593 62,345 10.0%
----------- -----------
288,339 278,703 3.5%
----------- -----------
Wireless operating income 133,930 129,124 3.7%
----------- -----------
OTHER OPERATIONS
Operating revenues 111,807 77,648 44.0%
----------- -----------
Operating expenses
Cost of sales and other 85,278 57,353 48.7%
Depreciation and amortization 4,747 3,316 43.2%
----------- -----------
90,025 60,669 48.4%
----------- -----------
Other operating income 21,782 16,979 28.3%
----------- -----------
TOTAL OPERATING INCOME 508,069 479,811 5.9%
OTHER INCOME (EXPENSE)
Interest expense (150,557) (167,552) (10.1%)
Income from unconsolidated
cellular entities 27,675 32,869 (15.8%)
Minority interest (27,913) (12,797) 118.1%
Gain on sales of assets 62,808 49,859 26.0%
Other income and expense 9,190 5,268 74.4%
Income tax expense (189,503) (158,701) 19.4%
----------- -----------
NET INCOME $ 239,769 228,757 4.8%
=========== ===========
EARNINGS PER SHARE (1)
Basic (2) $ 1.72 1.67 3.0%
Diluted (3) $ 1.70 1.64 3.7%
SHARES OUTSTANDING (1)
Basic 138,848 137,010 1.3%
Diluted 141,432 140,105 0.9%
DIVIDENDS PER COMMON SHARE (1) $ 0.1800 0.1732 3.9%
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
(2) Excluding the effect of asset divestitures and nonrecurring gains
and losses, basic earnings per share were $1.71 and $1.41 for
1999 and 1998, respectively
(3) Excluding the effect of asset divestitures and nonrecurring gains
and losses, diluted earnings per share were $1.68 and $1.39 for
1999 and 1998, respectively
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
Excludes the effect of asset
divestitures and nonrecurring
gains and losses
In thousands, except INCREASE
per share amounts 1999 1998 (DECREASE)
----------- ---------- ------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 339,123 294,480 15.2%
Network access 631,819 569,555 10.9%
Other 126,418 109,665 15.3%
----------- ----------
1,097,360 973,700 12.7%
----------- ----------
Operating expenses
Plant operations 248,419 208,305 19.3%
Customer operations 87,097 81,234 7.2%
Corporate and other 157,276 148,234 6.1%
Depreciation and amortization 264,837 234,496 12.9%
----------- ----------
757,629 672,269 12.7%
----------- ----------
Telephone operating income 339,731 301,431 12.7%
----------- ----------
WIRELESS OPERATIONS
Operating revenues
Service revenues 404,354 385,306 4.9%
Equipment sales 10,649 8,746 21.8%
----------- ----------
415,003 394,052 5.3%
----------- ----------
Operating expenses
Cost of equipment sold 21,190 16,390 29.3%
System operations 55,820 56,994 (2.1%)
General, administrative and
customer service 78,465 79,113 (0.8%)
Sales and marketing 61,350 56,258 9.1%
Depreciation and amortization 67,088 58,468 14.7%
----------- ----------
283,913 267,223 6.2%
----------- ----------
Wireless operating income 131,090 126,829 3.4%
----------- ----------
OTHER OPERATIONS
Operating revenues 111,807 77,648 44.0%
----------- ----------
Operating expenses
Cost of sales and other 84,029 57,353 46.5%
Depreciation and amortization 3,247 3,316 (2.1%)
----------- ----------
87,276 60,669 43.9%
----------- ----------
Other operating income 24,531 16,979 44.5%
----------- ----------
TOTAL OPERATING INCOME 495,352 445,239 11.3%
OTHER INCOME (EXPENSE)
Interest expense (137,014) (144,099) (4.9%)
Income from unconsolidated
cellular entities 34,535 32,869 5.1%
Minority interest (12,283) (12,797) (4.0%)
Other income and expense 8,382 3,813 119.8%
Income tax expense (151,046) (131,166) 15.2%
----------- ----------
NET INCOME $ 237,926 193,859 22.7%
=========== ==========
EARNINGS PER SHARE (1)
Basic $ 1.71 1.41 21.3%
Diluted $ 1.68 1.39 20.9%
SHARES OUTSTANDING (1)
Basic 138,848 137,010 1.3%
Diluted 141,432 140,105 0.9%
DIVIDENDS PER COMMON SHARE (1) $ 0.1800 0.1732 3.9%
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1999 AND 1998
(UNAUDITED)
1999 1998
----------- ----------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 56,640 5,742
Other current assets 240,061 220,496
----------- -----------
Total current assets 296,701 226,238
----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Telephone 3,445,932 3,660,252
Wireless 472,725 436,897
Other 275,250 192,509
Accumulated depreciation (1,937,449) (1,938,205)
----------- -----------
Net property, plant and
equipment 2,256,458 2,351,453
------------ -----------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets
acquired 1,625,023 1,956,701
Other 509,422 401,063
----------- -----------
Total investments and other
assets 2,134,445 2,357,764
----------- -----------
TOTAL ASSETS $ 4,687,604 4,935,455
=========== ===========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term
debt $ 68,535 53,010
Other current liabilities 237,846 251,834
----------- -----------
Total current liabilities 306,381 304,844
LONG-TERM DEBT 2,071,874 2,558,000
DEFERRED CREDITS AND OTHER
LIABILITIES 461,357 541,129
STOCKHOLDERS' EQUITY 1,847,992 1,531,482
----------- -----------
TOTAL LIABILITIES AND EQUITY $ 4,687,604 4,935,455
=========== ===========
CAPITAL EXPENDITURES
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
INC
1999 1998 (DEC)
----------- ----------- --------
(in thousands)
Telephone $ 233,512 233,190 0.1%
Wireless 58,760 57,326 2.5%
Corporate and other 97,708 29,087 235.9%
----------- -----------
Total capital expenditures $ 389,980 319,603 22.0%
=========== ===========
CAPITAL EXPENDITURES
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
INC
1999 1998 (DEC)
----------- ----------- --------
(in thousands)
Telephone $ 88,334 91,227 (3.2%)
Wireless 14,498 7,429 95.2%
Corporate and other 50,150 11,918 320.8%
----------- ----------
Total capital expenditures $ 152,982 110,574 38.4%
=========== ==========
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