CenturyTel Achieves Second Quarter Earnings Per Share of 38 Cents.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)--July 26, 2001 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 second quarter 2001. -- Revenues climbed 22.6% to $518.9 million. -- Excluding nonrecurring gains and losses, earnings before interest, taxes, depreciation and amortization (EBITDA) increased 18.9% to $261.3 million. -- Net income, excluding nonrecurring gains and losses, was $53.5 million. -- Excluding nonrecurring gains and losses, cash earnings per share was $.48. -- Diluted earnings per share, excluding nonrecurring gains and losses, was $.38. Second Quarter Highlights (Excluding nonrecurring gains and losses) (Dollars in thousands, Qtr Ended Qtr Ended except per share amounts) 6/30/2001 6/30/2000 % Change ---------------------------------- ----------- ----------- -------- Revenues $ 518,936 $ 423,156 22.6% EBITDA $ 261,270 $ 219,649 18.9% Net Income $ 53,538 $ 57,845 (7.4%) Cash Earnings Per Share $ .48 $ .50 (4.0%) Diluted Earnings Per Share $ .38 $ .41 (7.3%) Average Diluted Shares Outstanding 142,059 141,732 .2% Telephone Revenues $ 367,884 $ 276,088 33.2% Wireless Revenues $ 109,686 $ 111,142 (1.3%) Other Operations Revenues $ 41,366 $ 35,926 15.1% ---------------------------------- ----------- ----------- -------- Telephone Access Lines 1,807,950 1,296,043 39.5% Wireless Units in Majority-Owned Markets 779,958 749,400 4.1% "CenturyTel achieved revenue growth of more than 22% as a result of contributions from acquisitions coupled with strong growth in our long distance and 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 businesses," said Glen F. Post, III, President and Chief Executive Officer. "Despite a sluggish economy Sluggish Economy A state in the economy in which the growth is slow, flat or declining. The term can refer to the economy as a whole or a component of the economy, such as weak housing starts. which has led to weaker telephone access line growth, we continue to see strong demand for data services. Excluding acquisitions, data revenues jumped 29% this quarter. During the quarter we reached another milestone “Milemarker” redirects here. For the American indie rock band, see Milemarker (band). A milestone or kilometre sign is one of a series of numbered markers placed along a road at regular intervals, typically at the side of the road or in a median. in our long distance business as we surpassed the 400,000 customer mark." CenturyTel experienced non-recurring pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta items of $158.6 million related to a gain on sale of PCS (1) (Personal Communications Services) Refers to wireless services that emerged after the U.S. government auctioned commercial licenses in 1994 and 1995. This radio spectrum in the 1. spectrum net of the write-down Write-Down Reducing the book value of an asset because it is overvalued compared to the market value. Notes: This is usually reflected in the company's income statement as an expense, thereby reducing net income. of certain non-operating assets Non-Operating Asset Assets that are unnecessary to the ongoing operations of a business. Notes: Sometimes referred to as "redundant assets." See also: Non-operating Cash Flows, Operating Expenses, Operating Income . Financial data presented in the body of the press release excludes these one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. items. 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 rose 22.6% to $518.9 million from $423.2 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 grew to $261.3 million from $219.6 million, an 18.9% increase. CenturyTel achieved a consolidated EBITDA margin of 50.3% during the quarter. Net income was $53.5 million in the second quarter of 2001 compared to $57.8 million in the second quarter 2000. The decline in net income is due to higher interest expense, amortization of goodwill stemming stemming - stemmer from acquisitions, certain 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. issues that are being addressed, and higher expenses related to 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) and 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 growth initiatives. Cash earnings per share was $.48 in second quarter 2001 compared to $.50 in second quarter 2000. 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 was $.38 in the second quarter 2001 compared to $.41 in second quarter 2000. Telephone revenues grew 33.2% to $367.9 million during the quarter compared with $276.1 million in second quarter 2000. The 493,000 access lines acquired from Verizon during 2000 contributed $86.7 million in telephone revenues during the second 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. increased 20.0%, reaching $99.4 million from $82.8 million in second quarter 2000, and EBITDA rose 31.8% to $198.3 million from $150.5 million a year ago. CenturyTel's second quarter telephone EBITDA margin was 53.9% while the operating income margin was 27.0%. "CenturyTel continues to make solid progress resolving regulatory issues in Arkansas Arkansas, river, United States Arkansas (ärkăn`zəs, är`kənsô'), river, c.1,450 mi (2,330 km) long, rising in the Rocky Mts., central Colo. and Wisconsin Wisconsin, state, United States Wisconsin (wĭskŏn`sən, –sĭn), upper midwestern state of the United States. It is bounded by Lake Superior and the Upper Peninsula of Michigan, from which it is divided by the Menominee , which, once resolved, should enhance our financial performance over the remainder of the year," Post said. Wireless revenues declined 1.3% to $109.7 million in second quarter 2001 compared with $111.1 million in second quarter 2000. Roaming The ability to use a communications device such as a cellphone or PDA and be able to move from one cell or access point to another without losing the connection. revenues declined 3.6% to $22.4 million compared to $23.2 million a year ago. Wireless operating income was $31.0 million compared to $32.8 million, a 5.5% decrease, and EBITDA decreased 5.9% to $46.6 million compared to $49.6 million a year ago. CenturyTel's second quarter wireless EBITDA margin was 43.5% based on service revenues, and the operating income margin was 29.0% based on service revenues. Net wireless 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. additions were 11,100 for the quarter. Average monthly cellular service revenue per user was $46 during second quarter 2001. "CenturyTel's continued focus on post-paid Adv. 1. post-paid - having the postage paid by the sender; "I will send it post-paid" post-free post-paid adj → porte pagado post-paid adj (Brit wireless customer growth resulted in a 36% increase in post-paid net additions from first quarter 2001 levels," Post said. Other operations revenues grew 15.1% to $41.4 million during second quarter 2001 compared with $35.9 million in second quarter 2000. CenturyTel's long distance revenues increased 13.6% to $28.5 million from $25.1 million. CenturyTel now serves more than 414,000 long distance customers, adding more than 21,500 during the quarter. Internet revenues rose 65.3% to $8.7 million from $5.3 million. The company experienced a $3.1 million operating loss operating loss The excess of operating expenses over revenue. As with operating income, operating losses exclude revenues and expenses from operations that are not considered a regular part of the business. Also called deficit. Compare operating income. this quarter in its Internet operations due to startup (STARTing UP) "At startup" means when the computer is first turned on or when a program is first loaded. See Startup folder. expenses pertaining per·tain intr.v. per·tained, per·tain·ing, per·tains 1. To have reference; relate: evidence that pertains to the accident. 2. to the rapid growth of DSL. CenturyTel now serves more than 15,700 DSL customers, adding more than 4,300 during the quarter. CLEC operating losses were $2.7 million during the quarter. "DSL and Internet service remain the fastest growing areas of our business. We are pleased with the demand for these services," Post said. During the first six months of 2001, net income decreased 4.0% to $101.5 million from $105.7 million in 2000. Diluted earnings per share declined 5.3% to $.71 from $.75, and consolidated revenues increased 23.8% to $1,034.9 million from $836.1 million. 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.
CenturyTel provides updated financial guidance for 2001. Due principally to continued weakness in the general economy, CenturyTel is reducing its 2001 revenue and operating cash flow Operating cash flow Earnings before depreciation minus taxes. Measures the cash generated from operations, not counting capital spending or working capital requirements. guidance. For the year, the company anticipates achieving total revenues and operating cash flow in the range of $2.10 billion to $2.14 billion and $1.01 billion to $1.04 billion, respectively. The company still believes it can achieve the annual 2001 earnings guidance provided last quarter. The company continues to estimate that cash earnings per share, before one-time items, will be $1.94 to $2.04. For 2001, earnings per share, before one-time items, will be within the range of $1.52 to $1.62. For the third quarter, total revenues are expected to range from $520 million to $535 million. CenturyTel believes third quarter operating cash flow will be in the range of $250 million to $265 million. Cash earnings per share is anticipated to be $.47 to $.52, while earnings per share is expected to be in the range of $.37 to $.42. All amounts 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). above exclude one-time items. In addition to historical information, this release includes 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. , estimates and projections that are based on current expectations only, and are subject to a number of risks, uncertainties and assumptions, many of which are beyond the control of CenturyTel. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize ma·te·ri·al·ize v. ma·te·ri·al·ized, ma·te·ri·al·iz·ing, ma·te·ri·al·iz·es v.tr. 1. To cause to become real or actual: By building the house, we materialized a dream. , or if underlying assumptions prove incorrect Incorrect means to not be correct and may also refer to:
ongoing current - occurring in or belonging to the present time; "current events"; "the current topic"; "current negotiations"; "current psychoanalytic theories"; "the ship's current position" changes in the regulation of the Company or the communications industry communications industry, broadly defined, the business of conveying information. Although communication by means of symbols and gestures dates to the beginning of human history, the term generally refers to mass communications. generally; the effects of greater than anticipated competition in the Company's markets; possible changes in the demand for, or pricing of, 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; higher than anticipated interest rates; 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, 2000. The information contained in this release is as of July July: see month. 26, 2001. The Company undertakes no obligation to update or revise any of this information whether a result of new information, future events or developments, or otherwise. CenturyTel's management will be hosting a conference call July 26 at 10:30 A.M. Central time to discuss second quarter earnings and the outlook for 2001. Investors can access CenturyTel's earnings conference call and replay by accessing the company's Web site at www.centurytel.com CenturyTel, Inc. provides communications services including local exchange, wireless, long distance, Internet access See how to access the Internet. and data services to more than three 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 8th largest local exchange telephone company, based on access lines, and the 8th 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 Web site at www.centurytel.com
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
In thousands, except per share INCREASE
amounts 2001 2000 (DECREASE)
-------- -------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 123,293 90,527 36.2%
Network access 212,570 160,933 32.1%
Other 32,021 24,628 30.0%
-------- --------
367,884 276,088 33.2%
-------- --------
Operating expenses
Plant operations 93,490 59,763 56.4%
Customer operations 28,814 25,509 13.0%
Corporate and other 47,271 40,336 17.2%
Depreciation and amortization 98,927 67,631 46.3%
-------- --------
268,502 193,239 38.9%
-------- --------
Telephone operating income 99,382 82,849 20.0%
-------- --------
WIRELESS OPERATIONS
Operating revenues
Service revenues 107,102 107,351 (0.2%)
Equipment sales 2,584 3,791 (31.8%)
-------- --------
109,686 111,142 (1.3%)
-------- --------
Operating expenses
Cost of equipment sold 5,837 6,356 (8.2%)
System operations 17,175 16,380 4.9%
General, administrative and
customer service 21,055 19,421 8.4%
Sales and marketing 18,996 19,431 (2.2%)
Depreciation and amortization 15,606 16,742 (6.8%)
-------- --------
78,669 78,330 0.4%
-------- --------
Wireless operating income 31,017 32,812 (5.5%)
-------- --------
OTHER OPERATIONS
Operating revenues
Long distance 28,514 25,099 13.6%
Internet 8,718 5,273 65.3%
Other 4,134 5,554 (25.6%)
-------- --------
41,366 35,926 15.1%
-------- --------
Operating expenses
Cost of sales and other 34,897 25,299 37.9%
Depreciation and amortization 1,663 1,396 19.1%
-------- --------
36,560 26,695 37.0%
-------- --------
Other operating income 4,806 9,231 (47.9%)
-------- --------
TOTAL OPERATING INCOME 135,205 124,892 8.3%
OTHER INCOME (EXPENSE)
Nonrecurring gains and losses 156,428 - -
Interest expense (57,358) (35,267) 62.6%
Income from unconsolidated
cellular entities 10,705 9,475 13.0%
Minority interest (3,263) (2,871) 13.7%
Other income and expense 4,578 2,384 92.0%
Income tax expense (92,054) (40,768) 125.8%
-------- --------
NET INCOME $ 154,241 57,845 166.6%
======== ========
EARNINGS PER SHARE
Basic $ 1.10 0.41 168.3%
Diluted $ 1.09 0.41 165.9%
SHARES OUTSTANDING
Basic 140,720 139,995 0.5%
Diluted 142,059 141,732 0.2%
DIVIDENDS PER COMMON SHARE $ 0.0500 0.0475 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
Excludes nonrecurring gains and losses
In thousands, except per share INCREASE
amounts 2001 2000 (DECREASE)
-------- -------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 123,293 90,527 36.2%
Network access 212,570 160,933 32.1%
Other 32,021 24,628 30.0%
-------- --------
367,884 276,088 33.2%
-------- --------
Operating expenses
Plant operations 93,490 59,763 56.4%
Customer operations 28,814 25,509 13.0%
Corporate and other 47,271 40,336 17.2%
Depreciation and amortization 98,927 67,631 46.3%
-------- --------
268,502 193,239 38.9%
-------- --------
Telephone operating income 99,382 82,849 20.0%
-------- --------
WIRELESS OPERATIONS
Operating revenues
Service revenues 107,102 107,351 (0.2%)
Equipment sales 2,584 3,791 (31.8%)
-------- --------
109,686 111,142 (1.3%)
-------- --------
Operating expenses
Cost of equipment sold 5,837 6,356 (8.2%)
System operations 17,175 16,380 4.9%
General, administrative and
customer service 21,055 19,421 8.4%
Sales and marketing 18,996 19,431 (2.2%)
Depreciation and amortization 15,606 16,742 (6.8%)
-------- --------
78,669 78,330 0.4%
-------- --------
Wireless operating income 31,017 32,812 (5.5%)
-------- --------
OTHER OPERATIONS
Operating revenues
Long distance 28,514 25,099 13.6%
Internet 8,718 5,273 65.3%
Other 4,134 5,554 (25.6%)
-------- --------
41,366 35,926 15.1%
-------- --------
Operating expenses
Cost of sales and other 34,897 25,299 37.9%
Depreciation and amortization 1,663 1,396 19.1%
-------- --------
36,560 26,695 37.0%
-------- --------
Other operating income 4,806 9,231 (47.9%)
-------- --------
TOTAL OPERATING INCOME 135,205 124,892 8.3%
OTHER INCOME (EXPENSE)
Interest expense (57,358) (35,267) 62.6%
Income from unconsolidated
cellular entities 8,541 9,475 (9.9%)
Minority interest (3,250) (2,871) 13.2%
Other income and expense 4,578 2,384 92.0%
Income tax expense (34,178) (40,768) (16.2%)
-------- --------
NET INCOME $ 53,538 57,845 (7.4%)
======== ========
EARNINGS PER SHARE
Basic $ 0.38 0.41 (7.3%)
Diluted $ 0.38 0.41 (7.3%)
SHARES OUTSTANDING
Basic 140,720 139,995 0.5%
Diluted 142,059 141,732 0.2%
DIVIDENDS PER COMMON SHARE $ 0.0500 0.0475 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
In thousands, except per share INCREASE
amounts 2001 2000 (DECREASE)
-------- -------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 244,454 178,592 36.9%
Network access 426,437 323,186 31.9%
Other 68,242 51,236 33.2%
-------- --------
739,133 553,014 33.7%
-------- --------
Operating expenses
Plant operations 187,375 122,539 52.9%
Customer operations 58,071 48,270 20.3%
Corporate and other 94,036 79,868 17.7%
Depreciation and amortization 196,288 134,991 45.4%
-------- --------
535,770 385,668 38.9%
-------- --------
Telephone operating income 203,363 167,346 21.5%
-------- --------
WIRELESS OPERATIONS
Operating revenues
Service revenues 208,202 203,974 2.1%
Equipment sales 5,890 7,572 (22.2%)
-------- --------
214,092 211,546 1.2%
-------- --------
Operating expenses
Cost of equipment sold 11,681 14,536 (19.6%)
System operations 34,641 32,033 8.1%
General, administrative and
customer service 41,792 37,627 11.1%
Sales and marketing 37,821 41,556 (9.0%)
Depreciation and amortization 32,220 33,091 (2.6%)
-------- --------
158,155 158,843 (0.4%)
-------- --------
Wireless operating income 55,937 52,703 6.1%
-------- --------
OTHER OPERATIONS
Operating revenues
Long distance 56,114 49,926 12.4%
Internet 17,117 10,285 66.4%
Other 8,488 11,341 (25.2%)
-------- --------
81,719 71,552 14.2%
-------- --------
Operating expenses
Cost of sales and other 68,486 52,789 29.7%
Depreciation and amortization 3,120 2,498 24.9%
-------- --------
71,606 55,287 29.5%
-------- --------
Other operating income 10,113 16,265 (37.8%)
-------- --------
TOTAL OPERATING INCOME 269,413 236,314 14.0%
OTHER INCOME (EXPENSE)
Nonrecurring gains and losses 156,428 9,910 1,478.5%
Interest expense (119,061) (71,309) 67.0%
Income from unconsolidated
cellular entities 16,026 8,016 99.9%
Minority interest (5,912) (5,163) 14.5%
Other income and expense 7,501 6,613 13.4%
Income tax expense (123,432) (77,252) 59.8%
-------- --------
NET INCOME $ 200,963 107,129 87.6%
======== ========
EARNINGS PER SHARE
Basic $ 1.43 0.76 88.2%
Diluted $ 1.41 0.76 85.5%
SHARES OUTSTANDING
Basic 140,656 139,874 0.6%
Diluted 142,271 141,729 0.4%
DIVIDENDS PER COMMON SHARE $ 0.1000 0.0950 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
SIX MONTHS ENDED JUNE 30, 2001 AND 2000
(UNAUDITED)
Excludes nonrecurring gains and losses
In thousands, except per share INCREASE
amounts 2001 2000 (DECREASE)
-------- -------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 244,454 178,592 36.9%
Network access 426,437 323,186 31.9%
Other 68,242 51,236 33.2%
-------- --------
739,133 553,014 33.7%
-------- --------
Operating expenses
Plant operations 185,375 122,539 51.3%
Customer operations 58,071 48,270 20.3%
Corporate and other 94,036 79,868 17.7%
Depreciation and amortization 196,288 134,991 45.4%
-------- --------
533,770 385,668 38.4%
-------- --------
Telephone operating income 205,363 167,346 22.7%
-------- --------
WIRELESS OPERATIONS
Operating revenues
Service revenues 208,202 203,974 2.1%
Equipment sales 5,890 7,572 (22.2%)
-------- --------
214,092 211,546 1.2%
-------- --------
Operating expenses
Cost of equipment sold 11,681 14,536 (19.6%)
System operations 34,641 32,033 8.1%
General, administrative and
customer service 41,792 37,627 11.1%
Sales and marketing 37,821 41,556 (9.0%)
Depreciation and amortization 32,220 33,091 (2.6%)
-------- --------
158,155 158,843 (0.4%)
-------- --------
Wireless operating income 55,937 52,703 6.1%
-------- --------
OTHER OPERATIONS
Operating revenues
Long distance 56,114 49,926 12.4%
Internet 17,117 10,285 66.4%
Other 8,488 11,341 (25.2%)
-------- --------
81,719 71,552 14.2%
-------- --------
Operating expenses
Cost of sales and other 68,486 52,285 31.0%
Depreciation and amortization 3,120 2,498 24.9%
-------- --------
71,606 54,783 30.7%
-------- --------
Other operating income 10,113 16,769 (39.7%)
-------- --------
TOTAL OPERATING INCOME 271,413 236,818 14.6%
OTHER INCOME (EXPENSE)
Interest expense (119,061) (71,309) 67.0%
Income from unconsolidated
cellular entities 13,862 13,346 3.9%
Minority interest (5,899) (5,163) 14.3%
Other income and expense 7,501 6,613 13.4%
Income tax expense (66,356) (74,564) (11.0%)
-------- --------
NET INCOME $ 101,460 105,741 (4.0%)
======== ========
EARNINGS PER SHARE
Basic $ 0.72 0.75 (4.0%)
Diluted $ 0.71 0.75 (5.3%)
SHARES OUTSTANDING
Basic 140,656 139,874 0.6%
Diluted 142,271 141,729 0.4%
DIVIDENDS PER COMMON SHARE $ 0.1000 0.0950 5.3%
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
June 30, 2001 and December 31, 2000
(UNAUDITED)
June 30, December 31,
2001 2000
---------- -----------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 39,323 19,039
Other current assets 390,571 357,465
---------- ----------
Total current assets 429,894 376,504
---------- ----------
PROPERTY, PLANT AND EQUIPMENT
Telephone 5,149,185 4,999,808
Wireless 533,451 522,684
Other 425,702 392,024
Accumulated depreciation (3,143,285) (2,955,223)
---------- ----------
Net property, plant and equipment 2,965,053 2,959,293
---------- ----------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired 2,511,255 2,509,033
Other 605,703 548,460
---------- ----------
Total investments and other assets 3,116,958 3,057,493
---------- ----------
TOTAL ASSETS $ 6,511,905 6,393,290
========== ==========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt and current maturities
of long-term debt $ 369,987 425,962
Other current liabilities 405,661 317,408
---------- ----------
Total current liabilities 775,648 743,370
LONG-TERM DEBT 2,961,748 3,050,292
DEFERRED CREDITS AND OTHER LIABILITIES 537,790 567,549
STOCKHOLDERS' EQUITY 2,236,719 2,032,079
---------- ----------
TOTAL LIABILITIES AND EQUITY $ 6,511,905 6,393,290
========== ==========
CAPITAL EXPENDITURES
SIX MONTHS ENDED JUNE 30, 2001 AND 2000
INC
2001 2000 (DEC)
---------- ---------- ------
(in thousands)
Telephone $ 161,817 75,414 114.6%
Wireless 33,596 14,685 128.8%
Other 47,905 49,308 (2.8%)
---------- ----------
Total capital expenditures $ 243,318 139,407 74.5%
========== ==========
CAPITAL EXPENDITURES
THREE MONTHS ENDED JUNE 30, 2001 AND 2000
INC
2001 2000 (DEC)
---------- ---------- ------
(in thousands)
Telephone $ 89,137 46,105 93.3%
Wireless 15,264 11,006 38.7%
Other 18,332 24,131 (24.0%)
---------- ----------
Total capital expenditures $ 122,733 81,242 51.1%
========== ==========
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