CenturyTel Reports 11.8 Percent Increase in Third Quarter Revenues.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)--Oct. 30, 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 third quarter 2001.
-- Revenues climbed 11.8% to $539.4 million.
-- Excluding nonrecurring gains and losses, earnings before interest, taxes,
depreciation and amortization (EBITDA) increased 7.4% to $278.3 million.
-- Net income, excluding nonrecurring gains and losses, was $63.9 million.
-- Excluding nonrecurring gains and losses, cash earnings per share was $.55.
-- Diluted earnings per share, excluding nonrecurring gains and losses, was
$.45.
Third Quarter Highlights
(Excluding nonrecurring
gains and losses)
(Dollars in thousands, except Qtr Ended Qtr Ended
per share amounts) 9/30/2001 9/30/2000 % Change
---------- ---------- --------
Revenues $ 539,377 $ 482,634 11.8%
EBITDA $ 278,328 $ 259,158 7.4%
Net Income $ 63,873 $ 65,966 (3.2%)
Cash Earnings Per Share $ .55 $ .56 (1.8%)
Diluted Earnings Per Share $ .45 $ .47 (4.3%)
Average Diluted Shares Outstanding 142,260 141,848 .3%
Telephone Revenues $ 377,747 $ 324,608 16.4%
Wireless Revenues $ 115,404 $ 120,232 (4.0%)
Other Operations Revenues $ 46,226 $ 37,794 22.3%
---------- ---------- --------
Telephone Access Lines 1,808,574 1,800,728 .4%
Wireless Units in Majority-Owned
Markets 794,664 741,183 7.2%
"CenturyTel achieved strong third quarter results in spite of in opposition to all efforts of; in defiance or contempt of; notwithstanding. See also: Spite 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. ," said Glen F. Post, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of CenturyTel. "We made substantial progress in the quarter resolving several 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 affecting our wireline operations and achieved good growth in our long distance, 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 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 service offerings." 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 $43.7 million primarily related to a gain on the sale of our remaining interest in Illuminet common stock 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 11.8% to $539.4 million from $482.6 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 $278.3 million from $259.2 million, a 7.4% increase. CenturyTel achieved a consolidated EBITDA margin of 51.6% during the quarter. Net income was $63.9 million in third quarter 2001 compared to $66.0 million in third quarter 2000. The decline in net income is due to lower wireless 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. revenue 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 growth initiatives. Cash earnings per share was $.55 in third quarter 2001 compared to $.56 in third 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 $.45 in the third quarter 2001 compared to $.47 in third quarter 2000. Telephone revenues grew 16.4% to $377.7 million during the quarter compared with $324.6 million in third quarter 2000. The 493,000 access lines acquired from Verizon during 2000 contributed $46.4 million of the increase in telephone revenues during third quarter 2001. 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 4.6%, reaching $104.4 million from $99.8 million in third quarter 2000, and EBITDA rose 12.4% to $204.7 million from $182.1 million a year ago. CenturyTel's third quarter telephone EBITDA margin was 54.2% while the operating income margin was 27.6%. "CenturyTel continued to enhance the financial performance of the former Verizon lines 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 during the quarter. We obtained regulatory relief that should boost operating income in these properties by nearly $30 million annually," Post said. Wireless revenues declined 4.0% to $115.4 million in third quarter 2001 compared with $120.2 million in third quarter 2000. Roaming revenues declined 20.8% to $24.0 million compared to $30.4 million a year ago. Wireless operating income was $32.9 million compared to $39.3 million, a 16.2% decrease, and EBITDA decreased 10.4% to $49.7 million compared to $55.4 million a year ago. CenturyTel's third quarter wireless EBITDA margin was 44.0% based on service revenues, and the operating income margin was 29.2% 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 14,700 for the quarter. Average monthly cellular service revenue per user was $47 during third quarter 2001. "We achieved solid wireless results despite the anticipated $6.4 million decline in roaming revenues. Customer growth was good and our wireless margins remain among the highest in the industry," Post said. Other operations revenues grew 22.3% to $46.2 million during third quarter 2001 compared with $37.8 million in third quarter 2000. CenturyTel's long distance revenues increased 14.7% to $31.1 million from $27.1 million. CenturyTel now serves more than 438,600 long distance customers, adding more than 24,000 during the quarter. Internet revenues rose 72.1% to $10.6 million from $6.1 million. The company experienced a $1.1 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 20,800 DSL customers, adding more than 5,000 during the quarter. CLEC operating losses were $2.9 million during the quarter. "CenturyTel achieved nearly 2% penetration The successful unauthorized breach of a security perimeter. See penetration test. of our DSL-enabled lines while reducing Internet operating losses from the second quarter. We were successful in adding more than 5,000 DSL customers during the third quarter," Post said. During the first nine months of 2001, net income decreased 3.7% to $165.3 million from $171.7 million in 2000. Diluted earnings per share declined 4.1% to $1.16 from $1.21, and consolidated revenues increased 19.4% to $1.574 billion from $1.319 billion. 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 has generated $111.4 million in free cash flow year to date. Debt as a percentage of total capitalization Total capitalization The total long-term debt and all types of equity of a company that constitutes its capital structure. total capitalization See capitalization. has fallen steadily from 63.1% at year end 2000 to 57.7% at the end of the third quarter," Post said. For the fourth quarter 2001, CenturyTel expects total revenues to range from $525 million to $545 million. 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. for the fourth quarter is expected to be in the range of $245 million to $260 million. Cash earnings per share is anticipated to be $.47 to $.51 while earnings per share is expected to be in the range of $.37 to $.41. 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 October October: see month. 30, 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 today at 10:30 A.M. CST CST abbr. 1. Central Standard Time 2. convulsive shock treatment CST Central Standard Time Noun 1. to discuss third quarter earnings and the outlook for fourth quarter 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 SEPTEMBER 30, 2001 AND 2000
(UNAUDITED)
In thousands, except INCREASE
per share amounts 2001 2000 (DECREASE)
--------- --------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 122,829 106,304 15.5%
Network access 219,432 187,254 17.2%
Other 35,486 31,050 14.3%
--------- ---------
377,747 324,608 16.4%
--------- ---------
Operating expenses
Plant operations 98,605 76,086 29.6%
Customer operations 28,148 28,623 (1.7%)
Corporate and other 46,293 37,766 22.6%
Depreciation and amortization 100,336 82,380 21.8%
--------- ---------
273,382 224,855 21.6%
--------- ---------
Telephone operating income 104,365 99,753 4.6%
--------- ---------
WIRELESS OPERATIONS
Operating revenues
Service 88,695 86,501 2.5%
Roaming 24,036 30,361 (20.8%)
Equipment sales 2,673 3,370 (20.7%)
--------- ---------
115,404 120,232 (4.0%)
--------- ---------
Operating expenses
Cost of equipment sold 6,108 7,192 (15.1%)
System operations 19,924 19,749 0.9%
General, administrative and
customer service 22,250 18,796 18.4%
Sales and marketing 17,466 19,081 (8.5%)
Depreciation and amortization 16,754 16,134 3.8%
--------- ---------
82,502 80,952 1.9%
--------- ---------
Wireless operating income 32,902 39,280 (16.2%)
--------- ---------
OTHER OPERATIONS
Operating revenues
Long distance 31,050 27,075 14.7%
Internet 10,561 6,138 72.1%
Other 4,615 4,581 0.7%
--------- ---------
46,226 37,794 22.3%
--------- ---------
Operating expenses
Cost of sales and other 36,563 28,542 28.1%
Depreciation and amortization 3,119 1,226 154.4%
--------- ---------
39,682 29,768 33.3%
--------- ---------
Other operating income 6,544 8,026 (18.5%)
--------- ---------
TOTAL OPERATING INCOME 143,811 147,059 (2.2%)
OTHER INCOME (EXPENSE)
Interest expense (54,438) (48,904) 11.3%
Income from unconsolidated
cellular entities 16,622 11,366 46.2%
Minority interest (2,819) (2,889) (2.4%)
Nonrecurring gains and
losses 43,543 10,683 307.6%
Other income and expense 705 (4,065) (117.3%)
Income tax expense (55,119) (46,026) 19.8%
--------- ---------
NET INCOME $ 92,305 67,224 37.3%
========= =========
EARNINGS PER SHARE
Basic $ 0.66 0.48 37.5%
Diluted $ 0.65 0.47 38.3%
SHARES OUTSTANDING
Basic 140,772 140,220 0.4%
Diluted 142,260 141,848 0.3%
DIVIDENDS PER COMMON SHARE $ 0.0500 0.0475 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(UNAUDITED)
Excludes nonrecurring items
In thousands, except INCREASE
per share amounts 2001 2000 (DECREASE)
--------- --------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 122,829 106,304 15.5%
Network access 219,432 187,254 17.2%
Other 35,486 31,050 14.3%
--------- ---------
377,747 324,608 16.4%
--------- ---------
Operating expenses
Plant operations 98,605 76,086 29.6%
Customer operations 28,148 28,623 (1.7%)
Corporate and other 46,293 37,766 22.6%
Depreciation and amortization 100,336 82,380 21.8%
--------- ---------
273,382 224,855 21.6%
--------- ---------
Telephone operating income 104,365 99,753 4.6%
--------- ---------
WIRELESS OPERATIONS
Operating revenues
Service 88,695 86,501 2.5%
Roaming 24,036 30,361 (20.8%)
Equipment sales 2,673 3,370 (20.7%)
--------- ---------
115,404 120,232 (4.0%)
--------- ---------
Operating expenses
Cost of equipment sold 6,108 7,192 (15.1%)
System operations 19,924 19,749 0.9%
General, administrative and
customer service 22,250 18,796 18.4%
Sales and marketing 17,466 19,081 (8.5%)
Depreciation and amortization 16,754 16,134 3.8%
--------- ---------
82,502 80,952 1.9%
--------- ---------
Wireless operating income 32,902 39,280 (16.2%)
--------- ---------
OTHER OPERATIONS
Operating revenues
Long distance 31,050 27,075 14.7%
Internet 10,561 6,138 72.1%
Other 4,615 4,581 0.7%
--------- ---------
46,226 37,794 22.3%
--------- ---------
Operating expenses
Cost of sales and other 36,563 28,542 28.1%
Depreciation and amortization 3,119 1,226 154.4%
--------- ---------
39,682 29,768 33.3%
--------- ---------
Other operating income 6,544 8,026 (18.5%)
--------- ---------
TOTAL OPERATING INCOME 143,811 147,059 (2.2%)
OTHER INCOME (EXPENSE)
Interest expense (54,438) (48,904) 11.3%
Income from unconsolidated
cellular entities 13,422 11,366 18.1%
Minority interest (2,819) (2,889) (2.4%)
Other income and expense 3,705 3,882 (4.6%)
Income tax expense (39,808) (44,548) (10.6%)
--------- ---------
NET INCOME $ 63,873 65,966 (3.2%)
========= =========
EARNINGS PER SHARE
Basic $ 0.45 0.47 (4.3%)
Diluted $ 0.45 0.47 (4.3%)
SHARES OUTSTANDING
Basic 140,772 140,220 0.4%
Diluted 142,260 141,848 0.3%
DIVIDENDS PER COMMON SHARE $ 0.0500 0.0475 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(UNAUDITED)
In thousands, except INCREASE
per share amounts 2001 2000 (DECREASE)
---------- ---------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 367,283 284,896 28.9%
Network access 645,869 510,440 26.5%
Other 103,728 82,286 26.1%
---------- ----------
1,116,880 877,622 27.3%
---------- ----------
Operating expenses
Plant operations 285,980 198,625 44.0%
Customer operations 86,219 76,893 12.1%
Corporate and other 140,329 117,634 19.3%
Depreciation and amortization 296,624 217,371 36.5%
---------- ----------
809,152 610,523 32.5%
---------- ----------
Telephone operating income 307,728 267,099 15.2%
---------- ----------
WIRELESS OPERATIONS
Operating revenues
Service revenues 253,886 246,890 2.8%
Roaming 67,047 73,946 (9.3%)
Equipment sales 8,563 10,942 (21.7%)
---------- ----------
329,496 331,778 (0.7%)
---------- ----------
Operating expenses
Cost of equipment sold 17,789 21,728 (18.1%)
System operations 54,565 51,782 5.4%
General, administrative and
customer service 64,042 56,423 13.5%
Sales and marketing 55,287 60,637 (8.8%)
Depreciation and amortization 48,974 49,225 (0.5%)
---------- ----------
240,657 239,795 0.4%
---------- ----------
Wireless operating income 88,839 91,983 (3.4%)
---------- ----------
OTHER OPERATIONS
Operating revenues
Long distance 87,164 77,001 13.2%
Internet 27,678 16,423 68.5%
Other 13,103 15,922 (17.7%)
---------- ----------
127,945 109,346 17.0%
---------- ----------
Operating expenses
Cost of sales and other 105,049 81,331 29.2%
Depreciation and amortization 6,239 3,724 67.5%
---------- ----------
111,288 85,055 30.8%
---------- ----------
Other operating income 16,657 24,291 (31.4%)
---------- ----------
TOTAL OPERATING INCOME 413,224 383,373 7.8%
OTHER INCOME (EXPENSE)
Interest expense (173,499) (120,213) 44.3%
Income from unconsolidated
cellular entities 32,648 19,382 68.4%
Minority interest (8,731) (8,052) 8.4%
Nonrecurring gains and losses 199,971 20,593 871.1%
Other income and expense 8,206 2,548 222.1%
Income tax expense (178,551) (123,278) 44.8%
---------- ----------
NET INCOME $ 293,268 174,353 68.2%
========== ==========
EARNINGS PER SHARE
Basic $ 2.08 1.24 67.7%
Diluted $ 2.06 1.23 67.5%
SHARES OUTSTANDING
Basic 140,693 139,989 0.5%
Diluted 142,267 141,769 0.4%
DIVIDENDS PER COMMON SHARE $ 0.1500 0.1425 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
(UNAUDITED)
Excludes nonrecurring items
In thousands, except INCREASE
per share amounts 2001 2000 (DECREASE)
---------- ---------- ----------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 367,283 284,896 28.9%
Network access 645,869 510,440 26.5%
Other 103,728 82,286 26.1%
---------- ----------
1,116,880 877,622 27.3%
---------- ----------
Operating expenses
Plant operations 283,980 198,625 43.0%
Customer operations 86,219 76,893 12.1%
Corporate and other 140,329 117,634 19.3%
Depreciation and amortization 296,624 217,371 36.5%
---------- ----------
807,152 610,523 32.2%
---------- ----------
Telephone operating income 309,728 267,099 16.0%
---------- ----------
WIRELESS OPERATIONS
Operating revenues
Service 253,886 246,890 2.8%
Roaming 67,047 73,946 (9.3%)
Equipment sales 8,563 10,942 (21.7%)
---------- ----------
329,496 331,778 (0.7%)
---------- ----------
Operating expenses
Cost of equipment sold 17,789 21,728 (18.1%)
System operations 54,565 51,782 5.4%
General, administrative and
customer service 64,042 56,423 13.5%
Sales and marketing 55,287 60,637 (8.8%)
Depreciation and amortization 48,974 49,225 (0.5%)
---------- ----------
240,657 239,795 0.4%
---------- ----------
Wireless operating income 88,839 91,983 (3.4%)
---------- ----------
OTHER OPERATIONS
Operating revenues
Long distance 87,164 77,001 13.2%
Internet 27,678 16,423 68.5%
Other 13,103 15,922 (17.7%)
---------- ----------
127,945 109,346 17.0%
---------- ----------
Operating expenses
Cost of sales and other 105,049 80,827 30.0%
Depreciation and amortization 6,239 3,724 67.5%
---------- ----------
111,288 84,551 31.6%
---------- ----------
Other operating income 16,657 24,795 (32.8%)
---------- ----------
TOTAL OPERATING INCOME 415,224 383,877 8.2%
OTHER INCOME (EXPENSE)
Interest expense (173,499) (120,213) 44.3%
Income from unconsolidated
cellular entities 27,284 24,712 10.4%
Minority interest (8,718) (8,052) 8.3%
Other income and expense 11,206 10,495 6.8%
Income tax expense (106,164) (119,112) (10.9%)
---------- ----------
NET INCOME $ 165,333 171,707 (3.7%)
========== ==========
EARNINGS PER SHARE
Basic $ 1.17 1.23 (4.9%)
Diluted $ 1.16 1.21 (4.1%)
SHARES OUTSTANDING
Basic 140,693 139,989 0.5%
Diluted 142,267 141,769 0.4%
DIVIDENDS PER COMMON SHARE $ 0.1500 0.1425 5.3%
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
September 30, 2001 and December 31, 2000
(UNAUDITED)
Sept. 30, Dec. 31,
2001 2000
----------- -----------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 21,372 19,039
Other current assets 342,433 357,465
----------- -----------
Total current assets 363,805 376,504
----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Telephone 5,220,236 4,999,808
Wireless 552,586 522,684
Other 443,038 392,024
Accumulated depreciation (3,230,162) (2,955,223)
----------- -----------
Net property, plant and equipment 2,985,698 2,959,293
----------- -----------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired 2,489,276 2,509,033
Other 550,543 548,460
----------- -----------
Total investments and other assets 3,039,819 3,057,493
----------- -----------
TOTAL ASSETS $ 6,389,322 6,393,290
=========== ===========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt and current
maturities of long-term debt $ 314,385 425,962
Other current liabilities 448,004 317,408
----------- -----------
Total current liabilities 762,389 743,370
LONG-TERM DEBT 2,802,301 3,050,292
DEFERRED CREDITS AND OTHER LIABILITIES 536,201 567,549
STOCKHOLDERS' EQUITY 2,288,431 2,032,079
----------- -----------
TOTAL LIABILITIES AND EQUITY $ 6,389,322 6,393,290
=========== ===========
CAPITAL EXPENDITURES
NINE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
INC
2001 2000 (DEC)
-------- -------- -------
(in thousands)
Telephone $248,831 157,841 57.6%
Wireless 52,522 38,964 34.8%
Other 82,902 85,876 (3.5%)
-------- --------
Total capital expenditures $384,255 282,681 35.9%
======== ========
CAPITAL EXPENDITURES
THREE MONTHS ENDED SEPTEMBER 30, 2001 AND 2000
INC
2001 2000 (DEC)
-------- -------- -------
(in thousands)
Telephone $ 87,014 82,427 5.6%
Wireless 18,926 24,279 (22.0%)
Other 34,997 36,568 (4.3%)
-------- --------
Total capital expenditures $140,937 143,274 (1.6%)
======== ========
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