CenturyTel Reports Strong First Quarter Earnings Growth.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)--April 25, 2002 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 first quarter 2002.
-- Revenues from continuing operations increased 2.7% to $422.9 million.
-- Earnings from continuing operations before interest, taxes, depreciation and
amortization, excluding nonrecurring items, rose to $212.0 million.
-- Income from continuing operations, excluding nonrecurring items, climbed
13.0% to $44.8 million.
-- Diluted earnings per share from continuing operations, excluding
nonrecurring items, increased 10.7% to $.31.
-- Free cash flow climbed to $88.6 million.
First Quarter Highlights
(Excluding nonrecurring items) Quarter Quarter
(In thousands, except per share Ended Ended
and customer amounts) 03/31/02 03/31/01 % Change
---------- ---------- --------
Revenues from continuing
operations $ 422,918 $ 411,602 2.7%
EBITDA from continuing
operations (1) $ 212,008 $ 207,594 2.1%
Income from continuing
operations (1) $ 44,807 $ 39,649(2) 13.0%
Net Income (1) $ 72,717 $ 62,005(2) 17.3%
Diluted Earnings Per Share from
continuing operations (1) $ .31 $ .28(2) 10.7%
Diluted Earnings Per Share (1) $ .51 $ .44(2) 15.9%
Average Diluted Shares
Outstanding 142,654 142,482 0.1%
Telephone Revenues $ 372,731 $ 371,249 0.4%
Other Operations Revenues $ 50,187 $ 40,353 24.4%
---------- ---------- --------
Telephone Access Lines 1,795,769 1,803,062 (0.4)%
Long Distance Customers 515,376 392,931 31.2%
(1) Includes corporate overheads previously allocated to discontinued
operations.
(2) As adjusted to reflect the after-tax effect of eliminating
goodwill amortization in accordance with SFAS 142.
"CenturyTel's earnings per share from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the grew a strong 10.7% reflecting cost containment cost containment, n the features of a dental benefits program or of the administration of the program designed to reduce or eliminate certain charges to the plan. during the first quarter and the benefits of debt reduction during 2001," Glen F. Post, III, President and Chief Executive Officer, said. "We achieved a solid 55.6% 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 margin in our telephone operations, an 80 basis point improvement over the first quarter 2001." The Company has reflected its wireless business as discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. in this release due to its pending divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). . As a result of this treatment, depreciation expense for the wireless operations was ceased effective March 19, 2002, the date of the definitive agreement, which contributed approximately $.01 to earnings per share for the quarter. Income from continuing operations includes corporate overheads previously absorbed Absorbed 1. In a general business sense, when a cost is treated as an expense instead of being passed on to the customer in the form of higher prices. 2. In underwriting, when an issue has been completely sold to the public. 3. by its wireless operations and total interest expense. 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 continuing operations rose 2.7% to $422.9 million from $411.6 million. EBITDA from continuing operations, excluding nonrecurring Non`re`cur´ring a. 1. Nonrecurrent; as, the costs of a layoff are considered as a nonrecurring expense s>. items, grew to $212.0 million from $207.6 million. CenturyTel achieved a consolidated EBITDA margin of 50.1% during the quarter. Net income from continuing operations for the quarter, excluding nonrecurring items, increased 13.0% to $44.8 million from $39.6 million in first quarter 2001 (as adjusted), primarily due to telephone operating expense Operating Expense The essential things that a company must purchase in order to maintain business. Notes: For example, the payment of employees wages are an operating expense. Also known as OPEX. containment containment Strategic U.S. foreign policy of the late 1940s and early 1950s intended to check the expansionist designs of the Soviet Union through economic, military, diplomatic, and political means. It was conceived by George Kennan soon after World War II. and lower interest expense. 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 continuing operations, excluding nonrecurring items, increased 10.7% to $.31 from $.28 (as adjusted). 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. , excluding nonrecurring items, increased 11.3% to $118.0 million from $106.0 million, and EBITDA rose 2.0% to $207.3 million from $203.3 million a year ago. CenturyTel's first quarter telephone EBITDA margin was 55.6% while the operating income margin was 31.6%, which includes a $3.7 million charge related to reserves for uncollectible accounts Uncollectible account An account which cannot be collected by a company because the customer is not able to pay or is unwilling to pay. due to the bankruptcy bankruptcy, in law, settlement of the liabilities of a person or organization wholly or partially unable to meet financial obligations. The purposes are to distribute, through a court-appointed receiver, the bankrupt's assets equitably among creditors and, in most of an interexchange carrier See IXC. . "Our long distance operations achieved record net additions of more than 49,000 customers during the quarter, a 10.6% sequential One after the other in some consecutive order such as by name or number. increase in total long distance customers. In addition, CenturyTel added more than 12,000 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 during the quarter, of which 6,900 were DSL connections DSL connection n (Comput) → DSL-Anschluss m ," Post said. Other operations revenues grew 24.4% to $50.2 million during first quarter 2002, compared with $40.4 million in first quarter 2001. CenturyTel's long distance revenues increased 15.3% to $31.8 million. CenturyTel now serves more than 515,000 long distance customers, adding more than 49,000 during the quarter. Internet revenues increased 49.6% to $12.6 million in first quarter 2002 from $8.4 million in first quarter 2001. Internet operating losses 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. were $1.4 million for the quarter compared to $2.8 million in operating losses for the first quarter 2001. CenturyTel 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) revenues increased by $1.9 million, of which $1.3 million resulted from the acquisition of CLEC assets in Monroe and 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. , at the end of February February: see month. 2002.
For first quarter 2002, prepared in accordance Accordance is Bible Study Software for Macintosh developed by OakTree Software, Inc.[] As well as a standalone program, it is the base software packaged by Zondervan in their Bible Study suites for Macintosh. with generally accepted accounting principles The standard accounting rules, regulations, and procedures used by companies in maintaining their financial records. Generally accepted accounting principles (GAAP) provide companies and accountants with a consistent set of guidelines that cover both broad accounting (GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). ), the Company reported net income of $70.8 million, or $.50 per 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. share, compared to net income of $60.8 million (as adjusted), or $.43 per diluted share in first quarter 2001. Net income in first quarter 2002 includes a nonrecurring $3 million pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta charge for advisory and consulting fees. For the second quarter 2002, the Company expects revenue from continuing operations to be $420 to $435 million, approximately a 3.0% to 6.0% increase over second quarter 2001. 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. from continuing operations is expected to be $209 to $219 million. Diluted earnings per share from continuing operations is anticipated to be $.28 to $.32, while total diluted earnings per share is expected to be $.51 to $.55 for second quarter 2002. These estimates exclude nonrecurring items and one-time one-time adj. 1. or one·time a. Occurring or undertaken only once: a one-time winner in 1995. b. integration costs of $5 - $7 million related to the pending Verizon acquisitions. For the full year 2002, total diluted earnings per share, excluding nonrecurring items and one-time acquisition integration costs of $8 - $10 million, is expected to be $2.06 to $2.18. This is based upon several financing, operational and other assumptions, including the anticipated close of our wireless divestiture in mid-year 2002; the expected completion of the pending Verizon acquisitions in Alabama Alabama, indigenous people of North America Alabama (ăləbăm`ə), indigenous people of North America whose language belongs to the Muskogean branch of the Hokan-Siouan linguistic stock (see Native American languages). and Missouri Missouri, state, United States Missouri (mĭz  r`ē, –ə), one of the midwestern states of the United States. at the end of June June: see month. and August, respectively, and the successful
implementation of the Company's financing plans discussed below.
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 the Verizon acquisitions and wireless divestiture are subject to the receipt of all necessary 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. approvals and satisfaction of other closing conditions. The Company continues to believe the net effect of its wireless divestiture and its Verizon acquisitions will be breakeven breakeven 1. The level of output or sales necessary to cover fixed expenses. Companies in industries that have high fixed costs and, consequently, high breakevens, such as automobile and steel manufacturing, are likely to exhibit large fluctuations to $.03 accretive to earnings per share during the first full year of operations, based upon current financing, operational and other assumptions. The Company's financing plans are not yet complete and will be dependent upon market conditions and other factors. The Company currently anticipates it will finance its pending Verizon acquisitions and refinance Refinance 1. When a business or person revises their payment schedule for repaying debt. 2. Replacing an older loan with a new loan offering better terms. Notes: When a business refinances they typically extend the maturity date. its 1997 credit facility with (i) proceeds from the pending divestiture of its wireless business, (ii) net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). from the possible sale of equity-linked and debt securities later this year and (iii) additional proceeds from new credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities that the Company anticipates entering into the second quarter of 2002. 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. Factors that could affect actual results include but are not limited to: the Company's ability to effectively manage its growth, including integrating newly acquired businesses into our operations, successfully financing and timely consummating pending acquisitions, hiring adequate numbers of qualified staff and successfully upgrading our billing and other information systems; successfully obtaining all governmental and other approvals, consents and waivers necessary to complete the Company's pending acquisitions and wireless divestiture; the terms upon which the Company finances its pending acquisitions; the inherent risk of rapid technological change; the effects of on-going Adj. 1. on-going - currently happening; "an ongoing economic crisis" 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, 2001. The information contained in this release is as of April 25, 2002. The Company undertakes no obligation to update or revise any of this information whether as a result of new information, future events or developments, or otherwise. CenturyTel's management will host a conference call at 10:30 A.M. Central time today. Interested parties can access the call by dialing 800/729-6845 and the call will be accessible for replay by calling 800/642-1687 and entering the conference-id number: 3769540. Investors can also listen to 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 nearly 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, 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 MARCH 31, 2002 AND 2001
(UNAUDITED)
AS REPORTED
----------------------------------
In thousands, INCREASE
except per share amounts 2002 2001 (DECREASE)
----------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 123,877 121,161 2.2%
Network access 216,576 213,867 1.3%
Other 32,278 36,221 (10.9%)
--------- ---------
372,731 371,249 0.4%
--------- ---------
Operating expenses
Plant operations 91,086 93,885 (3.0%)
Customer operations 29,938 29,257 2.3%
Corporate and other 44,396 46,765 (5.1%)
Depreciation and amortization 89,343 97,361 (8.2%)
--------- ---------
254,763 267,268 (4.7%)
--------- ---------
Telephone operating income 117,968 103,981 13.5%
--------- ---------
OTHER OPERATIONS
Operating revenues
Long distance 31,817 27,600 15.3%
Internet 12,561 8,399 49.6%
Other 5,809 4,354 33.4%
--------- ---------
50,187 40,353 24.4%
--------- ---------
Operating expenses
Cost of sales and other 41,424 33,589 23.3%
Depreciation and amortization 2,884 1,457 97.9%
--------- ---------
44,308 35,046 26.4%
--------- ---------
Other operating income 5,879 5,307 10.8%
--------- ---------
Corporate overhead costs allocable
to discontinued operations (4,798) (4,979) (3.6%)
--------- ---------
TOTAL OPERATING INCOME 119,049 104,309 14.1%
OTHER INCOME (EXPENSE)
Interest expense (50,648) (61,703) (17.9%)
Other income and expense (2,268) 2,467 (191.9%)
Income tax expense (23,276) (18,222) 27.7%
--------- ---------
INCOME FROM CONTINUING OPERATIONS 42,857 26,851 59.6%
DISCONTINUED OPERATIONS, NET OF TAX 27,910 19,871 40.5%
--------- ---------
NET INCOME $ 70,767 46,722 51.5%
Add: After tax effect of goodwill
amortization -- 14,083 --
--------- ---------
NET INCOME, AS ADJUSTED $ 70,767 60,805 16.4%
========= =========
BASIC EARNINGS PER SHARE
From continuing operations $ 0.30 0.19(a) 57.9%
From discontinued operations $ 0.20 0.14(a) 42.9%
Basic earnings per share $ 0.50 0.33 51.5%
Basic earnings per share,
as adjusted $ 0.50 0.43 16.3%
DILUTED EARNINGS PER SHARE
From continuing operations $ 0.30 0.19(a) 57.9%
From discontinued operations $ 0.20 0.14(a) 42.9%
Diluted earnings per share $ 0.50 0.33 51.5%
Diluted earnings per share,
as adjusted $ 0.50 0.43 16.3%
SHARES OUTSTANDING
Basic 141,051 140,572 0.3%
Diluted 142,654 142,482 0.1%
DIVIDENDS PER COMMON SHARE $ 0.0525 0.0500 5.0%
a - Had goodwill not been subject to amortization in 2001, basic and
diluted earnings per share would have been $.27 from continuing
operations and $.16 from discontinued operations.
b - Had goodwill not been subject to amortization in 2001, basic and
diluted earnings per share (excluding nonrecurring items) would
have been $.28 from continuing operations and $.16 from
discontinued operations.
EXCLUDING NONRECURRING ITEMS
----------------------------------
In thousands, INCREASE
except per share amounts 2002 2001 (DECREASE)
----------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 123,877 121,161 2.2%
Network access 216,576 213,867 1.3%
Other 32,278 36,221 (10.9%)
--------- ---------
372,731 371,249 0.4%
--------- ---------
Operating expenses
Plant operations 91,086 91,885 (0.9%)
Customer operations 29,938 29,257 2.3%
Corporate and other 44,396 46,765 (5.1%)
Depreciation and amortization 89,343 97,361 (8.2%)
--------- ---------
254,763 265,268 (4.0%)
--------- ---------
Telephone operating income 117,968 105,981 11.3%
--------- ---------
OTHER OPERATIONS
Operating revenues
Long distance 31,817 27,600 15.3%
Internet 12,561 8,399 49.6%
Other 5,809 4,354 33.4%
--------- ---------
50,187 40,353 24.4%
--------- ---------
Operating expenses
Cost of sales and other 41,424 33,589 23.3%
Depreciation and amortization 2,884 1,457 97.9%
--------- ---------
44,308 35,046 26.4%
--------- ---------
Other operating income 5,879 5,307 10.8%
--------- ---------
Corporate overhead costs allocable
to discontinued operations (4,798) (4,979) (3.6%)
--------- ---------
TOTAL OPERATING INCOME 119,049 106,309 12.0%
OTHER INCOME (EXPENSE)
Interest expense (50,648) (61,703) (17.9%)
Other income and expense 732 2,467 (70.3%)
Income tax expense (24,326) (19,022) 27.9%
--------- ---------
INCOME FROM CONTINUING OPERATIONS 44,807 28,051 59.7%
DISCONTINUED OPERATIONS, NET OF TAX 27,910 19,871 40.5%
--------- ---------
NET INCOME $ 72,717 47,922 51.7%
Add: After tax effect of goodwill
amortization -- 14,083 --
--------- ---------
NET INCOME, AS ADJUSTED $ 72,717 62,005 17.3%
========= =========
BASIC EARNINGS PER SHARE
From continuing operations $ 0.32 0.20(b) 60.0%
From discontinued operations $ 0.20 0.14(b) 42.9%
Basic earnings per share $ 0.51 0.34 50.0%
Basic earnings per share,
as adjusted $ 0.51 0.44 15.9%
DILUTED EARNINGS PER SHARE
From continuing operations $ 0.31 0.20(b) 55.0%
From discontinued operations $ 0.20 0.14(b) 42.9%
Diluted earnings per share $ 0.51 0.34 50.0%
Diluted earnings per share,
as adjusted $ 0.51 0.44 15.9%
SHARES OUTSTANDING
Basic 141,051 140,572 0.3%
Diluted 142,654 142,482 0.1%
DIVIDENDS PER COMMON SHARE $ 0.0525 0.0500 5.0%
a - Had goodwill not been subject to amortization in 2001, basic and
diluted earnings per share would have been $.27 from continuing
operations and $.16 from discontinued operations.
b - Had goodwill not been subject to amortization in 2001, basic and
diluted earnings per share (excluding nonrecurring items) would
have been $.28 from continuing operations and $.16 from
discontinued operations.
CenturyTel, Inc.
SUMMARIZED DISCONTINUED OPERATIONS INFORMATION
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
(UNAUDITED)
INCREASE
2002 2001 (DECREASE)
--------- --------- ---------
(in thousands)
DISCONTINUED OPERATIONS
Operating revenues $ 102,421 104,406 (1.9%)
Operating expenses, exclusive
of corporate overhead costs (1) $ 67,405 74,507 (9.5%)
Income from unconsolidated
cellular entities $ 11,514 5,321 116.4%
Minority interest expense $ (2,871) (2,637) 8.9%
Income from discontinued
operations $ 27,910 19,871 40.5%
(1) Depreciation expense was ceased upon classification of wireless
operations as discontinued operations.
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
MARCH 31, 2002 AND DECEMBER 31, 2001
(UNAUDITED)
March 31, December 31,
2002 2001
----------- -----------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 52,138 3,496
Other current assets 224,559 226,417
----------- -----------
Total current assets 276,697 229,913
----------- -----------
PROPERTY, PLANT AND EQUIPMENT
Telephone 5,344,135 5,292,255
Other 470,154 446,920
Accumulated depreciation (3,085,990) (3,003,033)
----------- -----------
Net property, plant and equipment 2,728,299 2,736,142
----------- -----------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired 2,116,265 2,087,158
Other 425,636 420,043
----------- -----------
Total investments and other assets 2,541,901 2,507,201
----------- -----------
ASSETS HELD FOR SALE 832,543 845,428
----------- -----------
TOTAL ASSETS $ 6,379,440 6,318,684
=========== ===========
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt and current
maturities of long-term debt $ 921,966 1,008,834
Other current liabilities 307,492 230,048
----------- -----------
Total current liabilities 1,229,458 1,238,882
LONG-TERM DEBT 2,081,396 2,087,500
DEFERRED CREDITS AND OTHER LIABILITIES 508,502 506,052
LIABILITIES RELATED TO ASSETS HELD
FOR SALE 155,679 148,870
STOCKHOLDERS' EQUITY 2,404,405 2,337,380
----------- -----------
TOTAL LIABILITIES AND EQUITY $ 6,379,440 6,318,684
=========== ===========
CAPITAL EXPENDITURES
THREE MONTHS ENDED MARCH 31, 2002 AND 2001
INCREASE
2002 2001 (DECREASE)
------- ------- ----------
( in thousands)
Telephone $67,538 72,680 (7.1%)
Wireless (discontinued operations) 6,137 18,332 (66.5%)
Other 5,994 29,573 (79.7%)
------- -------
Total capital expenditures $79,669 120,585 (33.9%)
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