Cincinnati Bell Inc. Reports Strong Financial Results for the Third Quarter 2004.CINCINNATI Cincinnati (sĭnsənăt`ē, –năt`ə), city (1990 pop. 364,040), seat of Hamilton co., extreme SW Ohio, on the Ohio River opposite Newport and Covington, Ky.; inc. as a city 1819. -- Cincinnati Bell Cincinnati Bell is the dominant telephone company for Cincinnati, Ohio and its nearby suburbs in Ohio, Indiana and Kentucky. The parent company is named Cincinnati Bell Inc. Inc. (NYSE NYSE See: New York Stock Exchange :CBB CBB Celebrity Big Brother CBB College van Beroep voor het Bedrijfsleven (Dutch) CBB Cattlemen's Beef Board CBB Coalition for Buzzards Bay CBB Could Be Better (visual effects) CBB Can't Be Bothered ) today announced revenue of $308 million, 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. of $83 million, and net income of $18 million, or $0.06 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, beating First Call consensus by $0.02 per share. This quarter the company: --Continued to execute To run a program, which causes the computer to carry out its instructions. See executable code, instruction and EXE file. execute - execution its strategy of de-levering, reducing net debt(a) by $28 million. Net debt of $2.2 billion is 7 percent less than at the end of the third quarter of 2003. --Defended its core franchise through bundling bundling, courtship custom, thought to have originated in Holland and the British Isles. It was extended to America, particularly to New England, and most widely practiced in the years prior to the Revolution of 1776. , adding 11,000 net subscribers to its Custom Connections "super bundle To sell hardware and software as a combined product or to combine several software packages for sale as a single unit. Contrast with unbundle. See bundled software and bundling. " and 5,000 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 subscribers. Super bundle subscribers grew 94 percent while DSL subscribers grew 33 percent, both versus the third quarter of 2003. --Increased revenue per household 4 percent versus the third quarter of 2003, to a record $77, and improved annual access line decline to 1.6 percent, versus 2.1 percent in the second quarter of 2004. --Improved the profitability of its business by reducing the cost of long distance minutes $5 million, or 52 percent, versus the second quarter of 2004. --Signed 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. agreements with enterprise customers to significantly expand its managed services An umbrella term for third-party monitoring and maintaining of computers, networks and software. The actual equipment may be inhouse or at the third-party's facilities, but the "managed" implies an ongoing effort; for example, making sure the equipment is running at a certain quality business. --Announced an agreement with Cingular Wireless which will significantly reduce 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. expense and give the company the option to purchase AT&T Wireless' 19.9 percent stake in Cincinnati Bell Wireless at a favorable fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. price. Key Metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. --The company posted Digital Subscriber Line See DSL. (communications, protocol) Digital Subscriber Line - (DSL, or Digital Subscriber Loop, xDSL - see below) A family of digital telecommunications protocols designed to allow high speed data communication over the existing copper telephone lines between end-users and (DSL) net additions of 5,000 in the quarter, up 2 percent from the third quarter of 2003. The company finished the third quarter with 123,000 DSL subscribers, up 30,000, or 33 percent, from the same quarter in the prior year. DSL penetration The successful unauthorized breach of a security perimeter. See penetration test. stood at 13 percent of access lines at quarter's end, up from 9 percent at the end of third quarter of 2003 and 12 percent at the end of the second quarter of 2004. --In the third quarter, access lines decreased by 16,000, or 1.6 percent, versus the third quarter of 2003. This year-over-year measure compares favorably fa·vor·a·ble adj. 1. Advantageous; helpful: favorable winds. 2. Encouraging; propitious: a favorable diagnosis. 3. with the 2.1 percent decline in the second quarter of 2004 and the 2.8 percent decline in the first quarter of 2004. Including the increase of 30,000 DSL subscribers, the company reported a net increase of 15,000 total connections versus the third quarter of 2003. Access lines decreased 1,000 from the second quarter of 2004 as 7,000 net new out-of-territory lines partially offset a decrease of 8,000 lines in-territory. Including the increase of 5,000 DSL lines, the company reported a net increase of 4,000 total connections sequentially se·quen·tial adj. 1. Forming or characterized by a sequence, as of units or musical notes. 2. Sequent. se·quen . The company has provided an eleven-quarter history of access lines for both in-territory and out-of-territory operations, including residential and business lines, in the table distributed with this release. --During the third quarter, the company added 11,000 net subscribers to its Custom Connections "super bundle" which offers local, long distance, wireless and DSL. This activation activation /ac·ti·va·tion/ (ak?ti-va´shun) 1. the act or process of rendering active. 2. the transformation of a proenzyme into an active enzyme by the action of a kinase or another enzyme. 3. performance was 29 percent better than the third quarter of 2003. Eighteen percent of the company's in-territory consumer households are now "super bundle" customers. This helped to increase in-territory consumer revenue per household 4 percent versus the third quarter of 2003, to a total of approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $77 per month. As a result of these bundling efforts, 70 percent of in-territory consumer DSL activations and 72 percent of in-territory consumer postpaid post·paid adj. With the postage having been paid in advance. postpaid Adverb, adj with the postage prepaid Adj. 1. wireless activations came as part of the bundle. "Cincinnati Bell continued to de-lever this quarter, reducing net debt by $28 million, while improving the profitability of the business versus the prior quarter. Bundle sales continued at an impressive rate, as evidenced by strong net additions to our Custom Connections 'super bundle'," said Jack Cassidy For the bass guitarist from Jefferson Airplane, see Jack Casady. Jack Cassidy (March 5, 1927 – December 12, 1976) was an American actor, who achieved success in theater, cinema and television. , president and chief executive officer of Cincinnati Bell Inc. "As with the previous quarter, we saw sequential One after the other in some consecutive order such as by name or number. improvement in access line trends and demonstrated substantial growth in our out-of-territory local service operations. With the purchase of our new data center facility, we have significantly expanded our managed services business. We believe this business can provide a platform for future growth." Financial Results For the third quarter, revenue increased $11 million, or 4 percent and operating income improved by $2 million, or 3 percent, versus the second quarter of 2004. Revenue increased primarily due to robust equipment sales in the Hardware and Managed Services segment. Operating income increased primarily due to the $5 million improvement in the cost of long distance minutes, a $4 million decrease in operating tax expense in the Local segment, and a $3 million non-recurring operating tax benefit recorded in the Broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). segment, partially offset by $7 million in accelerated amortization and asset write-offs recorded in the Wireless segment as well as other items. Revenue decreased 2 percent and operating income declined by $47 million, or 36 percent, versus the third quarter of 2003. Revenue declined primarily due to a decline in access lines in the Local segment and the sale of substantially all of the out-of-territory assets in the Hardware and Managed Services segment. Operating income decreased primarily due to a $37 million gain on the sale of substantially all of the broadband assets, which was recorded in the third quarter of 2003 and not repeated in the third quarter of 2004, as well as $7 million in accelerated amortization and asset write-offs recorded in the third quarter of 2004. Excluding the gain on the sale of the broadband assets and the accelerated amortization and asset write-offs, operating income declined 3 percent, or $2 million, versus the third quarter of 2003, as the lower cost of long distance minutes in the Other segment and lower operating taxes in the Local segment partially offset higher customer acquisition cost and depreciation in the Wireless segment. In addition, during the third quarter, the company produced $34 million of cash flow(b). The company reduced net debt by $28 million in the quarter, as $6 million in accreting debt offset the cash flow. The company also reported capital expenditures of $39 million during the third quarter, substantially equal to the second quarter of 2004. Lower capital expenditures in the Local, Wireless and Other segments offset a $13 million increase in the Hardware and Managed Services segment versus the second quarter of 2004. This increase in capital investment in the Hardware and Managed Services segment is due entirely to the purchase of a data center facility. Virtually all of the data center space is currently under long-term service contracts with enterprise customers. The company expects capital expenditures to be between 10 and 12 percent of revenue and net debt reduction to be approximately $140 million for 2004. Local Communications Services The company's Local segment, which includes the operations of the company's local-exchange subsidiary, Cincinnati Bell Telephone (CBT (Computer-Based Training) Using the computer for training and instruction. CBT programs are called "courseware" and provide interactive training sessions for all disciplines. ), produced revenue of $190 million and operating income of $74 million for the third quarter of 2004, increases of $1 million and $4 million, respectively, versus the second quarter of 2004. Revenue increased due to higher DSL and wiring revenue, offset by lower in-territory voice revenue. Operating income increased primarily due to a decline in operating taxes. Revenue and operating income for the Local segment were down 2 percent and 3 percent, respectively, versus the third quarter of 2003. The decrease in revenue was primarily due to lower in-territory access lines, offset by growth in DSL and out-of territory access lines. Operating income decreased due to the revenue decline and due to an increase in payroll payroll a list of employees, their salary rates, tax deductions, amounts paid, payroll tax, long service leave entitlements. expense, offset by the reduction in operating taxes. Capital investment was $18 million, or 9 percent of revenue, during the quarter. Wireless Services CBW cbw - Crypt Breakers Workbench reported revenue of $66 million in the third quarter, up 2 percent versus the third quarter of 2003, as increases in prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. service revenue and equipment revenue offset lower postpaid service
revenue. Operating income for the quarter was $0.1 million, a $19
million decline versus the third quarter of 2003. Operating income
decreased year-over-year due to a $13 million increase in depreciation
and amortization, a $2 million write off of certain TDMA (Time Division Multiple Access) A satellite and cellular phone technology that interleaves multiple digital signals onto a single high-speed channel. For cellular, TDMA triples the capacity of the original analog method (FDMA). assets and a $3
million increase in 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. acquisition cost, with the remainder due to the decline in postpaid service revenue. The increase in depreciation and amortization was due primarily to $6 million in accelerated amortization of intangible assets Intangible Asset An asset that is not physical in nature. Notes: Examples are things like copyrights, patents, intellectual property, and goodwill. These are the opposite of tangible assets. related to CBW's partnership and $7 million in increased depreciation of the company's TDMA and GSM (Global System for Mobile Communications) A digital cellular phone technology based on TDMA that is the predominant system in Europe, but also used worldwide. Developed in the 1980s, GSM was first deployed in seven European countries in 1992. networks. In the third quarter, the company posted gross activations of 51,000, a 16 percent increase versus the third quarter of 2003. Seventy-two percent of consumer postpaid activations in Cincinnati came as part of the bundle. The company also reported a net subscriber decline of 15,000. Subscribers decreased as higher churn churn: see butter. offset increased gross activations. Postpaid churn finished the quarter at 3.68 percent, up 1.73 points versus the second quarter of 2004 and 1.81 points versus the third quarter of 2003. The churn increase was due primarily to network issues related to the company's transition from TDMA to GSM technology, as well as price increases on monthly service plans and handsets for existing customers. For the quarter, postpaid Average 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. (c)) was $55, a 1 percent decrease, while prepaid ARPU was $19, a 3 percent increase, both versus the second quarter of 2004. Postpaid ARPU declined 6 percent, while prepaid ARPU increased 4 percent, both versus the third quarter of 2003. Postpaid ARPU declined due to customer migration to lower ARPU plans offered in the third and fourth quarters of 2003, as well as lower roaming revenue. Postpaid cost per gross addition (CPGA (Ceramic PGA) See PGA. CPGA - Ceramic Pin Grid Array (d)) was $379, an 8 percent improvement versus the second quarter of 2004. Postpaid CPGA improved primarily due to decreased handset The part of the telephone that contains the speaker and the microphone. On a desktop phone, the part you hold in your hand is the handset. On a cellphone, the entire phone is the handset. See multihandset cordless and headset. subsidies as a result of increasing prices of new handsets for existing customers. Capital investment was $7 million in the quarter, or 11 percent of revenue. The company finished the quarter with 479,000 subscribers, 136,000 of which were on the company's GSM/GPRS network, which the company launched in the fourth quarter of 2003. Hardware and Managed Services Revenue in the Hardware and Managed Services segment of $39 million increased 40 percent versus the third quarter of 2003, excluding revenue associated with the sale of substantially all of the out-of-territory assets of CBTS CBTS Computer Based Training System CBTS Computer Based Training Squadron CBTS Can't Be Too Sure . This increase was due primarily to robust hardware sales to enterprise customers. Including the impact of the sale of the out-of-territory assets of CBTS, revenue declined 8 percent versus the third quarter of 2003. Operating income of $4 million was down $1 million, also versus the third quarter of 2003. Operating income declined primarily due to the sale of substantially all of the out-of-territory assets of CBTS. The segment reported capital investment of $13 million in the quarter, driven entirely by purchase of a data center, as previously described. Other Communications Services Other Communications Services, which includes the company's voice long distance and public payphone payphone Noun a coin-operated telephone payphone pay n → Münztelefon nt; (card phone) → Kartentelefon nt operations, reported revenue of $21 million in the third quarter, flat to the same quarter a year ago and a 9 percent increase versus the second quarter of 2004. The sequential increase in revenue is due to a 2 percent increase in subscribers and the movement of subscribers to higher value rate plans in Cincinnati Bell Any Distance, the company's retail long distance business. This strong performance is due to the company's bundling efforts in Cincinnati and Dayton Dayton, city (1990 pop. 182,044), seat of Montgomery co., SW Ohio, on the Great Miami River where it is joined by the Stillwater River; inc. 1805. It is the trade center for a fertile farm area, but is best known for its involvement with industry, invention, and . The segment produced $7 million in operating income for the quarter, more than double the operating income in the third quarter of 2003 and the second quarter of 2004, as the cost of long distance minutes declined. The decrease in the cost of long distance minutes is due primarily to the installation of a switch and the negotiation of lower wholesale long distance per-minute costs in the second quarter of 2004. CBAD's Cincinnati market share of CBT access lines for which a long distance carrier is selected was 74 percent in the consumer market and 47 percent in the business market at the end of the third quarter, improvements of 4 points and 2 points, respectively, versus the prior year quarter. Broadband The Broadband segment produced no revenue in the quarter, due to the sale of substantially all of the company's broadband assets in 2003. There are no longer any meaningful operations in this segment. The remaining activity relates to the disposition Act of disposing; transferring to the care or possession of another. The parting with, alienation of, or giving up of property. The final settlement of a matter and, with reference to decisions announced by a court, a judge's ruling is commonly referred to as disposition, regardless of of remaining liabilities associated with the broadband sale. At the end of the third quarter, the company had $46 million in such liabilities. Year-to-date Year-to-date (YTD) The period beginning at the start of the calendar year up to the current date. , the company has eliminated $16 million of such liabilities, using $11 million in cash. "In the third quarter, Cincinnati Bell showed steady execution against its strategy of reducing net debt while we significantly improved the profitability of our long distance business," said Brian Ross
Brian Ross (born September 4, 1944 in Ballston Spa, New York) is a racecar driver. He won Rookie of the Year honors in the Auto Racing Club of America in 2000. , Cincinnati Bell Inc.'s chief financial officer. "In addition, we continue to make smart investments, such as our out-of-territory local operations and in CBTS' data center business." Financial Guidance The company provides the following revisions ReVisions is a 2004 anthology of alternate history short-stories. It is edited by Julie E. Czerneda and Isaac Szpindel. Contents Title Author The Resonance of Light James Alan Gardner Out of China Julie E. to its guidance for 2004: --Net access line decline below 2 percent (previous guidance was 2-4 percent) --Wireless net additions of 10,000 to 20,000 (previous guidance was 50,000 to 60,000) The company reconfirms all other previously issued guidance for 2004: --Revenue decline, excluding Broadband Services See broadband and broadband service provider. , of low single-digit percent --DSL net additions of 30,000 to 35,000 --Depreciation and amortization of $190 to $195 million --Operating income, excluding restructuring charges restructuring charge The expense of reorganizing a company's operations. A restructuring charge is an infrequent expense that generally results from asset writedowns or facility closings. , of $295 to $310 million --Effective tax rate of approximately 50 percent; with approximately $5 million in cash tax payments --Capital expenditures of 10 to 12 percent of revenue --Net debt reduction of approximately $140 million Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). Plan The company has achieved success over the past several years in providing bundled bun·dle n. 1. A group of objects held together, as by tying or wrapping. 2. Something wrapped or tied up for carrying; a package. 3. Biology A cluster or strand of closely bound muscle or nerve fibers. solutions for its customers. Customers have demonstrated that they prefer the simplicity Simplicity is the property, condition, or quality of being simple or un-combined. It often denotes beauty, purity or clarity. Simple things are usually easier to explain and understand than complicated ones. Simplicity can mean freedom from hardship, effort or confusion. of receiving all of their telecommunications services In telecommunication, the term telecommunications service has the following meanings: 1. Any service provided by a telecommunication provider. 2. from one company, on one bill. To build on this success, the company plans to invest in enhanced billing and customer care platforms that will further automate To turn a set of manual steps into an operation that goes by itself. See automation. the company's operations and enable the company to provide better service at lower cost. This investment will take place over the next two years and will occur within the company's historical levels of capital expenditure. As a result of this planned investment in customer service, the company announced a restructuring plan designed to better align align (  līn),v to move the teeth into their proper positions to conform to the line of occlusion. the company's cost structure with the future bundling opportunity. The plan includes a workforce reduction that will be implemented in stages beginning in the fourth quarter of 2004 and continuing through December December: see month. 31, 2006. The company will implement its workforce reduction primarily through attrition Attrition The reduction in staff and employees in a company through normal means, such as retirement and resignation. This is natural in any business and industry. Notes: and a special retirement incentive, which the company will offer to management and union employees meeting certain age and years of service criteria criteria (krītēr´ē  ),n. , pending negotiations with the company's union. The company also anticipates the need to implement involuntary involuntary adj. or adv. without intent, will, or choice. Participation in a crime is involuntary if forced by immediate threat to life or health of oneself or one's loved ones, and will result in dismissal or acquittal. INVOLUNTARY. workforce reductions. Over the course of the restructuring plan, the company estimates that it will recognize total charges of up to $40 million, up to $5 million of which will require non-recurring cash payments. Thereafter, upon completion of the restructuring plan, the company expects annual 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. savings to be in the range of $20 to $25 million. Over the next year, the company estimates that it will eliminate 150 to 200 positions. Use of Non-GAAP Financial Measures (a) The company has presented certain information regarding net debt in the preceding discussion because the company believes net debt provides a useful measure of a company's liquidity and financial health. Net debt is defined by the company as the sum of the face amount of short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. and 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. , in addition to BRCOM preferred stock Stock shares that have preferential rights to dividends or to amounts distributable on liquidation, or to both, ahead of common shareholders. Preferred stock is given preference over common stock. Holders of preferred stock receive dividends at a fixed annual rate. (as applicable), offset by cash and cash equivalents. A detailed reconciliation of the company's net debt to comparable GAAP GAAP See: Generally Accepted Accounting Principles GAAP See generally accepted accounting principles (GAAP). financial measures is given in the attached financial information. (b) The company has presented certain information regarding cash flow in the preceding discussion because the company believes cash flow provides a useful measure of a company's operational performance, liquidity and financial health. Cash flow is defined by the company as SFAS SFAS Statement of Financial Accounting Standards SFAS Special Forces Assessment and Selection SFAS Student Financial Aid Services SFAS Sport Fishing Association of Singapore SFAS Safety Features Actuation System SFAS Statewide Fixed Assets System 95 cash provided by (used in) operating, financing and investing activities, less changes in restricted cash in operating activities, issuance and repayment Repayment The act of paying back a debt. Notes: Everyone has to repay their debts eventually. See also: Debt, Defeasance, Loan of long-term debt in financing activities, short-term borrowings (repayments) in financing activities and proceeds from the sale of discontinued operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. and assets in investing activities. Cash flow should not be considered as an alternative to net income (loss), operating income (loss), cash flow from operating activities, or the change in cash on the balance sheet and may not be comparable with cash flow as defined by other companies. A detailed reconciliation of the company's cash flow to comparable GAAP financial measures is given in the attached financial information. These non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. They are presented because Cincinnati Bell Inc. management uses this information when evaluating the company's results of operations and cash flow and believes that this information provides the users of the financial statements with additional and useful comparisons of the company's current results of operations and cash flows with past and future periods. (c) The company has presented certain information regarding average revenue per user (ARPU) because the company believes ARPU provides a useful measure of the operational performance of the wireless business. ARPU is calculated by dividing service revenue by our average subscriber base for the respective period. For a given period, the average subscriber base is calculated by adding subscribers at the beginning of the period to subscribers at the end of the period and dividing the sum by two. (d) The company has presented certain information regarding cost per gross addition (CPGA) because the company believes CPGA provides a useful measure of the initial expense to add a wireless subscriber. CPGA is calculated by adding incentives for handsets sold (costs have historically exceeded the related revenue) to selling expenses (which excludes bad debt) and dividing the sum by total gross subscriber acquisitions during the relevant period. Conference Call/Webcast and Investor Meeting Cincinnati Bell Inc. will host a conference call discussing its third quarter 2004 results on Wednesday Wednesday: see week. , November November: see month. 3, 2004 at 9:00 a.m. EST EST electroshock therapy. EST abbr. electroshock therapy , which will be web-cast on the company's website at www.cincinnatibell.com. The dial-in number for the conference call is 1-877-641-0086. International callers may dial 678-460-1867. A taped replay of the conference call will be available one hour after the conclusion of the teleconference until 5 p.m. (EST) on November 11, 2004. For U.S. callers, the replay will be available at 866-453-6660. For international callers, the replay will be available at 678-460-1866. The replay reference number is 150561. The company will also host an Investor Meeting on November 16, 2004 from 9:00 a.m. until 12:00 p.m. EST P.M. also p.m. or p.m. abbr. post meridiem Usage Note: By definition, 12 a.m. . The meeting will be held at the Westin New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of at Times Square, at 270 West 43rd Street in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. . To register to attend the meeting, please go to http://programs.regweb.com/impact/cbinvest and complete a registration form. Seating is limited and will be reserved on a first-come, first-serve basis. The session will be webcast both live and on-demand On-Demand refers to a service or feature which addresses the user's need for instant gratification and immediacy of use. In most cases the value proposition for an on-demand service is wrapped up in the fact that the user or consumer of the service avoids a significant up-front . To join the webcast, go to the company's website at www.cincinnatibell.com at least 15 minutes before the session and click on the Investor Relations Investor relations The process by which the corporation communicates with its investors. button on the right side of the home page. Then, click on the conference call/presentations tab and follow the instructions. About Cincinnati Bell Inc. Cincinnati Bell Inc. (NYSE:CBB) is parent to one of the nation's most respected and best performing local exchange and wireless providers with a legacy of unparalleled customer service excellence. Cincinnati Bell provides a wide range of telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. products and services to residential and business customers in Ohio, Kentucky Kentucky, state, United States Kentucky (kəntŭk`ē, kĭn–), one of the so-called border states of the S central United States. It is bordered by West Virginia and Virginia (E); Tennessee (S); the Mississippi R. and Indiana Indiana, state, United States Indiana, midwestern state in the N central United States. It is bordered by Lake Michigan and the state of Michigan (N), Ohio (E), Kentucky, across the Ohio R. (S), and Illinois (W). . Cincinnati Bell is headquartered in Cincinnati, Ohio “Cincinnati” redirects here. For other uses, see Cincinnati (disambiguation). Cincinnati is a city in the U.S. state of Ohio and the county seat of Hamilton County. . For more information, visit www.cincinnatibell.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Note Certain of the statements and predictions contained in this release constitute 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. within the meaning of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and . In particular, any statements, projections or estimates that include or reference the words "believe," "anticipates," "plans," "expects," "will," or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including but not limited to, Cincinnati Bell's ability to maintain its market position in communications services, including for wireless, wireline and internet services, general economic trends affecting the purchase or supply of telecommunication telecommunication Communication between parties at a distance from one another. Modern telecommunication systems—capable of transmitting telephone, fax, data, radio, or television signals—can transmit large volumes of information over long distances. services, world and national events that may affect the ability to provide services, changes in the 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. environment, any rulings, orders or decrees that may be issued by any court or arbitrator arbitrator n. one who conducts an arbitration, and serves as a judge who conducts a "mini-trial," somewhat less formally than a court trial. In most cases the arbitraror is an attorney, either alone or as part of a panel. , restrictions imposed under our various credit facilities credit facilities npl → facilidades fpl de crédito credit facilities npl → facilités fpl de paiement credit facilities and debt instruments, and Cincinnati Bell's ability to develop and launch new products and services. More information on potential risks and uncertainties is available in the company's recent filings with the Securities and Exchange Commission, including Cincinnati Bell's annual 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. report, quarterly Form 10-Q Form 10-Q See 10-Q. reports and Forms 8-K The forward-looking statements included in this release represent the company's estimates as of the November 3, 2004. The company anticipates that subsequent events and developments will cause its estimates to change.
Cincinnati Bell Inc.
Consolidated Statements of Income
(Unaudited)
(in millions - except per share amounts)
For the Three Months
Ended September 30, %
2004 2003 Change
---------- ---------- ------
Revenue $ 307.9 $ 315.3 (2%)
-------
Costs & Expenses
----------------
Cost of Services and Products 118.3 122.5 (3%)
Selling, General & Administrative 53.9 60.7 (11%)
Depreciation and Amortization 51.5 39.8 29%
Restructuring -- -- n/m
Asset Impairments and Other
Charges (Credits) 1.6 -- n/m
Gain on Sale of Broadband Assets -- (37.3) n/m
--------- ---------
Operating Income 82.6 129.6 (36%)
Minority Interest Expense 0.2 12.5 (98%)
Other (Income) Expense, Net (0.7) (0.1) n/m
Interest Expense and Other
Financing Costs 50.6 84.6 (40%)
--------- ---------
Income before Income Taxes and
Cumulative Effect of Change in
Accounting Principle 32.5 32.6 --
Income Tax Expense (Benefit) 15.0 (12.1) n/m
--------- ---------
Income before Cumulative
Effect of Change in
Accounting Principle 17.5 44.7 (61%)
Cumulative Effect of Change in
Accounting Principle, Net of Taxes -- -- n/m
--------- ---------
Net Income 17.5 44.7 (61%)
Preferred Stock Dividends 2.6 2.6 --
--------- ---------
Net Income Applicable to
Common Shareowners $ 14.9 $ 42.1 (65%)
========= =========
Basic Earnings Per Common Share
-------------------------------
Income before Cumulative Effect of
Change in Accounting Principle $ 0.06 $ 0.19
Cumulative Effect of Change
in Accounting Principle,
Net of Taxes -- --
--------- ---------
Net Earnings Per Common Share $ 0.06 $ 0.19
========= =========
Diluted Earnings Per Common Share
---------------------------------
Income before Cumulative Effect of
Change in Accounting Principle $ 0.06 $ 0.18
Cumulative Effect of Change
in Accounting Principle,
Net of Taxes -- --
--------- ---------
Net Earnings Per Common Share $ 0.06 $ 0.18
========= =========
Weighted Average Common Shares
Outstanding
------------------------------
- Basic 245.1 225.4
- Diluted 249.2 235.2
Cincinnati Bell Inc.
Consolidated Statements of Income
(Unaudited)
(in millions - except per share amounts)
For the Nine Months
Ended September 30, %
2004 2003 Change
---------- ---------- ------
Revenue $ 907.3 $ 1,246.6 (27%)
-------
Costs & Expenses
----------------
Cost of Services and Products 361.4 551.2 (34%)
Selling, General & Administrative 165.6 290.9 (43%)
Depreciation and Amortization 142.8 121.0 18%
Restructuring 0.2 (3.4) n/m
Asset Impairments and Other
Charges (Credits) 1.5 (0.7) n/m
Gain on Sale of Broadband Assets -- (336.3) n/m
--------- ---------
Operating Income 235.8 623.9 (62%)
Minority Interest Expense 1.5 42.5 (96%)
Other (Income) Expense, Net (0.7) (0.7) --
Interest Expense and Other
Financing Costs 151.9 191.2 (21%)
--------- ---------
Income before Income Taxes and
Cumulative Effect of Change in
Accounting Principle 83.1 390.9 (79%)
Income Tax Expense 39.8 (12.1) n/m
--------- ---------
Income before Cumulative
Effect of Change in
Accounting Principle 43.3 403.0 (89%)
Cumulative Effect of Change in
Accounting Principle, Net of Taxes -- 85.9 n/m
--------- ---------
Net Income 43.3 488.9 (91%)
Preferred Stock Dividends 7.8 7.8 --
--------- ---------
Net Income Applicable to
Common Shareowners $ 35.5 $ 481.1 (93%)
========= =========
Basic Earnings Per Common Share
-------------------------------
Income before Cumulative Effect of
Change in Accounting Principle $ 0.14 $ 1.79
Cumulative Effect of Change
in Accounting Principle,
Net of Taxes -- 0.39
--------- ---------
Net Earnings Per Common Share $ 0.14 $ 2.18
========= =========
Diluted Earnings Per Common Share
---------------------------------
Income before Cumulative Effect of
Change in Accounting Principle $ 0.14 $ 1.74
Cumulative Effect of Change
in Accounting Principle,
Net of Taxes -- 0.37
--------- ---------
Net Earnings Per Common Share $ 0.14 $ 2.11
========= =========
Weighted Average Common Shares
Outstanding
------------------------------
- Basic 245.0 221.1
- Diluted 251.1 232.0
Cincinnati Bell Inc.
Segment Information
(Unaudited)
(dollars in millions) For the Three Months
Ended September 30, %
2004 2003 Change
--------- --------- ------
Local
Revenue
Voice $ 130.1 $ 133.7 (3%)
Data 51.0 48.3 6%
Other services 9.3 11.6 (20%)
-------- --------
Total revenue 190.4 193.6 (2%)
Operating Costs and Expenses:
Cost of services and products 53.2 56.3 (6%)
Selling, general and administrative 33.1 29.3 13%
Depreciation 29.9 31.6 (5%)
Restructuring -- -- --
Asset impairments and other charges -- -- --
-------- --------
Total operating costs and expenses 116.2 117.2 (1%)
-------- --------
Operating income $ 74.2 $ 76.4 (3%)
======== ========
Wireless
Revenue
Service $ 61.7 $ 61.9 --
Equipment 4.5 3.2 41%
-------- --------
Total revenue 66.2 65.1 2%
Operating Costs and Expenses:
Cost of services and products 30.3 26.9 13%
Selling, general and administrative 13.3 11.3 18%
Depreciation 14.7 7.4 99%
Amortization 6.1 0.1 n/m
Asset impairments and other charges 1.7 -- n/m
-------- --------
Total operating costs and expenses 66.1 45.7 45%
-------- --------
Operating income $ 0.1 $ 19.4 (100%)
======== ========
Hardware & Mgd. Services
Revenue
Hardware $ 24.0 $ 22.8 5%
Managed services 14.6 19.0 (23%)
-------- --------
Total revenue 38.6 41.8 (8%)
Operating Costs and Expenses:
Cost of services and products 31.0 31.3 (1%)
Selling, general and administrative 3.8 5.6 (32%)
Depreciation 0.2 0.2 --
Asset impairments and other charges -- -- --
Gain on sale of assets -- -- --
-------- --------
Total operating costs and expenses 35.0 37.1 (6%)
-------- --------
Operating income $ 3.6 $ 4.7 (23%)
======== ========
Other
Revenue $ 20.7 $ 20.8 --
Costs and Expenses:
Cost of services and products 9.5 12.5 (24%)
Selling, general and administrative 4.0 4.7 (15%)
Depreciation and amortization 0.4 0.5 (20%)
Asset impairments and other charges -- -- --
-------- --------
Total costs and expenses 13.9 17.7 (21%)
-------- --------
Operating income $ 6.8 $ 3.1 119%
======== ========
Broadband
Revenue
Broadband transport -- -- --
Switched voice services -- -- --
Data and Internet -- -- --
Other services -- -- --
-------- --------
Total revenue -- -- --
Costs and Expenses:
Cost of services and products -- (0.5) n/m
Selling, general and administrative (2.7) 6.1 (144%)
Depreciation -- -- --
Restructuring -- -- --
Asset impairments and other charges (0.1) -- n/m
Gain on sale of broadband assets -- (37.3) n/m
-------- --------
Total costs and expenses (2.8) (31.7) (91%)
-------- --------
Operating income $ 2.8 $ 31.7 (91%)
======== ========
Cincinnati Bell Inc.
Segment Information
(Unaudited)
(dollars in millions) For the Nine Months
Ended September 30, %
2004 2003 Change
--------- --------- ------
Local
Revenue
Voice $ 391.6 $ 403.8 (3%)
Data 151.7 146.7 3%
Other services 27.7 32.1 (14%)
-------- --------
Total revenue 571.0 582.6 (2%)
Operating Costs and Expenses:
Cost of services and products 165.4 175.1 (6%)
Selling, general and administrative 99.9 95.5 5%
Depreciation 89.6 93.9 (5%)
Restructuring 0.2 -- n/m
Asset impairments and other charges -- 0.3 n/m
-------- --------
Total operating costs and expenses 355.1 364.8 (3%)
-------- --------
Operating income $ 215.9 $ 217.8 (1%)
======== ========
Wireless
Revenue
Service $ 184.9 $ 187.7 (1%)
Equipment 12.5 9.2 36%
-------- --------
Total revenue 197.4 196.9 --
Operating Costs and Expenses:
Cost of services and products 95.7 78.1 23%
Selling, general and administrative 38.8 35.0 11%
Depreciation 43.9 22.5 95%
Amortization 7.0 0.3 n/m
Asset impairments and other charges 4.2 -- n/m
-------- --------
Total operating costs and expenses 189.6 135.9 40%
-------- --------
Operating income $ 7.8 $ 61.0 (87%)
======== ========
Hardware & Mgd. Services
Revenue
Hardware $ 56.9 $ 64.5 (12%)
Managed services 44.2 54.7 (19%)
-------- --------
Total revenue $ 101.1 119.2 (15%)
Operating Costs and Expenses:
Cost of services and products 79.2 89.3 (11%)
Selling, general and administrative 12.4 17.6 (30%)
Depreciation 0.7 0.4 75%
Asset impairments and other charges (1.1) -- n/m
Gain on sale of assets -- (1.2) n/m
-------- --------
Total operating costs and expenses 91.2 106.1 (14%)
-------- --------
Operating income $ 9.9 $ 13.1 (24%)
======== ========
Other
Revenue $ 58.6 $ 61.7 (5%)
Costs and Expenses:
Cost of services and products 35.6 41.2 (14%)
Selling, general and administrative 10.1 12.3 (18%)
Depreciation and amortization 1.2 1.5 (20%)
Asset impairments and other charges - 0.1 n/m
-------- --------
Total costs and expenses 46.9 55.1 (15%)
-------- --------
Operating income $ 11.7 $ 6.6 77%
======== ========
Broadband
Revenue
Broadband transport -- 159.3 n/m
Switched voice services -- 111.9 n/m
Data and Internet -- 59.5 n/m
Other services -- 1.7 n/m
-------- --------
Total revenue -- 332.4 n/m
Costs and Expenses:
Cost of services and products -- 202.8 n/m
Selling, general and administrative (2.7) 123.4 (102%)
Depreciation -- 1.9 n/m
Restructuring -- (3.4) n/m
Asset impairments and other charges (1.6) 0.1 n/m
Gain on sale of broadband assets - (336.3) n/m
-------- --------
Total costs and expenses (4.3) (11.5) (63%)
-------- --------
Operating income $ 4.3 $ 343.9 (99%)
======== ========
Cincinnati Bell Inc.
Consolidated Balance Sheets
(Unaudited)
(in millions - except debt covenants and segment metric information)
September 30, December 31,
2004 2003
------------- -------------
Assets
------
Cash and Cash Equivalents $ 23.0 $ 26.0
Receivables - Net 136.6 140.5
Materials and Supplies 36.6 33.6
Other Current Assets 58.4 59.3
Property, Plant and Equipment - Net 860.4 898.8
Goodwill 40.9 40.9
Other Intangible Assets - Net 37.7 47.2
Noncurrent Deferred Tax Assets 660.7 696.9
Other Noncurrent Assets 132.6 130.3
------------ ------------
Total Assets $ 1,986.9 $ 2,073.5
============ ============
Liabilities and Shareowners' Deficit
------------------------------------
Current Portion of Long-Term Debt $ 10.6 $ 13.3
Current Portion of Unearned Revenue and
Customer Deposits 41.1 41.5
Accounts Payable 56.0 64.5
Accrued Taxes 41.2 43.7
Other Current Liabilities 125.4 132.3
Long-Term Debt, Less Current Portion 2,175.6 2,274.5
Unearned Revenue, Less Current Portion 10.4 11.9
Other Noncurrent Liabilities 126.6 131.5
Minority Interest 41.1 39.7
Shareowners' Deficit (641.1) (679.4)
------------ ------------
Total Liabilities and
Shareowners' Deficit $ 1,986.9 $ 2,073.5
============ ============
Other Data:
-----------
Common Shares Outstanding at
Balance Sheet Date 245.3 244.6
Net Debt $ 2,159.5 $ 2,261.8
Credit Facility Availability $ 365.4 $ 299.5
Debt Covenants:
---------------
Debt to EBITDA Ratio -
Calculated 4.81 4.70
Debt to EBITDA Ratio -
Required 5.85 6.20
Senior Secured Debt to EBITDA Ratio -
Calculated 1.73 1.87
Senior Secured Debt to EBITDA Ratio -
Required 3.60 4.00
Interest Coverage Ratio -
Calculated 2.71 3.56
Interest Coverage Ratio -
Required 2.20 2.50
Year-to-date Capital Expenditures -
Restricted Group Actual 86.5 122.2
Maximum Annual Capital Expenditures -
Restricted Group Allowed 137.8 146.0
Segment Metric Information (in thousands):
------------------------------------------
Local Access Lines 978.5 985.8
Complete Connections Subscribers 335.2 312.5
DSL Subscribers 122.8 99.5
Custom Connections Subscribers 113.2 71.4
GSM:
Postpaid Wireless Subscribers 81.0 8.3
Prepaid Wireless Subscribers 54.8 --
TDMA:
Postpaid Wireless Subscribers 227.1 303.6
Prepaid Wireless Subscribers 116.3 162.5
------------ ------------
Total Wireless Subscribers 479.2 474.4
============ ============
Consumer Long Distance Lines 422.2 414.4
Business Long Distance Lines 132.5 124.6
------------ ------------
Total Long Distance Lines 554.7 539.0
============ ============
Cincinnati Bell Telephone
11 Quarter Access Line Detail
(Unaudited)
(in thousands)
-----------------------------------
2002
-----------------------------------
1Q 2Q 3Q 4Q
-------- -------- -------- --------
Access Lines
------------
In-Territory:
Primary Residential 632.7 630.2 628.2 626.4
Secondary Residential 71.8 70.0 68.2 66.8
Business/Other 320.7 317.2 312.2 312.2
-------- -------- -------- --------
Total In-Territory 1,025.2 1,017.4 1,008.6 1,005.4
Out-of-Territory:
Primary Residential 0.4 0.8 1.5 1.9
Secondary Residential - - 0.1 0.1
Business/Other 2.9 3.3 3.7 4.5
-------- -------- -------- --------
Total Out-of-Territory 3.3 4.1 5.3 6.5
-------- -------- -------- --------
Total Access Lines 1,028.5 1,021.5 1,013.9 1,011.9
======== ======== ======== ========
-----------------------------------
2003
-----------------------------------
1Q 2Q 3Q 4Q
-------- -------- -------- --------
Access Lines
------------
In-Territory:
Primary Residential 624.8 620.5 617.8 613.9
Secondary Residential 64.4 62.3 60.0 58.1
Business/Other 312.9 309.9 307.9 304.6
-------- -------- -------- --------
Total In-Territory 1,002.1 992.7 985.7 976.6
Out-of-Territory:
Primary Residential 2.3 2.7 3.1 3.4
Secondary Residential 0.1 0.1 0.2 0.2
Business/Other 4.7 5.0 5.2 5.6
-------- -------- -------- --------
Total Out-of-Territory 7.1 7.8 8.5 9.2
-------- -------- -------- --------
Total Access Lines 1,009.2 1,000.5 994.2 985.8
======== ======== ======== ========
--------------------------
2004
--------------------------
1Q 2Q 3Q
-------- -------- --------
Access Lines
------------
In-Territory:
Primary Residential 611.8 606.3 601.6
Secondary Residential 56.0 54.0 52.2
Business/Other 301.5 299.6 298.3
-------- -------- --------
Total In-Territory 969.3 959.9 952.1
Out-of-Territory:
Primary Residential 4.6 10.9 15.8
Secondary Residential 0.2 0.6 0.7
Business/Other 6.8 8.0 9.9
-------- -------- --------
Total Out-of-Territory 11.6 19.5 26.4
-------- -------- --------
Total Access Lines 980.9 979.4 978.5
======== ======== ========
Cincinnati Bell Inc.
Consolidated Revenue and Operating Income Excluding Broadband
(Unaudited)
(dollars in millions) For the Three Months
Ended September 30, %
2004 2003 Change
--------- --------- ------
Reconciliation of Consolidated Revenue
to Consolidated Revenue Excluding
Broadband
Revenue $ 307.9 $ 315.3 (2%)
Less adjustments:
Broadband Revenue -- -- n/m
Broadband Intercompany Activity -- -- n/m
-------- --------
Consolidated Revenue Excluding Broadband $ 307.9 $ 315.3 (2%)
======== ========
Reconciliation of Consolidated Operating
Income to Consolidated Operating Income
Excluding Broadband
Operating Income $ 82.6 $ 129.6 (36%)
Less adjustments:
Broadband Operating Income 2.8 31.7 (91%)
-------- --------
Consolidated Operating Income Excluding
Broadband $ 79.8 $ 97.9 (18%)
======== ========
Cincinnati Bell Inc.
Consolidated Revenue and Operating Income Excluding Broadband
(Unaudited)
(dollars in millions) For the Nine Months
Ended September 30, %
2004 2003 Change
--------- --------- ------
Reconciliation of Consolidated Revenue
to Consolidated Revenue Excluding
Broadband
Revenue $ 907.3 $1,246.6 (27%)
Less adjustments:
Broadband Revenue -- 332.4 n/m
Broadband Intercompany Activity -- (30.3) n/m
-------- --------
Consolidated Revenue Excluding Broadband $ 907.3 $ 944.5 (4%)
======== ========
Reconciliation of Consolidated Operating
Income to Consolidated Operating Income
Excluding Broadband
Operating Income $ 235.8 $ 623.9 (62%)
Less adjustments:
Broadband Operating Income 4.3 343.9 (99%)
-------- --------
Consolidated Operating Income Excluding
Broadband $ 231.5 $ 280.0 (17%)
========= ========
Cincinnati Bell Inc.
Net Debt Calculation
(Unaudited)
Change
September 30, December 31, --------------
(dollars in millions) 2004 2003 $ %
------------- ------------- --------------
Credit Facilities $ 489.0 $ 608.4 $(119.4) (20%)
Cincinnati Bell
Telephone notes 250.0 250.0 -- --
7 1/4% Senior notes due
2013 of Cincinnati Bell
Inc. 500.0 500.0 -- --
16% Senior subordinated
notes of Cincinnati Bell
Inc. 371.5 360.6 10.9 3%
7 1/4% Senior notes due
2023 of Cincinnati Bell
Inc. 50.0 50.0 -- --
8 3/8% Senior notes due
2014 of Cincinnati Bell
Inc. 543.7 540.0 3.7 1%
Capital leases 16.9 18.2 (1.3) (7%)
Other short-term debt 1.1 2.7 (1.6) (59%)
Unamortized discount (36.0) (42.1) 6.1 (14%)
------------ ------------ -------
Total Debt 2,186.2 2,287.8 (101.6) (4%)
Add: Interest Rate Swap
Liability on 8 3/8% Notes
due 2014 (3.7) -- (3.7) --
Less: Cash and
Cash Equivalents (23.0) (26.0) 3.0 (12%)
------------ ------------ -------
Net Debt (as defined
by the company) $ 2,159.5 $ 2,261.8 $(102.3) (5%)
============ ============ =======
Cincinnati Bell Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(dollars in millions) For the Three Months
Ended September 30,
Consolidated Cash Flow 2004 2003
--------- ---------
Cash provided by operating activities $ 72.0 $ 107.2
-------- --------
Capital expenditures (38.6) (37.3)
Proceeds from sale of assets -- 20.5
Other 1.6 1.4
-------- --------
Cash used in investing activities (37.0) (15.4)
-------- --------
Issuance of long-term debt -- 500.0
Repayment of long-term debt (32.0) (569.5)
Short-term borrowings (repayments), net (0.9) (2.0)
Debt issuance costs -- (17.8)
Issuance of common shares - exercise
of stock options 0.1 0.2
Preferred stock dividends paid (2.6) --
Other 1.1 --
-------- --------
Cash used in financing activities (34.3) (89.1)
-------- --------
Net increase in cash and cash equivalents 0.7 2.7
Cash and cash equivalents at
beginning of period 22.3 30.2
-------- --------
Cash and cash equivalents at
end of period $ 23.0 $ 32.9
======== ========
Reconciliation of GAAP Cash Flow to Cash Flow
as defined by the company
Net increase in cash and cash equivalents $ 0.7 $ 2.7
Less adjustments:
Issuance of long-term debt (financing
activities) -- 500.0
Repayment of long-term debt (financing
activities) (32.0) (569.5)
Short-term borrowings (repayments),
net (financing activities) (0.9) (2.0)
Proceeds from sale of assets (investing
activities) -- 20.5
-------- --------
Cash flow (as defined by the company) $ 33.6 $ 53.7
======== ========
Cash Expenditures for Restructuring $ 0.7 $ (2.9)
Income Tax Refunds / (Payments) $ (0.3) $ 0.2
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