Citizens Communications Reports Second-Quarter Results; Substantially Reduces Debt.Business Editors STAMFORD Stamford, town, England Stamford, town (1991 pop. 18,127), in the Parts of Kesteven, Lincolnshire, E central England, on the Welland River. It is a market town. Products include diesel engines, electrical equipment, bricks, and tiles. , Conn.--(BUSINESS WIRE)--Aug. 5, 2002 Citizens Communications Citizens Communications is the parent company of Frontier Telephone, providing telephone and internet access in 24 states. The company headquarters are located at 3 High Ridge Park in Stamford, Connecticut. (NYSE NYSE See: New York Stock Exchange :CZN) today reported revenues of almost $515 million from its ILEC (Incumbent Local Exchange Carrier) A traditional local telephone company such as one of the Regional Bell companies (RBOCs). Contrast with CLEC. See ELEC and TELRIC. (incumbent Refers to an entity that is currently in power. For example, in politics, the "incumbent senator" is the person who holds that office today. An "incumbent company" is an organization that has been providing goods and services for some time. See ILEC. local exchange company) operations for the quarter ended June June: see month. 30, 2002. Adjusted 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 (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. plus depreciation and amortization, 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). and other expenses and reserves for 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. bankruptcies) margin for the ILEC improved to 53.3 percent for the quarter. The company prepaid pre·pay tr.v. pre·paid, pre·pay·ing, pre·pays To pay or pay for beforehand. pre·pay  ment n. $517 million of debt during
the quarter (in addition to the retirement of a lease in the amount of
$110 million related to assets previously put in service, "Lease
Retirement"), reducing debt by almost nine percent since March 31,
2002 and ended the quarter with over $420 million in cash. Since the
beginning of the year the company has retired $665 million of debt or 11
percent of the total debt outstanding at December December: see month. 31, 2001.For the second quarter 2002 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: revenue was $662.4 million; operating income 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 was $82.6 million; consolidated Adjusted EBITDA was $297.2 million; capital expenditures totaled $96.2 million (excluding the Lease Retirement); consolidated free cash flow was $40.6 million; the consolidated net loss was $41.6 million; and consolidated net loss per share was $0.15. Citizens' consolidated results for the second quarter of 2002 include restructuring and other expenses of $18.3 million related to the Electric Lightwave Light in the infrared, visible and ultraviolet ranges, which falls between x-rays and microwaves. Wavelengths are between 10 nanometers and one millimeter. , Inc. (ELI Eli (ē`lī), in the Bible, high priest and judge of Israel, teacher of the boy Samuel. 1. (language) ELI - An early system on the IBM 705 and IBM 650. [Listed in CACM 2(5):16 (May 1959)]. 2. ) tender offer and a reduction of the company's work force; $10 million related to 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 WorldCom The former name of MCI. Based in Jackson, MS, WorldCom, Inc. was a major, international telecommunications carrier. It was founded in 1983 by Bernard Ebbers as Long Distance Discount Service (LDDS), a reseller of AT&T WATS lines to small businesses. receivables Receivables An asset designation applicable to all debts, unsettled transactions or other monetary obligations owed to a company by its debtors or customers. Receivables are recorded by a company's accountants and reported on the balance sheet, and they and include all debts owed net of a settlement with Global Crossing; and a non-cash charge Non-Cash Charge A charge off, made by a company against earnings, that does not require an initial outlay of cash. Notes: Non-cash charges are typically against the depreciation, amortization, and depletion accounts on a company's balance sheet. of $45.6 million resulting from the write-off Write-Off A reduction in the value of an asset or earnings by the amount of an expense or loss. Companies are able to write off certain expenses that are required to run the business, or have been incurred in the operation of the business and detract from retained revenues. of the company's remaining investment in Adelphia A`del´phi`a n. 1. (Bot.) A "brotherhood," or collection of stamens in a bundle; - used in composition, as in the class names, Monadelphia, Diadelphia, etc. s> Communications to zero. The company remains focused on and committed to the continuing improvement of its balance sheet through the generation of free cash flow applied to further debt reduction. Total debt was reduced from $5.9 billion at March 31, 2002 to $5.4 billion at June 30, 2002. In addition to free cash flow generated from ongoing operations, the debt retirements this year will reduce interest expense, and will increase free cash flow and pre-tax pre-tax adj → anterior al impuesto pre-tax adj → avant impôt(s) pre-tax adj → al lordo d'imposta income, by approximately ap·prox·i·mate adj. 1. Almost exact or correct: the approximate time of the accident. 2. $30 million annually. The company's net debt to Adjusted EBITDA ratio for the quarter was 4.2x and the company continues to target a ratio of 4x by the end of 2002. Further improvement in the ratio of net debt to Adjusted EBITDA is expected during 2003. Even with the substantial reduction in debt, the company ended the quarter with over $420 million of cash. The sale of the company's Kauai Kauai (kou'wī`), circular island (1990 pop. 51,177), 549 sq mi (1,422 sq km), 32 mi (52 km) in diameter, N Hawaii, separated from Oahu island to the southeast by Kauai Channel. Lihue (1990 pop. , Hawaii Hawaii, island, United States Hawaii, island (1990 pop. 120,217), 4,037 sq mi (10,456 sq km), largest and southernmost island of the state of Hawaii and coextensive with Hawaii co.; known as the Big Island. , electric business for $215 million in cash remains on track for a closing by the end of this year. Telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. Second quarter 2002 revenue from the company's ILEC Segment was a record $514.7 million, up $225.9 million or 78 percent from $288.8 million in the second quarter of 2001. Excluding the impact of the Frontier frontier, in U.S. history, the border area of settlement of Europeans and their descendants; it was vital in the conquest of the land between the Atlantic and the Pacific. acquisition, which was completed on June 29, 2001, the revenue increase was approximately five percent above the second-quarter 2001, primarily from continued increases in penetration The successful unauthorized breach of a security perimeter. See penetration test. of enhanced services Enhanced service is service offered over commercial carrier transmission facilities used in interstate communications, that employs computer processing applications that act on the format, content, code, protocol, or similar aspects of the subscriber's transmitted information; , data and long-distance long-dis·tance adj. 1. Covering a long distance: a long-distance runner; operating under long-distance supervision. 2. products. Second-quarter 2002 revenues include a $2.2 million increase resulting from the completion of an audit with respect to a state subsidy subsidy, financial assistance granted by a government or philanthropic foundation to a person or association for the purpose of promoting an enterprise considered beneficial to the public welfare. fund. The company had approximately 2.47 million access lines at June 30, 2002 compared to approximately 2.49 million at June 30, 2001. The decrease of approximately 20,000 lines or 0.9 percent has been more than offset by the addition of more than 41,000 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 over the last year. The company added 12,300 DSL subscribers during the second quarter compared to approximately 2,000 subscribers added during the second quarter of 2001. DSL additions sometimes replace second lines, which accounts for a portion of the reduction in primary access line count. Taking into account DSL subscriptions, total lines grew by more than 18,000 or 0.7 percent since June 30, 2001. Adjusted EBITDA for the second quarter of 2002 was $274.1 million, an increase of $125.1 million or 84 percent compared to the comparable prior year quarter. Adjusted EBITDA margin for the second-quarter of 2002 increased to 53.3 percent from 51.6 percent in the second quarter of 2001, reflecting increases in high-margin revenues, an ongoing focus on increased productivity, success in the integration of Frontier and the efficiencies achieved from consolidation of the company's activities. The company continues to focus on achieving a 55 percent run rate Adjusted EBITDA margin as it exits 2002. For the second quarter the ILEC segment had capital expenditures of $83 million compared to $56 million of capital expenditures for the first quarter of 2002. This increase is primarily a result of seasonality. Second-quarter 2002 revenue from ELI totaled $45.3 million, Adjusted EBITDA was $2.1 million and capital expenditures were $3.8 million (excluding the Lease Retirement). Public Service The gas and electric segments accounted for $102.4 million of second-quarter 2002 consolidated revenue, $21 million of EBITDA, $9.4 million of capital expenditures and $11.6 million of free cash flow. Free cash flow is EBITDA minus capital expenditures (excluding the Lease Retirement), interest expense and cash taxes. EBITDA is a measure commonly used to analyze an·a·lyze v. 1. To examine methodically by separating into parts and studying their interrelations. 2. To separate a chemical substance into its constituent elements to determine their nature or proportions. 3. companies on the basis of operating performance. EBITDA is not a measure of financial performance nor is it an alternative to cash flow as a measure of liquidity and may not be comparable to similarly titled measures of other companies. The information in this press release should be read in conjunction conjunction, in astronomy conjunction, in astronomy, alignment of two celestial bodies as seen from the earth. Conjunction of the moon and the planets is often determined by reference to the sun. with the financial statements and footnotes contained in our Form 10-Q Form 10-Q See 10-Q. to be filed with the Securities and Exchange Commission. About Citizens Communications More information about Citizens can be found at www.czn.net. This document contains forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that are subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied Inferred from circumstances; known indirectly. In its legal application, the term implied is used in contrast with express, where the intention regarding the subject matter is explicitly and directly indicated. in the statements. These and all forward-looking statements (including oral representations) are only predictions or statements of current plans that are constantly under review by the company. All forward-looking statements may differ from actual results because of, but not limited to, changes in local and national economies, the state of the telecommunications industry, changes in market conditions for debt and equity securities, the nature and pace of technological changes, the number and effectiveness of competitors COMPETITORS, French law. Persons who compete or aspire to the same office, rank or employment. As an English word in common use, it has a much wider application. Ferriere, Dict. de Dr. h.t. in the company's markets, success in overall strategy, changes in legal or 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. policy, changes in legislation, the mix of products and services offered in the company's markets, the effects of acquisitions and dispositions and the ability to effectively integrate businesses acquired. These important factors should be considered in evaluating any statement contained herein and/or and/or conj. Used to indicate that either or both of the items connected by it are involved. Usage Note: And/or is widely used in legal and business writing. made by the company or on its behalf. The foregoing information should be read in conjunction with the company's filings with the U.S. Securities and Exchange Commission including, but not limited to, reports on Forms 10-K and 10-Q. The company does not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or .
Citizens Communications Company
Consolidated Financial Data
(unaudited)
For the quarter ended
---------------------------------------------------
Jun-02 Jun-02
vs. vs.
(Amounts in Mar-02 Jun-01
thousands - except June 30, % March 31, June 30, %
per-share amounts) 2002 Change 2002 2001 Change
----------- ------ ---------- ----------- -------
Income Statement Data
Continuing operations
Revenue $ 662,439 -2% $ 679,334 $ 505,741 31%
Cost of services 113,786 -11% 128,238 128,528 -11%
Other operating
expenses 251,426 -4% 260,854 202,298(1) 24%
Depreciation and
amortization 186,378 5% 178,174 114,366(2) 63%
Reserve for
telecommunications
bankruptcies 10,001 28% 7,804 - 100%
Restructuring and
other expenses (3) 18,280 368% 3,905 - 100%
Operating income 82,568 -18% 100,359 60,549 36%
Investment and
other income
(loss), net (28,076) 42% (48,508) 10,641 -364%
Interest expense 122,611 -1% 123,603 74,681 64%
Income tax
expense (benefit) (26,560) 1% (26,942) 525 -5159%
Income from
discontinued
operations, net
of tax - 100% (1,478) 3,367 -100%
Gain on disposal
of water segment,
net of tax - -100% 169,326 - 0%
Cumulative effect
of change in
accounting
principle (4) - 100% (39,812) - 0%
Carrying cost of
equity forward
contracts - 0% - 12,647 -100%
Net income (loss)
available to
common
shareholders (41,559) -150% 83,226 (13,296) -213%
Other Financial
Data
Adjusted EBITDA
from continuing
operations (5) $ 297,227 2% $ 290,242 $ 174,915 70%
Total capital
expenditures 96,166(6) 38% 69,599 103,832 -7%
Free cash flow (7) $ 40,630 -52% $ 83,975 $ (4,452) 1013%
Long-term debt (8) 5,339,414 -2% 5,453,053 5,818,312 -8%
Total debt (8) 5,403,338 -9% 5,914,115 6,040,834 -11%
Less: Cash and
cash equivalents 421,069 -57% 972,751 49,578 749%
Net debt 4,982,269 1% 4,941,364 5,991,256 -17%
Net debt to
current quarter
annualized
Adjusted EBITDA 4.2 -2% 4.3 8.6 -51%
Interest coverage 2.4 4% 2.3 2.3 4%
Shares of common
stock outstanding 282,213 0% 281,641 289,038 -2%
Weighted average
shares
outstanding 280,610 0% 280,257 269,129 4%
Net income
available
to common
shareholders (9) $ (0.15) -150% $ 0.30 $ (0.05) -200%
(1) Includes $7,062,000 of acquisition assimilation expenses.
(2) Includes $10,037,000 of goodwill amortization.
(3) See footnote 6 in the SEC Form 10-Q.
(4) Write-off of ELI's goodwill.
(5) Adjusted EBITDA is operating income plus depreciation and
amortization, the reserve for telecommunications bankruptcies and
restructuring and other expenses. Adjusted EBITDA is a measure
commonly used to analyze companies on the basis of operating
performance. It is not a measure of financial performance under
generally accepted accounting principles and should not be
considered as an alternative to net income as a measure of
performance nor an alternative to cash flow as a measure of
liquidity and may not be comparable to similarly titled measures
of other companies (see segment footnote in the SEC Form 10-Q).
(6) Excludes $110,000,000 of previously leased facilities purchased by
ELI in April 2002.
(7) Free cash flow is operating income plus depreciation and
amortization minus interest expense, cash income taxes and capital
expenditures.
(8) Excludes equity units. Total debt includes current portion of long
term debt.
(9) Calculated based on weighted average shares outstanding. Citizens
Communications Company Consolidated Financial Data (unaudited)
Citizens Communications Company
Consolidated Financial Data
(unaudited)
For the six months ended
--------------------------------------------------
Jun-02 Jun-02
vs. vs.
(Amounts in Dec-01 Jun-01
thousands - except June 30, % December 31, June 30, %
per-share amounts) 2002 Change 2002 2001 Change
----------- ------ ---------- ------------ ------
Income Statement Data
Continuing operations
Revenue $ 1,341,773 1% $1,326,970 $1,130,023 19%
Cost of services 242,024 -1% 245,485 353,893 -32%
Other operating
expenses (1) 512,280 -6% 544,084 407,626 26%
Depreciation and
amortization (2) 364,552 -12% 412,264 220,072 66%
Reserve for
telecommunications
bankruptcies 17,805 -16% 21,200 - 100%
Restructuring and
other
expenses (3) 22,185 15% 19,327 - 100%
Operating income 182,927 116% 84,610 148,432 23%
Investment and
other income
(loss), net (76,584) 3% (78,966) 13,425 -670%
Gain on sale of
assets - -100% 139,304 - 0%
Interest expense 246,214 -1% 247,850 137,686 79%
Income tax expense
(benefit) (53,502) -119% (24,378) 9,573 -659%
Income from
discontinued
operations, net
of tax (1,478) -111% 13,399 4,476 -133%
Gain on disposal of
water segment, net
of tax 169,326 0% - - 100%
Extraordinary
expense-
discontinuation of
SFAS No. 71, net
of tax - -100% 43,631 - 0%
Cumulative effect
of change in
accounting
principle (4) (39,812) 0% - - 100%
Carrying cost of
equity forward
contracts - -100% 1,003 12,647 -100%
Net income (loss)
available to
common
shareholders 41,667 138% (109,759) 6,427 548%
Other Financial Data
Adjusted EBITDA
from continuing
operations (5) $ 587,469 9% $ 537,401 $ 368,504 59%
Total capital
expenditures 165,765(6) -47% 312,920 217,801 -24%
Free cash flow (7) $ 124,605 310% $ (59,291)$ 49,538 152%
Net debt to current
six months
annualized
Adjusted EBITDA 4.2 -22% 5.4 8.1 -48%
Interest coverage 2.4 9% 2.2 2.7 -11%
Shares of common
stock outstanding 282,213 0% 281,289 289,038 -2%
Weighted average
shares outstanding 280,432 -1% 283,422 266,106 5%
Net income
available to
common
shareholders (9) $ 0.15 138% $ (0.39) $ 0.02 650%
See notes (3) through (9) on previous page.
(1) Includes $8,834,000 and $12,546,000 of acquisition assimilation
expenses for the six months ended December 31, 2001 and June
30,2001, respectively.
(2) Includes $87,745,000 and $20,388,000 of goodwill amortization for
the six months ended December 31, 2001 and June 30, 2001,
respectively.
Citizens Communications Company
Financial and Operating Data
For the quarter ended
--------------------------------------------------
(Dollars in Jun-02 Jun-02
thousands, vs. vs.
except operating Mar-02 Jun-01
data) June 30, % March 31, June 30, %
TELECOMMUNICATIONS(1) 2002 Change 2002 2001 Change
----------- ------ ---------- ---------- ------
Select Income Statement Data
Revenue
Access services (2) $ 169,413 2% $ 165,755 $ 117,146 45%
Local services (2) 216,075 1% 214,851 117,970 83%
Long Distance and
data services 75,658 3% 73,672 32,675 132%
Directory 25,810 -2% 26,244 10,999 135%
Other 27,730 1% 27,509 9,998 177%
Electric Lightwave 45,287 -4% 47,247 59,334 -24%
Total revenue 559,973 1% 555,278 348,122 61%
Expenses
Network access
expense 58,598 1% 57,958 34,645 69%
Other operating
expenses 225,131 -3% 232,320 159,659(3) 41%
Depreciation and
amortization (4) 186,332 5% 178,090 108,411 72%
Reserve for
telecommunications
bankruptcies 10,001 28% 7,804 - 100%
Restructuring and
other expenses (5) 18,280 368% 3,905 - 100%
Total expenses 498,342 4% 480,077 302,715 65%
Adjusted EBITDA and
Capital Expenditure
Data
ILEC Adjusted
EBITDA (6) $ 274,122 4% $ 264,320 $ 148,997 84%
ILEC Adjusted
EBITDA margin 53% 2% 52% 52% 2%
ILEC capital
expenditures $ 82,910 49% $ 55,769 $ 72,207 15%
ELI Adjusted
EBITDA (6) $ 2,122 -24% $ 2,780 $ 4,821 -56%
ELI capital
expenditures $ 3,816(7) -10% $ 4,247 $ 14,970 -75%
Operating Income
ILEC $ 100,607 9% $ 92,221 $ 60,685 66%
ELI (38,976) -129% (17,020) (15,278) -155%
Operating Data
ILEC access lines
(in millions) 2.47 0% 2.48 2.49 -1%
ILEC switched
access minutes of
use (in millions) 3,034 1% 3,014 1,941(8) 56%
Employees 7,715 -6% 8,197 8,949 -14%
ILEC average
monthly revenue per
average line $ 69.32 2% $ 68.28 $ 69.65(8) 0%
(1) Includes our Incumbent Local Exchange Carrier (ILEC) and Electric
Lightwave, Inc. (ELI) businesses.
(2) Prior to second quarter of 2002, we reported subscriber line
charges (SLC) in both the access and local services revenue
categories. Beginning with the second quarter of 2002, all SLC
revenue is reported in the local services category. All prior
periods have been conformed to this presentation. The average
amount of SLC that were previously reported in access services is
$23.1 million per quarter.
(3) Includes $7,062,000 of acquisition assimilation expenses.
(4) Includes $900,000 and $11,900,000 of accelerated depreciation
related to the closing of our Plano, Texas facility for the
quarters ended June 30, 2002 and March 31, 2002, respectively.
Includes $10,037,000 of goodwill amortization for the quarter
ended June 30, 2001.
(5) See footnote 6 in the SEC Form 10-Q.
(6) Adjusted EBITDA is operating income plus depreciation and
amortization, the reserve for telecommunications bankruptcies and
restructuring and other expenses. (see footnote (5) on first page
and segment footnote in the SEC Form 10-Q).
(7) Excludes $110,000,000 of previously leased facilities purchased by
ELI in April 2002.
(8) Exclude Frontier for the quarter ended June 30, 2001. Citizens
Communications Company Financial and Operating Data
Citizens Communications Company
Financial and Operating Data
For the six months ended
--------------------------------------------------
(Dollars in Jun-02 Jun-02
thousands, vs. vs.
except operating Dec-01 Jun-01
data) June 30, % December 31, June 30, %
TELECOMMUNICATIONS(1) 2002 Change 2002 2001 Change
---------- ------ ---------- ------------ ------
Select Income Statement Data
Revenue
Access services (2) $ 335,168 0% $ 334,916 $ 228,353 47%
Local services (2) 430,926 -1% 433,468 239,852 80%
Long distance and
data services 149,330 3% 144,989 63,284 136%
Directory 52,054 3% 50,687 21,689 140%
Other 55,239 3% 53,861 22,955 141%
Electric Lightwave 92,534 -10% 102,332 121,059 -24%
Total revenue 1,115,251 0% 1,120,253 697,192 60%
Expenses
Network access
expense 116,556 -8% 126,932 67,161 74%
Other operating
expenses (3) 457,451 -6% 484,654 323,087 42%
Depreciation and
amortization (4) 364,422 -11% 411,326 213,967 70%
Reserve for
telecommunications
bankruptcies 17,805 -16% 21,200 - 100%
Restructuring and
other expenses (5) 22,185 15% 19,327 - 100%
Total expenses 978,419 -8% 1,063,439 604,215 62%
Adjusted EBITDA and
Capital Expenditure
Data
ILEC Adjusted
EBITDA (6) $ 538,442 7% $ 504,533 $ 298,044 81%
ILEC Adjusted
EBITDA margin 53% 6% 50% 52% 2%
ILEC capital
expenditures $ 138,679 -47% $ 259,675 $ 148,789
ELI Adjusted
EBITDA (6) $ 4,902 19% $ 4,134 $ 8,900 -45%
ELI capital
expenditures $ 8,063(7) -58% $ 19,285 $ 35,304 -77%
Operating Income
ILEC $ 192,828 98% $ 97,601 $ 123,355 56%
ELI (55,996) -37% (40,787) (30,378) -84%
Operating Data
ILEC access lines
(in millions) 2.47 0% 2.48 2.49 -1%
ILEC switched
access minutes of
use (in millions) 6,048 -2% 6,185 3,752(8) 61%
Employees 7,715 -12% 8,743 8,949 -14%
ILEC average
monthly revenue
per average line $ 68.87 1% $ 68.24 $ 69.53(8) -1%
See notes (1), (2),(5), (6), (7) and (8) on previous page.
(3)Includes $8,834,000 and $12,546,000 of acquisition assimilation
expenses for the six months ended December 31, 2001 and June 30,
2001, respectively.
(4)Includes $12,800,000 and $22,000,000 of accelerated depreciation
related to the closing of our Plano, Texas facility for the six
months ended June 30, 2002 and December 31, 2001, respectively.
Includes $87,745,000 and $20,388,000 of goodwill amortization for
the six months ended December 31, 2001 and June 30, 2001,
respectively.
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