Charter 2010 Annual Report Download - page 48

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Selected Financial Data.
e following table presents selected consolidated financial data for the periods indicated (dollars in millions, except share data):
Successor Predecessor
Year Ended
December 31,
One Month
Ended
December 31,
Eleven Months
Ended
November 30,
For the Years Ended December 31,
2010 2009 2009 2008 (a) 2007 (a) 2006 (a)
Statement of Operations Data:
Revenues $ 7,059 $ 572 $ 6,183 $ 6,479 $ 6,002 $ 5,504
Operating income (loss) from
continuing operations $ 1,024 $ 84 $ (1,063) $ (614) $ 548 $ 367
Interest expense, net $ (877) $ (68) $ (1,020) $ (1,905) $ (1,861) $ (1,901)
Income (loss) from continuing
operations before income taxes $ 58 $ 10 $ 9,748 $ (2,550) $ (1,318) $ (1,479)
Net income (loss) – Charter shareholders $ (237) $ 2 $ 11,364 $ (2,451) $ (1,534) $ (1,454)
Basic earnings (loss) from continuing
operations per common share $ (2.09) $ 0.02 $ 30.00 $ (6.56) $ (4.17) $ (5.03)
Diluted earnings (loss) from continuing
operations per common share $ (2.09) $ 0.02 $ 12.61 $ (6.56) $ (4.17) $ (5.03)
Basic earnings (loss) per common share $ (2.09) $ 0.02 $ 30.00 $ (6.56) $ (4.17) $ (4.38)
Diluted earnings (loss) per common
share $ (2.09) $ 0.02 $ 12.61 $ (6.56) $ (4.17) $ (4.38)
Weighted-average shares outstanding,
basic 113,138,461 112,078,089 378,784,231 373,464,920 368,240,608 331,941,788
Weighted-average shares outstanding,
diluted 113,138,461 114,346,861 902,067,116 373,464,920 368,240,608 331,941,788
Balance Sheet Data (end of period):
Investment in cable properties $ 15,027 $ 15,391 $ 12,448 $ 14,123 $ 14,505
Total assets $ 15,707 $ 16,658 $ 13,882 $ 14,666 $ 15,100
Total debt (including debt subject to
compromise) $ 12,306 $ 13,322 $ 21,666 $ 19,903 $ 18,962
Note payable – related party $ -- $ -- $ 75 $ 65 $ 57
Temporary equity (b) $ -- $ -- $ 241 $ 215 $ 198
Noncontrolling interest (c) $ -- $ 2 $ -- $ -- $ --
Charter shareholders’ equity (deficit) $ 1,478 $ 1,916 $ (10,506) $ (7,887) $ (6,119)
Other Financial Data:
Ratio of earnings to fixed charges (d)
1.07 1.14 8.41 N/A N/A N/A
Deficiency of earnings to cover fixed
Charges (d) N/A N/A N/A $ 2,550 $ 1,318 $ 1,241
(a) Years ended December 31, 2008, 2007 and 2006 have been restated to reflect the retrospective application of accounting guidance for convertible debt with cash
settlement features.
(b) Prior to November 30, 2009, temporary equity represented nonvested shares of restricted stock and performance shares issued to employees and Mr. Allen’s
previous 5.6% preferred membership interests in our indirect subsidiary, CC VIII. Mr. Allen’s CC VIII interest was classified as temporary equity as a result of
Mr. Allen’s previous ability to put his interest to the Company upon a change in control. Mr. Allen has subsequently transferred his CC VIII interest to Charter
pursuant to the Plan.
(c) Noncontrolling interest, as of December 31, 2009, represents the fair value of Mr. Allen’s previous 0.19% interest of Charter Holdco on the Effective Date plus the
allocation of income for the month ended December 31, 2009. On February 8, 2010, Mr. Allen exercised his remaining right to exchange Charter Holdco units
for shares of Charter Class A common stock after which Charter Holdco became 100% owned by Charter.
(d) Earnings include income (loss) before noncontrolling interest and income taxes plus fixed charges. Fixed charges consist of interest expense and an estimated
interest component of rent expense.
Comparability of the above information from year to year is affected by acquisitions and dispositions completed by us. In addition, upon our
emergence from bankruptcy, we adopted fresh start accounting. is resulted in us becoming a new entity on December 1, 2009, with a new