Windstream 2006 Annual Report Download - page 134
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CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
(Millions, except per share amounts) 2006 2005 2004
Revenues and sales:
Service revenues $ 2,633.6 $ 2,463.6 $ 2,533.5
Product sales 399.7 459.9 400.0
Total revenues and sales 3,033.3 2,923.5 2,933.5
Costs and expenses:
Cost of services (excluding depreciation of $383.8, $415.8 and
$445.1 in 2006, 2005 and 2004, respectively included below) 858.4 796.1 813.7
Cost of products sold 281.8 374.8 333.8
Selling, general, administrative and other 365.7 340.1 327.9
Depreciation and amortization 449.6 474.2 508.5
Royalty expense to Alltel 129.6 268.8 270.2
Restructuring and other charges 49.4 35.7 11.8
Total costs and expenses 2,134.5 2,289.7 2,265.9
Operating income 898.8 633.8 667.6
Other income, net 8.7 11.6 13.7
Loss on extinguishment of debt (7.9) - -
Intercompany interest income (expense) 31.9 23.3 (15.2)
Interest expense (209.6) (19.1) (20.4)
Income before income taxes, extraordinary item and cumulative effect of
accounting change 721.9 649.6 645.7
Income taxes 276.3 267.9 259.4
Income before extraordinary item and cumulative effect of accounting
change 445.6 381.7 386.3
Extraordinary item (net of income taxes of $74.5) 99.7 - -
Cumulative effect of accounting change
(net of income tax benefit of $4.6) - (7.4) -
Net income $ 545.3 $ 374.3 $ 386.3
Earnings per share:
Basic:
Income before extraordinary item and cumulative effect of
accounting change $ 1.02 $ .95 $ .96
Extraordinary item .23 - -
Cumulative effect of accounting change - (.02) -
Net income $ 1.25 $ .93 $ .96
Diluted:
Income before extraordinary item and cumulative effect of
accounting change $ 1.02 $ .95 $ .96
Extraordinary item .23 - -
Cumulative effect of accounting change - (.02) -
Net income $ 1.25 $ .93 $ .96
Pro forma amounts assuming changes in accounting principles were
applied retroactively:
Net income as reported: $ 545.3 $ 374.3 $ 386.3
Effect of recognition of conditional asset retirement obligations - 7.4 (0.4)
Net income as adjusted $ 545.3 $ 381.7 $ 385.9
Earnings per share as adjusted:
Basic $ 1.25 $ .95 $ .96
Diluted $ 1.25 $ .95 $ .96
The accompanying notes are an integral part of these consolidated financial statements.
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