Windstream 2008 Annual Report Download - page 126
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CONSOLIDATED STATEMENTS OF INCOME
For the years ended December 31,
(Millions, except per share amounts) 2008 2007 2006
Revenues and sales:
Service revenues $ 2,988.8 $ 2,942.5 $ 2,633.6
Product sales 182.7 303.4 399.7
Total revenues and sales 3,171.5 3,245.9 3,033.3
Costs and expenses:
Cost of services (excluding depreciation of $394.4, $404.4, and $383.8 in 2008,
2007 and 2006, respectively, included below) 978.7 984.6 862.5
Cost of products sold 165.5 178.7 277.7
Selling, general, administrative and other 387.5 413.9 365.7
Depreciation and amortization 492.7 506.0 449.6
Royalty expense to Alltel - - 129.6
Restructuring charges 8.5 4.6 10.6
Merger and integration costs 6.2 8.2 38.8
Total costs and expenses 2,039.1 2,096.0 2,134.5
Operating income 1,132.4 1,149.9 898.8
Other income, net 2.1 11.1 8.7
Gain on sale of publishing business - 451.3 -
Loss on extinguishment of debt - - (7.9)
Intercompany interest income - - 31.9
Interest expense (416.4) (444.4) (209.6)
Income from continuing operations before income taxes 718.1 1,167.9 721.9
Income taxes 283.2 251.5 276.3
Income from continuing operations 434.9 916.4 445.6
Discontinued operations, including tax expense of $10.6 and $0.5, respectively (22.2) 0.7 -
Income before extraordinary item 412.7 917.1 445.6
Extraordinary item, net of income taxes of $74.5 - - 99.7
Net income $ 412.7 $ 917.1 $ 545.3
Earnings (loss) per share:
Basic:
Income from continuing operations $.99 $1.94 $1.02
Loss from discontinued operations (.05) - -
Extraordinary item - - 0.23
Net income $.94 $1.94 $1.25
Diluted:
Income from continuing operations $.98 $1.94 $1.02
Loss from discontinued operations (.05) - -
Extraordinary item - - 0.23
Net income $.93 $1.94 $1.25
The accompanying notes are an integral part of these consolidated financial statements.
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