Windstream 2008 Annual Report Download - page 175

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
17. Quarterly Financial Information – (Unaudited):
For the year ended December 31, 2008
(Millions, except per share amounts) Total 4th 3rd 2nd 1st
Revenues and sales $3,171.5 $777.5 $794.1 $799.9 $800.0
Operating income $1,132.4 $276.6 $270.6 $288.9 $296.3
Income from continuing operations $ 434.9 $ 90.9 $104.3 $117.9 $121.8
Income (loss) from discontinued operations $ (22.2) $ (9.7) $ 1.6 $ (15.9) $ 1.8
Net income $ 412.7 $ 81.2 $105.9 $102.0 $123.6
Basic earnings per share:
From continuing operations $0.99 $0.21 $0.24 $0.27 $0.28
From discontinued operations (.05) (.02) - (.04) -
Net income $0.94 $0.19 $0.24 $0.23 $0.28
Diluted earnings per share:
From continuing operations $0.98 $0.21 $0.24 $0.27 $0.27
From discontinued operations (.05) (.02) - (.04) -
Net income $0.93 $0.19 $0.24 $0.23 $0.27
For the year ended December 31, 2007
(Millions, except per share amounts) Total 4th 3rd 2nd 1st
Revenues and sales $3,245.9 $816.7 $818.8 $826.7 $783.7
Operating income $1,149.9 $299.3 $288.2 $292.8 $269.6
Income from continuing operations $ 916.4 $583.1 $117.5 $115.9 $ 99.9
Income from discontinued operations $ 0.7 $ 0.5 $ 0.2 $ - $ -
Net income $ 917.1 $583.6 $117.7 $115.9 $ 99.9
Basic earnings per share:
From continuing operations $1.94 $1.25 $0.25 $0.24 $0.21
From discontinued operations - - - - -
Net income $1.94 $1.25 $0.25 $0.24 $0.21
Diluted earnings per share:
From continuing operations $1.94 $1.25 $0.25 $0.24 $0.21
From discontinued operations - - - - -
Net income $1.94 $1.25 $0.25 $0.24 $0.21
Notes to Quarterly Financial Information:
Significant events affecting Windstream’s historical operating trends in the quarterly periods were as follows:
On August 7, 2008, Windstream reached a definitive purchase agreement to sell its wireless business to AT&T
Mobility II, LLC for approximately $56.7 million (see Note 16). This transaction allowed management to divest of a
non-core asset to focus on other strategic initiatives. The operating results of the wireless business have been separately
presented as discontinued operations.
On November 30, 2007, Windstream completed the split off of its directory publishing business in a tax-free
transaction (see Note 3). As a result of completing this transaction, Windstream recorded a gain on the sale of its
publishing business of $451.3 million in the fourth quarter of 2007.
F-87