Windstream 2008 Annual Report Download - page 71

Download and view the complete annual report

Please find page 71 of the 2008 Windstream annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 180

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178
  • 179
  • 180

Windstream Corporation
Form 10-K, Part II
Item 5. Market for the Registrant’s Common Equity and Related Stockholder Matters and Issuer Purchases of
Equity Securities
(a) The outstanding shares of Windstream’s common stock are listed and traded on the New York Stock Exchange
and trade under the symbol WIN. The following table reflects the range of high, low and closing prices of
Windstream’s common stock as reported by Dow Jones & Company, Inc. for each quarter in 2008 and 2007.
Year Quarter High Low Close
Dividend
Declared
2008 4th $11.13 $ 6.37 $ 9.20 $0.25
3rd $12.94 $10.70 $10.94 $0.25
2nd $15.00 $11.31 $12.34 $0.25
1st $13.10 $10.40 $11.95 $0.25
2007 4th $14.40 $12.38 $13.02 $0.25
3rd $15.10 $12.46 $14.12 $0.25
2nd $15.30 $14.47 $14.76 $0.25
1st $15.63 $13.75 $14.69 $0.25
As of February 12, 2009, the approximate number of holders of common stock, including an estimate for those
holding shares in brokers’ accounts, was 158,000.
For a discussion of certain restrictions on the ability of Windstream to pay dividends under its debt instruments,
see “Management’s Discussion and Analysis of Financial Condition and Results of Operations, Financial
Condition, Liquidity and Capital Resources” in the Financial Supplement to this annual report on Form 10-K.
(b) Not applicable.
(c) Information pertaining to the repurchase of Windstream shares is included below.
(1) In February 2008, the Windstream Board of Directors approved a stock repurchase program for up to $400
million of the Company’s common stock continuing until December 31, 2009. No repurchases were made
under this program during the fourth quarter of 2008; however, as of December 31, 2008, the Company had
repurchased 16.0 million shares for $200.3 million, and had sufficient restricted payments capacity under its
indentures to complete the share repurchase program. The Company builds additional capacity through cash
generated from operations while dividend payments, share repurchases and other strategic investments
reduce the available restricted payments capacity. Given the current economic and credit environment, the
Company plans to continue preserving liquidity and may opportunistically consider free cash flow accretive
initiatives with a bias toward debt repurchases. Achievement of the share repurchase plan will depend on
such factors as the overall credit environment and liquidity needs of the business.
23