Windstream 2009 Annual Report Download - page 192
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
18. Quarterly Financial Information – (Unaudited):
For the year ended December 31, 2009
(Millions, except per share amounts) Total 4th 3rd 2nd 1st
Revenues and sales $2,996.6 $754.4 $734.3 $752.9 $755.0
Operating income $ 956.9 $234.5 $225.4 $244.4 $252.6
Income from continuing operations $ 334.5 $ 75.5 $ 80.0 $ 90.8 $ 88.2
Income (loss) from discontinued operations $ - $ - $ - $ - $ -
Net income $ 334.5 $ 75.5 $ 80.0 $ 90.8 $ 88.2
Basic and diluted earnings per share:
From continuing operations $.76 $.17 $.18 $.21 $.20
From discontinued operations -----
Net income $.76 $.17 $.18 $.21 $.20
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) $ (9.8) $ 1.6 $ (15.9) $ 1.9
Net income $ 412.7 $ 81.1 $105.9 $102.0 $123.7
Basic and diluted earnings per share:
From continuing operations $.98 $.21 $.24 $.27 $.27
From discontinued operations (.05) (.02) - (.04) -
Net income $.93 $.19 $.24 $.23 $.27
Notes to Quarterly Financial Information:
Significant events affecting Windstream’s historical operating trends in the quarterly periods were as follows:
• Windstream completed the acquisitions of D&E and Lexcom on November 10, 2009 and December 1, 2009,
respectively. The operating results from these businesses are included in the Company’s results for periods
subsequent to their acquisitions (see Note 3).
• Windstream completed the sale of its out of territory product distribution operations, on August 21, 2009. These
operations were not central to the Company’s strategic goals in its core communications business (See Note 3).
• Effective January 1, 2009, the Company adopted revised authoritative guidance for calculating earnings per share,
and commensurate therewith, has retrospectively adjusted prior period earnings per share data, the impact of which
was immaterial (see Note 2).
• 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 3). 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.
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