Windstream 2010 Annual Report Download - page 177

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
16. Subsequent Events, Continued:
offer for the Valor Debt expired on February 4, 2011 (the “Expiration Date”). As of the Expiration Date,
Windstream had received tenders with respect to $151.6 million in aggregate principal amount of the debt
(approximately 37.9 percent of the outstanding aggregate principal amount of the notes). Windstream paid $151.4
million in aggregate principal amount of such notes on January 24, 2011. Windstream paid for the remaining notes
validly tendered prior to the Expiration Date on February 7, 2011. Windstream intends to redeem the remaining
$248.4 million in aggregate principal amount of outstanding notes that were not tendered by the Expiration Date
on February 23, 2011.
On February 9, 2011, Windstream declared a dividend of 25 cents per share on the Company’s common stock,
which is payable on April 15, 2011 to shareholders of record on March 31, 2011.
17. Quarterly Financial Information – (Unaudited):
For the year ended December 31, 2010
(Millions, except per share amounts) Total 4th 3rd 2nd 1st
Revenues and sales $3,712.0 $981.0 $965.8 $917.3 $847.9
Operating income $1,030.3 $259.1 $270.2 $254.2 $246.8
Net income $ 310.7 $ 72.4 $ 85.2 $ 79.0 $ 74.1
Basic and diluted earnings per share:
Net income $.66 $.15 $.18 $.17 $.17
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
Net income $ 334.5 $ 75.5 $ 80.0 $ 90.8 $ 88.2
Basic and diluted earnings per share:
Net income $.76 $.17 $.18 $.21 $.20
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 NuVox, Iowa Telecom, Hosted Solutions and Q-Comm on
February 8, 2010, June 1, 2010, December 1, 2010 and December 2, 2010, 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 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).
F-77