Windstream 2012 Annual Report Download - page 129

F-31
SELECTED FINANCIAL DATA
(Millions, except per share amounts in thousands) 2012 2011 2010 2009 2008
Revenues and sales $ 6,156.3 $ 4,281.2 $ 3,710.7 $ 2,996.3 $ 3,170.2
Operating income 887.5 963.5 1,033.5 1,060.6 741.6
Other income (expense), net 4.6 (0.1)(3.5)(1.1) 2.1
Gain (loss) on extinguishment of debt 1.9 (136.1)———
Interest expense (625.1)(558.3)(521.7)(410.2)(416.4)
Income from continuing operations before income taxes 268.9 269.0 508.3 649.3 327.3
Income tax expense 100.2 99.4 195.6 250.8 133.5
Income from continuing operations 168.7 169.6 312.7 398.5 193.8
Discontinued operations, including tax expense (benefit)
of $0, $0, and ($10.6), for 2012, 2011 and 2008,
respectively (0.7)(0.1)— —
(22.2)
Net income $ 168.0 $ 169.5 $ 312.7 $ 398.5 $ 171.6
Basic and diluted earnings per share:
From continuing operations $.28 $.32 $.66 $.91 $.43
From discontinued operations ————
(.05)
Net income $.28 $.32 $.66 $.91 $.38
Dividends declared per common share $1.00 $1.00 $1.00 $1.00 $1.00
Balance sheet data
Total assets $ 13,982.0 $ 14,392.1 $ 11,303.9 $ 9,113.7 $ 7,988.4
Total long-term debt and capital leases (excluding
premium and discount) $ 8,934.4 $ 9,053.2 $ 7,365.5 $ 6,295.2 $ 5,382.5
Total equity $ 1,104.8 $ 1,495.3 $ 831.0 $ 225.9 $ 254.6
Notes to Selected Financial Information:
• Explanations for significant events affecting our historical operating trends during the periods 2010 through 2012 are
provided in Management’s Discussion and Analysis of Results of Operations and Financial Condition.
• In connection with the preparation of our consolidated financial statements for the year ended December 31, 2012, we
became aware of and corrected an error in the accounting for certain promotional credits for new consumer customers.
These errors are non-cash and did not affect our total operating cash flow for any period. See Note 2 for further
information.
• Effective during the fourth quarter of 2011, we changed our method of recognizing actuarial gains and losses for
pension benefits to recognize actuarial gains and losses in our operating results in the year in which the gains and
losses occur. The effect of this change in methodology can create volatility in actuarial gains and losses recognized
based on market fluctuations which impacts pension expense (benefit) for the year. Pension expense amounted to
$67.4, $166.8, $54.1, ($23.8), and $388.7 for the years ended December 31, 2012, 2011, 2010, 2009 and 2008.
• Acquisitions were also considered significant events affecting our historical operating trends during the periods 2009
through 2011. On November 30, 2011, we acquired PAETEC. During 2010, Q-Comm, Hosted Solutions, Iowa
Telecom and Nuvox were acquired on December 2, 2010, December 1, 2010, June 1, 2010 and February 8, 2010,
respectively. During 2009, Lexcom and D&E were acquired on December 1, 2009 and November 10, 2009,
respectively.