Windstream 2013 Annual Report Download - page 231
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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
____
F-95
16. Quarterly Financial Information – (Unaudited):
For the Year Ended December 31, 2013
(Millions, except per share amounts) Total 4th 3rd 2nd 1st
Revenues and sales $ 5,988.1 $ 1,491.3 $ 1,498.6 $ 1,501.7 $ 1,496.5
Operating income $ 1,009.0 $ 326.5 $ 219.6 $ 227.0 $ 235.9
Net income $ 241.0 $ 118.4 $ 30.6 $ 39.7 $ 52.3
Basic and diluted earnings per share: (a)
Net income $.40 $.20 $.05 $.06 $.09
For the Year Ended December 31, 2012
(Millions, except per share amounts) Total 4th 3rd 2nd 1st
Revenues and sales $ 6,139.5 $ 1,534.1 $ 1,541.0 $ 1,530.3 $ 1,534.1
Operating income $ 883.9 $ 171.2 $ 235.8 $ 232.5 $ 244.4
Net income $ 168.0 $ 10.1 $ 46.6 $ 50.9 $ 60.4
Basic and diluted earnings per share: (a)
Net income $.28 $.02 $.08 $.09 $.10
(a) Quarterly earnings per share amounts may not add to full-year earnings per share amounts due to the difference in
weighted-average common shares for the quarters compared to the weighted-average common shares for the year.
Significant events affecting our historical operating trends in the quarterly periods were as follows:
• As discussed in Note 8, we recognize actuarial gains and losses for pension benefits as a component of net periodic
benefit (income) expense in the fourth quarter of each year, unless an earlier measurement date is required. Results of
operations for the fourth quarter of 2013 and 2012 include pretax actuarial (gains) and losses related to pension
benefits of $(110.4) million and $72.5 million or an after-tax (benefit) charge of $(71.1) million and $42.4 million,
respectively.
17. Subsequent Events:
On February 12, 2014, we declared a dividend of 25 cents per share on our common stock, which is payable on April 15, 2014
to shareholders of record on March 31, 2014.
On February 21, 2014, we announced that we are reducing our workforce to increase operational efficiency. As a result, we
expect to eliminate approximately 400 positions by March 3, 2014, with about 175 of the eliminated positions resulting from a
voluntary separation initiative. We anticipate incurring pre-tax restructuring charges of approximately $9.0 million to $10.0
million during the first quarter of 2014, primarily associated with severance and other related costs. The workforce reduction is
expected to result in annualized savings of approximately $20.0 million.