Windstream 2015 Annual Report Download - page 163

F-33
SELECTED FINANCIAL DATA
Selected consolidated financial data for Windstream Holdings is as follows for the years ended December 31:
(Millions, except per share amounts) 2015 2014 2013 2012 2011
Revenues and sales $ 5,765.3 $ 5,829.5 $ 5,988.1 $ 6,139.5 $ 4,279.6
Operating income 509.4 507.1 1,009.0 883.9 962.9
Other income (expense), net 57.5 0.1 (12.5) 4.6 (0.1)
Gain on sale of data center business 326.1 — — — —
(Loss) gain on extinguishment of debt (36.4) — (28.5) 1.9 (136.1)
Interest expense (813.2)(571.8)(627.7)(625.1)(558.3)
Income (loss) from continuing operations before income
taxes 43.4 (64.6) 340.3 265.3 268.4
Income tax expense (benefit) 16.0 (25.1) 105.3 98.2 99.4
Income (loss) from continuing operations 27.4 (39.5) 235.0 167.1 169.0
Discontinued operations, including tax expense of $9.8,
$2.2, and $0, for 2013, 2012 and 2011, respectively — — 6.0 0.9 0.5
Net income (loss) $ 27.4 $ (39.5) $ 241.0 $ 168.0 $ 169.5
Basic and diluted earnings (loss) per share:
From continuing operations $.24 ($.45) $2.35 $1.69 $1.94
From discontinued operations — — .06 — —
Net income (loss) $.24 ($.45) $2.41 $1.69 $1.94
Dividends declared per common share $2.31 $6.00 $6.00 $6.00 $6.00
Balance sheet data
Total assets $ 12,518.1 $ 12,520.3 $ 13,341.6 $ 13,641.5 $ 14,074.6
Total long-term debt and capital and other lease
obligations (excluding premium and discount) $ 10,443.0 $ 8,762.3 $ 8,683.4 $ 9,025.4 $ 9,138.6
Total equity $ 306.4 $ 224.8 $ 840.2 $ 1,104.8 $ 1,495.3
Notes to Selected Financial Information:
• The selected consolidated financial data of Windstream Services are identical to Windstream Holdings with the exception
of certain expenses directly incurred by Windstream Holdings principally consisting of audit, legal and board of director
fees, NASDAQ listing fees, other shareholder-related costs, income taxes, common stock activity, and payables from
Windstream Services to Windstream Holdings. In 2015, 2014 and 2013, the amount of pretax expenses directly incurred
by Windstream Holdings totaled approximately $2.0 million, $2.3 million and $0.5 million or $1.2 million, $1.4 million
and $0.3 million on an after-tax basis, respectively. Earnings per common share and dividends declared per common
share information for Windstream Services would not be applicable following the formation of Windstream Holdings
completed on August 30, 2013.
• On April 24, 2015, Windstream Holdings amended its certificate of incorporation to decrease the number of authorized
shares of common stock from 1.0 billion to 166.7 million and enacted a one-for-six reverse stock split with respect to all
outstanding shares of common stock which became effective April 26, 2015. Share data of Windstream Holdings has
been retrospectively adjusted to reflect the decrease in authorized shares and the reverse stock split.
• During 2015, we early adopted new accounting guidance related to the presentation of unamortized debt issuance costs
and deferred income taxes in our consolidated balance sheets. As a result, unamortized debt issuance costs previously
reported as other assets have been reclassified as a reduction to long-term debt for all prior periods presented. In addition,
we have classified all deferred income tax balances as noncurrent. The effect of this change was to net previously reported
current deferred income tax assets with noncurrent deferred income tax liabilities and present only one amount for
noncurrent deferred income tax liabilities for all prior periods presented. See Notes 2, 5 and 13 to the consolidated financial
statements for additional information regarding these changes.