-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, KmJm3rcoeh85lMIdxom5aSlED0vkTBdL+BskadWNJozp+ZDvaMywgjJZiDUO/+vl MQoEnVJFmdnGinEM2vfNgQ== 0000018926-02-000015.txt : 20020726 0000018926-02-000015.hdr.sgml : 20020726 20020726143141 ACCESSION NUMBER: 0000018926-02-000015 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20020630 ITEM INFORMATION: Other events FILED AS OF DATE: 20020726 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CENTURYTEL INC CENTRAL INDEX KEY: 0000018926 STANDARD INDUSTRIAL CLASSIFICATION: TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813] IRS NUMBER: 720651161 STATE OF INCORPORATION: LA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07784 FILM NUMBER: 02711947 BUSINESS ADDRESS: STREET 1: P O BOX 4065 STREET 2: 100 CENTURYTEL DR CITY: MONROE STATE: LA ZIP: 71203 BUSINESS PHONE: 3183889000 MAIL ADDRESS: STREET 1: 100 CENTURYTEL DR STREET 2: P O BOX 4065 CITY: MONROE STATE: LA ZIP: 71203 FORMER COMPANY: FORMER CONFORMED NAME: CENTRAL TELEPHONE & ELECTRONICS CORP DATE OF NAME CHANGE: 19720512 FORMER COMPANY: FORMER CONFORMED NAME: CENTURY TELEPHONE ENTERPRISES INC DATE OF NAME CHANGE: 19920703 8-K 1 earningsrelease.txt EARNINGS RELEASE UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported) July 25, 2002 CenturyTel, Inc. (Exact name of registrant as specified in its charter) Louisiana 1-7784 72-0651161 (State or other (Commission File (IRS Employer jurisdiction of Number) Identification No.) incorporation) 100 CenturyTel Drive, Monroe, Louisiana 71203 (Address of principal executive offices) (Zip Code) Registrant's telephone number, including area code (318) 388-9000 ----------------------------- Item 5. Other Events. On July 25, 2002, CenturyTel, Inc. issued a press release announcing its second quarter 2002 consolidated operating results. The entire text of the release is reproduced below: FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT: July 25, 2002 Media: Annmarie Sartor 318.388.9671 annmarie.sartor@centurytel.com Investors: Tony Davis 318.388.9525 tony.davis@centurytel.com CenturyTel Reports Strong Second Quarter Results Monroe, LA. . . CenturyTel, Inc. (NYSE Symbol: CTL) announces operating results for second quarter 2002. o Revenues from continuing operations increased 7.2% to $438.7 million. o Earnings from continuing operations before interest, taxes, depreciation and amortization (EBITDA), excluding nonrecurring items, rose 9.6% to $221.0 million. o Income from continuing operations, excluding nonrecurring items, climbed 20.2% to $47.5 million. o Diluted earnings per share from continuing operations, excluding nonrecurring items, climbed 17.9% to $.33. o Free cash flow generated in second quarter 2002 was $53.0 million.
SECOND QUARTER HIGHLIGHTS (Excluding nonrecurring items) (In thousands, except per share Quarter Ended Quarter Ended % Change and customer amounts) 06/30/02 06/30/01 - -------------------------------------------------------------------------------------------- Revenues from continuing operations $ 438,702 $ 409,250 7.2% EBITDA from continuing operations (1) $ 221,020 $ 201,582 9.6% Income from continuing operations (1) $ 47,547 $ 39,543 (2) 20.2% Net Income $ 86,102 $ 67,673 (2) 27.2% Diluted Earnings Per Share from continuing operations (1) $ .33 $ .28 (2) 17.9% Diluted Earnings Per Share $ .60 $ .48 (2) 25.0% Average Diluted Shares Outstanding 142,705 142,059 0.5% Telephone Revenues $ 380,499 $ 367,884 3.4% Other Operations Revenues $ 58,203 $ 41,366 40.7% - -------------------------------------------------------------------------------- Telephone Access Lines 1,795,180 1,807,950 (0.7)% Long Distance Customers 536,394 414,486 29.4% - --------------------------------------------------------------------------------
(1) Includes corporate overheads previously allocated to discontinued operations. (2) As adjusted to reflect the after-tax effect of eliminating goodwill amortization in accordance with SFAS 142. "We are pleased with the strong increase in CenturyTel's revenue and cash flow from continuing operations, excluding nonrecurring items," Glen F. Post, III, president and chief executive officer, said. "We continue to experience strong demand for our long distance and DSL services, adding more than 120,000 long distance customers and more than doubling our DSL subscribers since second quarter 2001." Consolidated revenues from continuing operations for the second quarter rose 7.2% to $438.7 million from $409.3 million. EBITDA from continuing operations, excluding nonrecurring items, grew to $221.0 million from $201.6 million. The Company achieved a consolidated EBITDA margin of 50.4% during the quarter. Income from continuing operations for the quarter, excluding nonrecurring items, increased 20.2% to $47.5 million from $39.5 million in second quarter 2001(as adjusted). Diluted earnings per share from continuing operations, excluding nonrecurring items, increased 17.9% to $.33 from $.28 (as adjusted). Diluted earnings per share, excluding nonrecurring items, increased 25.0% to $.60 from $.48 (as adjusted). Telephone revenues grew 3.4% to $380.5 million during the quarter, compared with $367.9 million in second quarter 2001. Revenues for the quarter were driven by an increase in Universal Service Fund payments and internal revenue growth of 2.3%, which was negatively impacted by a decline in intrastate revenue. Telephone operating expenses increased due to acquisition integration, employee-related, network, and depreciation expenses partially offset by a decrease in retail bad debt and access charge expenses. Telephone operating income, excluding nonrecurring items, increased 4.1% to $118.7 million from $114.1 million (as adjusted), and telephone EBITDA, excluding nonrecurring items, rose 5.3% to $208.9 million from $198.3 million a year ago. CenturyTel's second quarter telephone EBITDA margin was 54.9% while the operating income margin was 31.2%. Other Operations revenues grew 40.7% to $58.2 million during second quarter 2002, compared with $41.4 million in second quarter 2001. CenturyTel's long distance revenues increased $5.9 million, or 20.9%, to $34.5 million. CenturyTel now serves more than 536,000 long distance customers, adding more than 21,000 during the quarter. Internet revenues increased 68.7% to $14.7 million in second quarter 2002 from $8.7 million in second quarter 2001. The Internet business generated positive operating cash flow of $55,000 for the quarter compared to negative operating cash flow of $2.7 million for the second quarter 2001. CenturyTel CLEC revenues increased by $4.7 million, of which $4.0 million resulted from the acquisition of CLEC assets in Monroe and Shreveport, Louisiana, at the end of February, 2002. "Revenue from Other Operations, which includes long distance, Internet and CLEC operations, rose 40.7 percent to more than $58 million during the quarter, reflecting solid revenue growth in all three areas. We believe CenturyTel's strong financial performance this quarter is a good indicator that rural telephony is one of the industry's brightest segments," Post said. For second quarter 2002, in accordance with generally accepted accounting principles (GAAP), the Company reported net income of $78.8 million, or $.55 per diluted share, compared to net income of $168.4 million (as adjusted), or $1.19 per diluted share in second quarter 2001. Nonrecurring items in second quarter 2002 include a $15 million pre-tax charge ($9.8 million after-tax) related to a reserve for uncollectible revenues primarily from WorldCom and a nonrecurring $2.4 million after-tax gain on the sale of a PCS license. Net income in second quarter 2001 includes a net favorable $100.7 million impact from nonrecurring items which consisted of the gain on sale of PCS licenses to Leap Wireless ($107.5 million after-tax) and the write down of certain non-operating investments ($6.8 million after-tax). For the first six months of 2002, income from continuing operations, excluding nonrecurring items, increased 16.6% to $92.4 million from $79.2 million in 2001 (as adjusted) and diluted earnings per share increased 22.0% to $1.11 from $.91 (as adjusted). Consolidated revenues increased 5.0% to $861.6 million from $820.9 million while EBITDA was $433.0 million compared to $409.2 million a year ago, a 5.8% increase. The Company continues to reflect its wireless business as discontinued operations due to its pending divestiture. As a result of this treatment, depreciation expense for the wireless operations was discontinued effective March 19, 2002, the date of the definitive agreement. This reduction in wireless depreciation contributed approximately $.05 to earnings per share for second quarter 2002. Income from continuing operations includes total interest expense and $5.1 million of corporate overheads previously absorbed by the Company's wireless operations. For the third quarter 2002, the Company expects revenue from continuing operations to be $515 to $530 million. Operating cash flow from continuing operations is expected to be $260 to $270 million. Diluted earnings per share from continuing operations is anticipated to be $.40 to $.44, while total diluted earnings per share is expected to be $.49 to $.54 for third quarter 2002. These estimates exclude nonrecurring items and one-time integration costs of $4.0 to $6.0 million related to the pending Verizon Missouri acquisition. These estimates also include Alabama telephone properties acquired July 1, 2002, and assume that the sale of the Company's wireless business and the acquisition of Missouri telephone properties occur as scheduled on August 1, 2002, and August 31, 2002, respectively. For the full year 2002, the Company expects its total diluted earnings per share, excluding nonrecurring items and one-time acquisition integration costs of $8 - $10 million, to be $2.08 to $2.20, an increase from prior full year 2002 earnings per share guidance of $2.06 to $2.18. This guidance is based upon several financing, operational and other assumptions, including the timely close of our pending wireless divestiture and Verizon acquisition in Missouri discussed above. The Company continues to believe the net effect of its wireless divestiture and its Verizon acquisitions will be breakeven to $.03 accretive to earnings per share during the first full year of operations, based upon current financing, operational and other assumptions. The Company's financing plans are now substantially complete. We successfully completed a $500 million equity units offering in May and recently completed a new $800 million credit facility. We anticipate using a portion of the proceeds from the divestiture of the Company's wireless business to complete the Missouri acquisition. We believe the Company's existing facilities, together with internally generated cash, may be sufficient to fund the December 2002 tax payment related to the wireless sale. The Company also has $400 million in remarketable debt securities coming due in October 2002. We believe a number of financing options are available to fund these requirements if necessary. In addition to historical information, this release includes forward-looking statements, estimates and projections that are based on current expectations only, and are subject to a number of risks, uncertainties and assumptions, many of which are beyond the control of CenturyTel. Actual events and results may differ materially from those anticipated, estimated or projected if one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect. Factors that could affect actual results include but are not limited to: the Company's ability to effectively manage its growth, including integrating newly acquired businesses into our operations, successfully financing and timely consummating pending acquisitions, hiring adequate numbers of qualified staff and successfully upgrading our billing and other information systems; successfully obtaining all consents and waivers necessary to complete the Company's pending acquisitions and wireless divestiture; the terms upon which the Company finances its pending acquisitions; the inherent risk of rapid technological change; the effects of on-going changes in the regulation of the Company or the communications industry generally; the effects of greater than anticipated competition in the Company's markets; possible changes in the demand for, or pricing of, the Company's products and services; the Company's ability to successfully introduce new offerings on a timely and cost-effective basis; higher than anticipated interest rates; and the effects of more general factors such as changes in overall market or economic conditions or in legislation, regulation or public policy. These and other uncertainties related to the Company's business are described in greater detail in the Company's Annual Report on Form 10-K for the year ended December 31, 2001. The information contained in this release is as of July 25, 2002. The Company undertakes no obligation to update or revise any of this information whether as a result of new information, future events or developments, or otherwise. CenturyTel's management will host a conference call at 10:30 A.M. Central time today. Interested parties can access the call by dialing 800.729.6845 and the call will be accessible for replay by calling 800.642.1687 and entering the conference-id number: 12475. Investors can also listen to CenturyTel's earnings conference call and replay by accessing the Company's Web site at (www.centurytel.com). CenturyTel, Inc. provides communications services including local exchange, wireless, long distance, Internet access and data services to more than three million customers in 22 states. The company, headquartered in Monroe, Louisiana, is publicly traded on the New York Stock Exchange under the symbol CTL. CenturyTel is the 8th largest local exchange telephone company, based on access lines, in the United States. Visit CenturyTel's corporate Web site at (www.centurytel.com). CenturyTel, Inc. CONSOLIDATED STATEMENTS OF INCOME THREE MONTHS ENDED JUNE 30, 2002 AND 2001 (UNAUDITED)
AS REPORTED EXCLUDING NONRECURRING ITEMS --------------------------------------------------------------------- INCREASE INCREASE In thousands, except per share amounts 2002 2001 (DECREASE) 2002 2001 (DECREASE) --------------------------------------------------------------------- TELEPHONE OPERATIONS Operating revenues Local service $ 125,357 123,293 1.7% 125,357 123,293 1.7% Network access 220,702 212,570 3.8% 220,702 212,570 3.8% Other 34,440 32,021 7.6% 34,440 32,021 7.6% -------------------- -------------------- 380,499 367,884 3.4% 380,499 367,884 3.4% -------------------- -------------------- Operating expenses Plant operations 96,147 93,490 2.8% 96,147 93,490 2.8% Customer operations 32,385 28,814 12.4% 32,385 28,814 12.4% Corporate and other 58,099 47,271 22.9% 43,099 47,271 (8.8%) Depreciation and amortization 90,159 98,927 (8.9%) 90,159 98,927 (8.9%) -------------------- -------------------- 276,790 268,502 3.1% 261,790 268,502 (2.5%) -------------------- -------------------- Telephone operating income 103,709 99,382 4.4% 118,709 99,382 19.4% -------------------- -------------------- OTHER OPERATIONS Operating revenues Long distance 34,462 28,514 20.9% 34,462 28,514 20.9% Internet 14,706 8,718 68.7% 14,706 8,718 68.7% Other 9,035 4,134 118.6% 9,035 4,134 118.6% -------------------- -------------------- 58,203 41,366 40.7% 58,203 41,366 40.7% -------------------- -------------------- Operating expenses Cost of sales and other 43,402 34,897 24.4% 43,402 34,897 24.4% Depreciation and amortization 3,845 1,663 131.2% 3,845 1,663 131.2% -------------------- -------------------- 47,247 36,560 29.2% 47,247 36,560 29.2% -------------------- -------------------- Other operating income 10,956 4,806 128.0% 10,956 4,806 128.0% -------------------- -------------------- Corporate overhead costs allocable to discontinued operations (5,134) (4,979) 3.1% (5,134) (4,979) 3.1% -------------------- -------------------- TOTAL OPERATING INCOME 109,531 99,209 10.4% 124,531 99,209 25.5% OTHER INCOME (EXPENSE) Nonrecurring gains and losses 3,709 (10,500) (135.3%) - - - Interest expense (54,157) (57,358) (5.6%) (54,157) (57,358) (5.6%) Other income and expense 2,485 1,783 39.4% 2,485 1,783 39.4% Income tax expense (21,360) (12,066) 77.0% (25,312) (15,741) 60.8% -------------------- -------------------- INCOME FROM CONTINUING OPERATIONS 40,208 21,068 90.8% 47,547 27,893 70.5% DISCONTINUED OPERATIONS, NET OF TAX 38,555 133,173 (71.0%) 38,555 25,645 50.3% -------------------- -------------------- NET INCOME $ 78,763 154,241 (48.9%) 86,102 53,538 60.8% Add: After tax effect of goodwill amortization - 14,135 - - 14,135 - -------------------- -------------------- NET INCOME, AS ADJUSTED $ 78,763 168,376 (53.2%) 86,102 67,673 27.2% ==================== ==================== BASIC EARNINGS PER SHARE From continuing operations $ 0.28 0.15 86.7% 0.34 0.20 70.0% From continuing operations, as adjusted (1) $ 0.28 0.23 21.7% 0.34 0.28 21.4% From discontinued operations $ 0.27 0.95 (71.6%) 0.27 0.18 50.0% From discontinued operations, as adjusted (1) $ 0.27 0.96 (71.9%) 0.27 0.20 35.0% Basic earnings per share $ 0.56 1.10 (49.1%) 0.61 0.38 60.5% Basic earnings per share, as adjusted (1) $ 0.56 1.20 (53.3%) 0.61 0.48 27.1% DILUTED EARNINGS PER SHARE From continuing operations $ 0.28 0.15 86.7% 0.33 0.20 65.0% From continuing operations, as adjusted (1) $ 0.28 0.23 21.7% 0.33 0.28 17.9% From discontinued operations $ 0.27 0.94 (71.3%) 0.27 0.18 50.0% From discontinued operations, as adjusted (1) $ 0.27 0.95 (71.6%) 0.27 0.20 35.0% Diluted earnings per share $ 0.55 1.09 (49.5%) 0.60 0.38 57.9% Diluted earnings per share, as adjusted (1) $ 0.55 1.19 (53.8%) 0.60 0.48 25.0% SHARES OUTSTANDING Basic 141,243 140,720 0.4% 141,243 140,720 0.4% Diluted 142,705 142,059 0.5% 142,705 142,059 0.5% DIVIDENDS PER COMMON SHARE $ 0.0525 0.0500 5.0% 0.0525 0.0500 5.0%
(1) As adjusted to reflect the after-tax effect of eliminating goodwill amortization in accordance with SFAS 142. CenturyTel, Inc. CONSOLIDATED STATEMENTS OF INCOME SIX MONTHS ENDED JUNE 30, 2002 AND 2001 (UNAUDITED)
AS REPORTED EXCLUDING NONRECURRING ITEMS --------------------------------------------------------------------- INCREASE INCREASE In thousands, except per share amounts 2002 2001 (DECREASE) 2002 2001 (DECREASE) --------------------------------------------------------------------- TELEPHONE OPERATIONS Operating revenues Local service $ 249,234 244,454 2.0% 249,234 244,454 2.0% Network access 437,278 426,437 2.5% 437,278 426,437 2.5% Other 66,718 68,242 (2.2%) 66,718 68,242 (2.2%) -------------------- -------------------- 753,230 739,133 1.9% 753,230 739,133 1.9% -------------------- -------------------- Operating expenses Plant operations 187,233 187,375 (0.1%) 187,233 185,375 1.0% Customer operations 62,323 58,071 7.3% 62,323 58,071 7.3% Corporate and other 102,495 94,036 9.0% 87,495 94,036 (7.0%) Depreciation and amortization 179,502 196,288 (8.6%) 179,502 196,288 (8.6%) -------------------- -------------------- 531,553 535,770 (0.8%) 516,553 533,770 (3.2%) -------------------- -------------------- Telephone operating income 221,677 203,363 9.0% 236,677 205,363 15.2% -------------------- -------------------- OTHER OPERATIONS Operating revenues Long distance 66,279 56,114 18.1% 66,279 56,114 18.1% Internet 27,267 17,117 59.3% 27,267 17,117 59.3% Other 14,844 8,488 74.9% 14,844 8,488 74.9% -------------------- -------------------- 108,390 81,719 32.6% 108,390 81,719 32.6% -------------------- -------------------- Operating expenses Cost of sales and other 84,826 68,486 23.9% 84,826 68,486 23.9% Depreciation and amortization 6,729 3,120 115.7% 6,729 3,120 115.7% -------------------- -------------------- 91,555 71,606 27.9% 91,555 71,606 27.9% -------------------- -------------------- Other operating income 16,835 10,113 66.5% 16,835 10,113 66.5% -------------------- -------------------- Corporate overhead costs allocable to discontinued operations (9,932) (9,958) (0.3%) (9,932) (9,958) (0.3%) -------------------- -------------------- TOTAL OPERATING INCOME 228,580 203,518 12.3% 243,580 205,518 18.5% OTHER INCOME (EXPENSE) Nonrecurring gains and losses 3,709 (10,500) (135.3%) - - - Interest expense (104,805) (119,061) (12.0%) (104,805) (119,061) (12.0%) Other income and expense 217 4,250 (94.9%) 3,217 4,250 (24.3%) Income tax expense (44,636) (30,288) 47.4% (49,638) (34,763) 42.8% -------------------- -------------------- INCOME FROM CONTINUING OPERATIONS 83,065 47,919 73.3% 92,354 55,944 65.1% DISCONTINUED OPERATIONS, NET OF TAX 66,465 153,044 (56.6%) 66,465 45,516 46.0% -------------------- -------------------- NET INCOME $ 149,530 200,963 (25.6%) 158,819 101,460 56.5% Add: After tax effect of goodwill amortization - 28,218 - - 28,218 - -------------------- -------------------- NET INCOME, AS ADJUSTED $ 149,530 229,181 (34.8%) 158,819 129,678 22.5% ==================== ==================== BASIC EAR NINGS PER SHARE From continuing operations $ 0.59 0.34 73.5% 0.65 0.40 62.5% From continuing operations, as adjusted (1) $ 0.59 0.51 15.7% 0.65 0.56 16.1% From discontinued operations $ 0.47 1.09 (56.9%) 0.47 0.32 46.9% From discontinued operations, as adjusted (1) $ 0.47 1.12 (58.0%) 0.47 0.36 30.6% Basic earnings per share $ 1.06 1.43 (25.9%) 1.12 0.72 55.6% Basic earnings per share, as adjusted (1) $ 1.06 1.63 (35.0%) 1.12 0.92 21.7% DILUTED EARNINGS PER SHARE From continuing operations $ 0.58 0.34 70.6% 0.65 0.39 66.7% From continuing operations, as adjusted (1) $ 0.58 0.50 16.0% 0.65 0.56 16.1% From discontinued operations $ 0.47 1.08 (56.5%) 0.47 0.32 46.9% From discontinued operations, as adjusted (1) $ 0.47 1.11 (57.7%) 0.47 0.35 34.3% Diluted earnings per share $ 1.05 1.41 (25.5%) 1.11 0.71 56.3% Diluted earnings per share, as adjusted (1) $ 1.05 1.61 (34.8%) 1.11 0.91 22.0% SHARES OUTSTANDING Basic 141,136 140,656 0.3% 141,136 140,656 0.3% Diluted 142,679 142,271 0.3% 142,679 142,271 0.3% DIVIDENDS PER COMMON SHARE $ 0.1050 0.1000 5.0% 0.1050 0.1000 5.0%
(1) As adjusted to reflect the after-tax effect of eliminating goodwill amortization in accordance with SFAS 142. CenturyTel, Inc. CONSOLIDATED BALANCE SHEETS JUNE 30, 2002 AND DECEMBER 31, 2001 (UNAUDITED)
June 30, December 31, 2002 2001 - ------------------------------------------------------------------------------ (in thousands) ASSETS CURRENT ASSETS Cash and cash equivalents $ 302,070 3,496 Other current assets 193,748 226,417 - ------------------------------------------------------------------------------ Total current assets 495,818 229,913 - ------------------------------------------------------------------------------ PROPERTY, PLANT AND EQUIPMENT Telephone 5,385,714 5,292,255 Other 488,999 446,920 Accumulated depreciation (3,149,617) (3,003,033) - ------------------------------------------------------------------------------ Net property, plant and equipment 2,725,096 2,736,142 - ------------------------------------------------------------------------------ INVESTMENTS AND OTHER ASSETS Excess cost of net assets acquired 2,115,313 2,087,158 Other 439,855 420,043 - ------------------------------------------------------------------------------ Total investments and other assets 2,555,168 2,507,201 - ------------------------------------------------------------------------------ ASSETS HELD FOR SALE 861,226 845,428 - ------------------------------------------------------------------------------ TOTAL ASSETS $ 6,637,308 6,318,684 ============================================================================== LIABILITIES AND EQUITY CURRENT LIABILITIES Short-term debt and current maturities $ 605,772 1,008,834 of long-term debt Other current liabilities 264,157 230,048 - ------------------------------------------------------------------------------ Total current liabilities 869,929 1,238,882 LONG-TERM DEBT 2,576,813 2,087,500 DEFERRED CREDITS AND OTHER LIABILITIES 560,797 506,052 LIABILITIES RELATED TO ASSETS HELD FOR SALE 171,680 148,870 STOCKHOLDERS' EQUITY 2,458,089 2,337,380 - ------------------------------------------------------------------------------ TOTAL LIABILITIES AND EQUITY $ 6,637,308 6,318,684 ==============================================================================
CAPITAL EXPENDITURES SIX MONTHS ENDED JUNE 30, 2002 AND 2001
INCREASE 2002 2001 (DECREASE) - -------------------------------------------------------------------------------- (in thousands) Telephone $ 145,822 161,817 (9.9%) Wireless (discontinued operations) 20,264 33,596 (39.7%) Other 33,212 47,905 (30.7%) - ------------------------------------------------------------------- Total capital expenditures $ 199,298 243,318 (18.1%) ===================================================================
CAPITAL EXPENDITURES THREE MONTHS ENDED JUNE 30, 2002 AND 2001 INCREASE 2002 2001 (DECREASE) - -------------------------------------------------------------------------------- (in thousands) Telephone $ 78,284 89,137 (12.2%) Wireless (discontinued operations) 14,127 15,264 (7.4%) Other 27,218 18,332 48.5% - ------------------------------------------------------------------- Total capital expenditures $ 119,629 122,733 (2.5%) ===================================================================
--------------------------- SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. CenturyTel, Inc. By: /s/ Neil A. Sweasy ---------------------- Neil A. Sweasy Vice President and Controller -----END PRIVACY-ENHANCED MESSAGE-----