EX-99.2 3 0003.txt FINANCIAL AND OPERATING DATA Citizens Communications Company Consolidated Financial Data (unaudited)
For the quarter ended For the year ended December 31, December 31, ------------------------ ---------------------------- % % (Amounts in thousands - except per-share amounts) 2000 1999 Change 2000 1999 Change ----------------------------------- ------------------------------------- Income Statement Data Continuing operations (1) Revenue $ 482,339 $396,252 22% $ 1,802,358 $ 1,598,236 13% Cost of Services 134,443 86,776 55% 449,121 361,807 24% Depreciation and amortization 109,125 88,943 23% 387,607 310,185 25% Other operating expenses 216,312 234,364 -8% 803,900 851,969 -6% Acquisition assimilation expenses 15,799 3,916 303% 39,929 3,916 920% Operating income 6,660 (17,747) 138% 121,801 70,360 73% Investment and other income, net (2) (11,563) 152,667 -108% 3,350 243,797 -99% Minority interest - 6,240 -100% 12,222 23,227 -47% Interest expense 58,467 33,081 77% 187,366 119,675 57% Income tax expense (benefit) (21,228) 38,536 -155% (16,132) 74,900 -122% Convertible preferred dividends 1,552 1,552 - 6,210 6,210 - Income (loss) from continuing operations (43,694) 67,991 -164% (40,071) 136,599 -129% Income from discontinued operations, net of tax 3,495 2,210 58% 11,677 7,887 48% Net income (loss) (40,199) 70,201 -157% (28,394) 144,486 -120% EBITDA and Capital Expenditure Data (3) EBITDA from continuing operations $ 115,785 $ 71,196 63% $ 509,408 $ 380,545 34% EBITDA from discontinued operations 11,614 7,481 55% 45,640 36,218 26% Total Company EBITDA 127,399 78,677 62% 555,048 416,763 33% EBITDA from continuing operations before acquisition assimilation expenses 131,584 75,112 75% 549,337 384,461 43% Capital expenditures from continuing operations 117,406 107,658 9% 463,890 419,170 11% Capital expenditures from assets held for sale 21,464 42,260 -49% 80,939 110,491 -27% Capital expenditures from discontinued operations 4,405 10,867 -59% 73,476 25,454 189% Total Company capital expenditures 143,275 160,785 -11% 618,305 555,115 11% Balance Sheet Data Cash and investments $ 284,445 $ 628,527 -55% Total assets 6,955,006 5,771,745 21% Net plant (continuing operations) 3,509,767 2,888,718 21% Assets held for sale 1,212,307 1,060,704 14% Assets of discontinued operations 673,515 595,710 13% Long-term debt (continuing operations) 3,062,289 2,107,460 45% Equity 1,921,251 2,121,185 -9% Shares of common stock outstanding 262,660 262,076 - Weighted average shares outstanding 262,269 261,472 - 261,744 260,481 - Per-Share Data (4) Basic net income (loss) per share of common stock $ (0.15) $ 0.27 -156% $ (0.11) $ 0.55 -120% EBITDA per share from continuing operations 0.44 0.27 63% 1.95 1.46 34% EBITDA per share from discontinued operations 0.04 0.03 33% 0.17 0.14 21% Total Company EBITDA per share 0.49 0.30 63% 2.12 1.60 33% Book value per share 6.57 7.37 -11% Other Financial Data Long-term debt to long-term debt and equity 61% 50% Common equity market capitalization (in billions) $ 3.45 $ 3.72 Equity market capitalization (in billions) $ 3.70 $ 4.00 Market capitalization (in billions) (5) $ 6.76 $ 6.11 (1) Our Incumbent Local Exchange Carrier (ILEC), Electric Lightwave, Inc. (ELI), (our Competitive Local Exchange Carrier) and our natural gas and electric businesses. The natural gas and electric businesses are presented in continuing operations in selected income statement data and as assets held for sale in the balance sheet data. We are reporting our water and wastewater businesses as discontinued operations. All prior years have been restated to conform to current presentation. Continuing operations reflect the elimination of intercompany transactions (see segment footnote in the SEC Form 10-K). (2) 1999 includes a gain of $69.5 million ($42.9 million net of tax) on the sale of Centennial Cellular stock, a gain of $67.6 million ($41.7 million net of tax) on the disposition of Century Communications Corp. stock and a gain of $83.9 million ($51.8 million net of tax) on the disposition of an interest in a cable joint venture (the Century Communications Corp. and cable joint venture gains occurred in the fourth quarter of 1999). (3) EBITDA is Operating income plus depreciation and amortization. (4) Calculated based on weighted average shares outstanding. (5) Equity market capitalization plus long-term debt.
Citizens Communications Company Financial and Operating Data by Service
For the quarter ended For the year ended December 31, December 31, --------------------------- ------------------------ % % (Dollars in thousands, except operating data) 2000 1999 Change 2000 1999 Change -------------------------------------- ------------------------------- ILEC Select Income Statement Data Revenue Network access services $ 137,438 $ 122,618 12% $ 513,431 $ 503,634 2% Local network services 90,059 70,733 27% 314,343 276,468 14% Long distance and data services 25,169 17,399 45% 83,703 76,495 9% Directory services 9,630 6,922 39% 32,266 27,939 15% Other 11,134 19,007 -41% 62,626 64,732 -3% Eliminations (1) (10,161) (12,959) n/a (42,626) (46,031) n/a Total revenue 263,269 223,720 18% 963,743 903,237 7% Network access expense 17,459 22,919 -24% 77,134 79,507 -3% Depreciation and amortization 80,623 64,817 24% 276,250 226,141 22% Other operating expenses 118,115 159,397 -26% 455,160 538,794 -16% Acquisition assimilation expenses (2) 15,799 3,916 303% 39,929 3,916 920% Eliminations (1) (10,161) (12,959) n/a (42,626) (46,031) n/a Total expense 221,835 238,090 -7% 805,847 802,327 - Operating income 41,434 (14,370) 388% 157,896 100,910 56% EBITDA and Capital Expenditure Data EBITDA (3) $ 122,057 $ 50,447 142% $ 434,146 $ 327,051 33% EBITDA margin (4) 46% 23% - 45% 36% - EBITDA before acquisition assimilation expenses 137,856 54,363 154% 474,075 330,967 43% EBITDA margin before acquisition assimilation expenses 52% 24% - 49% 37% - Capital expenditures 100,415 70,912 42% 350,209 227,176 54% Balance Sheet Data Total assets $ 3,558,562 $ 2,422,572 47% Net plant 2,593,746 2,106,299 23% Operating Data Access lines 1,371,200 996,757 38% Switched access minutes of use (in millions) 1,619 1,372 18% 5,755 5,224 10% Employees 4,212 3,723 13% Citizens' long distance minutes of use (in millions) 133 135 -1% 564 570 -1% Citizens' long distance in-territory customer market share 14% 24% (1) Eliminations represent network access revenue and network access expense between the Company's local exchange operations and long-distance operations. (2) Represents expenses associated with the completed and pending acquisition of approximately 2 million telephone access lines. (3) EBITDA is Operating income plus depreciation and amortization. (4) EBITDA divided by total revenue.
Citizens Communications Company Financial and Operating Data by Service For the quarter ended For the year ended December 31, December 31, --------------------------- -------------------------- % % (Dollars in thousands, except operating data) 2000 1999 Change 2000 1999 Change ------------------------------- -------------------------------- Electric Lightwave, Inc. Select Income Statement Data Revenue Network services $ 22,633 $ 15,818 43% $ 77,437 $ 53,249 45% Local telephone services 23,231 22,370 4% 98,643 77,591 27% Long distance services 3,728 4,111 -9% 16,318 26,698 -39% Data services 13,377 11,796 13% 51,579 29,470 75% Total revenue 62,969 54,095 16% 243,977 187,008 30% Network access expense 17,294 16,303 6% 74,105 79,948 -7% Gross margin 45,675 37,792 21% 169,872 107,060 59% Depreciation and amortization 17,882 11,554 55% 61,663 36,505 69% Other operating expenses 40,562 46,991 -14% 168,085 164,621 2% Total expense 75,738 74,848 1% 303,853 281,074 8% Operating loss (12,769) (20,753) 38% (59,876) (94,066) 36% EBITDA and Capital Expenditure Data EBITDA (1) $ 5,113 $ (9,199) 156% $ 1,787 $ (57,561) 103% Capital expenditures (2) 15,817 37,826 -58% 112,285 185,395 -39% Balance Sheet Data Total assets $ 949,774 $ 775,234 23% Gross plant 978,327 771,947 27% Operating Data Access Line Equivalents 200,231 161,555 24% Route miles 5,924 4,052 46% Fiber miles 297,284 214,864 38% Customers 2,401 2,371 1% Buildings connected 851 824 3% Employees 1,161 1,167 -1% Revenue per employee $ 54,237 $ 46,354 17% $ 210,144 $ 160,247 31% (1) EBITDA is Operating income plus depreciation and amortization. (2) Excludes capitalized leases.
Citizens Communications Company Financial and Operating Data by Service For the quarter ended For the year ended December 31, December 31, ----------------------------- ------------------------------- % % (Dollars in thousands, except operating data) 2000 1999 Change 2000 1999 Change -------------------------------------- -------------------------------------- Gas Sector Select Income Statement Data Revenue Residential distribution $ 44,391 $ 38,883 14% $ 161,925 $ 143,314 13% Commercial distribution 27,810 25,514 9% 121,890 100,332 21% Industrial distribution 21,106 10,415 103% 63,060 46,054 37% Municipal distribution 977 504 94% 3,061 2,641 16% Total distribution 94,284 75,316 25% 349,936 292,341 20% Transportation 1,366 318 330% 4,870 6,238 -22% Other 8,349 (7,133) 217% 19,945 8,407 137% Total revenue 103,999 68,501 52% 374,751 306,986 22% Gas purchased 81,300 35,961 126% 229,538 152,667 50% Gross margin 22,699 32,540 -30% 145,213 154,319 -6% Depreciation and amortization 153 6,214 -98% 19,228 22,203 -13% Other operating expenses 38,438 15,977 141% 117,717 100,092 18% Total expense 119,891 58,152 106% 366,483 274,962 33% Operating income (15,892) 10,349 -254% 8,268 32,024 -74% EBITDA and Capital Expenditure Data EBITDA (1) $ (15,739) $ 16,563 -195% $ 27,496 $ 54,227 -49% Capital expenditures 15,413 26,754 -42% 51,456 66,951 -23% Balance Sheet Data Assets held for sale $ 667,651 $ 590,713 13% Net plant 531,885 498,219 7% Operating Data Customers 473,527 466,576 1% Employees 1,022 1,035 -1% Customers per employee 463 451 3% Gross margin (net revenue) per employee $ 22,210 $ 31,440 -29% $ 142,087 $ 149,100 -5% Billion Cubic Feet of gas throughput (BCF) 22.8 21.5 6% 73.7 79.4 -7% (1) EBITDA is Operating income plus depreciation and amortization.
Citizens Communications Company Financial and Operating Data by Service For the quarter ended For the year ended December 31, December 31, ----------------------------- --------------------------------- % % (Dollars in thousands, except operating data) 2000 1999 Change 2000 1999 Change -------------------------------------- ------------------------------------------- Electric Sector Select Income Statement Data Revenue Residential distribution $ 21,037 $ 21,990 -4% $ 106,842 $ 87,471 22% Commercial distribution 17,316 15,824 9% 62,521 60,713 3% Industrial distribution 14,512 9,456 53% 47,269 41,045 15% Municipal distribution 2,068 2,257 -8% 8,570 8,719 -2% Total distribution 54,933 49,527 11% 225,202 197,948 14% Other (1,741) 1,010 -272% (2,130) 5,874 -136% Total revenue 53,192 50,537 5% 223,072 203,822 9% Electric energy and fuel oil purchased 29,450 25,155 17% 113,965 98,533 16% Gross margin 23,742 25,382 -6% 109,107 105,289 4% Depreciation and amortization 8,822 6,572 34% 28,629 25,552 12% Other operating expenses 20,767 11,870 75% 65,252 49,469 32% Total expense 59,039 43,597 35% 207,846 173,554 20% Operating income (5,847) 6,940 -184% 15,226 30,268 -50% EBITDA and Capital Expenditure Data EBITDA (1) $ 2,975 $ 13,512 -78% $ 43,855 $ 55,820 -21% Capital expenditures 6,051 15,506 -61% 29,483 43,540 -32% Balance Sheet Data Assets held for sale $ 544,656 $ 469,991 16% Net plant 421,443 411,552 2% Operating Data Customers 123,562 120,745 2% Employees 334 341 -2% Customers per employee 370 354 5% Gross margin (net revenue) per employee $ 71,084 $ 74,434 -5% $ 326,668 $ 308,765 6% Megawatt hours sold 466,396 425,788 10% 1,943,370 1,806,830 8% Megawatt hours generated 95,062 88,753 7% 389,552 353,792 10% Megawatt hours purchased 391,342 357,973 9% 1,720,972 1,596,311 8% (1) EBITDA is Operating income plus depreciation and amortization.