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Verizon Wireless and AT&T, the nation's two largest wireless carriers, are waiving various cellphone?fees?for those hurt by Superstorm Sandy.?
Verizon says that customers in parts of New Jersey and New York will not be billed usage charges for domestic voice and text message usage between Oct. 29, when Sandy Hit, and Nov. 16.
AT&T is?waiving voice and text overage charges through the end of November for customers affected by Sandy.?
"AT&T will also extend the late-payment window for wireless customers who are behind and waive late payment fees," an AT&T spokesman told NBC News.
AT&T's offer applies to customers in affected areas in?New York, New Jersey, Eastern Pennsylvania, Delaware, and Connecticut, he said.?
Verizon customers who are eligible for the assistance, which will be handled automatically, the carrier says, are in these areas:
New Jersey: Atlantic County, Bergen County, Burlington County, Camden County, Cape May County, Cumberland County, Essex County, Gloucester County, Hudson County, Hunterdon County, Mercer County, Middlesex County, Monmouth County, Morris County, Ocean County, Passaic County, Salem County, Somerset County, Sussex County, Union County, and Warren County.
New York: ?Bronx County, Kings County, Nassau County, New York County, Putnam County, Queens County, Richmond County, Rockland County, Suffolk County, and Westchester County.
Customers won't "see an actual credit on the bill, but simply won?t see any usage charges for voice and text activity during that period," Verizon says on its?Q-and-A page?here.
AT&T and?T-Mobile are continuing to let customers who live in Sandy's path use roaming on the other's carrier's?network.?AT&T and T-Mobile both use the same type of?wireless standards, GSM and UMTS, for their networks. Verizon Wireless and Sprint use a different standard, one known as CDMA.?
A spokeswoman for Sprint told NBC News Friday?that the carrier's "current credits and waivers for customers impacted by Hurricane Sandy include late fees, overage charges, roaming and call forwarding fees, between Oct. 29 and Nov. 28, and a renewal extension for prepaid services."
The waiver applies to Sprint customers in "select counties" in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Jersey, New York, Pennsylvania?and Rhode Island. To learn more, check here.
The carrier also says affected prepaid customers on Boost Mobile Monthly Unlimited, Virgin Mobile Beyond Talk and payLo by Virgin Mobile Unlimited Talk and Text plans "will receive extended service if they are at risk of not making their payment due date. Boost Mobile Pay As You Go and payLo customers will receive a $10 account credit."
With cellphone service nearly fully restored by the four major carriers, here are some non-service related steps?carriers have taken:
Verizon says it is matching customers'?text-to-donate contributions to American Red Cross relief efforts up to $1 million.
AT&T Thursday announced a $1 million contribution to a nonprofit organization founded by New Jersey Gov. Chris Christie for relief efforts. AT&T Foundation has also given a $250,000 grant to the Red Cross' Disaster Relief fund, and $225,000 in grants to local non-profit groups in the Tri-State region.
T-Mobile has?pledged $100,000 to the Red Cross,?and is matching up to another $100,000 for all new donations from its customers. T-Mobile customers have already contributed more than $100,000 via text donations to the Red Cross, the carrier said recently on its blog.
The Sprint Foundation has donated $500,000 to Red Cross relief efforts, and will match all Red Cross donations made by?Sprint "employees, retirees and members of the Sprint board of directors."
Check out Technolog, Gadgetbox, Digital Life and In-Game on?Facebook,?and on?Twitter, follow Suzanne Choney.
Continued improvements in revenue and customer metrics
?Improved liquidity through successful debt offerings
?Third quarter free cash flow of $215.3 million
?Dividend payout ratio of 40% for the first 9 months of 2012
?Third quarter operating cash flow margin of 46%, as adjusted
STAMFORD, Conn.?(BUSINESS WIRE)?Frontier Communications Corporation(NYSE:FTR, news, filings) today reported third quarter 2012 revenue of$1,252.5 million, operating income of$275.2 millionand net income attributable to common shareholders of Frontier of$67.0 million, or$0.07per share.
?Frontier had a milestone third quarter, with the best revenue and customer metrics since the closing of ourJuly 2010acquisition. Our improved broadband speeds, new simple and flexible pricing, and great customer service are positively impacting the customer experience,? saidMaggie Wilderotter, Chairman & CEO ofFrontier Communications. ?Our strong results enabled us to raise$850 millionin the bond market during August and October, bringing our 2012 total to$1.35 billion. We are well on track to meet our federal and state broadband expansion commitments, and we are excited about our new fourth quarter promotions and offers, including bundled satellite broadband service with Hughes, bundled mobile service with AT&T, and an Apple gift card promotion.?
Revenue for the third quarter of 2012 was$1,252.5 million as compared to$1,258.8 million in the second quarter of 2012 and$1,290.9 million in the third quarter of 2011. The decrease in revenue for the third quarter of 2012 as compared to the third quarter of 2011 is attributable to decreases in the number of residential and business customers and switched access revenue.
The Company?s results reflect improvements in a number of critical customer metrics. At September 30, 2012, the Company had 2,932,200 residential customers and 291,400 business customers. During the three months endedSeptember 30, 2012 we lost approximately 51,800 customers as compared to 65,700 customers in the three months endedJune 30, 2012 and 72,600 customers in the three months endedMarch 31, 2012. Also, during the most recent quarter, the average monthly customer revenue per customer increased$2.09, or 1.9%, over the second quarter of 2012 and$3.61, or 3.3%, over the first quarter of 2012.
The Company?s broadband customer net additions were approximately 1,000 during the third quarter of 2012, reflecting the impact of lower customer activations as a result of fewer marketing promotions and final conversion clean-up. The Company had 1,782,300 broadband customers at September 30, 2012. The Company added 27,300 satellite TV customers and lost 4,100 FiOS video customers during the third quarter of 2012. The Company had 388,300 video customers atSeptember 30, 2012, which reflects the curtailment of DirecTV billing as part of its bundled packages.
Network access expenses and other operating expenses for the third quarter of 2012 were$674.4 million as compared to$655.3 million in the second quarter of 2012 and$691.3 million in the third quarter of 2011. Other operating expenses included severance costs of$6.8 million in the third quarter of 2012,$1.5 million in the second quarter of 2012 and$3.6 million in the third quarter of 2011. The Company incurred non-recurring storm cost expenses in the third quarter of 2012 of approximately$15 million as compared to the second quarter of 2012.
Depreciation and amortization for the third quarter of 2012 was$298.4 million as compared to$307.0 million in the second quarter of 2012 and$351.9 million in the third quarter of 2011. Amortization expense decreased by$36.7 million in the third quarter of 2012 as compared to the third quarter of 2011, primarily due to the write-off of certain software licenses no longer required for operations and the amortization associated with certain Frontier legacy properties that were fully amortized inMarch 2012.
Integration costs of approximately$4.5 million were incurred during the third quarter of 2012, as compared to approximately$28.6 million ($0.02 per share after tax) in the second quarter of 2012 and$67.4 million ($0.04 per share after tax) in the third quarter of 2011, in connection with our integration of the acquired properties. These nonrecurring costs in 2012 were incurred in connection with our successful conversion of the final nine states onto our platform of system applications inMarch 2012, and other ongoing network and operations integration work. Our integration costs and related capital expenditures will be completed by the end of 2012.
Operating income for the third quarter of 2012 was$275.2 million (reflecting lower depreciation and amortization, integration costs and network access expenses as compared to the third quarter of 2011) and operating income margin was 22.0 percent as compared to operating income of$267.8 million and operating income margin of 21.3 percent in the second quarter of 2012 and operating income of$180.3 million and operating income margin of 14.0 percent in the third quarter of 2011.
Excluding integration costs and severance costs, operating income and operating income margin for the three months endedSeptember 30, 2012would have been$286.5 millionand 22.9 percent, respectively. Excluding the comparable adjustments in each period, operating income and operating income margin for the three months endedJune 30, 2012would have been$297.9 millionand 23.7 percent, respectively, and for the three months endedSeptember 30, 2011would have been$251.3 millionand 19.5 percent, respectively. Operating income, excluding integration costs and severance costs, decreased$11.4 millionin the third quarter of 2012 as compared to the second quarter of 2012, primarily due to the non-recurring storm cost expenses.
Interest expense for the third quarter of 2012 was$172.2 million as compared to$165.8 million in the third quarter of 2011, a$6.4 million increase, primarily due to higher average debt levels and lower capitalized interest in 2012. InAugust 2012, the Company completed a registered offering of$600.0 million aggregate principal amount of 7.125% senior unsecured notes due 2023. We received net proceeds of approximately$588.1 million from the offering which we will use to repurchase or retire existing indebtedness or for general corporate purposes.
Income tax expense for the third quarter of 2012 was$35.7 million as compared to a$6.9 million tax benefit in the third quarter of 2011, a$42.6 million increase, principally due to higher pretax income and the reduced impact for the reversal of uncertain tax positions of$6.2 million.
Net income attributable to common shareholders of Frontier was$67.0 million, or$0.07 per share, in the third quarter of 2012, as compared to$20.4 million, or$0.02 per share, in the third quarter of 2011. The third quarter of 2012 includes severance costs of$6.8 million, integration costs of$4.5 million and losses on the early extinguishment of debt of$0.2 million, offset by the reversal of uncertain tax positions of$7.8 million (combined net impact of$0.2 million after tax). Excluding the impact of the aforementioned items, non-GAAP adjusted net income attributable to common shareholders of Frontier for the third quarter of 2012 would be$66.8 million, or$0.07 per share.
Capital expenditures for Frontier business operations were$195.0 million for the third quarter of 2012 and$571.1 million for the first nine months of 2012. Capital expenditures related to integration activities were$10.8 million for the third quarter of 2012 and$38.8 million for the first nine months of 2012.
Operating cash flow, as adjusted and defined by the Company in the attached Schedule B, was$581.3 million for the third quarter of 2012 resulting in an operating cash flow margin of 46.4 percent. Operating cash flow, as reported, of$573.6 million for the third quarter of 2012 has been adjusted to exclude$6.8 million of severance costs and$4.5 million of integration costs, partially offset by$3.6 million of non-cash pension and other postretirement benefit costs.
Free cash flow, as defined by the Company in the attached Schedule A,was$215.3 million for the third quarter of 2012 and$753.3 million for the first nine months of 2012. The Company?s dividend represents a payout of 40 percent of free cash flow for the first nine months of 2012.
Working Capital
AtSeptember 30, 2012, we had a working capital surplus of$608.2 million, which includes the classification of certain debt maturing in the first quarter of 2013 of$502.7 millionas a current liability. We believe our operating cash flows, existing cash balances and existing revolving credit facility will be adequate to meet our working capital and other cash requirements.
Fourth Quarter Debt Offering and Repurchases
On October 1, 2012, the Company completed a registered debt offering of$250 millionaggregate principal amount of 7.125% senior unsecured notes due 2023, issued at a price of 104.250% of their principal amount, equating to an effective yield of 6.551%. The notes are an additional issuance to the$600 millionaggregate principal amount of 7.125% senior notes due 2023 issued by the Company onAugust 15, 2012. The Company will use the net proceeds from the sale of the notes to repurchase or retire its existing indebtedness or for general corporate purposes.
OnOctober 1, 2012, the Company accepted for purchase$75.7 millionand$59.3 millionaggregate principal amount of its 7.875% Senior Notes due 2015 (theApril 2015Notes) and its 8.250% Senior Notes due 2017 (the 2017 Notes), respectively, in open market repurchases for total consideration of$154.7 million. The repurchases resulted in a loss on the early extinguishment of debt of approximately$19.3 million($0.01per share after tax) to be recognized in the fourth quarter of 2012. As ofOctober 31, 2012, approximately$374.8 millionaggregate principal amount of theApril 2015Notes and$1,040.7 millionaggregate principal amount of the 2017 Notes remained outstanding.
Guidance
For the full year of 2012, the Company?s expectations for capital expenditures and free cash flow, excluding integration costs and integration capital expenditures, are within a range of $750 million to $775 million and $900 million to $1 billion, respectively. We expect that in 2012 our cash taxes will be approximately$15 million. We expect to incur operating expenses and capital expenditures for integration activities of approximately$80 million and$50 million, respectively, in 2012. We made total net contributions to our pension plan for 2012 of$28.5 million, including$18.2 million in the third quarter of 2012 and$10.3 million inOctober 2012. These contributions reflect the positive impact of funding rate changes contained in the Highway Investment Act of 2012. There are no further contributions to be made in 2012.
For the full year of 2013, the Company?s expectations for capital expenditures are within a range of $625 million to $675 million. We expect that in 2013, absent any legislative changes in 2012 or 2013, our cash taxes will be in the range of$125 million to $150 million.
Non-GAAP Measures
The Company uses certain non-GAAP financial measures in evaluating its performance. These include non-GAAP adjusted net income attributable to common shareholders of Frontier, free cash flow and operating cash flow. A reconciliation of the differences between non-GAAP adjusted net income attributable to common shareholders of Frontier, free cash flow and operating cash flow and the most comparable financial measures calculated and presented in accordance with GAAP is included in the tables that follow. The non-GAAP financial measures are by definition not measures of financial performance under GAAP and are not alternatives to operating income or net income attributable to common shareholders of Frontier as reflected in the statement of operations or to cash flow as reflected in the statement of cash flows and are not necessarily indicative of cash available to fund all cash flow needs. The non-GAAP financial measures used by the Company may not be comparable to similarly titled measures of other companies.
The Company believes that the presentation of non-GAAP financial measures provides useful information to investors regarding the Company?s financial condition and results of operations because these measures, when used in conjunction with related GAAP financial measures, (i) together provide a more comprehensive view of the Company?s core operations and ability to generate cash flow, (ii) provide investors with the financial analytical framework upon which management bases financial, operational, compensation and planning decisions and (iii) presents measurements that investors and rating agencies have indicated to management are useful to them in assessing the Company and its results of operations. In addition, the Company believes that non-GAAP adjusted net income attributable to common shareholders of Frontier, free cash flow and operating cash flow, as the Company defines them, can assist in comparing performance from period to period, without taking into account factors affecting operating income or net income attributable to common shareholders of Frontier in the statement of operations, or cash flow reflected in the statement of cash flows, including changes in working capital and the timing of purchases and payments. The Company has shown adjustments to its financial presentations to exclude losses on the early extinguishment of debt, investment gains, tax benefits for the reversal of uncertain tax positions, discrete tax items, integration costs, severance costs and non-cash pension and other postretirement benefit costs, as disclosed in the attached Schedules A, B and C, because investors have indicated to management that such adjustments are useful to them in assessing the Company and its results of operations.
Management uses these non-GAAP financial measures to (i) assist in analyzing the Company?s underlying financial performance from period to period, (ii) evaluate the financial performance of its business units, (iii) analyze and evaluate strategic and operational decisions, (iv) establish criteria for compensation decisions, and (v) assist management in understanding the Company?s ability to generate cash flow and, as a result, to plan for future capital and operational decisions. Management uses these non-GAAP financial measures in conjunction with related GAAP financial measures.
These non-GAAP financial measures have certain shortcomings. In particular, free cash flow does not represent the residual cash flow available for discretionary expenditures, since items such as debt repayments and dividends are not deducted in determining such measure. Operating cash flow has similar shortcomings as interest, income taxes, capital expenditures, debt repayments and dividends are not deducted in determining this measure. Management compensates for the shortcomings of these measures by utilizing them in conjunction with their comparable GAAP financial measures. The information in this press release should be read in conjunction with the financial statements and footnotes contained in our documents filed with theU.S. Securities and Exchange Commission.
Conference Call and Webcast
The Company will host a conference call today at9:00 A.M. Eastern time. In connection with the conference call and as a convenience to investors, the Company furnished today on a Current Report on Form 8-K certain materials regarding third quarter 2012 results. The conference call will be webcast and may be accessed at:
A telephonic replay of the conference call will be available for one week beginning at 12:00 P.M. Eastern time, November 6, 2012via dial-in at 888-203-1112 for U.S. and Canadian callers or, outside the U.S. and Canada, at 719-457-0820, passcode 2334836. A webcast replay of the call will be available at www.frontier.com/ir.
About Frontier Communications
Frontier Communications Corporation(NASDAQ: FTR) offers broadband, voice, satellite video, wireless Internet data access, data security solutions, bundled offerings and specialized bundles for residential customers, small businesses and home offices, and advanced business communications for medium and large businesses in 27 states. Frontier?s approximately 15,250 employees are based entirely in the United States. More information is available at www.frontier.com and www.frontier.com/ir.
Forward-Looking Statements
This press release contains forward-looking statements that are made pursuant to the safe harbor provisions ofThe Private SecuritiesLitigation Reform Act of 1995. These statements are made on the basis of management?s views and assumptions regarding future events and business performance. Words such as ?believe,? ?anticipate,? ?expect? and similar expressions are intended to identify forward-looking statements. Forward-looking statements (including oral representations) involve risks and uncertainties that may cause actual results to differ materially from any future results, performance or achievements expressed or implied by such statements. These risks and uncertainties are based on a number of factors, including but not limited to: the risk that the growth opportunities from the Transaction may not be fully realized or may take longer to realize than expected; the effects of greater than anticipated competition requiring new pricing, marketing strategies or new product or service offerings and the risk that we will not respond on a timely or profitable basis; reductions in the number of our voice customers that cannot be offset by increases in broadband subscribers and sales of other products and services; the effects of competition from cable, wireless and other wireline carriers; our ability to maintain relationships with customers, employees or suppliers; the effects of ongoing changes in the regulation of the communications industry as a result of federal and state legislation and regulation, or changes in the enforcement or interpretation of such legislation and regulation; the effects of any unfavorable outcome with respect to any current or future legal, governmental or regulatory proceedings, audits or disputes; the effects of changes in the availability of federal and state universal funding to us and our competitors; our ability to adjust successfully to changes in the communications industry and to implement strategies for growth; continued reductions in switched access revenues as a result of regulation, competition or technology substitutions; our ability to effectively manage service quality in our territories and meet mandated service quality metrics; our ability to successfully introduce new product offerings, including our ability to offer bundled service packages on terms that are both profitable to us and attractive to customers; changes in accounting policies or practices adopted voluntarily or as required by generally accepted accounting principles or regulations; our ability to effectively manage our operations, operating expenses and capital expenditures, and to repay, reduce or refinance our debt; the effects of changes in both general and local economic conditions on the markets that we serve, which can affect demand for our products and services, customer purchasing decisions, collectability of revenues and required levels of capital expenditures related to new construction of residences and businesses; the effects of technological changes and competition on our capital expenditures and product and service offerings, including the lack of assurance that our network improvements will be sufficient to meet or exceed the capabilities and quality of competing networks; the effects of increased medical, pension and postemployment expenses and related funding requirements; changes in income tax rates, tax laws, regulations or rulings, or federal or state tax assessments; the effects of state regulatory cash management practices that could limit our ability to transfer cash among our subsidiaries or dividend funds up to the parent company; our ability to successfully renegotiate union contracts in 2012 and thereafter; changes in pension plan assumptions and/or the value of our pension plan assets, which could require us to make increased contributions to the pension plan in 2013 and beyond; the effects of customer bankruptcies and home foreclosures, which could result in difficulty in collection of revenues and loss of customers; adverse changes in the credit markets or in the ratings given to our debt securities by nationally accredited ratings organizations, which could limit or restrict the availability, or increase the cost, of financing; our ability to pay dividends on our common shares, which may be affected by our cash flow from operations, amount of capital expenditures, debt service requirements, cash paid for income taxes and liquidity; and the effects of severe weather events such as hurricanes, tornadoes, ice storms or other natural or man-made disasters. These and other uncertainties related to our business are described in greater detail in our filings with theSecurities and Exchange Commission, including our reports on Forms 10-K and 10-Q, and the foregoing information should be read in conjunction with these filings. We do not intend to update or revise these forward-looking statements to reflect the occurrence of future events or circumstances.
Frontier Communications Corporation
Consolidated Financial Data
For the quarter ended
For the nine months ended
September 30,
June 30,
September 30,
September 30,
(Amounts in thousands, except per share amounts)
2012
2012
2011
2012
2011
Income Statement Data
Revenue
$
1,252,469
$
1,258,777
$
1,290,939
$
3,779,300
$
3,959,891
Network access expenses
102,051
115,433
119,941
333,053
397,854
Other operating expenses (1)
572,348
539,911
571,388
1,663,842
1,729,824
Depreciation and amortization
298,416
307,047
351,907
962,763
1,062,150
Integration costs (2)
4,458
28,602
67,412
68,204
100,899
Total operating expenses
977,273
990,993
1,110,648
3,027,862
3,290,727
Operating income
275,196
267,784
180,291
751,438
669,164
Losses on early extinguishment of debt
(245
)
(70,818
)
-
(71,063
)
-
Investment and other income (loss), net
4,602
8,804
836
18,994
10,039
Interest expense
172,188
172,054
165,755
509,104
500,034
Income before income taxes
107,365
33,716
15,372
190,265
179,169
Income tax expense (benefit)
35,739
11,717
(6,948
)
66,150
66,809
Net income (2)
71,626
21,999
22,320
124,115
112,360
Less: Income attributable to the noncontrolling interest in a
partnership
4,626
4,010
1,925
12,358
4,993
Net income attributable to common shareholders of Frontier
$
67,000
$
17,989
$
20,395
$
111,757
$
107,367
Weighted average shares outstanding
991,295
991,183
990,259
990,300
989,725
Basic net income per share attributable to
common shareholders of Frontier (3)
$
0.07
$
0.02
$
0.02
$
0.11
$
0.11
Non-GAAP adjusted net income per share
attributable to common shareholders of Frontier (3) (4)
$
0.07
$
0.08
$
0.05
$
0.20
$
0.17
Other Financial Data
Capital expenditures ? Business operations
$
195,034
$
167,551
$
222,530
$
571,107
$
636,569
Capital expenditures ? Integration activities
10,828
12,209
43,655
38,768
62,641
Operating cash flow, as adjusted (4)
581,281
620,363
609,162
1,821,478
1,869,369
Free cash flow (4)
215,256
284,867
267,466
753,283
762,713
Dividends paid
99,845
99,851
186,588
299,547
559,803
Dividend payout ratio (5)
46
%
35
%
70
%
40
%
73
%
(1)
Includes severance costs of$6.8 million,$1.5 millionand$3.6 millionfor the quarters endedSeptember 30, 2012,June 30, 2012andSeptember 30, 2011, respectively, and$14.8 millionand$14.6 millionfor the nine months endedSeptember 30, 2012and 2011, respectively.
(2)
Reflects integration costs of$4.5 million($2.9 millionafter tax),$28.6 million($18.1 millionor$0.02per share after tax) and$67.4 million($41.6 millionor$0.04per share after tax) for the quarters endedSeptember 30, 2012,June 30, 2012andSeptember 30, 2011, respectively. Reflects integration costs of$68.2 million($42.7 millionor$0.04per share after tax) and$100.9 million($62.3 millionor$0.06per share after tax) for the nine months endedSeptember 30, 2012and 2011, respectively.
(3)
Calculated based on weighted average shares outstanding.
(4)
Reconciliations to the most comparable GAAP measures are presented in Schedules A, B and C at the end of these tables.
(5)
Represents dividends paid divided by free cash flow, as defined in Schedule A.
Frontier Communications Corporation
Consolidated Financial and Operating Data
For the quarter ended
For the nine months ended
September 30,
June 30,
September 30,
September 30,
(Amounts in thousands, except operating data)
2012
2012
2011
2012
2011
Selected Income Statement Data
Revenue:
Local and long distance services
$
556,353
$
559,837
$
605,593
$
1,688,352
$
1,858,451
Data and internet services
461,212
454,706
457,934
1,366,588
1,378,060
Other
94,929
97,337
79,379
289,143
251,281
Customer revenue
1,112,494
1,111,880
1,142,906
3,344,083
3,487,792
Switched access and subsidy
139,975
146,897
148,033
435,217
472,099
Total revenue
$
1,252,469
$
1,258,777
$
1,290,939
$
3,779,300
$
3,959,891
Other Financial and Operating Data
Revenue:
Residential
$
531,397
$
535,089
$
560,913
$
1,601,322
$
1,726,383
Business
581,097
576,791
581,993
1,742,761
1,761,409
Customer revenue
1,112,494
1,111,880
1,142,906
3,344,083
3,487,792
Switched access and subsidy
139,975
146,897
148,033
435,217
472,099
Total revenue
$
1,252,469
$
1,258,777
$
1,290,939
$
3,779,300
$
3,959,891
Customers
3,223,557
3,275,354
3,494,294
3,223,557
3,494,294
Average monthly total revenue
per customer
$
128.48
$
126.83
$
121.68
$
126.73
$
121.09
Average monthly customer revenue
per customer
$
114.12
$
112.03
$
107.72
$
112.14
$
106.66
Residential customer metrics:
Customers
2,932,163
2,978,896
3,174,915
2,932,163
3,174,915
Revenue
$
531,397
$
535,089
$
560,913
$
1,601,322
$
1,726,383
Average monthly residential revenue per customer (1)
Decline in video subscribers is due to the loss of 203,100 DirecTV subscribers in the third quarter of 2012 as Frontier no longer provides DirecTV as part of its bundled packages.
Frontier Communications Corporation
Condensed Consolidated Balance Sheet Data
(Amounts in thousands)
September 30, 2012
December 31, 2011
ASSETS
Current assets:
Cash and cash equivalents
$
1,099,489
$
326,094
Accounts receivable, net
557,573
585,157
Restricted cash
54,967
-
Other current assets
417,197
327,779
Total current assets
2,129,226
1,239,030
Restricted cash
42,357
144,680
Property, plant and equipment, net
7,482,900
7,547,523
Other assets ? principally goodwill
8,184,003
8,498,535
Total assets
$
17,838,486
$
17,429,768
LIABILITIES AND EQUITY
Current liabilities:
Long-term debt due within one year
$
596,545
$
94,016
Accounts payable and other current liabilities
924,441
1,058,200
Total current liabilities
1,520,986
1,152,216
Deferred income taxes and other liabilities
3,756,501
3,602,577
Long-term debt
8,257,599
8,205,841
Equity
4,303,400
4,469,134
Total liabilities and equity
$
17,838,486
$
17,429,768
Frontier Communications Corporation
Consolidated Cash Flow Data
(Amounts in thousands)
For the nine months ended September 30,
2012
2011
Cash flows provided by (used in) operating activities:
Net income
$
124,115
$
112,360
Adjustments to reconcile net income to net cash provided
Anonymous supporters wearing Guy Fawkes masks gather in Trafalgar Square before the start of a protest march towards Britain's Houses of Parliament in London, Monday, Nov. 5, 2012. The protest was held on November 5, to coincide with the failed 1605 gunpowder plot to blow up the House of Lords. (AP Photo/Matt Dunham)
Anonymous supporters wearing Guy Fawkes masks gather in Trafalgar Square before the start of a protest march towards Britain's Houses of Parliament in London, Monday, Nov. 5, 2012. The protest was held on November 5, to coincide with the failed 1605 gunpowder plot to blow up the House of Lords. (AP Photo/Matt Dunham)
Anonymous supporters wearing Guy Fawkes masks gather in Trafalgar Square before the start of a protest march towards Britain's Houses of Parliament in London, Monday, Nov. 5, 2012. The protest was held on November 5, to coincide with the failed 1605 gunpowder plot to blow up the House of Lords. (AP Photo/Matt Dunham)
Anonymous supporters wearing Guy Fawkes masks gather in Trafalgar Square before the start of a protest march towards Britain's Houses of Parliament in London, Monday, Nov. 5, 2012. The protest was held on November 5, to coincide with the failed 1605 gunpowder plot to blow up the House of Lords. (AP Photo/Matt Dunham)
LONDON (AP) ? Several hundred protesters wearing masks have gathered outside the British Parliament to mark Guy Fawkes night.
The protesters Monday were supporters of Anonymous, a loosely-organized movement of cyber rebels and activists.
Anonymous draws much of its iconography from the story of Fawkes, and the anti-hero's ghostly white mask is a staple of the online movement's demonstrations.
The date of the latest protest, Nov. 5, coincides with that of Fawkes' failed 1605 gunpowder plot to blow up the House of Lords.
There were fireworks and bonfires throughout much of England to mark the anniversary.
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