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Frontier Communications Reports 2012 Third Quarter Results

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 the U.S. Securities and Exchange Commission.

Conference Call and Webcast

The Company will host a conference call today at 9:00 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:

http://investor.frontier.com/eventdetail.cfm?eventid=119395

A telephonic replay of the conference call will be available for one week beginning at 12:00 P.M. Eastern time, November 6, 2012 via 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 of The Private Securities Litigation 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 the Securities 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 million and $3.6 million for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively, and $14.8 million and $14.6 million for the nine months ended September 30, 2012 and 2011, respectively.
(2) Reflects integration costs of $4.5 million ($2.9 million after tax), $28.6 million ($18.1 million or $0.02 per share after tax) and $67.4 million ($41.6 million or $0.04 per share after tax) for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively. Reflects integration costs of $68.2 million ($42.7 million or $0.04 per share after tax) and $100.9 million ($62.3 million or $0.06 per share after tax) for the nine months ended September 30, 2012 and 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) $ 58.72 $ 58.19 $ 57.52 $ 57.95 $ 57.49
Customer monthly churn 1.63 % 1.63 % 1.72 % 1.58 % 1.72 %
 
Business customer metrics:
Customers 291,394 296,458 319,379 291,394 319,379
Revenue $ 581,097 $ 576,791 $ 581,993 $ 1,742,761 $ 1,761,409
Average monthly business revenue per customer $ 659.01 $ 642.38 $ 600.48 $ 645.52 $ 591.56
 
Access line metrics:
Residential 3,025,928 3,130,090 3,344,758 3,025,928 3,344,758
Business   1,916,594     1,942,013     2,029,101     1,916,594     2,029,101  
Total access lines   4,942,522     5,072,103     5,373,859     4,942,522     5,373,859  
 
Average monthly total revenue per access line $ 83.38 $ 81.98 $ 79.22 $ 82.15 $ 79.21
Average monthly customer revenue per access line $ 74.06 $ 72.41 $ 70.14 $ 72.69 $ 69.77
 
Employees 15,250 15,332 15,254 15,250 15,254
Broadband subscribers 1,782,278 1,781,295 1,754,842 1,782,278 1,754,842
Video subscribers (2) 388,257 568,154 556,552 388,257 556,552
Switched access minutes of use (in millions) 4,481 4,771 4,626 13,769 14,412
 
(1)   Calculation excludes the Mohave Cellular Limited Partnership.
(2) 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
by operating activities:
Depreciation and amortization expense 962,763 1,062,150
Stock based compensation expense 12,950 10,729
Pension/OPEB costs 24,220 22,515
Losses on early extinguishment of debt 71,063 -
Other non-cash adjustments 7,040 (3,320 )
Deferred income taxes 59,794 20,219
Change in accounts receivable 19,941 16,162
Change in accounts payable and other liabilities (131,027 ) (36,458 )
Change in other current assets   9,426     68,297  
Net cash provided by operating activities 1,160,285 1,272,654
 
Cash flows provided from (used by) investing activities:
Capital expenditures - Business operations (571,107 ) (636,569 )
Capital expenditures - Integration activities (38,768 ) (62,641 )
Network expansion funded by Connect America Fund (854 ) -
Grant funds received for network expansion from Connect
America Fund 47,986 -
Cash transferred from escrow 47,356 26,586
Other assets purchased and distributions received, net   (12,251 )   (4,350 )
Net cash used by investing activities (527,638 ) (676,974 )
 
Cash flows provided from (used by) financing activities:
Long-term debt borrowings 1,100,000 -
Financing costs paid (22,754 ) -
Long-term debt payments (571,472 ) (78,990 )
Premium paid to retire debt (52,560 ) -
Dividends paid (299,547 ) (559,803 )
Repayment of customer advances for construction,
distributions to noncontrolling interests and other   (12,919 )   (2,333 )
Net cash provided from (used by) financing activities 140,748 (641,126 )
 
Increase/(Decrease) in cash and cash equivalents 773,395 (45,446 )
Cash and cash equivalents at January 1,   326,094     251,263  
 
Cash and cash equivalents at September 30, $ 1,099,489   $ 205,817  
 
Cash paid (received) during the period for:
Interest $ 445,121 $ 447,645
Income taxes (refunds) $ 4,093 $ (16,247 )
 
Non-cash investing and financing activities:
Financing obligation for contribution of real property
to pension plan $ - $ 58,100
Reduction of pension obligation $ - $ (58,100 )
 
 

Schedule A

Frontier Communications Corporation
Reconciliation of Non-GAAP Financial Measures
 
        For the quarter ended       For the nine months ended
September 30,       June 30,       September 30, September 30,
(Amounts in thousands) 2012 2012 2011 2012       2011
 

Net Income to Free Cash Flow;

Net Cash Provided by Operating Activities

 
Net income $ 71,626 $ 21,999 $ 22,320 $ 124,115 $ 112,360
 
Add back:
Depreciation and amortization 298,416 307,047 351,907 962,763 1,062,150
Income tax expense (benefit) 35,739 11,717 (6,948 ) 66,150 66,809
Integration costs 4,458 28,602 67,412 68,204 100,899
Pension/OPEB costs (non-cash) (1) (3,633 ) 15,450 5,955 24,220 22,515
Severance costs (2) 6,844 1,480 3,597 14,853 14,641
Stock based compensation 5,175 4,057 3,052 12,950 10,729
 
Subtract:
Cash paid (refunded) for income taxes 4,301 161 (43,450 ) 4,093 (16,247 )
Losses on early extinguishment of debt (245 ) (70,818 ) - (71,063 ) -
Other income (loss), net 4,279 8,591 749 15,835 7,068
Capital expenditures - Business operations (3)   195,034     167,551     222,530     571,107     636,569  
Free cash flow (2) 215,256 284,867 267,466 753,283 762,713
 
Add back:
Deferred income taxes 32,636 11,394 (30,914 ) 59,794 20,219
Non-cash (gains)/losses, net 196 26,356 12,422 44,210 29,924
Other income (loss), net 4,279 8,591 749 15,835 7,068
Cash paid (refunded) for income taxes 4,301 161 (43,450 ) 4,093 (16,247 )
Capital expenditures - Business operations (3) 195,034 167,551 222,530 571,107 636,569
 
Subtract:
Changes in current assets and liabilities 627 62,334 (52,688 ) 101,660 (48,001 )
Income tax expense (benefit) 35,739 11,717 (6,948 ) 66,150 66,809
Integration costs 4,458 28,602 67,412 68,204 100,899
Pension/OPEB costs (non-cash) (1) (3,633 ) 15,450 5,955 24,220 22,515
Severance costs (2) 6,844 1,480 3,597 14,853 14,641
Stock based compensation   5,175     4,057     3,052     12,950     10,729  
Net cash provided by operating activities $ 402,492   $ 375,280   $ 408,423   $ 1,160,285   $ 1,272,654  
 
(1)   Reflects pension and other postretirement benefit (OPEB) expense, net of capitalized amounts, of $17.1 million, $16.5 million and $14.8 million for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively, less cash pension contributions and certain OPEB costs/payments of $20.8 million, $1.0 million and $8.8 million for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively. Reflects pension and OPEB expense, net of capitalized amounts, of $49.5 million and $45.9 million for the nine months ended September 30, 2012 and 2011, respectively, less cash pension contributions and certain OPEB costs/payments of $25.3 million and $23.4 million for the nine months ended September 30, 2012 and 2011, respectively.
 
(2) The definition of free cash flow has been revised as of January 1, 2012 to add back severance costs, with all prior periods conformed to the current calculation.
(3) Excludes capital expenditures for integration activities.
 
 
Schedule B
Frontier Communications Corporation
Reconciliation of Non-GAAP Financial Measures
 
      For the quarter ended September 30, 2012     For the quarter ended September 30, 2011
(Amounts in thousands)                                
Non-cash Non-cash

Operating Cash Flow and

As Integration Pension/OPEB Severance As As Integration Pension/OPEB Severance As

Operating Cash Flow Margin

Reported Costs Costs (1) Costs Adjusted Reported Costs Costs (1) Costs Adjusted
 
Operating Income $ 275,196 $ 4,458 $ (3,633 ) $ 6,844 $ 282,865 $ 180,291 $ 67,412 $ 5,955 $ 3,597 $ 257,255
 
Add back:
Depreciation and
amortization   298,416     -   -     -   298,416     351,907     -   -   -   351,907  
Operating cash flow $ 573,612   $ 4,458 $ (3,633 ) $ 6,844 $ 581,281   $ 532,198   $ 67,412 $ 5,955 $ 3,597 $ 609,162  
 
Revenue $ 1,252,469   $ 1,252,469   $ 1,290,939   $ 1,290,939  
 
Operating income margin
(Operating income divided
by revenue)   22.0 %   22.6 %   14.0 %   19.9 %
 
Operating cash flow margin
(Operating cash flow divided
by revenue)   45.8 %   46.4 %   41.2 %   47.2 %
 
For the quarter ended June 30, 2012
 
Non-cash

Operating Cash Flow and

As Integration Pension/OPEB Severance As

Operating Cash Flow Margin

Reported Costs Costs (1) Costs Adjusted
 
Operating Income $ 267,784 $ 28,602 $ 15,450 $ 1,480 $ 313,316
 
Add back:
Depreciation and
amortization   307,047     -   -     -   307,047  
Operating cash flow $ 574,831   $ 28,602 $ 15,450   $ 1,480 $ 620,363  
 
Revenue $ 1,258,777   $ 1,258,777  
 
Operating income margin
(Operating income divided
by revenue)   21.3 %   24.9 %
 
Operating cash flow margin
(Operating cash flow divided
by revenue)   45.7 %   49.3 %
 
(1)   Reflects pension and other postretirement benefit (OPEB) expense, net of capitalized amounts, of $17.1 million, $16.5 million and $14.8 million for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively, less cash pension contributions and certain OPEB costs/payments of $20.8 million, $1.0 million and $8.8 million for the quarters ended September 30, 2012, June 30, 2012 and September 30, 2011, respectively.
 
 
Schedule B
(continued)
Frontier Communications Corporation
Reconciliation of Non-GAAP Financial Measures
 
 
      For the nine months ended September 30, 2012     For the nine months ended September 30, 2011
                               
Non-cash Non-cash

Operating Cash Flow and

As Integration Pension/OPEB Severance As As Integration Pension/OPEB Severance As

Operating Cash Flow Margin

Reported Costs Costs (1) Costs Adjusted Reported Costs Costs (1) Costs Adjusted
 
Operating Income $ 751,438 $ 68,204 $ 24,220 $ 14,853 $ 858,715 $ 669,164 $ 100,899 $ 22,515 $ 14,641 $ 807,219
 
Add back:
Depreciation and
amortization   962,763     -   -   -   962,763     1,062,150     -   -   -   1,062,150  
Operating cash flow $ 1,714,201   $ 68,204 $ 24,220 $ 14,853 $ 1,821,478   $ 1,731,314   $ 100,899 $ 22,515 $ 14,641 $ 1,869,369  
 
Revenue $ 3,779,300   $ 3,779,300   $ 3,959,891   $ 3,959,891  
 
Operating income margin
(Operating income divided
by revenue)   19.9 %   22.7 %   16.9 %   20.4 %
 
Operating cash flow margin
(Operating cash flow divided
by revenue)   45.4 %   48.2 %   43.7 %   47.2 %
 
(1)   Reflects pension and other postretirement benefit (OPEB) expense, net of capitalized amounts, of $49.5 million and $45.9 million for the nine months ended September 30, 2012 and 2011, respectively, less cash pension contributions and certain OPEB costs/payments of $25.3 million and $23.4 million for the nine months ended September 30, 2012 and 2011, respectively.
 
 
Schedule C
Frontier Communications Corporation
Reconciliation of Non-GAAP Financial Measures
 
 
(Amounts in thousands, except
per share amounts)           For the quarter ended
September 30, 2012       June 30, 2012       September 30, 2011
                 

Net income attributable to common

Earnings Earnings Earnings

shareholders of Frontier

Net Income Per Share Net Income Per Share Net Income Per Share
 
GAAP, as reported $ 67,000 $ 0.07 $ 17,989 $ 0.02 $ 20,395 $ 0.02
Losses on early extinguishment of debt 154 - 44,474 0.04 - -
Integration costs 2,916 - 18,105 0.02 41,627 0.04
Severance costs 4,476 - 937 - 2,221 -
Gain on investment in Adelphia - - (6,191 ) (0.01 ) - -
Reversal of uncertain tax positions   (7,769 )   (0.01 )   -     -     (14,000 )   (0.01 )
Non-GAAP, as adjusted (1) $ 66,777   $ 0.07   $ 75,314   $ 0.08   $ 50,243   $ 0.05  
 
 
For the nine months ended
September 30, 2012 September 30, 2011
 

Net income attributable to common

Earnings Earnings

shareholders of Frontier

Net Income Per Share Net Income Per Share
 
GAAP, as reported $ 111,757 $ 0.11 $ 107,367 $ 0.11
Losses on early extinguishment of debt 44,628 0.05 - -
Integration costs 42,722 0.04 62,305 0.06
Severance costs 9,445 0.01 9,041 0.01
Gain on investment in Adelphia (6,191 ) (0.01 ) - -
Reversal of uncertain tax positions (7,769 ) (0.01 ) (14,000 ) (0.01 )
Discrete tax item   -     -     10,500     0.01  
Non-GAAP, as adjusted (1) $ 194,592   $ 0.20   $ 175,213   $ 0.17  
 
(1)   Non-GAAP, as adjusted may not sum due to rounding
 




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