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Frontier Communications Reports 2013 Fourth Quarter And Full Year Results

Frontier Communications Corporation (NASDAQ:FTR):
 
Q4 2013 Full Year 2013
Strong broadband net additions 27,800 112,250
Residential customer retention improvement 10% 61%
Sustained operating margin 48% 47%
Attractive dividend payout ratio 40% 46%
 

• 2013 full year free cash flow of $862.5 million within the stated guidance range

• 2014 free cash flow guidance of $725 million to $775 million, excluding pending AT&T Connecticut acquisition

Frontier Communications Corporation (NASDAQ:FTR) today reported fourth quarter 2013 revenue of $1,180.4 million, operating income of $257.6 million and net income attributable to common shareholders of $67.8 million, or $0.07 per share. Excluding acquisition and integration costs of $9.7 million, pension settlement costs of $3.9 million, severance costs of $2.1 million and acquisition related interest expense of $1.3 million, partially offset by discrete tax items of $6.2 million (combined impact of $4.4 million after tax), non-GAAP adjusted net income attributable to common shareholders for the fourth quarter of 2013 is $72.2 million, or $0.07 per share.

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