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| [November 06, 2012] |
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Frontier Communications Reports 2012 Third Quarter Results
STAMFORD, Conn. --(Business Wire)--
Frontier Communications Corporation (NASDAQ: FTR) today reported third
quarter 2012 revenue of $1,252.5 million, operating income of $275.2
million and net income attributable to common shareholders of Frontier
of $67.0 million, or $0.07 per share.
"Frontier had a milestone third quarter, with the best revenue and
customer metrics since the closing of our July 2010 acquisition. Our
improved broadband speeds, new simple and flexible pricing, and great
customer service are positively impacting the customer experience," said
Maggie Wilderotter, Chairman & CEO of Frontier Communications. "Our
strong results enabled us to raise $850 million in 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 ended September 30, 2012 we lost approximately 51,800 customers
as compared to 65,700 customers in the three months ended June 30, 2012
and 72,600 customers in the three months ended March 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 at September 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 in March 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 in March 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 ended September 30, 2012
would have been $286.5 million and 22.9 percent, respectively. Excluding
the comparable adjustments in each period, operating income and
operating income margin for the three months ended June 30, 2012 would
have been $297.9 million and 23.7 percent, respectively, and for the
three months ended September 30, 2011 would have been $251.3 million and
19.5 percent, respectively. Operating income, excluding integration
costs and severance costs, decreased $11.4 million in 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. In August 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
At September 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 million as 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 million aggregate 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 million aggregate principal amount of 7.125% senior
notes due 2023 issued by the Company on August 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.
On October 1, 2012, the Company accepted for purchase $75.7 million and
$59.3 million aggregate principal amount of its 7.875% Senior Notes due
2015 (the April 2015 Notes) 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 ($0.01
per share after tax) to be recognized in the fourth quarter of 2012. As
of October 31, 2012, approximately $374.8 million aggregate principal
amount of the April 2015 Notes and $1,040.7 million aggregate 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 in October 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 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.
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Frontier Communications Corporation
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Consolidated Financial Data
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For the quarter ended
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For the nine months ended
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September 30,
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June 30,
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�
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September 30,
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September 30,
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(Amounts in thousands, except per share amounts)
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2012
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2012
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2011
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2012
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�
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�
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2011
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�
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Income Statement Data
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Revenue
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$
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1,252,469
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�
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$
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1,258,777
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�
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$
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1,290,939
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�
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$
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3,779,300
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�
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$
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3,959,891
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�
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�
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Network access expenses
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|
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102,051
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115,433
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119,941
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333,053
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397,854
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Other operating expenses (1)
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|
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572,348
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539,911
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571,388
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1,663,842
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1,729,824
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Depreciation and amortization
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298,416
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307,047
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351,907
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962,763
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|
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1,062,150
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Integration costs (2)
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�
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4,458
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�
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�
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28,602
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�
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�
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67,412
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�
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|
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�
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68,204
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�
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�
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100,899
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�
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Total operating expenses
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�
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977,273
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�
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990,993
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�
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�
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1,110,648
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�
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�
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3,027,862
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�
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�
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3,290,727
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�
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�
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Operating income
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275,196
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267,784
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180,291
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|
|
751,438
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669,164
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Losses on early extinguishment of debt
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(245
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)
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(70,818
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)
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-
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(71,063
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)
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-
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Investment and other income (loss), net
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4,602
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8,804
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836
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18,994
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|
10,039
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Interest expense
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�
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172,188
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�
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|
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�
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172,054
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�
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|
|
|
�
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165,755
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�
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|
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�
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509,104
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�
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|
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�
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500,034
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�
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Income before income taxes
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107,365
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33,716
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15,372
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190,265
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|
|
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|
179,169
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Income tax expense (benefit)
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|
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�
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35,739
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�
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|
|
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�
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11,717
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�
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�
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(6,948
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)
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�
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66,150
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�
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|
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�
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66,809
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�
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Net income (2)
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71,626
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21,999
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22,320
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124,115
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112,360
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Less: Income attributable to the noncontrolling interest in a
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partnership
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�
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4,626
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�
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|
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�
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4,010
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�
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|
|
|
�
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1,925
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�
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|
|
�
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12,358
|
�
|
|
|
�
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4,993
|
�
|
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Net income attributable to common shareholders of Frontier
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|
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$
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67,000
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�
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|
|
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$
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17,989
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�
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|
|
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$
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20,395
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�
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|
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$
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111,757
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�
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|
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$
|
107,367
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�
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�
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Weighted average shares outstanding
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991,295
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|
|
|
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991,183
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|
|
|
|
|
990,259
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|
|
|
|
990,300
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|
|
|
|
989,725
|
|
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�
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Basic net income per share attributable to
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|
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|
|
|
|
|
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|
|
common shareholders of Frontier (3)
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|
|
|
|
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$
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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
|
%
|
|
|
|
�
|
