UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 27, 2000
CenturyTel, Inc.
(Exact name of registrant as specified in its charter)
Louisiana 1-7784 72-0651161
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
100 Century Park Drive, Monroe, Louisiana 71203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (318) 388-9000
Item 5. Other Events
The following press release was issued by CenturyTel,Inc. on January
27, 2000:
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
January 27, 2000 Jeffrey S. Glover (318) 388-9648
jeff.glover@centurytel.com
CenturyTel Achieves Excellent Customer Growth During 1999 and Completes 16th
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Consecutive Year of Record Earnings
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Monroe, LA. . . CenturyTel, Inc. (NYSE Symbol: CTL) announces operating
results for fourth quarter 1999.
o Revenues from recurring operations climbed 11.8% to $426.5 million.
o Net income from recurring operations jumped 15.7% to $58.9 million.
o Diluted earnings per share from recurring operations rose 16.7% to $.42.
o Earnings before interest, taxes, depreciation, amortization and gain on sales
of assets, from recurring operations increased 8.8% to $214.3 million.
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Fourth Quarter Highlights,
excluding the effect of asset divestitures Quarter Ended Quarter Ended % Change
and nonrecurring gains and losses 12/31/99 12/31/98
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(In thousands, except per share amounts)
Revenues (1) $ 426,458 $ 381,446 11.8%
EBITDA (2) $ 214,271 $ 196,922 8.8
Net Income (3) $ 58,942 $ 50,926 15.7
Diluted Earnings Per Share (3)(4) $ .42 $ .36 16.7
Average Diluted Shares Outstanding (4) 141,756 140,693 .8
Telephone Revenues (1) $ 293,167 $ 261,143 12.3
Wireless Revenues $ 102,024 $ 98,466 3.6
Other Operations Revenues $ 31,267 $ 21,837 43.2
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Telephone Access Lines 1,272,867 1,214,709 4.8%
Wireless Units in Majority-Owned Markets 707,486 614,045 15.2%
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(1) 1999 results include a $9.6 million incremental revenue contribution
from the 1998 acquisition of properties in Wisconsin from Ameritech
(2) Earnings before interest, taxes, depreciation, amortization and gain
on sales of assets
(3) Excludes after-tax gain on asset sales of $7.6 million, or $.05 per share,
and nonrecurring charges of $5.8 million, or $.04 per share, in fourth
quarter 1999
(4) Reflects a three-for-two stock split effected as a stock dividend distri-
buted March 31, 1999
"CenturyTel finished 1999 with excellent customer growth during the fourth
quarter," Glen F. Post, III, President and Chief Executive Officer, said. "For
the quarter, CenturyTel added 56,600 wireless subscribers, 18,200 long distance
customers and 4,700 Internet customers. Financial performance from recurring
operations was very strong during the quarter. We enter 2000 focused on driving
additional growth in our core wireline and wireless operations, aggressively
deploying DSL technology, expanding our CLEC initiative and completing
previously announced acquisitions."
Net income for the quarter from recurring operations climbed 15.7% to $58.9
million from $50.9 million in fourth quarter 1998. Diluted earnings per share
from recurring operations increased 16.7% to $.42 from $.36. Consolidated
revenues from recurring operations rose 11.8% to $426.5 million from $381.4
million. EBITDA from recurring operations grew to $214.3 million from $196.9
million, an 8.8% increase. CenturyTel achieved a consolidated EBITDA margin of
50.2% during the quarter.
These results exclude the 1998 contribution to revenues of $33.6 million
and associated expenses from the sale of non-strategic assets in Alaska and
South Texas during the second quarter 1999. Also excluded are a one-time gain of
$7.6 million, or $.05 per share, related to the sale of non-strategic assets and
one-time charges of $5.8 million, or $.04 per share, in the fourth quarter of
1999. $4.1 million of these one-time charges is related to a non-cash charge
taken by BellSouth in a market in which CenturyTel has a minority ownership
interest. The remaining one-time charge of $1.7 million relates to the closure
of CenturyTel's call center operations.
Telephone revenues from recurring operations grew 12.3% to $293.2 million
during the quarter, compared with $261.1 million in fourth quarter 1998. A
prior-year acquisition contributed $9.6 million in incremental telephone
revenues during the quarter. Telephone operating income from recurring
operations increased 13.4%, reaching $91.4 million from $80.6 million, and
EBITDA from recurring operations rose 12.7% to $159.8 million from $141.7
million a year ago. CenturyTel's fourth quarter telephone EBITDA margin was
54.5% while the operating income margin was 31.2% from recurring operations.
These results exclude the 1998 contribution to revenues of $31.2 million
and associated expenses from telephone properties in Alaska that were sold
during second quarter 1999.
"During the quarter, CenturyTel deployed DSL service utilizing the new
G-lite equipment and the demand has been very strong. In addition, we
successfully initiated a CLEC trial in Shreveport, Louisiana, during the quarter
and we look forward to making our CLEC services commercially available during
the first half of 2000," Post said.
Wireless revenues from recurring operations grew 3.6% to $102.0 million in
fourth quarter 1999, compared with $98.5 million in fourth quarter 1998.
Wireless operating income from recurring operations was $22.1 million compared
to $25.1 million, an 11.7% decrease, and EBITDA from recurring operations
decreased 3.3% to $39.8 million compared to $41.1 million a year ago. Higher
customer growth directly increased sales and marketing expenses which reduced
operating income and cash flow for the quarter. CenturyTel's fourth quarter
wireless EBITDA margin was 39.0% (40.3% based on service revenues), and
operating income margin was 21.7% (22.4% based on service revenues). Average
monthly cellular service revenue per user (ARPU) was $49 during fourth quarter
1999, a 10.9% decrease from $55 a year ago. The average monthly churn rate was
1.9%.
These results exclude the 1998 contribution to revenues of $3.7 million and
associated expenses from cellular properties in South Texas and Alaska that were
sold during second quarter 1999.
"CenturyTel achieved company-record fourth quarter wireless customer growth
as we added more than 56,000 wireless subscribers, surpassing the 700,000
wireless customer mark. Subscriber growth accelerated 73% for the year, while
customer churn declined 33 basis points. This strong customer growth led to
increased sales and marketing costs in the current quarter but should generate
additional revenue in future quarters," Post said.
Other operations revenues from recurring operations grew 43.2% to $31.3
million during fourth quarter 1999, compared with $21.8 million in fourth
quarter 1998. CenturyTel's long distance business generated $7.9 million of the
increase in other operations revenues. CenturyTel now serves more than 303,700
long distance customers, adding nearly 18,200 during the quarter. CenturyTel
recently announced its intentions to close its operator services call center
business due to continuing losses and the lack of viable long-term growth
prospects.
"CenturyTel's long distance customer base surpassed the 300,000 customer
mark as long distance revenues jumped 49% to $24 million for the quarter," Post
said.
For the full year of 1999, net income from recurring operations climbed
22.7% to $237.9 million from $193.9 million in 1998. Diluted earnings per share
increased 20.9% to $1.68 from $1.39, and consolidated revenues rose 12.4% to
$1.6 billion from $1.4 billion. EBITDA grew to $861.2 million from $765.4
million, a 12.5% increase.
These results exclude the revenue impact and associated expenses related to
the sale of the assets in Alaska and South Texas, which occurred in second
quarter 1999. Also excluded are one-time gains of $7.3 million, or $.05 per
share, related to the sale of non-strategic assets and one-time charges of $5.8
million, or $.04 per share, during 1999.
"CenturyTel generated free-cash flow of $167 million, demonstrating our
financial strength and ability to reduce debt. We reduced long-term debt by $470
million during 1999, utilizing free-cash flow and proceeds from asset sales,"
Post said.
In addition to historical information, this release includes certain
forward-looking statements that are subject to uncertainties that could cause
the Company's actual results to differ materially from such statements. Such
uncertainties include but are not limited to: the effects of ongoing
deregulation in the telecommunications industry; the effects of greater than
anticipated competition in the Company's markets; possible changes in the demand
for the Company's products and services; the Company's ability to successfully
introduce new offerings on a timely and cost-effective basis; the risks inherent
in rapid technological change; the Company's ability to effectively manage its
growth, including the timely consummation of pending acquisitions, and
integrating newly-acquired properties into the Company's operations; and the
effects of more general factors such as changes in overall market or economic
conditions or in legislation, regulation or public policy. These and other
uncertainties related to the Company's business are described in greater detail
in the Company's Annual Report on Form 10-K for the year ended December 31,
1998.
CenturyTel, Inc. provides integrated communications services including
local exchange, wireless, long distance, Internet access and security monitoring
services to more than two million customers in 21 states. The company,
headquartered in Monroe, Louisiana, is publicly traded on the New York Stock
Exchange under the symbol CTL. CenturyTel is the seventh largest local exchange
telephone company, based on access lines, and the ninth largest cellular
company, based on population equivalents owned, in the United States. Visit
CenturyTel's corporate website at (www.centurytel.com).
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
INCREASE
1999 1998 (DECREASE)
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In thousands, except per share amounts
TELEPHONE OPERATIONS
Operating revenues
Local service $ 87,415 88,072 (0.7%)
Network access 171,377 167,007 2.6%
Other 34,375 35,999 (4.5%)
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293,167 291,078 0.7%
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Operating expenses
Plant operations 65,904 68,555 (3.9%)
Customer operations 23,109 24,596 (6.0%)
Corporate and other 44,400 40,849 8.7%
Depreciation and amortization 68,313 68,377 (0.1%)
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201,726 202,377 (0.3%)
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Telephone operating income 91,441 88,701 3.1%
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WIRELESS OPERATIONS
Operating revenues
Service revenues 98,619 99,343 (0.7%)
Equipment sales 3,405 2,780 22.5%
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102,024 102,123 (0.1%)
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Operating expenses
Cost of equipment sold 7,560 5,781 30.8%
System operations 14,472 15,764 (8.2%)
General, administrative and
customer service 19,456 20,565 (5.4%)
Sales and marketing 20,773 16,949 22.6%
Depreciation and amortization 17,630 17,071 3.3%
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79,891 76,130 4.9%
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Wireless operating income 22,133 25,993 (14.9%)
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OTHER OPERATIONS
Operating revenues 31,267 21,837 43.2%
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Operating expenses
Cost of sales and other 25,499 15,706 62.4%
Depreciation and amortization 2,580 818 215.4%
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28,079 16,524 69.9%
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Other operating income 3,188 5,313 (40.0%)
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TOTAL OPERATING INCOME 116,762 120,007 (2.7%)
OTHER INCOME (EXPENSE)
Interest expense (35,832) (40,767) (12.1%)
Income from unconsolidated
cellular entities 762 7,764 (90.2%)
Minority interest (2,353) (2,533) (7.1%)
Gain on sales of assets 11,648 - -
Other income and expense 2,468 2,814 (12.3%)
Income tax expense (32,782) (35,091) (6.6%)
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NET INCOME $ 60,673 52,194 16.2%
===============================================================
EARNINGS PER SHARE (1)
Basic (2) $ 0.43 0.38 13.2%
Diluted (3) $ 0.43 0.37 16.2%
SHARES OUTSTANDING (1)
Basic 139,372 137,469 1.4%
Diluted 141,756 140,693 0.8%
DIVIDENDS PER COMMON SHARE (1) $ 0.0450 0.0433 3.9%
- ------------------
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
(2) Excluding the effect of asset divestitures and nonrecurring gains and
losses, basic earnings per share were $.42 and $.37 for 1999 and 1998,
respectively
(3) Excluding the effect of asset divestitures and nonrecurring gains and
losses, diluted earnings per share were $.42 and $.36 for 1999 and 1998,
respectively
- ----------------------
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
Excludes the effect of asset divestitures
and nonrecurring gains and losses INCREASE
1999 1998 (DECREASE)
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In thousands, except per share amounts
TELEPHONE OPERATIONS
Operating revenues
Local service $ 87,415 78,503 11.4%
Network access 171,377 152,163 12.6%
Other 34,375 30,477 12.8%
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293,167 261,143 12.3%
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Operating expenses
Plant operations 65,904 58,539 12.6%
Customer operations 23,109 21,767 6.2%
Corporate and other 44,400 39,096 13.6%
Depreciation and amortization 68,313 61,118 11.8%
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201,726 180,520 11.7%
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Telephone operating income 91,441 80,623 13.4%
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WIRELESS OPERATIONS
Operating revenues
Service revenues 98,619 95,755 3.0%
Equipment sales 3,405 2,711 25.6%
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102,024 98,466 3.6%
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Operating expenses
Cost of equipment sold 7,560 5,619 34.5%
System operations 14,472 15,080 (4.0%)
General, administrative and
customer service 19,456 20,039 (2.9%)
Sales and marketing 20,773 16,601 25.1%
Depreciation and amortization 17,630 16,069 9.7%
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79,891 73,408 8.8%
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Wireless operating income 22,133 25,058 (11.7%)
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OTHER OPERATIONS
Operating revenues 31,267 21,837 43.2%
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Operating expenses
Cost of sales and other 24,250 15,706 54.4%
Depreciation and amortization 1,080 818 32.0%
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25,330 16,524 53.3%
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Other operating income 5,937 5,313 11.7%
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TOTAL OPERATING INCOME 119,511 110,994 7.7%
OTHER INCOME (EXPENSE)
Interest expense (35,832) (34,968) 2.5%
Income from unconsolidated
cellular entities 7,622 7,764 (1.8%)
Minority interest (2,353) (2,533) (7.1%)
Other income and expense 2,468 2,692 (8.3%)
Income tax expense (32,474) (33,023) (1.7%)
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NET INCOME $ 58,942 50,926 15.7%
===============================================================
EARNINGS PER SHARE (1)
Basic $ 0.42 0.37 13.5%
Diluted $ 0.42 0.36 16.7%
SHARES OUTSTANDING (1)
Basic 139,372 137,469 1.4%
Diluted 141,756 140,693 0.8%
DIVIDENDS PER COMMON SHARE (1) $ 0.0450 0.0433 3.9%
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(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
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CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
INCREASE
1999 1998 (DECREASE)
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In thousands, except per share amounts
TELEPHONE OPERATIONS
Operating revenues
Local service $ 353,534 331,736 6.6%
Network access 654,003 629,583 3.9%
Other 135,056 130,291 3.7%
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1,142,593 1,091,610 4.7%
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Operating expenses
Plant operations 262,864 245,164 7.2%
Customer operations 91,077 92,552 (1.6%)
Corporate and other 160,819 157,293 2.2%
Depreciation and amortization 275,476 262,893 4.8%
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790,236 757,902 4.3%
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Telephone operating income 352,357 333,708 5.6%
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WIRELESS OPERATIONS
Operating revenues
Service revenues 411,492 398,739 3.2%
Equipment sales 10,777 9,088 18.6%
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422,269 407,827 3.5%
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Operating expenses
Cost of equipment sold 21,408 16,992 26.0%
System operations 56,866 60,049 (5.3%)
General, administrative and
customer service 79,569 81,350 (2.2%)
Sales and marketing 61,903 57,967 6.8%
Depreciation and amortization 68,593 62,345 10.0%
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288,339 278,703 3.5%
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Wireless operating income 133,930 129,124 3.7%
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OTHER OPERATIONS
Operating revenues 111,807 77,648 44.0%
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Operating expenses
Cost of sales and other 85,278 57,353 48.7%
Depreciation and amortization 4,747 3,316 43.2%
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90,025 60,669 48.4%
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Other operating income 21,782 16,979 28.3%
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TOTAL OPERATING INCOME 508,069 479,811 5.9%
OTHER INCOME (EXPENSE)
Interest expense (150,557) (167,552) (10.1%)
Income from unconsolidated
cellular entities 27,675 32,869 (15.8%)
Minority interest (27,913) (12,797) 118.1%
Gain on sales of assets 62,808 49,859 26.0%
Other income and expense 9,190 5,268 74.4%
Income tax expense (189,503) (158,701) 19.4%
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NET INCOME $ 239,769 228,757 4.8%
===============================================================
EARNINGS PER SHARE (1)
Basic (2) $ 1.72 1.67 3.0%
Diluted (3) $ 1.70 1.64 3.7%
SHARES OUTSTANDING (1)
Basic 138,848 137,010 1.3%
Diluted 141,432 140,105 0.9%
DIVIDENDS PER COMMON SHARE (1) $ 0.1800 0.1732 3.9%
- ------------------
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
(2) Excluding the effect of asset divestitures and nonrecurring gains and
losses, basic earnings per share were $1.71 and $1.41 for 1999 and 1998,
respectively
(3) Excluding the effect of asset divestitures and nonrecurring gains and
losses, diluted earnings per share were $1.68 and $1.39 for 1999 and 1998,
respectively
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
(UNAUDITED)
Excludes the effect of asset divestitures
and nonrecurring gains and losses INCREASE
1999 1998 (DECREASE)
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In thousands, except per share amounts
TELEPHONE OPERATIONS
Operating revenues
Local service $ 339,123 294,480 15.2%
Network access 631,819 569,555 10.9%
Other 126,418 109,665 15.3%
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1,097,360 973,700 12.7%
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Operating expenses
Plant operations 248,419 208,305 19.3%
Customer operations 87,097 81,234 7.2%
Corporate and other 157,276 148,234 6.1%
Depreciation and amortization 264,837 234,496 12.9%
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757,629 672,269 12.7%
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Telephone operating income 339,731 301,431 12.7%
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WIRELESS OPERATIONS
Operating revenues
Service revenues 404,354 385,306 4.9%
Equipment sales 10,649 8,746 21.8%
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415,003 394,052 5.3%
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Operating expenses
Cost of equipment sold 21,190 16,390 29.3%
System operations 55,820 56,994 (2.1%)
General, administrative and
customer service 78,465 79,113 (0.8%)
Sales and marketing 61,350 56,258 9.1%
Depreciation and amortization 67,088 58,468 14.7%
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283,913 267,223 6.2%
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Wireless operating income 131,090 126,829 3.4%
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OTHER OPERATIONS
Operating revenues 111,807 77,648 44.0%
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Operating expenses
Cost of sales and other 84,029 57,353 46.5%
Depreciation and amortization 3,247 3,316 (2.1%)
- ---------------------------------------------------------------
87,276 60,669 43.9%
- ---------------------------------------------------------------
Other operating income 24,531 16,979 44.5%
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TOTAL OPERATING INCOME 495,352 445,239 11.3%
OTHER INCOME (EXPENSE)
Interest expense (137,014) (144,099) (4.9%)
Income from unconsolidated
cellular entities 34,535 32,869 5.1%
Minority interest (12,283) (12,797) (4.0%)
Other income and expense 8,382 3,813 119.8%
Income tax expense (151,046) (131,166) 15.2%
- ---------------------------------------------------------------
NET INCOME $ 237,926 193,859 22.7%
===============================================================
EARNINGS PER SHARE (1)
Basic $ 1.71 1.41 21.3%
Diluted $ 1.68 1.39 20.9%
SHARES OUTSTANDING (1)
Basic 138,848 137,010 1.3%
Diluted 141,432 140,105 0.9%
DIVIDENDS PER COMMON SHARE (1) $ 0.1800 0.1732 3.9%
- ------------------
(1) Reflects a three-for-two stock split effected as a stock dividend
distributed March 31, 1999
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 1999 AND 1998
(UNAUDITED)
1999 1998
- ----------------------------------------------------------------------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 56,640 5,742
Other current assets 240,061 220,496
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Total current assets 296,701 226,238
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PROPERTY, PLANT AND EQUIPMENT
Telephone 3,445,932 3,660,252
Wireless 472,725 436,897
Other 275,250 192,509
Accumulated depreciation (1,937,449) (1,938,205)
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Net property, plant and equipment 2,256,458 2,351,453
- ----------------------------------------------------------------------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired 1,625,023 1,956,701
Other 509,422 401,063
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Total investments and other assets 2,134,445 2,357,764
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TOTAL ASSETS $ 4,687,604 4,935,455
======================================================================
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Current maturities of long-term debt $ 68,535 53,010
Other current liabilities 237,846 251,834
- ----------------------------------------------------------------------
Total current liabilities 306,381 304,844
LONG-TERM DEBT 2,071,874 2,558,000
DEFERRED CREDITS AND OTHER LIABILITIES 461,357 541,129
STOCKHOLDERS' EQUITY 1,847,992 1,531,482
- ----------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY $ 4,687,604 4,935,455
======================================================================
CAPITAL EXPENDITURES
TWELVE MONTHS ENDED DECEMBER 31, 1999 AND 1998
INC
1999 1998 (DEC)
- ------------------------------------------------------------------------------
(in thousands)
Telephone $ 233,512 233,190 0.1%
Wireless 58,760 57,326 2.5%
Corporate and other 97,708 29,087 235.9%
- ----------------------------------------------------------------------
Total capital expenditures $ 389,980 319,603 22.0%
======================================================================
CAPITAL EXPENDITURES
THREE MONTHS ENDED DECEMBER 31, 1999 AND 1998
INC
1999 1998 (DEC)
- ------------------------------------------------------------------------------
(in thousands)
Telephone $ 88,334 91,227 (3.2%)
Wireless 14,498 7,429 95.2%
Corporate and other 50,150 11,918 320.8%
- ----------------------------------------------------------------------
Total capital expenditures $ 152,982 110,574 38.4%
======================================================================
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
CenturyTel, Inc.
By: /s/ Neil A. Sweasy
-------------------------
Neil A. Sweasy
Vice President and Controller