Exhibit 99.2
Citizens Utilities Company and Subsidiaries
Consolidated Financial Data
(unaudited)
For the quarter ended
March 31,
------------------------------
%
(Amounts in thousands - except per-share amounts) 2000 1999 Change
-------------------------------------------
Income Statement Data
Continuing operations (1)
Revenue (2) $ 282,455 $ 254,336 11%
Revenue-Universal service fund settlement - 10,414 -
Network access expense (2) 27,003 34,395 -21%
Depreciation and amortization 82,705 61,885 34%
Other operating expenses (3) 155,981 161,338 -3%
Acquisition assimilation expenses 3,974 - -
Operating income (3) 12,792 7,132 79%
Investment and other income, net (3) 5,265 6,022 -13%
Minority interest 6,285 5,993 5%
Interest expense 29,164 19,098 53%
Gain on sale of investments, net of tax (4) - 42,895 -
Income taxes (1,253) 2 -
Convertible preferred dividends 1,552 1,552 -
Income (loss) from continuing operations (5,121) 41,390 -112%
Income from continuing operations excluding gain on sale of investments (5,121) (1,505) -240%
Income from discontinued operations, net of tax 12,447 13,235 -6%
Net income 7,326 54,625 -87%
Net income excluding gain on sale of investments 7,326 11,730 -38%
EBITDA and Capital Expenditure Data (5)
EBITDA from continuing operations $ 95,497 $ 69,017 38%
EBITDA from discontinued operations 47,167 42,947 10%
Total Company EBITDA 142,664 111,964 27%
Capital expenditures from continuing operations 151,161 96,595 56%
Capital expenditures from discontinued operations 20,753 23,501 -12%
Total Company capital expenditures 171,914 120,096 43%
Balance Sheet Data
Cash and investments $ 590,644 $ 501,388 18%
Total assets 5,758,465 5,313,453 8%
Net plant (continuing operations) 2,946,976 2,731,971 8%
Long-term debt (continuing operations) 2,193,494 1,845,290 19%
Equity (6) 2,070,742 2,037,702 2%
Shares of common stock outstanding 263,196 259,886 1%
Weighted average shares outstanding 262,718 259,701 1%
Per-Share Data (7)
Basic net income per share of common stock $ 0.03 $ 0.21 -86%
Basic net income per share of common stock excluding gain on sale of investments 0.03 0.05 -40%
EBITDA per share from continuing operations 0.36 0.27 33%
EBITDA per share from discontinued operations 0.18 0.17 6%
Total Company EBITDA per share 0.54 0.43 26%
Book value per share 7.12 7.07 1%
Other Financial Data
Long-term debt to long-term debt and equity 51% 48%
Common equity market capitalization (in billions) $ 4.31 $ 2.01
Equity market capitalization (in billions) (6) $ 4.56 $ 2.21
Market capitalization (in billions) (8) $ 6.75 $ 4.06
(1) The Company's Telecommunications and Electric Lightwave, Inc.(ELI), our Competitive Local Exchange Carrier (CLEC) businesses.
The Company is reporting its Public Services businesses as discontinued operations.
(2) Includes the elimination of $635 and $698 of revenue and network access expense related to services provided by ELI
to our telecommunications operations for the 2000 and 1999 periods respectively.
(3) Includes the elimination of $192 and $325 of administrative fees charged by the Company to ELI for the 2000 and 1999
periods respectively.
(4) Represents a gain of $69.5 million net of $26.6 million of income taxes on the sale of Centennial Cellular stock.
(5) Operating income plus depreciation and amortization.
(6) Includes convertible preferred securities.
(7) Calculated based on weighted average shares outstanding.
(8) Equity market capitalization plus market value of long-term debt.
Citizens Utilities Company and Subsidiaries
Financial and Operating Data by Service
For the quarter ended
March 31,
------------------------------
%
(Dollars in thousands, except operating data) 2000 1999 Change
----------------------------------------
Telecommunications
Income Statement Data
Revenue
Network access services $ 121,656 $ 118,266 3%
Network access services - USF settlement - 10,414 -
Local network services 73,555 69,913 5%
Long distance and data services 20,066 21,101 -5%
Directory services 8,819 8,397 5%
Other 12,649 9,794 29%
Eliminations (1) (10,433) (10,653) -
Total revenue 226,312 227,232 -
Network access expense 17,375 20,522 -15%
Depreciation and amortization 69,950 54,891 27%
Other operating expenses 113,426 125,862 -10%
Acquisition assimilation expenses (2) 3,974 - -
Eliminations (1) (10,433) (10,653) -
Total expense 194,292 190,622 2%
Operating income 32,020 36,610 -13%
EBITDA and Capital Expenditure Data
EBITDA (3) $ 101,970 $ 91,501 11%
EBITDA margin (4) 45% 40% 13%
Capital expenditures 97,453 38,484 153%
Balance Sheet Data
Total assets $ 2,437,620 $ 2,399,398 2%
Net plant 2,103,506 2,084,400 1%
Operating Data
Access lines 1,007,250 964,634 4%
Revenue per access line $ 225 $ 236 -5%
Switched access minutes of use (in millions) 1,323 1,241 7%
Employees 3,627 3,562 2%
Citizens' long distance minutes of use (in millions) - in territory 139 125 11%
- out of territory 5 28 -82%
- total 144 153 -6%
Citizens' long distance customers - in territory 242,105 235,219 3%
- out of territory 1,627 6,267 -74%
- total 243,732 241,486 1%
Citizens' long distance in-territory customer market share 24% 24%
(1) Eliminations represent network access revenue and network access expense
between the Company's local exchange operations and long-distance operations.
(2) Represents expenses associated with telecommunications properties to be acquired.
(3) Operating income plus depreciation and amortization.
(4) EBITDA divided by total revenue.
Citizens Utilities Company and Subsidiaries
Financial and Operating Data by Service
For the quarter ended
March 31,
---------------------------------------
%
(Dollars in thousands, except operating data) 2000 1999 Change
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Electric Lightwave, Inc.
Income Statement Data
Revenue
Network services $ 16,004 $ 10,424 54%
Local telephone services 24,274 14,308 70%
Long distance services 4,596 8,530 -46%
Data services 11,904 4,954 140%
Total revenue 56,778 38,216 49%
Network access expense 20,696 25,224 -18%
Gross margin 36,082 12,992 178%
Depreciation and amortization 12,755 6,994 82%
Other operating expenses 42,747 35,801 19%
Total expense 55,502 42,795 30%
Operating loss (19,420) (29,803) 35%
EBITDA and Capital Expenditure Data
EBITDA (1) $ (6,665) $ (22,809) 71%
Capital expenditures 53,693 57,000 -6%
Balance Sheet Data
Total assets $ 809,026 $ 574,418 41%
Gross plant - owned 824,671 585,533 41%
- leased 108,541 108,541 -
- total 933,212 694,074 34%
Other Financial Data
ELI public enterprise value (2) $ 1,933,375 $ 859,157 125%
(1) Operating income plus depreciation and amortization.
(2) Common equity market capitalization plus net debt.