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:
May 14, 2002
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(Date of earliest event reported)
Electric Lightwave, Inc.
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(Exact name of Registrant as specified in charter)
Delaware 0-23393 93-1035711
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(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
3 High Ridge Park, Stamford, CT 06905
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(Address of principal executive offices) (Zip Code)
(203) 614-5600
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(Registrant's telephone number, including area code)
No change since last report
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(Former name or address, if changed since last report)
Item 5. Other Events.
Electric Lightwave, Inc. reported financial results for the quarter ended March
31, 2002 in a joint press release with Citizens Communications Company released
May 14, 2002.
Item 7. Financial Statements, Exhibits
(c) Exhibits
99.1 Financial schedule of Electric Lightwave, Inc. released May
14, 2002 presenting earnings for the quarter ended March 31,
2002.
Electric Lightwave, Inc.
Selected Financial and Operating Data
(In thousands, except per share amounts)
Three Months Ended
Statement of Operations 3/31/2002 12/31/2001 3/31/2001
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Revenue:
Network Services $ 23,787 $ 23,372 $ 25,768
Local Telephone Services 12,933 15,177 21,797
Long Distance Services 3,082 2,980 3,084
Data Services 8,348 8,790 11,913
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Total Revenues 48,150 50,319 62,562
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Operating Expenses:
Network Access 13,594 20,775 16,731
Operations 11,846 10,778 12,142
Selling, General and Administrative 20,195 18,109 29,161
Severance Expense 43 62 1,235
Depreciation and Amortization 19,652 20,375 18,894
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Total Operating Expenses 65,330 70,099 78,163
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Loss from Operations (17,180) (19,780) (15,601)
Interest Expense and Other 26,339 25,943 21,930
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Net Loss Before Income Taxes (43,519) (45,723) (37,531)
Income Tax Expense 52 705 163
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Net Loss Before Cumulative Effect of Change in Accounting Principle (43,571) (46,428) (37,694)
Cumulative Effect of Change in Accounting Principle 39,812 - -
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Net Loss $ (83,383) $ (46,428) $ (37,694)
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EBITDA $ 2,472 $ 595 $ 3,293
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Weighted Average Shares Outstanding 51,266 51,145 50,759
Net Loss Per Share Before Cumulative Effect of Change in Accounting
Principle:
Basic $ (0.85) $ (0.91) $ (0.74)
Diluted $ (0.85) $ (0.91) $ (0.74)
Net Loss Per Common Share:
Basic $ (1.63) $ (0.91) $ (0.74)
Diluted $ (1.63) $ (0.91) $ (0.74)
Selected Financial Data
Gross Property Plant & Equipment
Owned or under capital lease $ 1,038,946 $ 1,037,349 $ 983,041
Under operating lease (1) 108,541 108,541 108,541
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Total $ 1,147,487 $ 1,145,890 $ 1,091,582
Selected Operating Data
Route Miles (2) 7,219 6,754 5,924
Fiber Miles (2) 362,624 354,083 296,173
Employees 810 823 1,031
Customers 2,247 2,243 2,228
(1) Facilities under an operating lease agreement under which we have the
option to purchase the facilities at the end of the lease term.
(2) Route and Fiber miles also include those to which we have exclusive use
pursuant to license and lease arrangements.
Signature
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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.
ELECTRIC LIGHTWAVE, INC.
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(Registrant)
By: /s/ Robert J. Larson
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Robert J. Larson
Vice President and Chief Accounting Officer
Date: May 14, 2002