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) October 24, 2002
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 CenturyTel 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.
On October 24, 2002, CenturyTel, Inc. issued a press release announcing its
third quarter 2002 consolidated operating results. The entire text of the
release is reproduced below:
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
October 24, 2002 Media: Patricia Cameron 318.388.9674
patricia.cameron@centurytel.com
Investors: Tony Davis 318.388.9525
tony.davis@centurytel.com
CenturyTel Announces Successful Repositioning of the Company and Strong
--------------------------------------------------------------------------------
Third Quarter Results
---------------------
Monroe, LA. . . CenturyTel, Inc. (NYSE Symbol: CTL) announces operating results
for third quarter 2002, which reflect recently completed acquisitions.
o Revenues from continuing operations, excluding nonrecurring items, increased
25.5% to $532.1 million.
o Earnings from continuing operations before interest, taxes, depreciation and
amortization (EBITDA), excluding nonrecurring items, rose 28.6% to $272.3
million.
o Income from continuing operations, excluding nonrecurring items, climbed
53.5% to $68.6 million.
o Diluted earnings per share, excluding nonrecurring items, increased to $.57.
o Free cash flow, excluding nonrecurring items, was $82.3 million.
---------------------------------------------------------------------------------------------
Third Quarter Highlights
(Excluding nonrecurring items)
(In thousands, except per share Quarter Ended Quarter Ended % Change
and customer amounts) 09/30/02 09/30/01
---------------------------------------------------------------------------------------------
Revenues from continuing operations $ 532,142 $ 423,973 25.5%
EBITDA from continuing operations (1) $ 272,302 $ 211,713 28.6%
Income from continuing operations (1) $ 68,588 $ 44,682 (2) 53.5%
Net Income $ 81,093 $ 77,863 (2) 4.1%
Diluted Earnings Per Share from continuing
operations (1) $ .48 $ .31 (2) 54.8%
Diluted Earnings Per Share $ .57 $ .55 (2) 3.6%
Average Diluted Shares Outstanding 142,770 142,260 0.4%
Telephone Revenues $ 468,580 $ 377,747 24.0%
Other Operations Revenues $ 63,562 $ 46,226 37.5%
---------------------------------------------------------------------------------------------
Telephone Access Lines 2,437,744 1,808,574 34.8%
Long Distance Customers 584,890 438,669 33.3%
---------------------------------------------------------------------------------------------
(1) Includes corporate overheads previously allocated to discontinued
operations.
(2) As adjusted to reflect the after-tax effect of eliminating goodwill
amortization in accordance with SFAS 142.
"During the third quarter CenturyTel completed the divestiture of its
wireless business and the acquisitions of the Verizon properties in Alabama and
Missouri, repositioning the Company as a leading pure-play rural local exchange
carrier," Glen F. Post, III, chairman and chief executive officer, said. "We
achieved a solid 24.0% growth in Telephone Revenues reflecting the contribution
from the acquired properties and a strong 37.5% growth in Other Operations
Revenues, primarily due to the continued growth in long distance and Internet
customers."
Consolidated revenues from continuing operations, excluding nonrecurring
items, for the third quarter rose 25.5% to $532.1 million from $424.0 million.
EBITDA from continuing operations, excluding nonrecurring items, grew to $272.3
million from $211.7 million. The Company achieved a consolidated EBITDA margin
of 51.2% during the quarter. Income from continuing operations for the quarter,
excluding nonrecurring items, increased 53.5% to $68.6 million from $44.7
million in third quarter 2001 (as adjusted). Diluted earnings per share from
continuing operations, excluding nonrecurring items, increased 54.8% to $.48
from $.31 (as adjusted). Diluted earnings per share, excluding nonrecurring
items, increased 3.6% to $.57 from $.55 (as adjusted).
Telephone revenues, excluding nonrecurring items, grew 24.0% to $468.6
million during the quarter, compared with $377.7 million in third quarter 2001.
The Alabama and Missouri properties acquired from Verizon contributed $85.6
million of the increase. The remaining increase resulted primarily from growth
in vertical services and interstate revenues that more than offset declines in
intrastate access and toll revenues. Telephone operating expenses increased
primarily due to the acquisitions, higher employee-related costs and
depreciation expenses that were offset by reductions in retail bad debt and
access expenses. Telephone operating income, excluding nonrecurring items,
increased 28.5% to $152.3 million from $118.5 million (as adjusted), and
telephone EBITDA, excluding nonrecurring items, rose 25.4% to $256.6 million
from $204.7 million a year ago. CenturyTel's third quarter telephone EBITDA
margin was 54.8% while the operating income margin was 32.5%.
Other Operations revenues grew 37.5% to $63.6 million during third quarter
2002, compared with $46.2 million in third quarter 2001. CenturyTel's long
distance revenues increased $8.5 million, or 27.5%, to $39.6 million. CenturyTel
now serves more than 584,000 long distance customers. Internet revenues
increased 42.0% to $15.0 million in third quarter 2002 from $10.6 million in
third quarter 2001. The Internet business generated operating cash flow of $1.2
million for the quarter compared to operating cash flow of $319,000 for the
third quarter 2001. CenturyTel CLEC revenues increased by $4.4 million, of which
$3.9 million resulted from the acquisition of CLEC assets in February, 2002.
"We added over 6,800 DSL connections and more than 48,000 long distance
customers during the quarter. These results represent the second strongest
quarter for DSL and long distance customer net additions in the Company's
history," Post said.
For third quarter 2002, in accordance with generally accepted accounting
principles (GAAP), the Company reported net income of $607.7 million, or $4.26
per diluted share, compared to net income of $106.3 million (as adjusted), or
$.75 per diluted share in third quarter 2001. Third quarter 2002 reflects a
$551.4 million after-tax gain on the sale of our wireless operations. See the
accompanying financial information for additional nonrecurring items that
affected the third quarters and first nine months of 2002 and 2001.
For the first nine months of 2002, income from continuing operations,
excluding nonrecurring items, increased 29.9% to $160.9 million from $123.9
million in 2001 (as adjusted) and diluted earnings per share from continuing
operations increased 29.9% to $1.13 from $.87 (as adjusted). Consolidated
revenues, excluding nonrecurring items, increased 12.0% to $1.394 billion from
$1.245 billion while EBITDA was $705.3 million compared to $620.9 million a year
ago, a 13.6% increase.
The Company continued to reflect its wireless business as discontinued
operations during the quarter. As a result of this treatment, depreciation
expense for the wireless operations was discontinued effective March 19, 2002,
the date of the definitive agreement. This discontinuation of wireless
depreciation contributed approximately $.02 to earnings per share for third
quarter 2002 and $.08 from March 19, 2002, to the sale effective date of August
1, 2002. Income from continuing operations includes total interest expense and
also includes corporate overheads previously absorbed by the Company's wireless
operations of $1.3 million for third quarter 2002 and $11.3 million for the nine
months ended September 30, 2002.
For the fourth quarter 2002, CenturyTel expects revenue from continuing
operations to be $560 to $575 million. Operating cash flow from continuing
operations is expected to be $285 to $295 million. Total diluted earnings per
share is anticipated to be $.51 to $.55 for fourth quarter 2002. For the full
year 2002, the Company expects total diluted earnings per share to be $2.19 to
$2.23. These estimates exclude nonrecurring items and the expected $38.1 million
after-tax charge associated with the redemption on October 15, 2002, of the
Company's $400 million Series I remarketable senior notes.
In addition to historical information, this release includes
forward-looking statements, estimates and projections that are based on current
expectations only, and are subject to a number of risks, uncertainties and
assumptions, many of which are beyond the control of CenturyTel. Actual events
and results may differ materially from those anticipated, estimated or projected
if one or more of these risks or uncertainties materialize, or if underlying
assumptions prove incorrect. Factors that could affect actual results include
but are not limited to: the Company's ability to effectively manage its growth,
including successfully integrating newly acquired businesses into its
operations, hiring adequate numbers of qualified staff and successfully
upgrading its billing and other information systems; the inherent risk of rapid
technological change; the effects of on-going changes in the regulation of the
Company or the communications industry generally; the effects of greater than
anticipated competition in the Company's markets; possible changes in the demand
for, or pricing of, the Company's products and services; the Company's ability
to successfully introduce new offerings on a timely and cost-effective basis;
higher than anticipated interest rates; the Company's ability to collect its
receivables from financially troubled communications companies; 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, 2001. The
information contained in this release is as of October 24, 2002. The Company
undertakes no obligation to update or revise any of this information whether as
a result of new information, future events or developments, or otherwise.
CenturyTel's management will host a conference call at 10:30 A.M. Central
time today. Interested parties can access the call by dialing 800.729.6845 and
the call will be accessible for replay by calling 800.642.1687 and entering the
conference-id number: 5972009. Investors can also listen to CenturyTel's
earnings conference call and replay by accessing the Company's Web site at
(www.centurytel.com)
CenturyTel, Inc. provides communications services including local exchange,
long distance, Internet access and data services to more than three million
customers in 22 states. The company, headquartered in Monroe, Louisiana, is
publicly traded on the New York Stock Exchange under the symbol CTL. CenturyTel
is the 8th largest local exchange telephone company, based on access lines, in
the United States.
Visit CenturyTel's corporate Web site at (www.centurytel.com)
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(UNAUDITED)
Three months ended September 30, 2002 Three months ended September 30, 2001
------------------------------------- -------------------------------------
Increase
As adjusted As adjusted (decrease)
Less excluding Less excluding excluding
non- non- non- non- Increase non-
In thousands, except As recurring recurring As recurring recurring (decrease) recurring
per share amounts reported items items reported items items as reported items
----------------------------------- ----------------------------------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 169,098 - 169,098 122,829 - 122,829 37.7% 37.7%
Network access 249,047 (7,645)(1) 256,692 219,432 - 219,432 13.5% 17.0%
Other 42,790 - 42,790 35,486 - 35,486 20.6% 20.6%
----------------------------------- ------------------------------------
460,935 (7,645) 468,580 377,747 - 377,747 22.0% 24.0%
----------------------------------- ------------------------------------
Operating expenses
Plant operations 117,997 - 117,997 98,605 - 98,605 19.7% 19.7%
Customer operations 41,161 - 41,161 28,148 - 28,148 46.2% 46.2%
Corporate and other 52,774 - 52,774 46,293 - 46,293 14.0% 14.0%
Depreciation and amortization 104,384 - 104,384 100,336 - 100,336 4.0% 4.0%
----------------------------------- ------------------------------------
316,316 - 316,316 273,382 - 273,382 15.7% 15.7%
----------------------------------- ------------------------------------
Telephone operating income 144,619 (7,645) 152,264 104,365 - 104,365 38.6% 45.9%
----------------------------------- ------------------------------------
OTHER OPERATIONS
Operating revenues
Long distance 39,592 - 39,592 31,050 - 31,050 27.5% 27.5%
Internet 14,996 - 14,996 10,561 - 10,561 42.0% 42.0%
Other 8,974 - 8,974 4,615 - 4,615 94.5% 94.5%
----------------------------------- ------------------------------------
63,562 - 63,562 46,226 - 46,226 37.5% 37.5%
----------------------------------- ------------------------------------
Operating expenses
Cost of sales and other 45,992 - 45,992 36,563 - 36,563 25.8% 25.8%
Depreciation and amortization 3,130 - 3,130 3,119 - 3,119 0.4% 0.4%
----------------------------------- ------------------------------------
49,122 - 49,122 39,682 - 39,682 23.8% 23.8%
----------------------------------- ------------------------------------
Other operating income 14,440 - 14,440 6,544 - 6,544 120.7% 120.7%
----------------------------------- ------------------------------------
Corporate overhead costs
allocable to discontinued
operations (1,343) - (1,343) (4,918) - (4,918) (72.7%) (72.7%)
----------------------------------- ------------------------------------
TOTAL OPERATING INCOME 157,716 (7,645) 165,361 105,991 - 105,991 48.8% 56.0%
OTHER INCOME (EXPENSE)
Nonrecurring gains and losses - - - 43,543 43,543 (4) - (100.0%) -
Interest expense (60,021) - (60,021) (54,438) - (54,438) 10.3% 10.3%
Other income and expense (573) - (573) (733) (3,000)(5) 2,267 (21.8%) (125.3%)
Income tax expense (33,503) 2,676 (2) (36,179) (34,793) (14,191)(6) (20,602) (3.7%) 75.6%
----------------------------------- ------------------------------------
INCOME FROM CONTINUING
OPERATIONS 63,619 (4,969) 68,588 59,570 26,352 33,218 6.8% 106.5%
DISCONTINUED OPERATIONS,
NET OF TAX 544,130 531,625 (3) 12,505 32,735 2,080 (7) 30,655 1,562.2% (59.2%)
----------------------------------- ------------------------------------
NET INCOME $ 607,749 526,656 81,093 92,305 28,432 63,873 558.4% 27.0%
Add: After tax effect of
goodwill amortization $ - - - 13,990 - 13,990 (100.0%) (100.0%)
----------------------------------- ------------------------------------
NET INCOME, as adjusted $ 607,749 526,656 81,093 106,295 28,432 77,863 471.8% 4.1%
=================================== ====================================
BASIC EARNINGS PER SHARE
From continuing operations $ 0.45 (0.04) 0.48 0.42 0.19 0.24 7.1% 100.0%
From continuing operations,
as adjusted $ 0.45 (0.04) 0.48 0.50 0.19 0.32 (10.0%) 50.0%
From discontinued operations $ 3.84 3.75 0.09 0.23 0.01 0.22 1,569.6% (59.1%)
From discontinued operations,
as adjusted $ 3.84 3.75 0.09 0.25 0.01 0.24 1,436.0% (62.5%)
Basic earnings per share $ 4.29 3.72 0.57 0.65 0.20 0.45 560.0% 26.7%
Basic earnings per share,
as adjusted $ 4.29 3.72 0.57 0.75 0.20 0.55 472.0% 3.6%
DILUTED EARNINGS PER SHARE
From continuing operations $ 0.45 (0.03) 0.48 0.42 0.19 0.23 7.1% 108.7%
From continuing operations,
as adjusted $ 0.45 (0.03) 0.48 0.50 0.19 0.31 (10.0%) 54.8%
From discontinued operations $ 3.81 3.72 0.09 0.23 0.01 0.22 1,556.5% (59.1%)
From discontinued operations,
as adjusted $ 3.81 3.72 0.09 0.25 0.01 0.23 1,424.0% (60.9%)
Diluted earnings per share $ 4.26 3.69 0.57 0.65 0.20 0.45 555.4% 26.7%
Diluted earnings per share,
as adjusted $ 4.26 3.69 0.57 0.75 0.20 0.55 468.0% 3.6%
SHARES OUTSTANDING
Basic 141,692 141,692 140,772 140,772 0.7% 0.7%
Diluted 142,770 142,770 142,260 142,260 0.4% 0.4%
DIVIDENDS PER COMMON SHARE $ 0.0525 0.0525 0.0500 0.0500 5.0% 5.0%
NONRECURRING ITEMS
(1) - Reserve for refunds of access charges to interexchange carriers
(2) - Tax effect of item (1)
(3) - Gain on sale of wireless operations ($551.4 million after-tax),
net of write down of wireless portion of billing system ($19.8
million after-tax)
(4) - Gain on sale of assets ($58.5 million pre-tax), net of write down
of nonoperating investments ($15.0 million pre-tax)
(5) - Costs to defend unsolicited takeover proposal
(6) - Tax effect of items (4) and (5)
(7) - Nonrecurring favorable adjustment to earnings from unconsolidated
partnerships, net of tax
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
(UNAUDITED)
Nine months ended September 30, 2002 Nine months ended September 30, 2001
------------------------------------ ------------------------------------
Increase
As adjusted As adjusted (decrease)
Less excluding Less excluding excluding
non- non- non- non- Increase non-
In thousands, except As recurring recurring As recurring recurring (decrease) recurring
per share amounts reported items items reported items items as reported items
----------------------------------- ----------------------------------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 418,332 - 418,332 367,283 - 367,283 13.9% 13.9%
Network access 686,325 (7,645)(1) 693,970 645,869 - 645,869 6.3% 7.4%
Other 109,508 - 109,508 103,728 - 103,728 5.6% 5.6%
----------------------------------- ------------------------------------
1,214,165 (7,645) 1,221,810 1,116,880 - 1,116,880 8.7% 9.4%
----------------------------------- ------------------------------------
Operating expenses
Plant operations 305,230 - 305,230 285,980 2,000 (7) 283,980 6.7% 7.5%
Customer operations 103,484 - 103,484 86,219 - 86,219 20.0% 20.0%
Corporate and other 155,269 15,000 (2) 140,269 140,329 - 140,329 10.6% -
Depreciation and amortization 283,886 - 283,886 296,624 - 296,624 (4.3%) (4.3%)
----------------------------------- ------------------------------------
847,869 15,000 832,869 809,152 2,000 807,152 4.8% 3.2%
----------------------------------- ------------------------------------
Telephone operating income 366,296 (22,645) 388,941 307,728 (2,000) 309,728 19.0% 25.6%
----------------------------------- ------------------------------------
OTHER OPERATIONS
Operating revenues
Long distance 105,871 - 105,871 87,164 - 87,164 21.5% 21.5%
Internet 42,263 - 42,263 27,678 - 27,678 52.7% 52.7%
Other 23,818 - 23,818 13,103 - 13,103 81.8% 81.8%
----------------------------------- ------------------------------------
171,952 - 171,952 127,945 - 127,945 34.4% 34.4%
----------------------------------- ------------------------------------
Operating expenses
Cost of sales and other 130,818 - 130,818 105,049 - 105,049 24.5% 24.5%
Depreciation and amortization 9,859 - 9,859 6,239 - 6,239 58.0% 58.0%
----------------------------------- ------------------------------------
140,677 - 140,677 111,288 - 111,288 26.4% 26.4%
----------------------------------- ------------------------------------
Other operating income 31,275 - 31,275 16,657 - 16,657 87.8% 87.8%
----------------------------------- ------------------------------------
Corporate overhead costs
allocable to discontinued
operations (11,275) - (11,275) (14,876) - (14,876) (24.2%) (24.2%)
----------------------------------- ------------------------------------
TOTAL OPERATING INCOME 386,296 (22,645) 408,941 309,509 (2,000) 311,509 24.8% 31.3%
OTHER INCOME (EXPENSE)
Nonrecurring gains and losses 3,709 3,709 (3) - 33,043 33,043 (8) - (88.8%) -
Interest expense (164,826) - (164,826) (173,499) - (173,499) (5.0%) (5.0%)
Other income and expense (356) (3,000)(4) 2,644 3,517 (3,000)(9) 6,517 (110.1%) (59.4%)
Income tax expense (78,139) 7,678 (5) (85,817) (65,081) (9,716)(10) (55,365) 20.1% 55.0%
----------------------------------- ------------------------------------
INCOME FROM CONTINUING
OPERATIONS 146,684 (14,258) 160,942 107,489 18,327 89,162 36.5% 80.5%
DISCONTINUED OPERATIONS,
NET OF TAX 610,595 531,625 (6) 78,970 185,779 109,608 (11) 76,171 228.7% 3.7%
----------------------------------- ------------------------------------
NET INCOME $ 757,279 517,367 239,912 293,268 127,935 165,333 158.2% 45.1%
Add: After tax effect of
goodwill amortization - - - 42,208 - 42,208 (100.0%) (100.0%)
----------------------------------- ------------------------------------
NET INCOME, as adjusted $ 757,279 517,367 239,912 335,476 127,935 207,541 125.7% 15.6%
=================================== ====================================
BASIC EARNINGS PER SHARE
From continuing operations $ 1.04 (0.10) 1.14 0.76 0.13 0.63 36.8% 81.0%
From continuing operations,
as adjusted $ 1.04 (0.10) 1.14 1.01 0.13 0.88 3.0% 29.5%
From discontinued operations $ 4.32 3.76 0.56 1.32 0.78 0.54 227.3% 3.7%
From discontinued operations,
as adjusted $ 4.32 3.76 0.56 1.37 0.78 0.59 215.3% (5.1%)
Basic earnings per share $ 5.36 3.66 1.70 2.08 0.91 1.17 157.7% 45.3%
Basic earnings per share,
as adjusted $ 5.36 3.66 1.70 2.38 0.91 1.47 125.2% 15.6%
DILUTED EARNINGS PER SHARE
From continuing operations $ 1.03 (0.10) 1.13 0.76 0.13 0.63 35.5% 79.4%
From continuing operations,
as adjusted $ 1.03 (0.10) 1.13 1.00 0.13 0.87 3.0% 29.9%
From discontinued operations $ 4.28 3.73 0.55 1.31 0.77 0.54 226.7% 1.9%
From discontinued operations,
as adjusted $ 4.28 3.73 0.55 1.36 0.77 0.59 214.7% (6.8%)
Diluted earnings per share $ 5.31 3.63 1.68 2.06 0.90 1.16 157.8% 44.8%
Diluted earnings per share,
as adjusted $ 5.31 3.63 1.68 2.36 0.90 1.46 125.0% 15.1%
SHARES OUTSTANDING
Basic 141,324 141,324 140,693 140,693 0.4% 0.4%
Diluted 142,710 142,710 142,267 142,267 0.3% 0.3%
DIVIDENDS PER COMMON SHARE $ 0.1575 0.1575 0.1500 0.1500 5.0% 5.0%
NONRECURRING ITEMS
(1) - Reserve for refunds of access charges to interexchange carriers
(2) - Reserve for uncollectible receivables, primarily WorldCom
(3) - Gain on sale of PCS license
(4) - Costs to defend unsolicited takeover proposal
(5) - Tax effect of items (1) through (4)
(6) - Gain on sale of wireless operations ($551.4 million after-tax), net
of write down of wireless portion of billing system ($19.8 million
after-tax)
(7) - Expenses related to ice storm
(8) - Gain on sale of assets ($58.5 million pre-tax), net of write down
of nonoperating investments ($25.5 million pre-tax)
(9) - Costs to defend unsolicited takeover proposal
(10) - Tax effect of items (7) through (9)
(11) - Primarily gain on sale of PCS licences, net of tax
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
SEPTEMBER 30, 2002 AND DECEMBER 31, 2001
(UNAUDITED)
SEPT. 30, DEC. 31,
2002 2001
----------------------------------------------------------------------------------------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 294,239 3,496
Other current assets 299,923 226,417
----------------------------------------------------------------------------------------
Total current assets 594,162 229,913
----------------------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT
Telephone 6,075,708 5,292,255
Other 501,516 446,920
Accumulated depreciation (3,242,000) (3,003,033)
----------------------------------------------------------------------------------------
Net property, plant and equipment 3,335,224 2,736,142
----------------------------------------------------------------------------------------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired 3,693,948 2,087,158
Other 430,245 420,043
----------------------------------------------------------------------------------------
Total investments and other assets 4,124,193 2,507,201
----------------------------------------------------------------------------------------
ASSETS HELD FOR SALE 11,796 845,428
----------------------------------------------------------------------------------------
TOTAL ASSETS $ 8,065,375 6,318,684
========================================================================================
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt and current maturities of
long-term debt $ 28,431 1,008,834
Other current liabilities 670,646 230,048
----------------------------------------------------------------------------------------
Total current liabilities 699,077 1,238,882
LONG-TERM DEBT 3,650,046 2,087,500
DEFERRED CREDITS AND OTHER LIABILITIES 652,329 506,052
LIABILITIES RELATED TO ASSETS HELD FOR SALE - 148,870
STOCKHOLDERS' EQUITY 3,063,923 2,337,380
----------------------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY $ 8,065,375 6,318,684
========================================================================================
CAPITAL EXPENDITURES
NINE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
Nine Months Ended September 30, Increase
2002 2001 (Decrease)
------------------------------------------------------------------------------------------------
(in thousands)
CAPITAL EXPENDITURES
Telephone $ 221,327 248,831 (11.1%)
Wireless (discontinued operations) 27,242 52,522 (48.1%)
Other 49,447 82,902 (40.4%)
---------------------------------------------------------------------------------
Total capital expenditures $ 298,016 384,255 (22.4%)
=================================================================================
CAPITAL EXPENDITURES
THREE MONTHS ENDED SEPTEMBER 30, 2002 AND 2001
Three Months Ended September 30, Increase
2002 2001 (Decrease)
------------------------------------------------------------------------------------------------
(in thousands)
CAPITAL EXPENDITURES
Telephone $ 75,505 87,014 (13.2%)
Wireless (discontinued operations) 6,978 18,926 (63.1%)
Other 16,235 34,997 (53.6%)
---------------------------------------------------------------------------------
Total capital expenditures $ 98,718 140,937 (30.0%)
=================================================================================
---------------------------
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.
October 24, 2002 By: /s/ Neil A. Sweasy
----------------------
Neil A. Sweasy
Vice President and Controller