Extract
Citizens Communications Reports 2003 First-Quarter Results.
Business Editors
STAMFORD, Conn.--(BUSINESS WIRE)--May 6, 2003 Citizens Communications (NYSE:CZN) today reported first quarter 2003 consolidated revenue of $651.9 million; consolidated operating income of $164.3 million; and consolidated net income of $127.4 million, or 45 cents per share. Consolidated net income for the quarter includes a $40.7 million non-cash pre-tax gain from the extinguishment of a capital lease obligation at Electric Lightwave, a $2.4 million pre-tax charge related to early debt retirement, and a $65.8 million non-cash after-tax gain from the adoption of new accounting rules with respect to asset retirement obligations (SFAS No. 143). Excluding these items, consolidated net income was $38.2 million, or 14 cents per share. The company produced free cash flow o...See the full content of this document
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