FairPoint releases Q3 financial report

first_img‘ 213,483202,784216,582211,598218,177 Prepaid and other assets Net income (loss)$(330,961) Predecessor Company (4)  High-speed data subscribers include DSL, fiber-to-the-premise, cable modem and fixed wireless broadband. Loss before reorganization items and income taxes (73,414) 34 (21,064) 9,017 (Unaudited) Two Hundred Forty- 105,497 3Q11 Reported2Q11 Reported1Q11 Reported4Q10 Reported3Q10 Restated 725,786 (4,457) Other $              60,453$              70,499$              49,085$              83,987$              59,203 $              35,170$              52,121$              53,725$              40,868$              53,705 Claims payable and estimated claims accrual (35,358) Twenty-Four $           (279,441)$             (27,097)$            562,484$             (74,987)$             (66,084) (17,147) Prepaid expenses Ended 24,746 (1)  Following FairPoint’s emergence from Chapter 11 on January 24, 2011, all reorganization items are reported in total operating expenses.   ‘ (5,290) Net cash used in investing activities 21,515 Post-retirement accruals 215,218 Total liabilities not subject to compromise Accounts payable and the Nine Months ended September 30, 2010 Two Hundred Forty- 13,049 -1.1%-1.1%-1.2%-2.1%-2.2% (12,477) ‘ December 31, 130,933 Additional paid-in capital, Successor Company payable and estimated claims accrual or liabilities subject 120,149 2,960 Total switched access lines (1,608) Repayment of capital lease obligations 17,821 (322,061) 80,796 Net income (loss) Restricted cash Successor ‘ $2,973,794 Successor Company January 24, 2011 ‘ $‘ Total operating expenses 27,161 Business access lines Other accrued liabilities September 30, 2011 1,709 Claims payable and estimated claims accrual 89,424 Total assets$2,068,771 Accrued interest payable 3,561,212 268 Provision for uncollectible revenue 360,779 (Restated) Total current liabilities Net income (loss) 131,160 311,613 257,912262,636254,780267,992260,630 3,943 Access (3)  Wholesale access lines include Resale and UNE-P, but exclude UNE-L and special access circuits.   Long-term debt, net of current portion (46,634) 389,445 Capital additions included in accounts payable, claims (195,098) 894 Other non-cash items, net (2b) (3,423) 458,471 1,818 Other long-term liabilities Interest expense Predecessor Company 1,075,392 290,058 Other assets 3 4883503493772,207 Capital lease obligations Basic$(10.89)$(0.74) (322,061) 655,901 Reorganization costs paid 2,338 636 ‘ ‘ 262,019 344,463 Assets 33,972 $           (279,441)$             (27,097)$            562,484$             (74,987)$             (66,084) Interest expense 1,898,365 125,170 Restricted cash – cash claims reserve Predecessor Company 262,019 Liabilities not subject to compromise: Deferred income tax, net Consolidated Communications,FairPoint Communications, Inc. (NasdaqCM: FRP) (FairPoint or the Company), a leading provider of communications services, November 2 announced its financial results for the third quarter endedSept. 30, 2011Related QuotesSymbolPriceChangeFRP5.10+0.15{“s” : “frp”,”k” : “a00,a50,b00,b60,c10,g00,h00,l10,p20,t10,v00″,”o” : “”,”j” : “”}As previously announced, the Company will host a conference call and simultaneous webcast to discuss its results at10:00 a.m. (EDT)onThursday, Nov. 3, 2011.”We accomplished great things this quarter,” said Paul H. Sunu, CEO of FairPoint.  “Despite a major storm affecting much of our footprint, we delivered a solid quarter operationally and financially.  High-speed Internet subscriber growth remains strong and we continue to improve the rate of voice access line loss.  I’m impressed with the Company’s resolve and our team’s ability to execute.” 89,695 15,713 January 24, 2011 ‘ Wholesale access lines (3) Predecessor ‘ Other income (expense): (809) —-1,397 Total stockholders’ equity (deficit) 350,684 Condensed Consolidated Balance Sheets Consolidated EBITDAR(1) before pension contribution and storm-related expenses of $70.6 millionHigh-speed Internet subscriber growth accelerates to 8.2% year-over-year, versus a 1.7% loss a year earlierVoice access line loss slows to 8.8% year-over-year, versus 11.0% a year earlierNet loss of $279.4 million driven by non-cash accounting charge of $262.0 millionOperating and Regulatory HighlightsHigh-speed Internet subscriber growth accelerated to 8.2% year-over-year, compared to a 5.4% increase in the second quarter of 2011 and a 1.7% decline in the third quarter of 2010.  FairPoint has added more than 22,000 high-speed Internet subscribers year-to-date, compared to less than 400 for the first nine months of 2010.  High-speed Internet penetration reached 29.6% of voice access lines at Sept. 30, 2011, as the Company surpassed 312,000 high-speed Internet subscribers in service’another all-time high.Voice access line loss slowed for the sixth consecutive quarter, reaching 8.8% year-over-year versus 9.3% in the second quarter of 2011 and 11.0% in the third quarter of 2010.On Sept. 8, 2011, the Company announced it would reduce its work force by approximately 400 employees by year-end.  The initiative is expected to result in operating expense savings of approximately $34 million annually, with the full benefit realized in 2012.  As of Sept. 30, 2011, the Company had approximately 3,700 employees, compared to approximately 4,000 at June 30, 2011, with most of the reduction occurring in late September.  FairPoint incurred $3.3 million in severance and incentive payments in the third quarter.  The Company expects the total severance and incentive payments related to this work force reduction initiative will range from $7 million to $13 million.FairPoint continued its fiber-to-the-tower expansion during the quarter.  As of Sept. 30, 2011, fiber had been placed to more than 700 of the approximately 800 towers that the Company has announced it intends to serve with fiber.Financial HighlightsThird Quarter 2011 as compared to Second Quarter 2011Revenue was $257.9 million in the third quarter of 2011 as compared to $262.6 million in the second quarter of 2011.  The unfavorable variance of $4.7 million was primarily the result of two items.  First, the Company recognized a one-time revenue benefit of $4.0 million in the second quarter related to the reversal of retail and wholesale service quality penalties.  Second, service outages related to Hurricane Irene resulted in approximately $0.8 million of incremental service quality penalties during the third quarter.  Excluding these two items, revenue was essentially flat on a sequential basis as declines in voice services revenue were offset by increases in access revenue, data and Internet services revenue and other revenue.Operating expenses, excluding depreciation, amortization and reorganization, were $213.5 million in the third quarter of 2011 as compared to $202.8 million in the second quarter of 2011.  The unfavorable variance of $10.7 million was primarily the result of three items that impacted the third quarter.  First, non-cash other post-employment benefit (“OPEB”) expense increased by approximately $4.9 million after the Company received its annual actuarial study and booked a true-up to the liability.  Second, FairPoint recognized severance charges of $3.3 million related to the work force reduction initiative.  Both non-cash OPEB and severance expense are add-backs for Consolidated EBITDAR as defined in the Company’s credit facility.  Third, storm-related activities following Hurricane Irene resulted in approximately $3.2 million of increased overtime and contracted services expense.Consolidated EBITDAR was $60.5 million in the third quarter of 2011 as compared to $70.5 million in the second quarter of 2011.  The $10.0 million unfavorable variance was primarily the result of two items.  First, the Company made a $6.8 million cash contribution to its pension plan during the third quarter, of which approximately $6.2 million was related to operating expenses.  Prior to the third quarter, FairPoint had not made a cash contribution to the pension plan.  As a result, Consolidated EBITDAR declined $6.2 million sequentially for this item.  Second, the impact of Hurricane Irene totaled approximately $4.0 million between revenue and operating expenses in the third quarter.Net loss was $279.4 million in the third quarter of 2011 as compared to $27.1 million in the second quarter of 2011.  Net loss increased due to a non-cash goodwill and trade name impairment charge booked in the third quarter of $262.0 million, which was precipitated by the decline of FairPoint’s stock price in recent months.Capital expenditures were $35.2 million in the third quarter of 2011 as compared to $52.1 million in the second quarter of 2011.  FairPoint completed its Vermont broadband buildout during the second quarter of 2011 and has now satisfied its regulatory broadband commitment in the state.  In addition, spending on the Company’s fiber-to-the-tower initiative was lower in the third quarter as compared to the second quarter.FairPoint’s cash position was $9.9 million as of Sept. 30, 2011, versus $13.1 million at June 30, 2011.  The Company has not drawn on its $75 million revolving credit facility and, as of Sept. 30, 2011, it had $62.6 million available for borrowing, net of $12.4 million of outstanding letters of credit.Third Quarter 2011 as compared to Third Quarter 2010Revenue was $257.9 million in the third quarter of 2011 as compared to $260.6 million a year earlier.  The decrease was primarily the result of an 8.8% decline in voice access lines year-over-year, which led to decreases in voice services and access revenue.  Partially offsetting the decline was a $3.4 million reduction in service quality penalties and a 12.6% increase in data and Internet services revenue.Operating expenses, excluding depreciation, amortization and reorganization, were $213.5 million in the third quarter of 2011 as compared to $218.2 million a year earlier.  The favorable variance of $4.7 million would have been greater if not for three items in the third quarter of 2011.  First, non-cash OPEB expense increased versus a year earlier by approximately $3.3 million after the Company received its annual actuarial study and booked a true-up to the liability.  Second, severance charges increased approximately $3.0 million versus a year earlier as a result of the work force reduction initiative.  Both non-cash OPEB and severance expense are add-backs for Consolidated EBITDAR as defined in the Company’s credit facility.  Third, overtime and contracted services expense were higher by approximately $4.0 million due primarily to storm-related activities following Hurricane Irene.  If not for these three items, expenses would have declined by more than $15.0 million versus a year ago.  The primary drivers of the decrease were a reduction in bad debt expense, a reduction in employee costs and other operating expense reductions.Consolidated EBITDAR was $60.5 million in the third quarter of 2011 as compared to $59.2 million a year earlier.  The benefit from operating expense reductions made during the last 12 months was offset primarily by two items in the third quarter of 2011.  First, the Company made a $6.8 million cash contribution to its pension plan during the third quarter, of which approximately $6.2 million was related to operating expenses.  Prior to the third quarter of 2011, FairPoint had not made a cash contribution to the pension plan.  As a result, Consolidated EBITDAR declined $6.2 million for this item.    Second, the impact of Hurricane Irene totaled approximately $4.0 million between revenue and operating expenses.Capital expenditures were $35.2 million in the third quarter of 2011 as compared to $53.7 million a year earlier, when the Company was aggressively expanding its broadband network to meet certain regulatory commitments in Maine, New Hampshire and Vermont by year end 2010.Quarterly ReportThe information in this press release should be read in conjunction with the financial statements and footnotes contained in the Company’s quarterly report for the quarter ended Sept. 30, 2011, which will be filed with the SEC on or prior to Nov. 15, 2011. The Company’s results for the quarter ended Sept. 30, 2011, are subject to the completion of its quarterly report for such period.Fresh Start AccountingOn Jan. 24, 2011, the Company emerged from Chapter 11 bankruptcy protection and its Plan of Reorganization became effective.  For purposes of generally accepted accounting principles, the Company adopted fresh start accounting as of Jan. 24, 2011, whereby the Company’s assets and liabilities were marked to their fair value as of the date of emergence.  Accordingly, the Company’s condensed consolidated statements of financial position and operations for periods after Jan. 24, 2011, will not be comparable in many respects to periods prior to the adoption of fresh start accounting.Conference Call InformationAs previously announced, FairPoint will host a conference call and simultaneous webcast to discuss its third quarter 2011 results at 10:00 a.m. (EDT) on Thursday, Nov. 3, 2011.Participants should call (866) 804-6920 (US/Canada) or (857) 350-1666 (international) at 9:50 a.m. (EDT) and enter the passcode 70534871 when prompted.   The title of the call is the Q3 2011 FairPoint Communications, Inc. Earnings Conference Call.A telephonic replay will be available for anyone unable to participate in the live call. To access the replay, call (888) 286-8010 (US/Canada) or (617) 801-6888 (international) and enter the passcode 31962362 when prompted.  The recording will be available from Thursday, Nov. 3, 2011, at 1:00 p.m. (EDT) through Friday, Nov. 11, 2011, at 11:59 p.m. (EST).A live broadcast of the earnings conference call will be available online at www.fairpoint.com/investors(link is external). An online replay will be available shortly thereafter.Use of Non-GAAP Financial MeasuresThis press release includes certain non-GAAP financial measures, including but not limited to Consolidated EBITDAR and adjustments to GAAP measures to exclude the effect of special items. Management believes that Consolidated EBITDAR may be useful to investors in assessing the Company’s operating performance and its ability to meet its debt service requirements, and the maintenance covenants contained in the Company’s credit facility are based on Consolidated EBITDAR.  In addition, management believes that the adjustments to GAAP measures to exclude the effect of special items may be useful to investors in understanding period-to-period operating performance and in identifying historical and prospective trends. However, the non-GAAP financial measures, as used herein, are not necessarily comparable to similarly titled measures of other companies. Furthermore, Consolidated EBITDAR has limitations as an analytical tool and should not be considered in isolation from, or as an alternative to, net income or loss, operating income, cash flow or other combined income or cash flow data prepared in accordance with GAAP. Because of these limitations, Consolidated EBITDAR and related ratios should not be considered as measures of discretionary cash available to invest in business growth or reduce indebtedness. The Company compensates for these limitations by relying primarily on its GAAP results and using Consolidated EBITDAR only supplementally.  A reconciliation of Consolidated EBITDAR to net income is contained in the attachments to this press release.About FairPoint Communications, Inc.FairPoint Communications, Inc. (NasdaqCM: FRP) (www.FairPoint.com(link is external)) is a leading communications provider of high-speed Internet access, local and long-distance phone, television and other broadband services to customers in communities across 18 states. Through its fast, reliable network, FairPoint delivers affordable data and voice networking communications solutions to residential, business and wholesale customers. FairPoint delivers VantagePoint(SM) services through its resilient IP-based network in northern New England. This state-of-the-art network provides Ethernet connections that support applications like video conferencing, e-learning and other broadband based applications. Additional information about FairPoint products and services is available at www.FairPoint.com(link is external).Cautionary Note Regarding Forward-looking StatementsSome statements herein or discussed on our earnings conference call are known as “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.  These forward-looking statements include, but are not limited to, statements about the Company’s plans, objectives, expectations and intentions and other statements contained herein that are not historical facts. When used herein, the words “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions are generally intended to identify forward looking statements. Because these forward-looking statements involve known and unknown risks and uncertainties, there are important factors that could cause actual results, events or developments to differ materially from those expressed or implied by these forward-looking statements, including the Company’s plans, objectives, expectations and intentions and other factors. You should not place undue reliance on such forward-looking statements, which are based on the information currently available to us and speak only as of the date hereof. The Company does not undertake any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.  However, your attention is directed to any further disclosures made on related subjects in the Company’s subsequent reports filed with the SEC.Certain information contained herein or discussed on our earnings conference call may constitute guidance as to projected financial results and the Company’s future performance that represents management’s estimates as of the date hereof. This guidance, which consists of forward-looking statements, is prepared by the Company’s management and is qualified by, and subject to, certain assumptions. Guidance is not prepared with a view toward compliance with published guidelines of the American Institute of Certified Public Accountants, and neither the Company’s independent registered public accounting firm nor any other independent expert or outside party compiles or examines the guidance and, accordingly, no such person expresses any opinion or any other form of assurance with respect thereto. Guidance is based upon a number of assumptions and estimates that, while presented with numerical specificity, are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company’s control and are based upon specific assumptions with respect to future business decisions, some of which will change. Management generally states possible outcomes as high and low ranges which are intended to provide a sensitivity analysis as variables are changed but are not intended to represent actual results, which could fall outside of the suggested ranges. The principal reason that the Company releases this data is to provide a basis for management to discuss the Company’s business outlook with analysts and investors. The Company does not accept any responsibility for any projections or reports published by any such outside analysts or investors. Guidance is necessarily speculative in nature, and it can be expected that some or all of the assumptions of the guidance furnished by us will not materialize or will vary significantly from actual results. Accordingly, the Company’s guidance is only an estimate of what management believes is realizable as of the date hereof. Actual results will vary from the guidance and the variations may be material. Investors should also recognize that the reliability of any forecasted financial data diminishes the farther in the future that the data is forecast. In light of the foregoing, investors are urged to put the guidance in context and not to place undue reliance on it.(1) Consolidated EBITDAR means earnings before interest, taxes, depreciation, amortization and restructuring items as defined in the Company’s credit facility.  Consolidated EBITDAR is a non-GAAP financial measure.  A reconciliation of Consolidated EBITDAR to net income is contained in the attachments to this press release.FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES (305,402)(33,272)(48,832)(18,212)(29,911) FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES Condensed Consolidated Statements of Operations 89,424 ‘ $2,973,794 ($ in thousands, except per unit) (9,453) (1,500) Total other income (expense) 2,207 Impairment of intangible assets and goodwill Days Ended 276,204 290,541 ‘ (2)  For purposes of calculating Consolidated EBITDAR, FairPoint’s credit facility allows it to adjust for:   25,654 Nine Months Net capital additions Reorganization items Accounts receivable, net Depreciation and amortization Ended $10,262$99,706 27,524 1,898,365 9,921 September 30, 2010 Current assets: 1,675 Prepaid pension asset $708,950$66,378$802,994 Three Months 2,737 and amortization 262,019—- Supplemental disclosure of cash flow information: Loan origination costs Twenty-Four (3,735) 70,323 4,296 93,334 authorized, issued and outstanding 89,440,334 shares at Cash flows from investing activities: Unamortized investment tax credits Successor % change q-o-q Net cash provided by (used in) operating activities 72,364 244,940 Supplemental Financial Information 183 Reorganization related (income) expense Total revenue 177 1,321 (Restated) (20,219) 260,518(138)(912,270)16,0961,066 Distributions from investments 7,330 262,019 Successor Company common stock, $0.01 par value, 37,500,000 shares 189,247 Total operating expenses (587,418) (220,666) 866,796 Summary Income Statement: (91,727) (305,402) All other allowed adjustments, net (2e) Intangible assets, net (366,442) 130 38,766 Other income (expense): Accounts receivable Current portion of capital lease obligations -5.4%-6.4%-6.8%-8.3%-9.3% Nine Months (45,315) ‘ 42,620 488 Company 80,02582,23184,66787,14289,035 (29,911) ‘ 24 Days ended January 24, 2011 and Three and Nine Months ended September 30, 2010 Total adjustments 27,575 Other services ‘ Reorganization adjustments: Loss before reorganization items and income taxes ‘ 91,54790,61484,29474,60672,364 (411,757) -2.1%-2.1%-2.2%-2.7%-2.6% 2010 18,841 1,250 2,030 ‘ 87,442 ‘ (64,091) 563,314 662,562680,189695,916712,591734,260 56,544 92,246 Three Months Income tax benefit (expense) 1,731,931 (68) ‘ (Loss) income before income taxes 170,406 94,64693,12891,35892,12895,923 (Loss) earnings per share: (156,478) (14,375) FAIRPOINT COMMUNICATIONS, INC. 89,424 (Unaudited) 4,310 (1,667) (9,321)center_img Loss on abandoned projects 1,944 563,314295,908303,612286,204290,541 312,475305,155297,491289,745288,891 89,424 99,412 262       d)  the impact from any restatement of financial statements for the periods ending on or prior to January 24, 2011, and   Other income (expense), net 1,319 September 30, 2011 and December 31, 2010 2,866(246)219732(999) ‘ Property, plant and equipment, net (Unaudited) (in thousands) (9,649) ‘ Total current assets Residential access lines 113,034 Impairment of intangible assets and goodwill Deferred income taxes 1,056,8771,080,0041,102,6891,127,5451,158,629 (128,538) 1,991 (721) Diluted Current portion of long-term debt$7,500 ‘      During Chapter 11, all reorganization items were reported below operating income in Reorganization Items.   (103,371) December 31, 2010 Stockholders’ equity (deficit): (12,477) 25,654 $            120,388$            127,085$            124,225$            136,664$            125,598 Revenues$257,912$260,630 25,512 3,454 118,765 $(12.90)$6.56$(2.31) 524,741 Employee benefit obligations 986 67,381 244,940 13,357 (33,151) (411,757) Access line equivalents 31,152 1,859,700 202,602 245,132 1,511 Cash flows from operating activities: Predecessor Company common stock, $0.01 par value, 200,000,000 shares operating activities: ‘ September 30, 2011 (410) (212,804) -8.8%-9.3%-9.6%-10.3%-11.0% 6,092 904 Operating expenses: 11,110 Total liabilities Operating expenses: Cash, beginning of period 12,82912,57410,70211,69612,418 1,839 31,400 Depreciation and amortization (2,636) (917,358) 2011 Accrued interest payable Cash, end of period$9,852 314,290317,584322,106327,812335,334 (10,352) ‘ 166,434 Debt issue costs, net Nine Days Ended Adjustments to reconcile net income to net cash provided by 1,718,352 8.2%5.4%4.8%0.4%-1.7% Accounts payable and accrued liabilities (25,568) Deferred income taxes 63,279 (1,096) ‘ 21,515 Diluted$(10.89)$(0.74) 992,500 to compromise at period-end $(12.90)$6.54$(2.31) Income tax (benefit) expense (667,998) (132) September 30, 2010       a)  aggregate pension and other post-employment benefits expense (OPEB), net of pension contributions and OPEB cash payments in the period,   (81,091) 144,092 Depreciation and amortization 501,105 September 30, 2011 723 (156,927) 109,355 Non-cash pension and OPEB expense (2a) Changes in assets and liabilities arising from operations: Consolidated EBITDAR Reconciliation: Total other expense Total liabilities and stockholders’ equity (deficit)$2,068,771 25,648 25,648 Successor Company 8442,60817,32614,94811,395 ‘ High-speed data subscribers (4) (1,100) (16,659) (13,350) $105,497 5,513 89,424 (in thousands, except share data) % change y-o-y ‘ (63,062) Reorganization expense (post-emergence) (1) Days Ended Cash flows from financing activities: Net cash (used in) provided by financing activities (18) 249 Days ended September 30, 2011, 24 Days ended January 24, 2011 (7,752)       e)  other items including success bonuses, severance, non-cash gains/losses, non-operating dividend and interest income and other extraordinary gains/losses.   Company Net change 2,905,311 2,777 10,262 % change y-o-y 17,14716,99621,81235,18735,358 183 119 $(330,961)$586,907$(206,592) 14,963 (1,101,294) 449 ‘ 102,535 1,250 14,074 Cost of services and sales, excluding depreciation (unaudited) 897,313 1,737 (279,889) Consolidated EBITDAR margin Other non cash items Three Months ended September 30, 2011, 249 Days ended September 30, 2011, Selling, general and administrative expense, excluding Revenue: Voice services 30,258 Accrued pension obligation Select Operating and Financial Metrics: (Restated) September 30, 2,420 (150) September 30, 2010 12,398 1,678 59,603 Income tax benefit (expense) Condensed Consolidated Statements of Cash Flows Total long-term liabilities Operating expenses, excluding depreciation, amortization and reorganization Data and Internet services 269,912 Ended (30,517) (80,119) Liabilities subject to compromise 127,510 Accumulated other comprehensive loss 2,654 (17,147)(16,996)(21,812)(35,187)(35,358) Nine Days Ended 321,790 September 30, 2011 (16,659)(16,646)(21,463)(34,810)(33,151) 595,120 Materials and supplies Reorganization items (1) –897,313(15,552)(10,352) (884) Basic 11,488 42,62022,821(264,534)(6,413)7,330 23.4%26.8%19.3%31.3%22.7% 66,557 (3,735)2,5102,736– (201) (322,061)(49,918)827,018(68,574)(73,414) Income (loss) before income taxes 3,004 Interest expense 894,721 Goodwill 7,509 91,54790,61484,29474,60672,364 215,218 91,547 Restricted cash Restructuring costs (2c) 22,193 Restatement impact, net (2d) Capital expenditures Consolidated EBITDAR Depreciation and amortization depreciation and amortization Proceeds from issuance of long-term debt Pension accruals Other current assets (322,061)(49,918)(70,295)(53,022)(63,062) Additional paid-in capital, Predecessor Company (105,709) (95,235) Cash$9,852 Retained deficit Impairment of intangible assets and goodwill 27,886 1,369,3521,385,1591,400,1801,417,2901,447,520 % change y-o-y % change q-o-q Company penetration of access lines Loss from operations (127,902) 87,915 Loss from operations Ended 2.4%2.6%2.7%0.3%-0.2% Weighted average shares outstanding: 29.6%28.3%27.0%25.7%24.9% authorized, 26,198,640 shares issued and outstanding at 9,59210,58310,68610,99212,036 (42,620)(22,821)264,5346,413(7,330) 30,04929,84928,49527,50426,691 Restricted cash       b)  other non-cash items except to the extent they will require a cash payment in a future period,   Other assets and liabilities, net (330,961) Non-cash reorganization income $586,907$(206,592) % change q-o-q Net (loss) income$(279,441)$(66,084) (in thousands)       c)  costs related to the restructuring, including professional fees for advisors and consultants,   FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES 19,282 (82,764) Liabilities and Stockholders’ Equity (Deficit)last_img