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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 read more

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Froome safe in yellow as Barguil wins on Izoard

first_imgBRIANCON, France (Reuters) – Tour de France leader Chris Froome remained rock-solid on a thrilling Col d’Izoard climb yesterday and now looks unstoppable in his bid for a fourth title in Paris.Fans, wedged onto the 2 360m sun-bleached summit, roared home Warren Barguil as the Frenchman broke clear to win the iconic stage, but it was not the story most of the home fans wanted.They had arrived hoping to see Romain Bardet make a decisive attack on the seemingly unflappable Froome and snatch the yellow jersey on the last day in the Alps.The AG2R La Mondiale rider did beat Team Sky’s Froome over the line at the end of the 179km stage which culminated in a brutal 14km ascent of the iconic Izoard – hosting a summit finish for the first time in Tour history.But his third place, behind Sunweb’s Barguil and Colombian Darwin Atapuma, only allowed him to shave four seconds off Froome’s lead as the British rider finished just behind him in fourth place with Rigoberto Uran fifth.One-time race leader Fabio Aru’s hopes disintegrated as he suffered in the stunning Alpine scenery and slipped from fourth to fifth in the overall leaderboard behind Froome’s team mate Mikel Landa, who looks capable of a podium finish in Paris.“I gave it my all,” said Bardet, who looks like finishing second behind Froome as he did last year. “I risked everything. I have nothing to regret. Now we have the time trial but the Tour is already a success.”Everything that happened during the ride from Briancon, including the category one Col de Vars, was a prelude to the eagerly anticipated final act on Izoard — a climb that is part of the folklore of the Tour, up there with Mont Ventoux.A large breakaway group of some 54 riders had gradually splintered by the time the stage leaders reached the start of the Izoard climb.Kazakh Alexey Lutsenko was the first man to attack before he was overtaken by Darwin Atapuma with 6km remaining.But it was to be Barguil’s day as he sewed up the polka dot jersey. He timed his move to perfection and with 1.5km to go he burst past Atapuma and powered to victory.Back down the road Bardet, whose AG2R team had tried valiantly to wear down the Team Sky train from halfway up the Col de Vars, finally attacked Froome on the lunar landscape of Izoard. But he could make no impression.It was Froome who separated himself from his rivals with a devastating burst of speed that looked terminal for Bardet and Uran before they hauled themselves back to the man in yellow.Bardet crossed before Froome for a small time bonus but remains 23 seconds behind with Uran at 29.Only an extraordinary meltdown or a crash seem likely to stop the Briton taking a fourth Tour title as today’s 222km-stage towards the Mediterranean is relatively simple and tomorrow’s is a time trial in Marseille in which Froome will be confident of extending his advantage.last_img read more

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Trojans looking to move on after loss

first_imgAfter suffering their worst loss since 1997, the No. 12 Trojans took their first step toward turning the page Monday by trying to put the pieces back together on the practice field.USC struggled on both sides of the ball during what was perhaps the most humiliating defeat of the Pete Carroll era, but the coach said he liked what he saw out of his players at Monday’s practice and expects his team to play strong throughout its remaining schedule.Under repair · Linebacker Chris Galippo, who did not practice Monday due to a neck injury, is one of many Trojans sidelined after the weekend. – Dieuwertje Kast | Daily Trojan“We had a very good first day of the week, better than the last couple Mondays for obvious reasons, but it was a very sharp day,” he said. “We’ll just do it one day at a time, and that’s how you rebuild the mentality.”Once labeled USC’s strength, the Trojans’ defense appeared helpless Saturday. It surrendered 47 points and 613 total yards to the No. 8 Ducks in a game that many thought would be a tight battle. But Carroll said most of the blame falls on the coaches, not the players.“The guys were mentally bottled up with the stuff we were doing,” Carroll said. “We tried to scheme in too much. So we made mistakes we normally wouldn’t make. We didn’t play the way we’d normally play. It was a disastrous outcome when they were able to run the ball like that.”Carroll, who said he felt sick after watching tape of the 47-20 loss in Eugene, Ore., was referring to the 391 rushing yards the Trojans gave up on the ground. He said he originally liked the gameplan he and his coaches set up, and that it may have worked with last year’s veteran defense, but it didn’t hit right on Saturday.The players, like Carroll, believe they need to stop thinking about Saturday and start looking forward. Redshirt sophomore middle linebacker Chris Galippo, who was one of many Trojans held out of practice Monday due to injury, said the defense needs to learn from its mistakes.“We’re just going back to basics and taking it one step at a time,” Galippo said. “We’re not putting our heads in our laps, but keeping our heads up and just finishing the season out. You just never know what’s going to happen. Don’t count us out.”Some critics have argued that the Pac-10 is one of the weaker conferences when compared to the SEC, Big 12 and Big Ten. But Carroll said the conference is strong from top to bottom this year with great quarterbacking and speedy defenses. He said USC will have a tough opponent every week from here on out.“The comparisons will hopefully be made when it comes bowl time when everybody gets to play,” he said. “This conference — and I talked about it at the beginning of the year — is better than I thought it was going to be, and I thought it was going to be pretty strong anyway.”The upcoming opponents might be even tougher for USC due to the injury bug that has plagued the team recently.Galippo did not practice Monday because he suffered a neck injury Saturday. He had an MRI and X-rays, but said he feels fine and will be ready to practice Tuesday.Junior running back Joe McKnight was also held out of practice due to a number of injuries, the biggest of which is his hurt ankle. But like Galippo, McKnight said he thinks he’ll be ready to go for Saturday’s game.Redshirt junior Damian Williams also did not suit up yesterday because he is nursing a sore glute muscle that he re-aggravated against Oregon. He said he feels stronger than he did last week, but he is still sore.Junior linebacker Malcolm Smith was originally diagnosed with a cracked shoulder after a collision in Saturday’s contest. Carroll said, however, that an MRI showed no crack, so the coach is not sure if or when Smith will return. Redshirt sophomore Shane Horton would start in his place.Junior defensive end Everson Griffen also did not practice due to a sprained toe. Carroll said he will know more about the injury Tuesday night.Junior wide receiver Ronald Johnson also did not appear at practice due to sickness.last_img read more

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South Africa on centre stage in 2009

first_imgAnd the good news is that after a roller-coaster ride in most sporting codes, team South Africa is showing signs of peaking at the right time. Time magazine notes that after winning the Rugby World Cup last year, South Africa’s cricketers now stand atop the world ranking – “and for once, that old adage the ‘rainbow nation’ genuinely applies”. Of course, much will depend on Bafana Bafana and how they handle their preparations for both tournaments but, again, the signs are promising. Under new coach Joel Santana, the team has recorded four morale-boosting victories in a row. The time has now come for each and every South African to throw their weight behind the team which will play such an important role in determining the success of the 2010 World Cup. Sure, we have hosted other important sports events, but nothing awakes the extraordinary sentiment and emotion of the quadrennial showpiece of international football – or this key curtain-raiser. 8 January 2009 Closer to home, local newspaper The Times predicts that although this country will endure hard times in 2009, our gaze will be lifted to the World Cup: “We should not underestimate the effect this spectacle will have on our nation’s fortunes, lifting our mood and focusing world attention on our country’s infrastructure.” “In 2010, South Africa hosts the soccer World Cup,” Time goes on. “It won’t win, but the success of its cricketers as they put the once-invincible Australians to the sword will have done nothing but lift South Africa’s spirits as it prepares for the world’s biggest sporting event.” In just six months, some of the giants of international football, including Brazil and Italy, will compete in the Confederations Cup. With a US$17-million prize fund, it will be the biggest sporting event ever staged on the African continent. Urquhart is a former Fifa World Cup media officer and the current editor of Project 2010 It’s safe to say that 2009 will be the most important year in this country’s sporting history. In terms of international television coverage, it will eclipse both the rugby and cricket world cups, and while it may pale in comparison to the 2010 Fifa World Cup that follows it, it will be the most serious test yet of South Africa’s abilities to host a mega sporting event. last_img read more

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Ready for winter?

first_imgShare Facebook Twitter Google + LinkedIn Pinterest Hopefully, “polar vortex” and “arctic blast” will be erased from our vocabulary this winter. According to the National Weather Service (NWS), this winter’s buzz term will be “El Niño.”El Niño is a large-scale, ocean-atmosphere climate interaction that causes a periodic warming in sea surface temperatures across the Pacific. This winter, Ohio could see warmer-than-average temperatures, but cold air outbreaks and snow storms will still likely occur.To help Ohioans prepare for this year’s cold season, the Ohio Committee for Severe Weather Awareness (OCSWA) has been promoting measures to take before the winter temperatures arrive.Ohioans are being encouraged to update their safety plans, replenish their disaster supply kit, and prepare themselves and their property for winter-related incidents.“Check the expiration dates on your nonperishable food. Stock up on bottled water. Refresh supplies in your first aid kits. Ensure you have jumper cables and supplies in your car,” said Sima Merick, executive director of the Ohio Emergency Management Agency. “Make sure your vehicle is road-ready and winterized. And don’t forget to check the batteries in your flashlights, radios and smoke detectors.”When the weather is bad, driving can get pretty hectic. Before getting on the road, it’s best to know before you go. Pay attention to weather forecasts and traffic reports. Listen for reports of school and business closings, snow emergencies, traffic delays or road closures. Plan your drive time accordingly.To help prepare for winter, OCSWA recommends the following: Preparing a home for winterCut and remove low-hanging and dead tree branches. Ice, snow and strong winds can cause tree limbs to break and fall. Have your gutters cleaned. Snow and ice can build up quickly if gutters are clogged with debris. Have auxiliary heaters, furnaces and fireplaces maintenance checked or serviced before using. If using a portable generator, read instructions thoroughly to guard against carbon monoxide poisoning. Review your homeowner’s insurance policy; talk with your insurance agent about the financial risks that winter can bring. Consider purchasing flood insurance. Prepare winter disaster kits for the home and vehicleRefresh stored nonperishable foods and bottled water. Change the batteries in your smoke detectors, carbon monoxide detectors and radios. Winter emergency kits should include warm clothing, blankets, flashlights, new batteries, coats, hats, gloves, a battery-operated or hand-cranked radio, first aid kit, and enough nonperishable food and water (one gallon per person, per day) to sustain every family member for several days. Have stored food, bottled water and supplies for your pets, as well. Invest in a NOAA public alert/weather radioEvery home, school and business should have a tone-alert weather radio with a battery back-up. Weather and public alert radios are programmed to automatically sound an alert during public safety and severe weather events. Click on www.nws.noaa.gov/nwr/ for additional information. Updating disaster preparedness plansEvery home, school, and business should have written plans for the different types of disasters that can occur. Review the plans with the entire family or staff. Everyone should know what to do in the event of a snow or ice storm, a prolonged power outage, a flood or fire. Post contact information for your local emergency management agency. Prepare and practice drills that require sheltering in place and evacuation. Update your emergency contact list and establish a meeting place outside of the home, school or business, where others will know where to find or meet you.OCSWA is an advocate for emergency preparedness and is comprised of representatives from the following: American Red Cross; Emergency Management Association of Ohio; National Weather Service; Ohio Citizen Corps; Ohio Department of Public Safety — Emergency Management Agency; Ohio Insurance Institute; Ohio Department of Commerce — State Fire Marshal; Ohio Departments of Aging, Education, Health, Insurance, Mental Health & Addiction Services, Natural Resources, and Transportation; NBC4 (WCMH) and WBNS-10TV.last_img read more

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Legislation introduced to establish industrial hemp program in Ohio

first_imgShare Facebook Twitter Google + LinkedIn Pinterest State Senators Brian Hill (R-Zanesville) and Steve Huffman (R-Tipp City) today introduced legislation that would create an industrial hemp program in Ohio administered by the Department of Agriculture.The legislation clarifies that hemp and hemp derived products, including CBD oil may be sold legally in Ohio.“This an exciting opportunity for farmers to expand the crops they plant,” Hill said. “Farmers can rotate hemp to improve soil health while earning more profit than many traditional cover crops. I’m eager to see all the ways that Ohio will benefit from this legislation.”With the recent passing of the 2018 Federal Farm Bill, industrial hemp has been removed from the list of scheduled substances banned by the federal government and can now be grown as a commodity crop throughout the United States.“It is important to understand that hemp is not marijuana, it is much more versatile and lacks an appreciable amount of THC to cause any psychotropic effects,” Huffman said. “This is an incredible opportunity for our farmers to help diversify their crops by allowing them to grow legal hemp.”Many states have adopted a hemp pilot program, permitted by federal law, so that farmers in their jurisdictions could begin planting and harvesting hemp and so the hemp could be used in over 25,000 commercial products including feed, fiber, biofuels, clothing and plastic.“Farmers are always looking for new options to diversify their operations,” said Adam Sharp, Executive Vice President of the Ohio Farm Bureau Federation. “We applaud Senators Hill and Huffman for introducing legislation to help bring industrial hemp to Ohio and to allow farmers to explore the potential of this quickly growing market opportunity.”This legislation has been referred to a Senate committee for further consideration.last_img read more

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Letter to the Editor Calls for Dr Rosie to be Named Natl

first_img Recommendation for National Hero, Dr. Rosita named as ideal Facebook Twitter Google+LinkedInPinterestWhatsApp Facebook Twitter Google+LinkedInPinterestWhatsAppThe Making of a HeroIt has been about two months since the late Hon. Dr. Rosita B. Butterfield was laid to rest on the 5th February, 2015 following a State Funeral, and it is with great humility that I write this article after a long layoff, not as her Grandson, but an engaged Turks and Caicos Islander. I write to make the case, or should I say state the obvious, that Dr. Butterfield should be the Turks and Caicos Islands next National Hero. Many have had the thought but few have voiced it publicly, save for Dr. Lillian Boyce in her closing remarks at the memorial service held in Dr. Butterfield’s honor.Looking at this case, neither emotionally nor politically biased, but critically, there is no doubt that she is worthy of such an honor. By any measure, real, imagined or even yet to be imagined, she passes the litmus test. In my view the following are some of the qualities which should be displayed by a National Hero: Leadership; Integrity; Courage; Honor; Longevity; Service to country; and lastly he/she should be someone whom most people would themselves aspire to be like or have as a role model for their children. Dr. Butterfield possessed all of these qualities.As speaker of the House of Assembly, she ruled with integrity and impartiality, to the point where some of the more junior members of her very own party treated her with disdain at house sittings. She would end her tenure as speaker early rather than compromise her moral standing because of others. Also, under her leadership as chairman of the select committee on the Employment Bill from 1987 to 1988, she and her team would shape positive employment trends still having its impact today.Both locally and internationally, Dr. Butterfield represented the spirit of her country on numerous occasions, be it in Bermuda where she presented on “Migration and Immigration in the Turks and Caicos Islands” or in the House of Lords or the Isle of Man as a member of the Commonwealth Parliamentary Association. Her Leadership qualities were well recognized and unquestionable.Want someone who illustrated their belief in education? She maximized all education opportunities afforded her and won numerous nursing awards such as the Surgeons’ Prize for the most efficient operating theatre surgical student nurse. She would not only use her time to develop education within the TCI but also to put her money where her mouth was by sponsoring our National Spelling Bee for many many years plus giving financial help to numerous families. Besides, Dr. Butterfield and her husband’s role in the development of Providenciales and wider TCI by extension, has been far reaching and can easily be verified.So much has already been written about Dr. Butterfield’s tremendous contribution in service to our country that I need not repeat it here. Click: www.sppdtci.com for more documentation. To emphasize my point about how special and rare this lady was, not even her husband, Dr. A. V. Butterfield, will be afforded a State Funeral which is reserved Heads of Government or a Speakers of the House, despite his equally devoted service in the development of our country. So I conclude with one question to all the members of the National Awards Committee: if not the Hon. Dr. Rosita Beatrice Missick-Butterfield, then whom?By: Jamell R. Robinson Recommended for you JAGS remembered again, 35-years after his tragic death Related Items:Dr. Rosita Butterfield, national hero Humble beginnings remember for Hon. Dr Rosita Butterfieldlast_img read more

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A handy new gif compares legroom on major US airlines

first_img Monday, August 22, 2016 TORONTO — Which U.S. airline offers the most legroom? One handy gif shows you at a glance.CNN used data from SeatGuru and measured average numbers across coach/economy seats to create an informative gif that compares legroom on major U.S. airlines.Credit: lifehacker.com.According to CNN: “Measurements are for the smallest configuration offered on two common, comparable single-aisle aircraft: the Airbus A320 and Boeing 737. All numbers for economy class seats.”So which airline reigns supreme? Jet Blue is tops at 34”, an impressive 6” more than Spirit Airlines, which offers a paltry 28” of legroom. << Previous PostNext Post >> A handy new gif compares legroom on major U.S. airlines Travelweek Group Posted by Sharelast_img read more

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US travel uncertainty continues with school boards accessing future student trips

first_img Tweet Monday, February 27, 2017 << Previous PostNext Post >> Tags: America, Donald Trump, Trend Watch TORONTO — Schools across Canada are grappling with the uncertainty of U.S. travel restrictions and how that affects upcoming student trips across the border.A travel ban instituted by President Donald Trump on citizens from seven Muslim-majority countries and Syrian refugees may be on hold as it works its way through the U.S. justice system, but Canadian schools remain concerned with how foreign-born students will be treated at the border.Jim Cambridge, superintendent of the Sooke School District in British Columbia, said there are a number of trips planned for sports, music and educational purposes in the coming months that are being reconsidered.While the refugee population among students in the Vancouver Island district is small, Cambridge said the board must make a decision based on safety and also ethical considerations.“The board is concerned some students may be stopped at the border, and if that’s the case, they want to examine whether or not they’ll support any trips to the States right now,” he said.The B.C. School Trustees Association is advising them on what student groups can expect at the border based on information from both U.S. and Canadian border agencies, he said.One of the board’s concerns is fairness to students who may not be allowed to cross the border, he said.More news:  Venice to ban cruise ships from city centre starting next monthEven if specific trips may not involve students affected by the ban, Cambridge said the board will have to decide whether to take a stance on the ban anyway, recognizing there are students within the district who are being discriminated against due to new U.S. travel policies.“That’s what the board needs to wrestle with is the more ethical decision about whether some trips can go and some can’t or whether they all can’t or can,” he said.The board meets Tuesday to discuss the issue, and Cambridge said some schools have begun looking at Canadian cities as a “Plan B” in the event trips are cancelled.Sooke trustees have looked to neighbouring school boards and other areas of the country to help inform their decision.The Greater Essex County School Board in southwestern Ontario decided earlier this month to cancel a handful of trips over concerns of safety and equity.The Ottawa-Carleton District School Board sent a letter to parents to confirm whether their children will participate in upcoming trips across the border to determine whether plans should go ahead.Students in the Pembina Trails School Division in Winnipeg participate in many international trips, but superintendent Ted Fransen said a recent decision to cancel one, although rushed, was made easily.More news:  GLP Worldwide introduces first-ever Wellness programsThe track team at Acadia Junior High School was required to submit a deposit on Jan. 30 to participate in a competition in Minnesota, days after Trump signed his executive order.Unsure about how policy would affect students on the team, they chose to opt out of the race.Since the ban has been blocked by the U.S. courts, Fransen said two other trips to the States have since gone ahead.Trump has vowed to bring in a new travel ban order to replace the one that the American courts have suspended pending a legal challenge by Washington State and Minnesota. It’s not clear when the new order would be issued.The Pembina Trails school board isn’t considering new rules around travel in light of the situation in the U.S., even if another ban is implemented.Fransen said he knows principals, teachers and students within his diverse district all value inclusivity, and a board-wide rule isn’t necessary.“I just can’t imagine that we would get a request from a school principal to approve a trip to the U.S. where students in the group wouldn’t be allowed to go,” he said. “That would be counter to our culture.” U.S. travel uncertainty continues with school boards accessing future student trips By: Linda Givetash Source: The Canadian Presslast_img read more

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Rep Lucido confronting the costs of auto insurance headon

first_img02Aug Rep. Lucido confronting the costs of auto insurance head-on State Rep. Peter Lucido, of Shelby Township, says “enough is enough” and demands that rising Michigan’s auto insurance rates be hit head-on to reduce the costs for all of the state’s residents.In this session, Lucido has provided six bills which will decrease Michigan’s exorbitant auto insurance rates and improve driver safety.“Uninsured drivers are making us pay for their crimes by not buying auto insurance, as required by state law, and then getting in accidents,” said Lucido, vice chair of the House Law and Justice Committee. “The citizens who are following the law are picking up the tab for lawbreaking uninsured drivers, which are approximately 21 percent of our state’s motorists. The most frustrating thing is these illegal drivers do it again and again because we allow it even though it is a privilege, not a right, to drive in Michigan.“Right now, it’s a prerequisite for an annual car registration to provide proof of auto insurance coverage and continue it without lapse,” Lucido said. “If you don’t follow the law then your privilege is terminated, your registration and license plate are invalid and we need to keep you off the road. Why is this not being enforced if it’s our law? This has to stop!”The Lucido bills under consideration are:House Bills 4010, 4622, 4623 give statewide law enforcement “real time” up-to-date auto insurance information on the Law Enforcement Information Network (LEIN), improving the current system that updates every two weeks.HBs 4041–4042 allow law enforcement officers the authority to remove license plates from vehicles driven by uninsured drivers as well as individuals with suspended or revoked licenses.HB 4715 creates an automobile insurance fraud agency, which would work with state and local law enforcement, the insurance industry, state and county prosecutors and others to reduce auto insurance fraud in Michigan.Lucido emphasized none of these bills will add any costs to taxpayers. It will be funded solely by the fines and costs to violators of the bills when approved and signed into law. Additionally, it will save money and reduce the physical resources used by the insurance companies and Secretary of State by eliminating the need to manually input auto insurance coverage information.“These bills will go after lawbreakers who have abused our auto insurance system by not paying their fair share, hence costing all of the law-abiding residents more for auto insurance,” Lucido said. “Each of these bills will ensure public safety by getting irresponsible drivers off the road, improve financial responsibility and ultimately will reduce premiums and cost of auto insurance. We need to take up the bills, get them passed, make them law and let’s all save some money.”To review the bills, go to: www.legislature.mi.govIf there are questions or concerns after reviewing the bills, you are encouraged to contact your state representative. Lucido’s office can be contacted at (517)373-0843 or [email protected]### Categories: Lucido News,Newslast_img read more

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