Louisiana
|
72-0651161
|
|
(State
or other jurisdiction of
|
(I.R.S.
Employer
|
|
incorporation
or organization)
|
Identification
No.)
|
Large
accelerated filer [X]
|
Accelerated
filer [ ]
|
Non-accelerated
filer [ ]
|
Part
I.
|
Financial
Information:
|
|||
Item
1.
|
Financial
Statements
|
|||
Consolidated
Statements of Income--Three Months and Nine Months
|
||||
Ended September
30, 2007 and 2006
|
3
|
|||
Consolidated
Statements of Comprehensive Income--
|
||||
Three
Months and Nine Months Ended September 30, 2007 and
2006
|
4
|
|||
Consolidated
Balance Sheets--September 30, 2007 and
|
||||
December
31, 2006
|
5
|
|||
Consolidated
Statements of Cash Flows--
|
||||
NineMonths
Ended September 30, 2007 and 2006
|
6
|
|||
Consolidated
Statements of Stockholders' Equity--
|
||||
Nine Months
Ended September 30, 2007 and 2006
|
7
|
|||
Notes
to Consolidated Financial Statements*
|
8-15
|
|||
Item
2.
|
Management's
Discussion and Analysis of Financial
|
|||
Condition
and Results of Operations
|
16-24
|
|||
Item
3.
|
Quantitative
and Qualitative Disclosures About Market Risk
|
25-26
|
||
Item
4.
|
Controls
and Procedures
|
27
|
||
Part
II.
|
|
Other
Information
|
||
Item
1.
|
Legal
Proceedings
|
28
|
||
Item
2.
|
Unregistered
Sales of Equity Securities and Use of Proceeds
|
28
|
||
Item 5. | Other Information |
28
|
||
Item
6.
|
Exhibits
and Reports on Form 8-K
|
28-29
|
||
Signature
|
29
|
Three
months
|
Nine
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars,
except per share amounts,
|
||||||||||||||||
and
shares in thousands)
|
||||||||||||||||
OPERATING
REVENUES
|
$ |
708,833
|
619,837
|
1,999,679
|
1,840,035
|
|||||||||||
OPERATING
EXPENSES
|
||||||||||||||||
Cost
of services and products (exclusive of depreciation and
amortization)
|
246,430
|
226,536
|
686,349
|
665,282
|
||||||||||||
Selling,
general and administrative
|
101,612
|
94,212
|
290,525
|
285,748
|
||||||||||||
Depreciation
and amortization
|
136,606
|
130,147
|
398,701
|
397,146
|
||||||||||||
Total
operating expenses
|
484,648
|
450,895
|
1,375,575
|
1,348,176
|
||||||||||||
OPERATING
INCOME
|
224,185
|
168,942
|
624,104
|
491,859
|
||||||||||||
OTHER
INCOME (EXPENSE)
|
||||||||||||||||
Interest
expense
|
(55,176 | ) | (47,857 | ) | (159,804 | ) | (148,582 | ) | ||||||||
Other
income (expense)
|
14,761
|
2,818
|
28,131
|
130,874
|
||||||||||||
Total
other income (expense)
|
(40,415 | ) | (45,039 | ) | (131,673 | ) | (17,708 | ) | ||||||||
INCOME
BEFORE INCOME TAX EXPENSE
|
183,770
|
123,903
|
492,431
|
474,151
|
||||||||||||
Income
tax expense
|
70,568
|
47,579
|
189,094
|
176,357
|
||||||||||||
NET
INCOME
|
$ |
113,202
|
76,324
|
303,337
|
297,794
|
|||||||||||
BASIC
EARNINGS PER SHARE
|
$ |
1.04
|
.66
|
2.77
|
2.53
|
|||||||||||
DILUTED
EARNINGS PER SHARE
|
$ |
1.01
|
.64
|
2.68
|
2.44
|
|||||||||||
DIVIDENDS
PER COMMON SHARE
|
$ |
.065
|
.0625
|
.195
|
.1875
|
|||||||||||
AVERAGE
BASIC SHARES OUTSTANDING
|
108,996
|
115,221
|
109,478
|
117,685
|
||||||||||||
AVERAGE
DILUTED SHARES OUTSTANDING
|
112,229
|
120,448
|
114,086
|
123,348
|
Three
months
|
Nine
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
NET
INCOME
|
$ |
113,202
|
76,324
|
303,337
|
297,794
|
|||||||||||
OTHER
COMPREHENSIVE INCOME, NET OF TAX
|
||||||||||||||||
Minimum
pension liability adjustment net of $75 and $50
tax
|
-
|
121
|
-
|
80
|
||||||||||||
Unrealized gain (loss) on investments, net of $322, $33, $626
and ($60)
tax
|
516
|
52
|
1,004
|
(96 | ) | |||||||||||
Derivative instruments:
|
||||||||||||||||
Net gain on derivatives hedging the variability of cash flows, net
of
$294 tax
|
-
|
-
|
471
|
-
|
||||||||||||
Reclassification adjustment for net losses included in net income,
net of
$67, $59, $187 and $176 tax
|
107
|
94
|
300
|
282
|
||||||||||||
Items related to employee benefit plans*:
|
||||||||||||||||
Change in net actuarial loss, net of $967 and $6,940 tax
|
1,552
|
-
|
11,134
|
-
|
||||||||||||
Amortization of net actuarial loss, net of $907 and $2,722
tax
|
1,455
|
-
|
4,367
|
-
|
||||||||||||
Amortization of net prior service credit, net of ($178) and ($534)
tax
|
(286 | ) |
-
|
(857 | ) |
-
|
||||||||||
Amortization of unrecognized transition asset, net of ($13) and
($41)
tax
|
(23 | ) |
-
|
(67 | ) |
-
|
||||||||||
Net
change in other comprehensive income (loss), net of tax
|
3,321
|
267
|
16,352
|
266
|
||||||||||||
COMPREHENSIVE
INCOME
|
$ |
116,523
|
76,591
|
319,689
|
298,060
|
September
30,
|
December
31,
|
|||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
ASSETS
|
||||||||
CURRENT
ASSETS
|
||||||||
Cash
and cash equivalents
|
$ |
58,714
|
25,668
|
|||||
Accounts
receivable, less allowance of $19,107 and $20,905
|
233,960
|
227,346
|
||||||
Materials
and supplies, at average cost
|
7,687
|
6,628
|
||||||
Other
|
27,519
|
30,475
|
||||||
Total
current assets
|
327,880
|
290,117
|
||||||
NET
PROPERTY, PLANT AND EQUIPMENT
|
||||||||
Property,
plant and equipment
|
8,598,777
|
7,893,760
|
||||||
Accumulated
depreciation
|
(5,453,958 | ) | (4,784,483 | ) | ||||
Net
property, plant and equipment
|
3,144,819
|
3,109,277
|
||||||
GOODWILL
AND OTHER ASSETS
|
||||||||
Goodwill
|
3,997,028
|
3,431,136
|
||||||
Other
|
762,923
|
610,477
|
||||||
Total
goodwill and other assets
|
4,759,951
|
4,041,613
|
||||||
TOTAL
ASSETS
|
$ |
8,232,650
|
7,441,007
|
|||||
LIABILITIES
AND EQUITY
|
||||||||
CURRENT
LIABILITIES
|
||||||||
Current
maturities of long-term debt
|
$ |
254,895
|
155,012
|
|||||
Short-term
debt
|
-
|
23,000
|
||||||
Accounts
payable
|
97,914
|
129,350
|
||||||
Accrued
expenses and other liabilities
|
||||||||
Salaries
and benefits
|
55,780
|
54,100
|
||||||
Income
taxes
|
40,286
|
60,522
|
||||||
Other
taxes
|
67,164
|
46,890
|
||||||
Interest
|
76,786
|
73,725
|
||||||
Other
|
29,522
|
23,352
|
||||||
Advance
billings and customer deposits
|
57,569
|
51,614
|
||||||
Total
current liabilities
|
679,916
|
617,565
|
||||||
LONG-TERM
DEBT
|
2,747,576
|
2,412,852
|
||||||
DEFERRED
CREDITS AND OTHER LIABILITIES
|
1,440,737
|
1,219,639
|
||||||
STOCKHOLDERS'
EQUITY
|
||||||||
Common
stock, $1.00 par value, authorized 350,000,000 shares, issued and
outstanding 111,178,960 and 113,253,889 shares
|
111,179
|
113,254
|
||||||
Paid-in
capital
|
196,998
|
24,256
|
||||||
Accumulated
other comprehensive loss, net of tax
|
(88,590 | ) | (104,942 | ) | ||||
Retained
earnings
|
3,137,480
|
3,150,933
|
||||||
Preferred
stock - non-redeemable
|
7,354
|
7,450
|
||||||
Total
stockholders’ equity
|
3,364,421
|
3,190,951
|
||||||
TOTAL
LIABILITIES AND EQUITY
|
$ |
8,232,650
|
7,441,007
|
Nine
months
|
||||||||
ended
September30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
OPERATING
ACTIVITIES
|
||||||||
Net
income
|
$ |
303,337
|
297,794
|
|||||
Adjustments
to reconcile net income to net cash provided by operating
activities:
|
||||||||
Depreciation
and amortization
|
398,701
|
397,146
|
||||||
Gain
on asset dispositions
|
(10,436 | ) | (118,649 | ) | ||||
Deferred
income taxes
|
43,111
|
33,413
|
||||||
Changes
in current assets and current liabilities:
|
||||||||
Accounts
receivable
|
4,987
|
20,141
|
||||||
Accounts
payable
|
(36,165 | ) |
3,555
|
|||||
Accrued
income and other taxes
|
49,661
|
(30,853 | ) | |||||
Other
current assets and other current liabilities, net
|
10,031
|
(7,315 | ) | |||||
Retirement
benefits
|
21,392
|
25,332
|
||||||
Excess
tax benefits from share-based compensation
|
(6,434 | ) | (7,860 | ) | ||||
Decrease
in other noncurrent assets
|
8,053
|
4,429
|
||||||
Increase
(decrease) in other noncurrent liabilities
|
(14,209 | ) |
557
|
|||||
Other,
net
|
17,404
|
4,818
|
||||||
Net
cash provided by operating activities
|
789,433
|
622,508
|
||||||
INVESTING
ACTIVITIES
|
||||||||
Acquisitions,
net of cash acquired
|
(306,765 | ) |
-
|
|||||
Payments
for property, plant and equipment
|
(184,301 | ) | (213,034 | ) | ||||
Proceeds
from redemption of Rural Telephone Bank stock
|
-
|
122,819
|
||||||
Proceeds
from sale of assets, net of cash sold
|
8,231
|
5,865
|
||||||
Investment
in unconsolidated cellular entity
|
-
|
(5,222 | ) | |||||
Other,
net
|
403
|
(1,865 | ) | |||||
Net
cash used in investing activities
|
(482,432 | ) | (91,437 | ) | ||||
FINANCING
ACTIVITIES
|
||||||||
Payments
of debt
|
(686,345 | ) | (38,946 | ) | ||||
Net
proceeds from issuance of long-term debt
|
741,840
|
-
|
||||||
Net
payments of short-term debt
|
(23,000 | ) |
-
|
|||||
Proceeds
from issuance of common stock
|
45,063
|
65,339
|
||||||
Repurchase
of common stock
|
(338,509 | ) | (669,853 | ) | ||||
Cash
dividends
|
(21,841 | ) | (21,976 | ) | ||||
Excess
tax benefits from share-based compensation
|
6,434
|
7,860
|
||||||
Other,
net
|
2,403
|
353
|
||||||
Net
cash used in financing activities
|
(273,955 | ) | (657,223 | ) | ||||
Net
increase (decrease) in cash and cash equivalents
|
33,046
|
(126,152 | ) | |||||
Cash
and cash equivalents at beginning of period
|
25,668
|
158,846
|
||||||
Cash
and cash equivalents at end of period
|
$ |
58,714
|
32,694
|
|||||
Supplemental
cash flow information:
|
||||||||
Income
taxes paid
|
$ |
115,234
|
181,445
|
|||||
Interest
paid (net of capitalized interest of $875 and $1,506)
|
$ |
157,968
|
162,630
|
Nine
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
COMMON
STOCK
|
||||||||
Balance
at beginning of period
|
$ |
113,254
|
131,074
|
|||||
Issuance
of common stock through dividend reinvestment,
|
||||||||
incentive
and benefit plans and other
|
1,614
|
2,539
|
||||||
Repurchase
of common stock
|
(7,393 | ) | (18,234 | ) | ||||
Conversion
of debt into common stock
|
3,699
|
-
|
||||||
Conversion
of preferred stock into common stock
|
5
|
21
|
||||||
Balance
at end of period
|
111,179
|
115,400
|
||||||
PAID-IN
CAPITAL
|
||||||||
Balance
at beginning of period
|
24,256
|
129,806
|
||||||
Issuance
of common stock through dividend reinvestment, incentive and benefit
plans
|
43,449
|
62,800
|
||||||
Repurchase
of common stock
|
(35,689 | ) | (137,249 | ) | ||||
Conversion
of debt into common stock
|
142,732
|
-
|
||||||
Conversion
of preferred stock into common stock
|
91
|
368
|
||||||
Excess
tax benefits from share-based compensation
|
6,434
|
7,860
|
||||||
Share-based
compensation and other
|
15,725
|
7,854
|
||||||
Balance
at end of period
|
196,998
|
71,439
|
||||||
ACCUMULATED
OTHER COMPREHENSIVE LOSS, NET OF TAX
|
||||||||
Balance
at beginning of period
|
(104,942 | ) | (9,619 | ) | ||||
Change
in other comprehensive loss, net of tax
|
16,352
|
266
|
||||||
Balance
at end of period
|
(88,590 | ) | (9,353 | ) | ||||
RETAINED
EARNINGS
|
||||||||
Balance
at beginning of period
|
3,150,933
|
3,358,162
|
||||||
Net
income
|
303,337
|
297,794
|
||||||
Repurchase
of common stock
|
(295,427 | ) | (514,370 | ) | ||||
Cumulative
effect of adoption of FIN 48 (see Note 7)
|
478
|
-
|
||||||
Cash
dividends declared
|
||||||||
Common stock - $.195 and $.1875 per share, respectively
|
(21,563 | ) | (21,689 | ) | ||||
Preferred stock
|
(278 | ) | (287 | ) | ||||
Balance
at end of period
|
3,137,480
|
3,119,610
|
||||||
PREFERRED
STOCK - NON-REDEEMABLE
|
||||||||
Balance
at beginning of period
|
7,450
|
7,850
|
||||||
Conversion
of preferred stock into common stock
|
(96 | ) | (389 | ) | ||||
Balance
at end of period
|
7,354
|
7,461
|
||||||
TOTAL
STOCKHOLDERS' EQUITY
|
$ |
3,364,421
|
3,304,557
|
Cash paid (1) | $ |
321,516
|
||
Closing costs (2) |
5,228
|
|||
Total purchase price | $ |
326,744
|
(1)
|
Reflects
the cash payment of $671 we received in third quarter 2007 in
accordance
with the purchase agreement upon finalization of the working
capital
portion of the purchase price.
|
(2)
|
Closing
costs primarily consist of advisory and legal fees incurred in
connection
with the acquisition.
|
Current
assets (1)
|
$ |
33,761
|
||
Net
property, plant and equipment
|
241,152
|
|||
Identifiable
intangible assets
|
||||
Customer
list
|
134,800
|
|||
Franchise
|
19,400
|
|||
Goodwill
|
565,892
|
|||
Other
assets
|
10,958
|
|||
Current
liabilities (2)
|
(21,496 | ) | ||
Long-term
debt (2)
|
(520,000 | ) | ||
Deferred
income taxes
|
(111,939 | ) | ||
Other
liabilities
|
(25,784 | ) | ||
Total
purchase price
|
$ |
326,744
|
(1)
|
Includes
approximately $20.0 million of acquired cash and cash
equivalents.
|
(2)
|
We
paid all the long-term debt and $2.2 million of related accrued
interest
(included in “current liabilities” in the above table) immediately after
closing.
|
(3)
|
Goodwill
and Other Intangible
Assets
|
Sept.
30,
|
Dec.
31,
|
|||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Goodwill
|
$ |
3,997,028
|
3,431,136
|
|||||
Intangible
assets subject to amortization
|
||||||||
Customer
base
|
||||||||
Gross
carrying amount
|
$ |
159,894
|
25,094
|
|||||
Accumulated
amortization
|
(13,607 | ) | (7,022 | ) | ||||
Net
carrying amount
|
$ |
146,287
|
18,072
|
|||||
Contract
rights
|
||||||||
Gross
carrying amount
|
$ |
4,186
|
4,186
|
|||||
Accumulated
amortization
|
(4,186 | ) | (3,256 | ) | ||||
Net
carrying amount
|
$ |
-
|
930
|
|||||
Intangible
assets not subject to amortization
|
$ |
56,090
|
36,690
|
(4)
|
Postretirement
Benefits
|
Three
months
|
Nine
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Service
cost
|
$ |
1,739
|
1,746
|
5,189
|
5,237
|
|||||||||||
Interest
cost
|
5,050
|
4,745
|
15,107
|
14,235
|
||||||||||||
Expected
return on plan assets
|
(620 | ) | (610 | ) | (1,861 | ) | (1,829 | ) | ||||||||
Amortization
of unrecognized actuarial loss
|
898
|
930
|
2,696
|
2,790
|
||||||||||||
Amortization
of unrecognized prior service cost
|
(505 | ) | (217 | ) | (1,515 | ) | (650 | ) | ||||||||
Net
periodic postretirement benefit cost
|
$ |
6,562
|
6,594
|
19,616
|
19,783
|
(5)
|
Defined
Benefit Retirement Plans
|
Three
months
|
Nine
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Service
cost
|
$ |
4,030
|
4,778
|
13,256
|
13,261
|
|||||||||||
Interest
cost
|
7,079
|
7,078
|
21,055
|
19,455
|
||||||||||||
Expected
return on plan assets
|
(9,256 | ) | (8,163 | ) | (27,475 | ) | (24,530 | ) | ||||||||
Net
amortization and deferral
|
1,612
|
3,423 |
5,428
|
7,269 | ||||||||||||
Net
periodic pension expense
|
$ |
3,465
|
7,116
|
12,264
|
15,455
|
(6)
|
Stock-based
Compensation
|
Average
|
||||||||||||||||
Average
|
remaining
|
Aggregate
|
||||||||||||||
Number
|
exercise
|
contractual
|
intrinsic
|
|||||||||||||
of
options
|
price
|
term
(in years)
|
value
|
|||||||||||||
Outstanding
|
3,662,252
|
$ |
36.74
|
7.0
|
$ |
34,702,000
|
||||||||||
Exercisable
|
2,101,000
|
$ |
32.90
|
5.5
|
$ |
27,995,000
|
(7)
|
Income
Tax Uncertainties
|
Jurisdiction
|
Open
tax years
|
|||
Federal
|
1998-current
|
|||
State
|
||||
Georgia
|
2002-current
|
|||
Louisiana
|
1997-current
|
|||
Minnesota
|
2001-current
|
|||
Montana
|
2000-current
|
|||
Oregon
|
2001-current
|
|||
Wisconsin
|
2001-current
|
|||
All
other states
|
2002-current
|
(8)
|
Debt
Transactions
|
(9)
|
Reduction
in Workforce
|
Balance
at December 31, 2006
|
$ |
457
|
||
Amount
accrued to expense
|
2,741
|
|||
Amount
paid
|
(457 | ) | ||
Balance
at September 30, 2007
|
$ |
2,741
|
(10)
|
Business
Segments
|
Three
months
|
Nine
months
|
|||||||||||||||
ended
September 30,
|
ended
September 30,
|
|||||||||||||||
2007
|
2006
|
2007
|
2006
|
|||||||||||||
(Dollars
in thousands)
|
||||||||||||||||
Voice
|
$ |
229,862
|
218,665
|
664,435
|
657,559
|
|||||||||||
Network
access
|
248,490
|
219,897
|
726,091
|
666,883
|
||||||||||||
Data
|
134,630
|
91,473
|
338,700
|
259,158
|
||||||||||||
Fiber
transport and CLEC
|
41,811
|
37,487
|
120,851
|
109,318
|
||||||||||||
Other
|
54,040
|
52,315
|
149,602
|
147,117
|
||||||||||||
Total
operating revenues
|
$ |
708,833
|
619,837
|
1,999,679
|
1,840,035
|
(11)
|
Gain
on Asset Dispositions
|
(12)
|
Recent
Accounting Pronouncement
|
(13)
|
Commitments
and Contingencies
|
Three
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars,
except per share amounts,
|
||||||||
and
shares in thousands)
|
||||||||
Operating
income
|
$ |
224,185
|
168,942
|
|||||
Interest
expense
|
(55,176 | ) | (47,857 | ) | ||||
Other
income (expense)
|
14,761
|
2,818
|
||||||
Income
tax expense
|
(70,568 | ) | (47,579 | ) | ||||
Net
income
|
$ |
113,202
|
76,324
|
|||||
Basic
earnings per share
|
$ |
1.04
|
0.66
|
|||||
Diluted
earnings per share
|
$ |
1.01
|
0.64
|
|||||
Average
basic shares outstanding
|
108,996
|
115,221
|
||||||
Average
diluted shares outstanding
|
112,229
|
120,448
|
Three
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Voice
|
$ |
229,862
|
218,665
|
|||||
Network
access
|
248,490
|
219,897
|
||||||
Data
|
134,630
|
91,473
|
||||||
Fiber
transport and CLEC
|
41,811
|
37,487
|
||||||
Other
|
54,040
|
52,315
|
||||||
$ |
708,833
|
619,837
|
Three
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Cost
of services and products (exclusive of depreciation
and
amortization)
|
$ |
246,430
|
226,536
|
|||||
Selling,
general and administrative
|
101,612
|
94,212
|
||||||
Depreciation
and amortization
|
136,606
|
130,147
|
||||||
$ |
484,648
|
450,895
|
Nine
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars,
except per share amounts,
|
||||||||
and
shares in thousands)
|
||||||||
Operating
income
|
$ |
624,104
|
491,859
|
|||||
Interest
expense
|
(159,804 | ) | (148,582 | ) | ||||
Other
income (expense)
|
28,131
|
130,874
|
||||||
Income
tax expense
|
(189,094 | ) | (176,357 | ) | ||||
Net
income
|
$ |
303,337
|
297,794
|
|||||
Basic
earnings per share
|
$ |
2.77
|
2.53
|
|||||
Diluted
earnings per share
|
$ |
2.68
|
2.44
|
|||||
Average
basic shares outstanding
|
109,478
|
117,685
|
||||||
Average
diluted shares outstanding
|
114,086
|
123,348
|
Nine
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Voice
|
$ |
664,435
|
657,559
|
|||||
Network
access
|
726,091
|
666,883
|
||||||
Data
|
338,700
|
259,158
|
||||||
Fiber
transport and CLEC
|
120,851
|
109,318
|
||||||
Other
|
149,602
|
147,117
|
||||||
$ |
1,999,679
|
1,840,035
|
Nine
months
|
||||||||
ended
September 30,
|
||||||||
2007
|
2006
|
|||||||
(Dollars
in thousands)
|
||||||||
Cost
of services and products (exclusive of depreciation
and
amortization)
|
$ |
686,349
|
665,282
|
|||||
Selling,
general and administrative
|
290,525
|
285,748
|
||||||
Depreciation
and amortization
|
398,701
|
397,146
|
||||||
$ |
1,375,575
|
1,348,176
|
Total
|
Approximate
|
|||||
Number
of
|
Dollar
Value
|
|||||
Shares
|
of
Shares
|
|||||
Purchased
as
|
that
|
|||||
Part
of Publicly
|
May
Yet Be
|
|||||
Total
Number
|
Announced
|
Purchased
|
||||
of
Shares
|
Average
Price
|
Plans
or
|
Under
the Plans
|
|||
Period
|
Purchased
|
Per
Share
|
Programs
|
or
Programs
|
||
July
1 – July 31, 2007
|
-
|
$
|
-
|
-
|
$
|
-
|
August
1 – August 31, 2007
|
104,000
|
$
|
47.63
|
104,000
|
$
|
745,046,019
|
September
1 – September 30, 2007
|
682,000
|
$
|
46.11
|
682,000
|
$
|
713,601,120
|
Total
|
786,000
|
$
|
46.31
|
786,000
|
Item
5.
|
Other
Information
|
|
Item
6.
|
Exhibits
and Reports on Form 8-K
|
A.
|
Exhibits
|
|
3
|
Corporate
Governance Guidelines, as amended through August 21,
2007.
|
11
|
Computations
of Earnings Per Share.
|
31.1
|
Registrant’s
Chief Executive Officer certification pursuant to Section
302 of the
Sarbanes-Oxley Act of 2002.
|
31.2
|
Registrant’s
Chief Financial Officer certification pursuant to Section
302 of the
Sarbanes-Oxley Act of 2002.
|
|
32
|
Registrant’s
Chief Executive Officer and Chief Financial Officer certification
pursuant
to Section 906 of the Sarbanes-Oxley Act of
2002.
|
|
B.
|
Reports
on Form 8-K
|
CenturyTel,
Inc.
|
||
Date:
November 7, 2007
|
/s/
Neil A. Sweasy
|
|
Neil
A. Sweasy
|
||
Vice
President and Controller
|
||
(Principal
Accounting Officer)
|