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Frontier Q4 net income down 42%

Revenue declined by 2% to $2.23 billion from $2.28 billion in 2007

By CBR Staff Writer

Frontier Communications has posted a net income of $34.3 m, or $0.11 per share, in the fourth quarter of 2008, a decrease of 42%, compared to $59.01 m, or $0.18 per share, in the same quarter of 2007.

Revenue for the fourth quarter of 2008 was $547.4m, down 5% from $577.23m in the comparable quarter of 2007.

For the year ended December 31, 2008, the company reported a net income of $182.66m, or $0.58 per share, down 15% compared to $214.65m, or $0.65 per share in 2007. The company’s revenue for the year 2008 declined by 2% to $2.23 billion from $2.28 billion in 2007.

Maggie Wilderotter, chairman and CEO of Frontier Communications, said: We delivered full year operating cash flow margins of 54%, free cash flow of $493 million and a comfortable dividend payout ratio of 65% which demonstrates our ability to execute on our strategy and deliver promised results. Most important, our first quarter 2009 marketing promotions are delivering strong results for both video and high speed bundle sales. We are off to a solid start for the year.

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