CenturyLinkCenturyTel , now called CenturyLink as a result of their July 2009 merger with EMBARQ, reported 2Q09 GAAP net income of $69.8 million and $83.3 million excluding non-recurring items (down 8.6%) as compared to $91.2 million and $92.2 million, respectively, for the year-ago period.  Ex recurring items, diluted earnings per share totaled $0.83 as compared to $0.87 a year ago, down (4.6%) while GAAP diluted earnings per share for 2Q09 totaled $0.68 as compared to $0.88 a year ago.

“Our employees did an excellent job of remaining focused on serving our customers while working to complete the EMBARQ acquisition and plan for a successful integration,” Glen F. Post, III, chief executive officer and president, said in a news release.  “We will continue to focus on increasing our long-term cash flows by driving operating efficiencies and providing compelling product and service bundles to our customers.”

2Q09 Operating Highlights

  • 2Q access lines of 1.933 million down 6.9% from 2.077 million in 2Q08
  • High-speed Internet customers of 681,000 up 12.2% from 607,000 a year ago
  • More than 16,000 high-speed Internet customer adds
  • Broadband consumer penetration reached 44%

2Q09 Financial Highlights

  • All operating revenue categories down y/y except for Data revenue, which rose 9.1%, from $131.060 million a year ago to $142.923 million this year’s 2Q
  • 2Q total revenue of $634.469 million, down 3.59% from $658.106 million a year ago
  • 2Q operating cash flow ex recurring items of $303.6 million, decreased 4.6% from $318.3 million a year ago
  • Operating cash flow margin of 47.8% as compared to 48.4% in 2Q08
  • Revenue increases of approximately $17 million driven primarily by growth in high-speed Internet customers and higher fiber transport revenue
  • Approximately $39 million fall in revenue due to falling access revenue, lower universal service fund receipts and access line losses more than offset the gains
  • Operating revenue ex recurring items fell 3.4% to $634.5 million as compared to $657.1 million a year ago
  • Capex of $85.305 million, up 43% from $59.659 a year ago

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