UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) January 31, 2002
CenturyTel, Inc.
(Exact name of registrant as specified in its charter)
Louisiana 1-7784 72-0651161
(State or other (Commission File (IRS Employer
jurisdiction of Number) Identification No.)
incorporation)
100 Century Park Drive, Monroe, Louisiana 71203
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (318) 388-9000
Item 5. Other Events
FOR IMMEDIATE RELEASE FOR MORE INFORMATION CONTACT:
January 31, 2002 Tony Davis (318) 388-9525
tony.davis@centurytel.com
CenturyTel Reports Solid Fourth Quarter Earnings Growth
Monroe, LA. . . CenturyTel, Inc. (NYSE Symbol: CTL) announces operating
results for fourth quarter 2001.
o Revenues climbed 3.0% to $543.1 million.
o Earnings before interest, taxes, depreciation and amortization, excluding
nonrecurring items, was $271.1 million.
o Net income, excluding nonrecurring items, increased 5.6% to $60.3 million.
o Cash earnings per share (earnings before goodwill amortization), excluding
nonrecurring items, increased 8.2% to $.53.
o Diluted earnings per share, excluding nonrecurring items, rose 5.0% to $.42.
-----------------------------------------------------------------------------------
Fourth Quarter Highlights
(Excluding nonrecurring items)
(In thousands, except per Quarter Ended Quarter Ended %
share and customer amounts) 12/31/01 12/31/00 Change
-----------------------------------------------------------------------------------
Revenues $ 543,148 $ 527,180 3.0%
EBITDA $ 271,062 $ 269,379 0.6%
Net Income $ 60,328 $ 57,121 5.6%
Cash Earnings Per Share $ .53 $ .49 8.2%
Diluted Earnings Per Share $ .42 $ .40 5.0%
Average Diluted Shares Outstanding 142,427 142,149 0.2%
Telephone Revenues $ 388,853 $ 376,347 3.3%
Wireless Revenues $ 108,469 $ 111,791 (3.0)%
Other Operations Revenues $ 45,826 $ 39,042 17.4%
-----------------------------------------------------------------------------------
Telephone Access Lines 1,797,643 1,800,565 (0.2)%
Wireless Units in Majority-Owned Markets 795,277 751,200 5.9%
-----------------------------------------------------------------------------------
"In light of the economic uncertainty across our nation, CenturyTel achieved a
strong 8.2% growth in cash earnings per share, excluding nonrecurring items,"
Glen F. Post, III, president and chief executive officer, said. "We expect
economic challenges to continue during 2002, especially during the first half
of the year. However, CenturyTel's strong free cash flow provides stability
today and a solid platform for future growth."
Consolidated revenues rose 3.0% to $543.1 million from $527.2 million. EBITDA,
excluding nonrecurring items, grew to $271.1 million from $269.4 million.
CenturyTel achieved a consolidated EBITDA margin of 49.9% during the quarter.
Net income for the quarter, excluding nonrecurring items, increased 5.6% to
$60.3 million from $57.1 million in fourth quarter 2000, primarily due to
increased telephone revenue and lower interest expense. Cash earnings per share,
excluding nonrecurring items, was $.53 in fourth quarter 2001 compared to $.49
in fourth quarter 2000. Diluted earnings per share, excluding nonrecurring
items, increased 5.0% to $.42 from $.40.
Telephone revenues grew 3.3% to $388.9 million during the quarter, compared with
$376.3 million in fourth quarter 2000. Telephone operating income increased 6.0%
to $115.7 million from $109.2 million, and EBITDA rose 3.6% to $217.4 million
from $209.7 million a year ago. CenturyTel's fourth quarter telephone EBITDA
margin was 55.9% while the operating income margin was 29.8%.
"We stated at the end of second quarter 2001 that our telephone EBITDA margin
had bottomed and we expected to deliver improved margins by year end 2001.
Telephone EBITDA margins increased to 55.9% for fourth quarter 2001 from 53.9%
in second quarter 2001," Post said.
Wireless revenues decreased 3.0% to $108.5 million in fourth quarter 2001,
compared with $111.8 million in fourth quarter 2000, primarily due to lower
roaming revenues. Wireless operating income was $23.6 million compared to $25.9
million, a 9.0% decrease, and EBITDA decreased 2.3% to $40.9 million compared to
$41.9 million a year ago. CenturyTel's fourth quarter wireless EBITDA margin was
38.6% and operating income margin was 22.2%, based on service revenues. Average
monthly wireless service revenue per user was approximately $45 during fourth
quarter 2001.
Other operations revenues grew 17.4% to $45.8 million during fourth quarter
2001, compared with $39.0 million in fourth quarter 2000. CenturyTel's long
distance revenues increased 10.1% to $30.2 million. CenturyTel now serves more
than 465,800 long distance customers, adding more than 27,200 during the
quarter. Internet revenues increased 61.0% to $11.4 million in fourth quarter
2001 from $7.1 million. Internet operating losses were $2.2 million for the
quarter due to startup expenses pertaining to continued growth of the company's
DSL operation.
"We are very pleased with the strong 31% growth in data revenues for fourth
quarter 2001. We continue to experience excellent demand from our customers for
data solutions," Post said.
For the year 2001, consolidated revenues rose 14.7% to $2.117 billion from
$1.846 billion. EBITDA, excluding nonrecurring items, grew to $1.068 billion
from $950.7 million, a 12.3% increase. The growth in 2001 revenues and EBITDA
was primarily attributable to the Verizon access lines acquired in third quarter
2000. Net income, excluding nonrecurring items, decreased 1.4% to $225.7 million
from $228.8 million in 2000. Cash earnings per share, excluding nonrecurring
items, increased 2.0% to $2.01 from $1.97, and diluted earnings per share
decreased 1.2% to $1.59 from $1.61.
For fourth quarter 2001, prepared in accordance with generally accepted
accounting principles (GAAP), the company reported net income of $49.8 million,
or $.35 per diluted share, compared to net income of $57.1 million, or $.40 per
diluted share in fourth quarter 2000. Net income in fourth quarter 2001 includes
(i) the proportionate share ($13.3 million pre-tax) of charges recorded by an
entity in which CenturyTel owns a minority interest and (ii) a $3.0 million
pre-tax charge for advisory and consulting fees. The diluted earnings per share
impact of these nonrecurring items in fourth quarter 2001 was $.07.
For the year 2001, prepared in accordance with GAAP, the company reported net
income of $343 million, or $2.41 per diluted share, compared to net income of
$231.5 million, or $1.63 per diluted share for the year 2000. Net income for the
year 2001 includes nonrecurring items of (i) gain on sale of non-strategic
assets; (ii) write-down of certain nonoperating assets; (iii) the proportionate
share of charges recorded by an entity in which CenturyTel owns a minority
interest and (iv) costs incurred for advisory and consulting fees. These
nonrecurring items increased net income $117.4 million, or $.82 per diluted
share.
For the year 2002, excluding the results from the pending Verizon property
acquisition and $8.0 - $10.0 million in related integration costs, CenturyTel
expects total revenues to increase three to six percent, consolidated EBITDA
growth of four to seven percent, and diluted earnings per share of $2.06 to
$2.18. These expectations include the effect of ceasing amortization of goodwill
effective January 1, 2002, under Statement of Financial Accounting Standards No.
142 "Goodwill and Other Intangible Assets"(SFAS No. 142), but exclude the
effects of nonrecurring items.
For first quarter 2002, CenturyTel expects total revenues of $520 million to
$540 million. Operating cash flow for the first quarter is expected to be in the
range of $245 million to $260 million. Earnings per share, excluding the effects
of nonrecurring items, is expected to be in the range of $.46 to $.50, including
the effect of SFAS No. 142.
In addition to historical information, this release includes forward-looking
statements, estimates and projections that are based on current expectations
only, and are subject to a number of risks, uncertainties and assumptions, many
of which are beyond the control of CenturyTel. Actual events and results may
differ materially from those anticipated, estimated or projected if one or more
of these risks or uncertainties materialize, or if underlying assumptions prove
incorrect. Factors that could affect actual results include but are not limited
to: the Company's ability to effectively manage its growth, including
integrating newly acquired businesses into our operations, hiring adequate
numbers of qualified staff and successfully upgrading our billing and other
information systems; the results of the Company's efforts to separate its
wireless operations; the terms upon which the Company finances its pending
acquisitions; the inherent risk of rapid technological change; the effects of
on-going changes in the regulation of the Company or the communications industry
generally; the effects of greater than anticipated competition in the Company's
markets; possible changes in the demand for, or pricing of, the Company's
products and services; the Company's ability to successfully introduce new
offerings on a timely and cost-effective basis; higher than anticipated interest
rates; and the effects of more general factors such as changes in overall market
or economic conditions or in legislation, regulation or public policy. These and
other uncertainties related to the Company's business are described in greater
detail in the Company's Annual Report on Form 10-K for the year ended December
31, 2000. The information contained in this release is as of January 31, 2002.
The Company undertakes no obligation to update or revise any of this information
whether as a result of new information, future events or developments, or
otherwise.
CenturyTel's management will be hosting a conference call at 10:30 A.M. Central
time to discuss fourth quarter earnings and guidance for the first quarter and
full year 2002. Investors can access CenturyTel's earnings conference call and
replay by accessing the company's website at (www.centurytel.com
(http://www.centurytel.com))
CenturyTel, Inc. provides communications services including local exchange,
wireless, long distance, Internet access and data services to nearly three
million customers in 21 states. The company, headquartered in Monroe, Louisiana,
is publicly traded on the New York Stock Exchange under the symbol CTL.
CenturyTel is the 8th largest local exchange telephone company, based on access
lines, and the 8th largest cellular company, based on population equivalents
owned, in the United States.
Visit CenturyTel's corporate Web site at (www.centurytel.com)
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(UNAUDITED)
INCREASE
In thousands, except per share amounts 2001 2000 (DECREASE)
-------------------------------------------------------------------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 124,246 123,642 0.5%
Network access 228,589 217,357 5.2%
Other 36,018 35,348 1.9%
---------------------------------------------------------------------------
388,853 376,347 3.3%
---------------------------------------------------------------------------
Operating expenses
Plant operations 94,486 91,437 3.3%
Customer operations 30,861 29,057 6.2%
Corporate and other 46,154 46,127 0.1%
Depreciation and amortization 101,660 100,535 1.1%
---------------------------------------------------------------------------
273,161 267,156 2.2%
---------------------------------------------------------------------------
Telephone operating income 115,692 109,191 6.0%
---------------------------------------------------------------------------
WIRELESS OPERATIONS
Operating revenues
Service 82,964 82,066 1.1%
Roaming 23,145 25,845 (10.4%)
Equipment sales 2,360 3,880 (39.2%)
---------------------------------------------------------------------------
108,469 111,791 (3.0%)
---------------------------------------------------------------------------
Operating expenses
Cost of equipment sold 5,664 8,336 (32.1%)
System operations 21,063 17,859 17.9%
General, administrative and
customer service 21,425 21,664 (1.1%)
Sales and marketing 19,383 22,036 (12.0%)
Depreciation and amortization 17,372 16,014 8.5%
---------------------------------------------------------------------------
84,907 85,909 (1.2%)
---------------------------------------------------------------------------
Wireless operating income 23,562 25,882 (9.0%)
---------------------------------------------------------------------------
OTHER OPERATIONS
Operating revenues
Long distance 30,199 27,434 10.1%
Internet 11,379 7,068 61.0%
Other 4,248 4,540 (6.4%)
---------------------------------------------------------------------------
45,826 39,042 17.4%
---------------------------------------------------------------------------
Operating expenses
Cost of sales and other 37,870 30,888 22.6%
Depreciation and amortization 2,515 1,187 111.9%
---------------------------------------------------------------------------
40,385 32,075 25.9%
---------------------------------------------------------------------------
Other operating income 5,441 6,967 (21.9%)
---------------------------------------------------------------------------
TOTAL OPERATING INCOME 144,695 142,040 1.9%
OTHER INCOME (EXPENSE)
Interest expense (52,024) (63,089) (17.5%)
Income (loss) from unconsolidated
cellular entities (5,188) 7,604 (168.2%)
Minority interest (3,081) (2,149) 43.4%
Other income and expense (3,165) 4,148 (176.3%)
Income tax expense (31,474) (31,433) 0.1%
---------------------------------------------------------------------------
NET INCOME $ 49,763 57,121 (12.9%)
===========================================================================
EARNINGS PER SHARE
Basic $ 0.35 0.41 (14.6%)
Diluted $ 0.35 0.40 (12.5%)
SHARES OUTSTANDING
Basic 140,909 140,325 0.4%
Diluted 142,427 142,149 0.2%
DIVIDENDS PER COMMON SHARE $ 0.0500 0.0475 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(UNAUDITED)
Excludes nonrecurring items INCREASE
In thousands, except per share amounts 2001 2000 (DECREASE)
-----------------------------------------------------------------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 124,246 123,642 0.5%
Network access 228,589 217,357 5.2%
Other 36,018 35,348 1.9%
---------------------------------------------------------------------------
388,853 376,347 3.3%
---------------------------------------------------------------------------
Operating expenses
Plant operations 94,486 91,437 3.3%
Customer operations 30,861 29,057 6.2%
Corporate and other 46,154 46,127 0.1%
Depreciation and amortization 101,660 100,535 1.1%
---------------------------------------------------------------------------
273,161 267,156 2.2%
---------------------------------------------------------------------------
Telephone operating income 115,692 109,191 6.0%
---------------------------------------------------------------------------
WIRELESS OPERATIONS
Operating revenues
Service 82,964 82,066 1.1%
Roaming 23,145 25,845 (10.4%)
Equipment sales 2,360 3,880 (39.2%)
---------------------------------------------------------------------------
108,469 111,791 (3.0%)
---------------------------------------------------------------------------
Operating expenses
Cost of equipment sold 5,664 8,336 (32.1%)
System operations 21,063 17,859 17.9%
General, administrative and customer service 21,425 21,664 (1.1%)
Sales and marketing 19,383 22,036 (12.0%)
Depreciation and amortization 17,372 16,014 8.5%
---------------------------------------------------------------------------
84,907 85,909 (1.2%)
---------------------------------------------------------------------------
Wireless operating income 23,562 25,882 (9.0%)
---------------------------------------------------------------------------
OTHER OPERATIONS
Operating revenues
Long distance 30,199 27,434 10.1%
Internet 11,379 7,068 61.0%
Other 4,248 4,540 (6.4%)
---------------------------------------------------------------------------
45,826 39,042 17.4%
---------------------------------------------------------------------------
Operating expenses
Cost of sales and other 37,870 30,888 22.6%
Depreciation and amortization 2,515 1,187 111.9%
---------------------------------------------------------------------------
40,385 32,075 25.9%
---------------------------------------------------------------------------
Other operating income 5,441 6,967 (21.9%)
---------------------------------------------------------------------------
TOTAL OPERATING INCOME 144,695 142,040 1.9%
OTHER INCOME (EXPENSE)
Interest expense (52,024) (63,089) (17.5%)
Income from unconsolidated cellular entities 8,066 7,604 6.1%
Minority interest (3,081) (2,149) 43.4%
Other income and expense (165) 4,148 (104.0%)
Income tax expense (37,163) (31,433) 18.2%
---------------------------------------------------------------------------
NET INCOME $ 60,328 57,121 5.6%
===========================================================================
EARNINGS PER SHARE
Basic $ 0.43 0.41 4.9%
Diluted $ 0.42 0.40 5.0%
SHARES OUTSTANDING
Basic 140,909 140,325 0.4%
Diluted 142,427 142,149 0.2%
DIVIDENDS PER COMMON SHARE $ 0.0500 0.0475 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(UNAUDITED)
INCREASE
In thousands, except per share amounts 2001 2000 (DECREASE)
----------------------------------------------------------------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 491,529 408,538 20.3%
Network access 874,458 727,797 20.2%
Other 139,746 117,634 18.8%
------------------------------------------------------------------------
1,505,733 1,253,969 20.1%
------------------------------------------------------------------------
Operating expenses
Plant operations 380,466 290,062 31.2%
Customer operations 117,080 105,950 10.5%
Corporate and other 186,483 163,761 13.9%
Depreciation and amortization 398,284 317,906 25.3%
------------------------------------------------------------------------
1,082,313 877,679 23.3%
------------------------------------------------------------------------
Telephone operating income 423,420 376,290 12.5%
------------------------------------------------------------------------
WIRELESS OPERATIONS
Operating revenues
Service revenues 336,850 328,956 2.4%
Roaming 90,192 99,791 (9.6%)
Equipment sales 10,923 14,822 (26.3%)
------------------------------------------------------------------------
437,965 443,569 (1.3%)
------------------------------------------------------------------------
Operating expenses
Cost of equipment sold 23,453 30,064 (22.0%)
System operations 75,628 69,641 8.6%
General, administrative and customer service 85,467 78,087 9.5%
Sales and marketing 74,670 82,673 (9.7%)
Depreciation and amortization 66,346 65,239 1.7%
------------------------------------------------------------------------
325,564 325,704 -
------------------------------------------------------------------------
Wireless operating income 112,401 117,865 (4.6%)
------------------------------------------------------------------------
OTHER OPERATIONS
Operating revenues
Long distance 117,363 104,435 12.4%
Internet 39,057 23,491 66.3%
Other 17,351 20,462 (15.2%)
------------------------------------------------------------------------
173,771 148,388 17.1%
------------------------------------------------------------------------
Operating expenses
Cost of sales and other 142,919 112,219 27.4%
Depreciation and amortization 8,754 4,911 78.3%
------------------------------------------------------------------------
151,673 117,130 29.5%
------------------------------------------------------------------------
Other operating income 22,098 31,258 (29.3%)
------------------------------------------------------------------------
TOTAL OPERATING INCOME 557,919 525,413 6.2%
OTHER INCOME (EXPENSE)
Interest expense (225,523) (183,302) 23.0%
Income from unconsolidated
cellular entities 27,460 26,986 1.8%
Minority interest (11,812) (10,201) 15.8%
Nonrecurring gains and losses 199,971 20,593 871.1%
Other income and expense 5,041 6,696 (24.7%)
Income tax expense (210,025) (154,711) 35.8%
------------------------------------------------------------------------
NET INCOME $ 343,031 231,474 48.2%
========================================================================
EARNINGS PER SHARE
Basic $ 2.43 1.65 47.3%
Diluted $ 2.41 1.63 47.9%
SHARES OUTSTANDING
Basic 140,743 140,069 0.5%
Diluted 142,307 141,864 0.3%
DIVIDENDS PER COMMON SHARE $ 0.2000 0.1900 5.3%
CenturyTel, Inc.
CONSOLIDATED STATEMENTS OF INCOME
TWELVE MONTHS ENDED DECEMBER 31, 2001 AND 2000
(UNAUDITED)
Excludes nonrecurring items INCREASE
In thousands, except per share amounts 2001 2000 (DECREASE)
------------------------------------------------------------------------------------------
TELEPHONE OPERATIONS
Operating revenues
Local service $ 491,529 408,538 20.3%
Network access 874,458 727,797 20.2%
Other 139,746 117,634 18.8%
------------------------------------------------------------------------
1,505,733 1,253,969 20.1%
------------------------------------------------------------------------
Operating expenses
Plant operations 378,466 290,062 30.5%
Customer operations 117,080 105,950 10.5%
Corporate and other 186,483 163,761 13.9%
Depreciation and amortization 398,284 317,906 25.3%
------------------------------------------------------------------------
1,080,313 877,679 23.1%
------------------------------------------------------------------------
Telephone operating income 425,420 376,290 13.1%
------------------------------------------------------------------------
WIRELESS OPERATIONS
Operating revenues
Service 336,850 328,956 2.4%
Roaming 90,192 99,791 (9.6%)
Equipment sales 10,923 14,822 (26.3%)
------------------------------------------------------------------------
437,965 443,569 (1.3%)
------------------------------------------------------------------------
Operating expenses
Cost of equipment sold 23,453 30,064 (22.0%)
System operations 75,628 69,641 8.6%
General, administrative and
customer service 85,467 78,087 9.5%
Sales and marketing 74,670 82,673 (9.7%)
Depreciation and amortization 66,346 65,239 1.7%
------------------------------------------------------------------------
325,564 325,704 -
------------------------------------------------------------------------
Wireless operating income 112,401 117,865 (4.6%)
------------------------------------------------------------------------
OTHER OPERATIONS
Operating revenues
Long distance 117,363 104,435 12.4%
Internet 39,057 23,491 66.3%
Other 17,351 20,462 (15.2%)
------------------------------------------------------------------------
173,771 148,388 17.1%
------------------------------------------------------------------------
Operating expenses
Cost of sales and other 142,919 111,715 27.9%
Depreciation and amortization 8,754 4,911 78.3%
------------------------------------------------------------------------
151,673 116,626 30.1%
------------------------------------------------------------------------
Other operating income 22,098 31,762 (30.4%)
------------------------------------------------------------------------
TOTAL OPERATING INCOME 559,919 525,917 6.5%
OTHER INCOME (EXPENSE)
Interest expense (225,523) (183,302) 23.0%
Income from unconsolidated
cellular entities 35,350 32,316 9.4%
Minority interest (11,799) (10,201) 15.7%
Other income and expense 11,041 14,643 (24.6%)
Income tax expense (143,327) (150,545) (4.8%)
------------------------------------------------------------------------
NET INCOME $ 225,661 228,828 (1.4%)
========================================================================
EARNINGS PER SHARE
Basic $ 1.60 1.63 (1.8%)
Diluted $ 1.59 1.61 (1.2%)
SHARES OUTSTANDING
Basic 140,743 140,069 0.5%
Diluted 142,307 141,864 0.3%
DIVIDENDS PER COMMON SHARE $ 0.2000 0.1900 5.3%
CenturyTel, Inc.
CONSOLIDATED BALANCE SHEETS
DECEMBER 31, 2001 AND DECEMBER 31, 2000
(UNAUDITED)
December 31, December 31,
2001 2000
-----------------------------------------------------------------------------
(in thousands)
ASSETS
CURRENT ASSETS
Cash and cash equivalents $ 13,362 19,039
Other current assets 286,911 357,465
-----------------------------------------------------------------------------
Total current assets 300,273 376,504
-----------------------------------------------------------------------------
PROPERTY, PLANT AND EQUIPMENT
Telephone 5,292,255 4,999,808
Wireless 568,835 522,684
Other 446,920 392,024
Accumulated depreciation (3,308,447) (2,955,223)
-----------------------------------------------------------------------------
Net property, plant and equipment 2,999,563 2,959,293
-----------------------------------------------------------------------------
INVESTMENTS AND OTHER ASSETS
Excess cost of net assets acquired 2,471,484 2,509,033
Other 547,364 548,460
-----------------------------------------------------------------------------
Total investments and other assets 3,018,848 3,057,493
-----------------------------------------------------------------------------
TOTAL ASSETS $ 6,318,684 6,393,290
=============================================================================
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term debt and current maturities
of long-term debt $ 1,008,834 425,962
Other current liabilities 285,122 317,408
-----------------------------------------------------------------------------
Total current liabilities 1,293,956 743,370
LONG-TERM DEBT 2,087,500 3,050,292
DEFERRED CREDITS AND OTHER LIABILITIES 599,848 567,549
STOCKHOLDERS' EQUITY 2,337,380 2,032,079
-----------------------------------------------------------------------------
TOTAL LIABILITIES AND EQUITY $ 6,318,684 6,393,290
=============================================================================
CAPITAL EXPENDITURES
TWELVE MONTHS ENDED DECEMBER 31, 2001 AND 2000
INC
2001 2000 (DEC)
-------------------------------------------------------------------------------------
(in thousands)
Telephone $ 351,010 275,523 27.4%
Wireless 71,212 58,468 21.8%
Other 84,505 115,546 (26.9%)
----------------------------------------------------------------------------
Total capital expenditures $ 506,727 449,537 12.7%
============================================================================
CAPITAL EXPENDITURES
THREE MONTHS ENDED DECEMBER 31, 2001 AND 2000
INC
2001 2000 (DEC)
-------------------------------------------------------------------------------------
(in thousands)
Telephone $ 102,179 117,682 (13.2%)
Wireless 18,690 19,504 (4.2%)
Other 1,603 29,670 (94.6%)
----------------------------------------------------------------------------
Total capital expenditures $ 122,472 166,856 (26.6%)
============================================================================
-----------------------------------------
Item 5. Other Events
In its January 31, 2002 press release announcing its fourth quarter 2001
financial results, the Company reported there to be 795,277 Wireless Units in
Majority-Owned Markets as of December 31, 2001. The correct number of Wireless
Units in Majority-Owned Markets as of December 31, 2001 was actually 797,340.
-----------------------------------------
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CenturyTel, Inc.
By: /s/ Neil A. Sweasy
-------------------------
Neil A. Sweasy
Vice President and Controller