Makes the headlines in the local Arkansas paper:
It’s safe to say, it’s over!
For the second-consecutive quarter, Windstream reported earnings that do not reflect generally accepted accounting principles. The company is working through a bankruptcy restructuring and emphasizes adjusted results of operations.
While in bankruptcy proceedings, Windstream filed a lawsuit in July over a $650 million payment the company makes annually to lease copper and fiber lines from Uniti. The companies are in negotiations, with a trial scheduled for March 2-6 in New York.
Windstream's adjusted total revenue and sales were $1.27 billion in the quarter, down from $1.38 billion in the 2018 third quarter. Adjusted revenue is a non-generally-accepted-accounting-principles number and does not include revenue from the EarthLink consumer internet business that the company sold in December 2018.
However, in unaudited figures that are shared with creditors, Windstream reported that revenue was down 11% to $1.27 billion, compared with $1.42 billion in last year's third quarter, which included EarthLink revenue. The report shows a loss of $129.3 million for the third quarter, compared with net income of $41.3 million in 2018. Earnings per share in the 2019 third quarter was a loss of $3.03, compared with a 97-cents profit in 2018.