Company Quick10K Filing
Frontier Communications
Price0.87 EPS-55
Shares105 P/E-0
MCap92 P/FCF0
Net Debt16,787 EBIT-5,142
TEV16,879 TEV/EBIT-3
TTM 2019-09-30, in MM, except price, ratios
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8-K 2020-06-19
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8-K 2018-01-17

FTR 10Q Quarterly Report

Part I. Financial Information
Item 1.Financial Statements
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II. Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Part II. Other Information
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
Part II. Other Information
EX-31.1 c520-20200331xex31_1.htm
EX-31.2 c520-20200331xex31_2.htm
EX-32 c520-20200331xex32.htm

Frontier Communications Earnings 2020-03-31

Balance SheetIncome StatementCash Flow
30231692-42012201420172020
Assets, Equity
2.70.2-2.4-4.9-7.5-10.02012201420172020
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02012201420172020
Ops, Inv, Fin

c520-20200331x10q
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

x QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2020

or

¨ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________to__________

Commission file number: 001-11001

C:\Users\biantorn\Desktop\logo.gif

FRONTIER COMMUNICATIONS CORPORATION

(Exact name of registrant as specified in its charter)

Delaware

06-0619596

(State or other jurisdiction of

(I.R.S. Employer Identification No.)

incorporation or organization)

401 Merritt 7

Norwalk, Connecticut

06851

(Address of principal executive offices)

(Zip Code)

Registrant's telephone number, including area code: (203) 614-5600

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Ticker Symbol

Name of each exchange on which registered

Common Stock, par value $0.25 per share (1)

FTR

None (1)

Preferred Stock Purchase Rights

N/A

None

(1)On April 29, 2020, the NASDAQ Stock Market filed a Form 25 with the Securities and Exchange Commission to delist the common stock, par value $0.25 per share, of Frontier Communications Corporation (the “common stock”) from the NASDAQ Global Select Market. The delisting will be effective 10 days after the Form 25 was filed. The deregistration of the common stock under Section 12(b) of the Securities Exchange Act of 1934 will be effective 90 days, or such shorter period as the Securities and Exchange Commission may determine, after filing of the Form 25. Following deregistration of the common stock under Section 12(b) of the Securities Exchange Act of 1934, the common stock shall remain registered under Section 12(g) of the Securities Exchange Act of 1934. Trading of Frontier’s common stock now occurs on the OTC Pink market under the symbol “FTRCQ.”

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x No ¨

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes x No ¨


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definition of “accelerated filer,” “large accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer ¨ Accelerated filer x Non-accelerated filer ¨

Smaller reporting company x Emerging growth company ¨

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ¨

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ¨ No x

The number of shares outstanding of the registrant’s Common Stock as of May 1, 2020 was 104,988,000.


FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES

Table of Contents

Page

Part I. Financial Information (Unaudited)

Item 1. Financial Statements

Consolidated Balance Sheets as of March 31, 2020 and December 31, 2019

2

Consolidated Statements of Operations for the three months ended March 31, 2020 and 2019

3

Consolidated Statements of Comprehensive Loss for the three months ended March 31, 2020 and 2019

4

Consolidated Statements of Equity (Deficit) for the three months ended March 31, 2020 and 2019

5

Consolidated Statements of Cash Flows for the three months ended March 31, 2020 and 2019

6

Notes to Consolidated Financial Statements

7

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

37

Item 3. Quantitative and Qualitative Disclosures about Market Risk

60

Item 4. Controls and Procedures

61

Part II. Other Information

Item 1. Legal Proceedings

62

Item 1A. Risk Factors

62

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

63

Item 6. Exhibits

64

Signature

65

1


PART I. FINANCIAL INFORMATION

Item 1.Financial Statements

FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

($ in millions and shares in thousands, except for per-share amounts)

(Unaudited)

March 31, 2020

December 31, 2019

ASSETS

Current assets:

Cash and cash equivalents

$

941 

$

760 

Accounts receivable, less allowances of $100 and $120, respectively

596 

629 

Contract acquisition costs

105 

105 

Prepaid expenses

98 

89 

Assets held for sale

1,406 

1,401 

Income taxes and other current assets

56 

53 

Total current assets

3,202 

3,037 

Property, plant and equipment, net

12,890 

12,963 

Other intangibles, net

921 

1,020 

Other assets

475 

468 

Total assets

$

17,488 

$

17,488 

LIABILITIES AND EQUITY (DEFICIT)

Current liabilities:

Long-term debt due within one year

$

17,306 

$

994 

Accounts payable

357 

437 

Advanced billings

221 

219 

Accrued other taxes

209 

206 

Accrued interest

619 

407 

Pension and other postretirement benefits

43 

43 

Liabilities held for sale

115 

123 

Other current liabilities

359 

375 

Total current liabilities

19,229 

2,804 

Deferred income taxes

477 

462 

Pension and other postretirement benefits

1,864 

1,896 

Other liabilities

411 

412 

Long-term debt

-

16,308 

Equity (Deficit):

Common stock, $0.25 par value (175,000 authorized shares,

106,025 issued, and 104,989 and 105,131 outstanding

at March 31, 2020 and December 31, 2019, respectively)

27 

27 

Additional paid-in capital

4,816 

4,815 

Accumulated deficit

(8,759)

(8,573)

Accumulated other comprehensive loss, net of tax

(564)

(650)

Treasury common stock

(13)

(13)

Total equity (deficit)

(4,493)

(4,394)

Total liabilities and equity (deficit)

$

17,488 

$

17,488 

The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.


2


PART I. FINANCIAL INFORMATION (Continued)

FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

($ in millions and shares in thousands, except for per-share amounts)

(Unaudited)

For the three months ended

March 31,

2020

2019

Revenue

$

1,933 

$

2,101 

Operating expenses:

Network access expenses

286 

338 

Network related expenses

444 

456 

Selling, general and administrative expenses

444 

456 

Depreciation and amortization

415 

484 

Loss on disposal of Northwest Operations

24 

-

Restructuring costs and other charges

48 

28 

Total operating expenses

1,661 

1,762 

Operating income

272 

339 

Investment and other income (loss), net

5 

(9)

Pension settlement costs

103 

-

Loss on extinguishment of debt

-

(20)

Interest expense

383 

379 

Loss before income taxes

(209)

(69)

Income tax (benefit) expense

(23)

18 

Net loss

(186)

(87)

Basic and diluted net loss per share

attributable to Frontier common shareholders

$

(1.78)

$

(0.84)

Total weighted average shares outstanding

- basic and diluted

104,363 

103,885 

The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.


3


PART I. FINANCIAL INFORMATION (Continued)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

($ in millions)

(Unaudited)

For the three months ended

March 31,

2020

2019

Net loss

$

(186)

$

(87)

Other comprehensive income, net of tax

86 

8 

Comprehensive loss

$

(100)

$

(79)

The accompanying Notes are an integral part of these unaudited Consolidated Financial Statements.


4


PART I. FINANCIAL INFORMATION (Continued)

FRONTIER COMMUNICATIONS CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF EQUITY (DEFICIT)

FOR THE THREE MONTHS ENDED MARCH 31, 2020 AND 2019

($ in millions and shares in thousands)

(Unaudited)

Accumulated

Additional

Other

Treasury

Total

Common Stock

Paid-In

Accumulated

Comprehensive

Common Stock

Equity

Shares

Amount

Capital