Windstream on Tuesday reported a net loss in earnings for the fourth quarter and full year.
The Little Rock-based telecommunications firm said it had quarterly revenue and sales of $1.4 billion, down 3 percent from $1.5 billion a year earlier, and a net loss of $77.5 million, or 13 cents per share. The latter compared with net income of $118 million, or 20 cents per share, a year earlier.
The company noted the General Accepted Accounting Principles results include a $128 million pretax expense tied to a pension plan as well as some after-tax merger and integration expenses.
For full fiscal 2014, revenue and sales were down 3 percent from $6 billion in 2013 to $5.8 billion. A 2014 net loss of $39.5 million, or 7 cents per share, compared with net income of $241 million, or 14 cents a share, in 2013.
Tony Thomas, Windstream's CEO since Dec. 11, noted that the company saw strong cash flow despite lower-than-anticipated revenue. And, he said, the company has made "great progress" to completing a real estate investment trust spinoff of some of its network assets, which he said "will make Windstream a stronger, more competitive company."
“Since my appointment as CEO, we have made a number of significant changes to the business to better serve customers and improve profitability," Thomas said in a statement. "These changes, combined with planned initiatives, will advance our goals of improving the customer experience, operating a best-in-class network and delivering improved financial results and increased value for shareholders. Overall 2014 results fell short of our expectations, and we are taking the necessary actions to put us on the path for success. We will make significant progress this year on our goals. We have to do many things faster and better, and we will."
A conference call on the results is scheduled for 7:30 a.m. It can be accessed by calling (877) 374-3977 and using ID 60178219. A replay will be available after 10:30 a.m. at (855) 859-2056 with the same ID. It will also be streamed and posted online.
See Wednesday's Arkansas Democrat-Gazette for full coverage.