Spreadsheet: 6e0b0754-c3f7-452b-a75b-9c6d70d27678
Sheet: Sheet1

Unnamed: 0 | Unnamed: 1 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Unnamed: 8 | Unnamed: 9 | Unnamed: 10 | Unnamed: 11 | Unnamed: 12 | Unnamed: 13 | Unnamed: 14 | Unnamed: 15
 | WINDSTREAM CORPORATION
 | UNAUDITED CONSOLIDATED STATEMENTS OF INCOME-Page 1
 | (In millions, except per share amounts)
 |  |  | THREE MONTHS ENDED |  |  |  |  |  |  | NINE MONTHS ENDED
 |  |  |  |  |  |  | Increase |  |  |  |  |  |  | Increase
 |  |  | September 30, |  | September 30, |  | (Decrease) |  |  | September 30, |  | September 30, |  | (Decrease)
 |  |  | 2007 |  | 2006 |  | Amount | % |  | 2007 |  | 2006 |  | Amount | %
 | UNDER GAAP:
 | Revenues and sales:
 | Service revenues |  | 746.7 |  | 693.5 |  | 53.20000000000027 | 8 |  | 2196.8 |  | 1901.7 |  | 295.1 | 16
 | Product sales |  | 75.9 |  | 77.9 |  | -2.000000000000028 | -3 |  | 236.2 |  | 304 |  | -67.8 | -22
 | Total revenues and sales |  | 822.6 |  | 771.4 |  | 51.20000000000024 | 7 |  | 2433 |  | 2205.7 |  | 227.3 | 10
 | Costs and expenses:
 | Cost of services |  | 246.6 |  | 234.9 |  | 11.7 | 5 |  | 735.2 |  | 620.6 |  | 114.6 | 18
 | Cost of products sold |  | 46.8 |  | 48.3 |  | -1.499999999999986 | -3 |  | 143.4 |  | 234.7 |  | -91.3 | -39
 | Selling, general, administrative and other |  | 104.8 |  | 94.6 |  | 10.2 | 11 |  | 309.2 |  | 259.1 |  | 50.1 | 19
 | Depreciation and amortization |  | 132.7 |  | 124.1 |  | 8.599999999999994 | 7 |  | 384.7 |  | 325.6 |  | 59.1 | 18
 | Royalty expense to Alltel |  | 0 |  | 0 |  | 0 | 0 |  | 0 |  | 129.6 |  | -129.6 | -100
 | Restructuring and other charges |  | 3.1 |  | 15.4 |  | -12.3 | -80 |  | 9.5 |  | 22.9 |  | -13.4 | -59
 | Total costs and expenses |  | 534 |  | 517.3 |  | 16.70000000000016 | 3 |  | 1582 |  | 1592.5 |  | -10.5 | -1
 |  |  |  |  |  |  | 0 |  |  |  |  |  |  | 0
 | Operating income |  | 288.6 |  | 254.1 |  | 34.50000000000011 | 14 |  | 851 |  | 613.2 |  | 237.8 | 39
 |  |  |  |  |  |  | 0 |  |  |  |  |  |  | 0 | 0
 | Other income, net |  | 0.1999999999999993 |  | 2.5 |  | -2.3 | -92 |  | 11.7 |  | 3.7 |  | 8 | 216
 | Loss on extinguishment of debt |  | 0 |  | -7.9 |  | 7.9 | 100 |  | 0 |  | -7.9 |  | 7.9 | 100
 | Intercompany interest income from Alltel |  | 0 |  | 0 |  | 0 | 0 |  | 0 |  | 31.9 |  | -31.9 | -100
 | Interest expense |  | -109.6 |  | -91.4 |  | -18.2 | -20 |  | -332.4 |  | -99.8 |  | -232.6 | -233
 | Income before income taxes and extraordinary item |  | 179.2 |  | 157.3 |  | 21.90000000000015 | 14 |  | 530.3 |  | 541.1 |  | -10.79999999999984 | -2
 | Income taxes |  | 61.5 |  | 60.9 |  | 0.6000000000000014 | 1 |  | 196.8 |  | 213.2 |  | -16.4 | -8
 | Income before extraordinary item |  | 117.7 |  | 96.4 |  | 21.30000000000015 | 22 |  | 333.5 |  | 327.9 |  | 5.600000000000136 | 2
 | Extraordinary item, net of income taxes |  | 0 |  | 99.7 |  | -99.7 | -100 |  | 0 |  | 99.7 |  | -99.7 | -100
 | Net income |  | 117.7 |  | 196.1 |  | -78.39999999999986 | -40 |  | 333.5 |  | 427.6 |  | -94.09999999999985 | -22
 | Weighted average common shares:
 | Basic |  | 473.8 |  | 461.4 |  | 12.4 | 3 |  | 473.6 |  | 422.4 |  | 51.2 | 12
 | Diluted |  | 474.9 |  | 461.6 |  | 13.3 | 3 |  | 474.8 |  | 422.5 |  | 52.3 | 12
 | Earnings per share:
 | Basic:
 | Income before extraordinary item |  | 0.2484170536091181 |  | 0.2089293454703078 |  | 0.03948770813881031 | 19 |  | 0.7041807432432433 |  | 0.776278409090909 |  | -0.08209766584766563 | -10
 | Extraordinary item |  | 0 |  | 0.2160814911140009 |  | -0.2160814911140009 | -100 |  | 0 |  | 0.226032196969697 |  | -0.226032196969697 | -100
 | Net income |  | 0.2484170536091181 |  | 0.4250108365843087 |  | -0.1765937829751906 | -42 |  | 0.7041807432432433 |  | 1.012310606060606 |  | -0.3081298628173627 | -31
 | Diluted:
 | Income before extraordinary item |  | 0.2478416508738685 |  | 0.208838821490468 |  | 0.03900282938340058 | 19 |  | 0.7024010109519799 |  | 0.7760946745562128 |  | -0.0836936636042329 | -10
 | Extraordinary item |  | 0 |  | 0.2159878682842288 |  | -0.2159878682842288 | -100 |  | 0 |  | 0.2259763313609467 |  | -0.2259763313609467 | -100
 | Net income |  | 0.2478416508738685 |  | 0.4348266897746967 |  | -0.1769850389008282 | -42 |  | 0.7024010109519799 |  | 1.01207100591716 |  | -0.3096699949651797 | -31
 | PRO FORMA RESULTS OF OPERATIONS FROM CURRENT BUSINESSES (A)
 | Revenues and sales |  | 822.6 |  | 807.7 |  | 14.9000000000002 | 2 |  | 2457.6 |  | 2390.4 |  | 67.20000000000073 | 3
 | Operating income before depreciation and amortization (OIBDA) |  | 419.6 |  | 407.8 |  | 11.80000000000013 | 3 |  | 1242.2 |  | 1233.9 |  | 8.300000000000182 | 1
(A) Pro forma results from current businesses adjusts results of operations under Generally Accepted Accounting Principles ("GAAP") for the effects of the spin off of the Alltel Corporation ("Alltel")
 | wireline division and merger of that business with Valor Communications Group, Inc. ("Valor"), the discontinuance of the application of Statement of Financial Accounting Standard ("SFAS") No. 71,
 | the split off of the directory publishing business and the acquisition of CT Communications, Inc. ("CTC"). For further details of these adjustments, see the Notes to Unaudited Reconciliations of Results
 | of Operations Under GAAP to Pro Forma Results from Current Businesses.
 | -more-