Spreadsheet: 55702738-22d1-4ff5-a44f-b236430cdddd
Sheet: Sheet1

Unnamed: 0 | WINDSTREAM CORPORATION | 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 | Unnamed: 16 | Unnamed: 17
 | UNAUDITED CONSOLIDATED STATEMENTS OF INCOME
 | (In millions, except per share amounts)
 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | For Calculation
 |  |  | THREE MONTHS ENDED |  |  |  |  |  |  | TWELVE MONTHS ENDED |  |  |  |  |  |  | Purposes Only
 |  |  |  |  |  |  | Increase |  |  |  |  |  |  | Increase |  |  | Nine Months Ended
 |  |  | December 31, |  | December 31, |  | (Decrease) |  |  | December 31, |  | December 31, |  | (Decrease) |  |  | September 30,
 |  |  | 2010 |  | 2009 |  | Amount | % |  | 2010 |  | 2009 |  | Amount | % |  | 2010
 | UNDER GAAP:
 | Revenues and sales:
 | Service revenues |  | 957.5 |  | 732.6 |  | 224.9 | 30.69888069888069 |  | 3622.9 |  | 2872.8 |  | 750.0999999999999 | 26.1104149262044 |  | 2665.4
 | Product sales |  | 23.5 |  | 21.8 |  | 1.699999999999999 | 7.798165137614675 |  | 89.1 |  | 123.8 |  | -34.7 | -28.02907915993538 |  | 65.6
 | Total revenues and sales |  | 981 |  | 754.4 |  | 226.6 | 30.03711558854719 |  | 3712 |  | 2996.6 |  | 715.3999999999996 | 23.87372355336046 |  | 2731
 | Costs and expenses:
 | Cost of services |  | 352 |  | 254.8 |  | 97.19999999999999 | 38.14756671899529 |  | 1329.8 |  | 1014.5 |  | 315.3 | 31.07934943321833 |  | 977.8
 | Cost of products sold |  | 18.00000000000001 |  | 17.6 |  | 0.4000000000000057 | 2.272727272727305 |  | 74.9 |  | 107.5 |  | -32.59999999999999 | -30.32558139534883 |  | 56.9
 | Selling, general, administrative and other |  | 128.5 |  | 87.1 |  | 41.40000000000001 | 47.53157290470724 |  | 498.4 |  | 348.3 |  | 150.1 | 43.09503301751363 |  | 369.9
 | Depreciation and amortization |  | 190.6 |  | 138.7 |  | 51.90000000000003 | 37.4188896899784 |  | 693.6 |  | 537.8 |  | 155.8000000000001 | 28.96987727779846 |  | 503
 | Restructuring charges |  | 7 |  | 1.8 |  | 5.2 | 288.8888888888889 |  | 7.7 |  | 9.3 |  | -1.600000000000001 | -17.20430107526882 |  | 0.7
 | Merger and integration costs |  | 25.8 |  | 19.9 |  | 5.899999999999999 | 29.64824120603015 |  | 77.3 |  | 22.3 |  | 55 | 246.6367713004484 |  | 51.5
 | Total costs and expenses |  | 721.9 |  | 519.9 |  | 202 | 38.85362569724947 |  | 2681.7 |  | 2039.7 |  | 642 | 31.47521694366819 |  | 1959.8
 |  |  |  |  |  |  | 0 |  |  |  |  |  |  | 0
 | Operating income |  | 259.1 |  | 234.5 |  | 24.60000000000002 | 10.4904051172708 |  | 1030.3 |  | 956.9000000000005 |  | 73.39999999999964 | 7.670602988818016 |  | 771.2
 |  |  |  |  |  |  | 0 |  |  |  |  |  |  | 0
 | Other income (expense), net |  | 0.7000000000000002 |  | -0.3 |  | 1 | 333.3333333333334 |  | -3.5 |  | -1.1 |  | 2.4 | 218.1818181818182 |  | -4.2
 | Interest expense |  | -142.8000000000001 |  | -115.2 |  | -27.60000000000007 | -23.95833333333339 |  | -521.7 |  | -410.2 |  | 111.5000000000001 | 27.1818625060946 |  | -378.9
 | Income before income taxes |  | 116.9999999999999 |  | 119 |  | -2.000000000000043 | -1.680672268907599 |  | 505.1000000000001 |  | 545.6000000000006 |  | -40.50000000000045 | -7.423020527859313 |  | 388.1
 | Income taxes |  | 44.59999999999999 |  | 43.5 |  | 1.099999999999994 | 2.528735632183895 |  | 194.4 |  | 211.1 |  | -16.69999999999999 | -7.910942681193742 |  | 149.8
 | Net income |  | 72.39999999999995 |  | 75.49999999999999 |  | -3.100000000000037 | -4.105960264900712 |  | 310.7000000000002 |  | 334.5000000000006 |  | -23.80000000000041 | -7.11509715994032 |  | 238.3
 | Weighted average common shares |  | 485.3 |  | 430 |  | 55.30000000000001 | 12.86046511627907 |  | 468 |  | 432.9 |  | 35.10000000000002 | 8.108108108108114
 | Common stock outstanding |  |  |  |  |  |  |  |  | 504.3 |  | 436.8
 | Basic and diluted earnings per share:
 | Net income |  | 0.15 |  | 0.17 |  | -0.02000000000000002 | -11.76470588235295 |  | 0.66 |  | 0.76 |  | -0.09999999999999998 | -13.1578947368421
 | PRO FORMA RESULTS OF OPERATIONS (A):
 | Revenues and sales |  | 1030.2 |  | 1053.4 |  | -23.20000000000005 | -2.202392253654837 |  | 4138.9 |  | 4231.400000000001 |  | -92.50000000000091 | -2.186037718012972
 | OIBDA (B) |  | 495.8 |  | 494.6 |  | 1.200000000000045 | 0 |  | 1975.2 |  | 1940.8 |  | 34.39999999999941 | 1.772464962901865
 | Adjusted OIBDA (C) |  | 523 |  | 526 |  | -3 | -0.5703422053231939 |  | 2064.1 |  | 2068.6 |  | -4.500000000000455 | 0
(A) | Pro forma results adjusts results of operations under GAAP to include the acquisitions of D&E Communications, Inc. ("D&E"), Lexcom Inc. ("Lexcom"), NuVox Inc. ("NuVox"), Iowa Telecommunications Services, Inc. ("Iowa Telecom"), Hosted Solutions Acquisition, LLC ("Hosted Solutions") and Q-Comm Corporation ("Q-Comm"), and to exclude the results of the disposed out-of-territory product distribution operations and all merger and integration costs related to strategic transactions.  Q-Comm results of operations only include those entities acquired from Q-Comm.  For further details on these adjustments, see the Notes to Unaudited Reconciliation of Revenues and Sales, Operating Income and Capital Expenditures Under GAAP to Pro Forma Revenues and Sales, Pro Forma Adjusted OIBDA and Pro Forma Capital Expenditures.
(B) | OIBDA is operating income before depreciation and amortization.
(C) | Adjusted OIBDA adjusts OIBDA for the impact of restructuring charges, pension expense and stock-based compensation.  For further details on these adjustments, see the Notes to Unaudited Reconciliation of Revenues and Sales, Operating Income and Capital Expenditures Under GAAP to Pro Forma Revenues and Sales, Pro Forma Adjusted OIBDA and Pro Forma Capital Expenditures.