MJD VENTURES INC - Securities Registration Statement (S-1/A) INCOME STATEMENT

FAIRPOINT COMMUNICATIONS, INC. AND SUBSIDIARIES

PROFORMA CONSOLIDATED STATEMENT OF OPERATIONS
December 31, 2003
(Unaudited—Amounts in thousands)

					Acquisitions
		FairPoint historical			CST and Commtel		Adjustments		Note ref.		Pro forma With Acquisitions		Offering Pro forma adjustments	Note ref.		Pro forma
Revenues		$	231,432		7,231		—				238,663

Operating expenses:
	Operating expenses, excluding depreciation and amortization and stock-based compensation		111,188		4,981		—				116,169
	Depreciation and amortization		48,089		1,236		—				49,325
	Stock-based compensation		15		—		—				15

Total operating expenses			159,292		6,217		—				165,509

Income from operations			72,140		1,014		—				73,154

Other income (expense):
	Net gain on sale of investments and other assets		608		—		—				608
	Interest and dividend income		1,792		51		—				1,843
	Interest expense		(90,224	)	(164	)	(863	)	(6	)	(91,251	)		(5	)
	Equity in net earnings of investees		10,092		—		—				10,092
	Realized and unrealized losses on interest rate swaps		(1,387	)	—		—				(1,387	)
	Other nonoperating, net		(1,505	)	164		—				(1,341	)

Total other expense			(80,624	)	51		(863	)			(81,436	)

Income (loss) from continuing operations before income taxes			(8,484	)	1,065		(863	)			(8,282	)
Income tax benefit (expense)			236		(478	)	335		(6	)	93
Minority interest in income of subsidiaries			(2	)	—		—				(2	)

Income (loss) from continuing operations		$	(8,250	)	587		(528	)			(8,191	)

Basic and diluted income (loss) from continuing operations per share:
	Class A common stock
	Class B common stock
	Class C common stock