SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report: May 31, 2002
BROADWING INC.
(Exact name of registrant as specified in its charter)
Ohio 1-8519 31-1056105
(State or other jurisdiction (Commission File Number) (IRS Employer
of incorporation) Identification No.)
201 East Fourth Street
Cincinnati, Ohio 45202
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: (513) 397-9900
FORM 8-K BROADWING INC.
ITEM 5. OTHER EVENT.
Please see attached copy of a news release that was released earlier
today.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934,
the registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
BROADWING INC.
By: /s/ Jeffrey C. Smith
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Jeffrey C. Smith
Chief Human Resources Officer, General Counsel
and Corporate Secretary
Date: May 31, 2002
BROADWING PRESS RELEASE
Investor contact: Media contact:
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Matt Booher Thomas Osha
513.397.9904 513.397.7316
matt.booher@broadwing.com tom.osha@broadwing.com
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BROADWING HOLDS INVESTOR CALL
RECONFIRMS COMPANY'S FINANCIAL STRENGTH
CINCINNATI - May 31, 2002 - Broadwing Inc. (NYSE: BRW) held a conference with
investors on Thursday, May 30, 2002, in order to clarify some misconceptions,
misunderstandings, and misleading information that had been reported in the
investment community.
Broadwing Inc. Chairman and CEO, Rick Ellenberger, also outlined several aspects
of the Company that differentiate it from others in the telecommunications
industry, and he reaffirmed the Company's 2002 financial guidance, including its
objective of becoming free cash flow positive by year-end 2002.
Specifically, the Company reviewed:
- Its financial and operational performance for the first quarter
- The stability and performance of its Cincinnati Bell businesses
- Its nationwide business enterprise market traction and momentum
- The requirements and specific calculations for each of its four bank
debt covenants
- Its compliance with SEC approved IRU accounting practices
- The business reasons for and bankruptcy court approval of a
renegotiated agreement with one of its customers
- The timing and size of its debt maturities and refinancing
opportunities
- Its guidance for 2002 for revenue, EBITDA, capital and achieving a
free cash flow positive position by the end of the year.
In conjunction with the call, the Company made available, on its
website, presentation materials, including a document outlining the specific
requirements, definitions and calculations for each of its four bank debt
covenants.
The complete recorded call, including the questions and answer session, as well
as the supporting materials are available on the Company's website at
www.broadwing.com. The material may be accessed by clicking on the Corporate
Information tab, then the Investors tab, and finally the Conference Calls &
Presentations tab.
ABOUT BROADWING
Broadwing Inc. (NYSE: BRW) is an integrated communications company comprised of
Broadwing Communications and Cincinnati Bell. Broadwing Communications leads the
industry as the world's first intelligent, all-optical, switched network
provider and offers
businesses nationwide a competitive advantage by providing data, voice and
Internet solutions that are flexible, reliable and innovative on its 18,500-mile
optical network and its award-winning IP backbone. Cincinnati Bell is one of the
nation's most respected and best performing local exchange and wireless
providers with a legacy of unparalleled customer service excellence and
financial strength. The company was recently ranked number one in customer
satisfaction by J.D. Power and Associates for local residential telephone
service and residential long distance among mainstream users. Cincinnati Bell
provides a wide range of telecommunications products and services to residential
and business customers in Ohio, Kentucky and Indiana. Broadwing Inc. is
headquartered in Cincinnati, Ohio. For more information, visit
www.broadwing.com.
NOTE: Information included in this news release contains forward-looking
statements that involve potential risks and uncertainties. Broadwing's future
results could differ materially from those discussed herein. Factors that could
cause or contribute to such differences include, but are not limited to,
Broadwing's ability to maintain its market position in communications services,
general economic trends affecting the purchase of telecommunication services,
world and national events that may affect the ability to provide services, and
its ability to develop and launch new products and services. More information on
potential risks and uncertainties is available in the company's recent filings
with the Securities and Exchange Commission, including the 2001 Form 10-K for
Broadwing Inc. and Broadwing Communications Inc.