July 6, 2018

Frontier overstated 2017 CT loss

PHOTO | Matt Pilon
PHOTO | Matt Pilon
Frontier's Trumbull Street facility in downtown Hartford.

An accounting error by Southern New England Telephone owner Frontier Communications led the company to overstate its 2017 net loss on its Connecticut operations by $112 million, the company said in a filing last week.

Norwalk-based Frontier originally informed state regulators in late May that it had recorded a loss of $516.9 million in calendar year 2017, which was more than double it losses over the prior two years.

However, on June 29, the company notified the Public Utilities Regulatory Authority that it had inadvertently duplicated expenses when compiling its annual filing, thereby driving up recorded operating expenses.

A corrected earnings statement shows that Frontier's Connecticut operations instead lost $404.8 million last year.

The Hour newspaper was the first to report the updated filing on Thursday.

Unchanged in the corrected 2017 filing is total revenue of $845.6 million and a goodwill impairment charge of nearly $463 million.

Free E-Newsletters

Sign up now for our daily and weekly
e-newsletters! Click Here

Today's Poll Can Connecticut realistically eliminate the income tax and produce a balanced budget?<>
Most Popular on Facebook
Copyright 2017 New England Business Media