Source: CenturyLink Press Release

CenturyTel (NYSE:CTL) announced that its Board of Directors voted to increase the quarterly cash dividend to $.0675 from $.065 per share, a 3.8 percent increase, payable on March 24, 2008, to shareholders of record on March 10, 2008.

Source: Alaska Communications Systems Press Release

Alaska Communications Systems Group (Nasdaq:ALSK) announced that in the course of its 2007 annual review of financial results and application of financial controls, management identified errors in the company's previously reported depreciation expense for fiscal years 2006 and 2007. The company expects no significant changes to previously reported revenues, EBITDA or cash flows; however, previously reported depreciation expense and net income will change. As a result, management has concluded that the company's internal controls over financial reporting contained a material weakness and that investors should not rely on the company's previously issued financial statements or earnings press releases covering reporting periods beginning on or after January 1, 2006. The company expects no changes to its financial statements covering periods prior to January 1, 2006.

During the company's review of its financial results and preparation of financial statements for the fiscal year ended December 31, 2007, the company detected errors previously made in its accounting for depreciation. Specifically, certain groups of assets employed in its intrastate operations are depreciated over extended lives as required by state regulations, giving rise to "regulatory assets." As the result of a programmatic error, the company incorrectly ceased to depreciate those regulatory assets prior to their becoming fully depreciated. The company's regulatory asset and the depreciation of the asset are governed by Statement of Financial Accounting Standards (SFAS) 71 Accounting for the Effects of Certain Types of Regulation.

Based on the review to date, management currently anticipates that the restatement will result in an increase of depreciation expense of approximately $6 million to $8 million for the fiscal year ended December 31, 2006, and $5 million to $7 million for the nine months ended September 30, 2007. As depreciation is a non-cash charge, the restatement is not expected to impact the company's dividend policy or the financial covenants of its credit agreement.

ACS today also announced that it expects to report total revenues and EBITDA for the twelve months ended December 31, 2007 of approximately $380 million and $132 million, respectively. Expected performance for 2007 compares favorably to prior guidance of $370 million to $375 million for revenue, and $128 million to $130 million for EBITDA.

Given the ongoing review and resources allocated to the timely restatement of financial results, ACS will postpone and reschedule its conference call and webcast related to its fourth quarter and full-year 2007 operating results and will not present at the Raymond James 29th Annual Institutional Investors Conference on Wednesday, March 5, 2008.

ACS intends to provide all restated and current financial data comprehensively in its upcoming Annual Report on Form 10-K. The company will file the 10-K as soon as practicable, but preparation of the restated information could delay the 10-K filing past the normal filing deadline of March 17, 2008. The company does not intend to file amendments to any previously filed Form 10-Ks or 10-Qs.