UNITED STATES
                       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 (Date of earliest event reported):

                                November 14, 2002


                                CenturyTel, Inc.

             (Exact name of registrant as specified in its charter)


           Louisiana                1-7784              72-0651161
       (State or other        (Commission File        (IRS Employer
       jurisdiction of             Number)         Identification No.)
         incorporation)

                  100 CenturyTel Drive, Monroe, Louisiana 71203
               (Address of principal executive offices) (Zip Code)


        Registrant's telephone number, including area code (318) 388-9000






Item 5.  OTHER EVENTS AND FD DISCLOSURE.

      The information set forth below supplements and updates information
previously reported by CenturyTel, Inc. (the "Company") concerning the
disposition of its wireless operations and its acquisitions of telephone
properties during the third quarter of 2002.

Wireless Disposition

      On August 1, 2002, the Company completed the sale of substantially all of
its wireless operations to an affiliate of ALLTEL Corporation ("Alltel"). The
Company received approximately $1.591 billion in connection with the transaction
(which the Company expects to be $1.285 billion after-tax). See the Company's
Current Report on Form 8-K dated August 1, 2002 and filed August 13, 2002 for
additional information concerning this transaction.

      The Company used a portion of the proceeds received from the sale of its
wireless operations to finance the $1.179 billion acquisition of access lines in
the state of Missouri from Verizon Communications, Inc. ("Verizon") on August
31, 2002, as discussed further below.

Verizon Acquisitions

      On July 1, 2002, an affiliate of the Company purchased from affiliates of
Verizon assets comprising all of Verizon's local exchange telephone operations
in the state of Alabama for approximately $1.022 billion cash. See the Company's
Current Report on Form 8-K dated July 1, 2002 and filed July 15, 2002 for
additional information concerning this transaction.

      On August 31, 2002, an affiliate of the Company purchased from affiliates
of Verizon assets comprising all of Verizon's local exchange telephone
operations in the state of Missouri for approximately $1.179 billion cash. See
the Company's Current Report on Form 8-K dated August 31, 2002 and filed October
8, 2002 for additional information concerning this transaction.


Item 7.  FINANCIAL STATEMENTS AND EXHIBITS

   (a)   Financial statements of properties acquired

         Financial statements of the Verizon properties acquired were previously
         filed in the Company's Current Report on Form 8-K dated August 31, 2002
         and filed October 8, 2002.

   (b)   Unaudited Pro Forma Consolidated Condensed Financial Information

         1.  Introduction.

         2.  Pro Forma Consolidated Condensed Statement of Income for the year
             ended December 31, 2001.

         3.  Pro Forma Consolidated Condensed Statement of Income for the
             nine months ended September 30, 2002.

         4.  Notes to Unaudited Pro Forma Consolidated Condensed Financial
             Information.

   (c)   Exhibits

         2.1 (a)   Stock Purchase Agreement, dated March 19, 2002, between
                   CenturyTel, Inc. and Alltel Communications, Inc.
                   (incorporated by reference to Registrant's Current Report
                   on Form 8-K filed March 22, 2002).

         2.1 (b)   Amendment No. 1 to Stock Purchase Agreement, dated July 31,
                   2002, between CenturyTel, Inc. and Alltel Communications,
                   Inc. (incorporated by reference to Registrant's Current
                   Report on Form 8-K and Form 8-K/A filed August 13, 2002).

         2.1 (c)   Asset Purchase Agreement, dated as of October 22, 2001,
                   between GTE Midwest Incorporated (d/b/a Verizon Midwest)
                   and CenturyTel of Missouri, LLC (incorporated by reference
                   to Exhibit 2(a) of Registrant's Quarterly Report on Form
                   10-Q for the quarter ended September 30, 2001).

         2.1 (d)   Asset Purchase Agreement, dated as of October 22, 2001,
                   between Verizon South, Inc., Contel of the South, Inc.
                   (d/b/a Verizon Mid-States) and CenturyTel of Alabama, LLC
                   (incorporated by reference to Exhibit 2(b) of Registrant's
                   Quarterly Report on Form 10-Q for the quarter ended
                   September 30, 2001).





                                CenturyTel, Inc.
        Unaudited Pro Forma Consolidated Condensed Financial Information
                                  Introduction

Background

      On July 1, 2002, an affiliate of the Company acquired approximately
300,000 telephone access lines and related property and equipment comprising
Verizon's local exchange operations in 90 exchanges in predominantly rural
markets throughout Alabama for approximately $1.022 billion cash. On August 31,
2002, an affiliate of the Company acquired approximately 354,000 telephone
access lines and related property and equipment comprising Verizon's local
exchange operations in 98 exchanges in predominantly rural markets throughout
Missouri for approximately $1.179 billion cash. The acquired assets include
Verizon's assets used to provide digital subscriber line ("DSL") and other high
speed data services within the purchased exchanges in both states and an
aggregate of approximately 2,800 route miles of fiber optic cable within the
purchased exchanges in both states. In addition to the continued provision of
traditional local exchange telephone services, the Company intends to provide
long distance, Internet access (including DSL access service), and other
communications services in certain of the acquired service areas. For a
discussion of the Company's financing of these acquisitions, see "- Pro Forma
Information" below.

      On August 1, 2002, the Company sold substantially all of its wireless
operations to an affiliate of Alltel for approximately $1.591 billion in cash.
In connection with this transaction, the Company divested its (i) interests in
its majority-owned and operated cellular systems, which at June 30, 2002 served
approximately 783,000 customers and had access to approximately 7.8 million pops
(as defined in the Company's most recent 10-K Report), (ii) minority cellular
equity interests representing approximately 1.8 million pops at June 30, 2002,
and (iii) licenses to provide personal communications services covering 1.3
million pops in Wisconsin and Iowa.

      The results of operations of the properties acquired are included in the
Company's consolidated financial statements from and after their respective
dates of acquisition. The results of operations of the properties sold are
included in the Company's consolidated financial statements as discontinued
operations through August 1, 2002.

Pro Forma Information

      The following unaudited pro forma consolidated condensed statements of
income for the year ended December 31, 2001 and the nine months ended September
30, 2002 are based on the historical consolidated results of operations of
CenturyTel, Inc. and its subsidiaries, and reflect the Company's wireless
operations as discontinued operations. No interest expense was allocated to
discontinued operations and corporate overhead costs previously absorbed by the
wireless operations are reflected as an expense within continuing operations.
Because the Company's September 30, 2002 balance sheet (included in the
Company's Quarterly Report on Form 10-Q for the period ended September 30, 2002)
reflects all of the transactions described herein, a pro forma balance sheet as
of September 30, 2002 is not presented.

      In addition, the unaudited pro forma consolidated condensed statements of
income for the year ended December 31, 2001 and the nine months ended September
30, 2002 also reflect (i) the effects of acquiring the Verizon properties for an
aggregate of $2.201 billion cash, (ii) the effects of divesting the Company's
wireless operations for cash proceeds that approximated $1.591 billion pre-tax
(which are anticipated to be approximately $1.285 billion after-tax) and (iii)
steps the Company has taken through the date of this Current Report on Form 8-K
to finance the Verizon acquisitions, as described further below.

      The pro forma financial information reflects that the Company financed the
aggregate purchase price for the Verizon assets of $2.201 billion with (i)
$1.285 billion of after-tax proceeds from the August 1, 2002 sale of its
wireless business and (ii) $916 million of net indebtedness incurred, consisting
of (a) all of the $494 million of net proceeds from the sale of senior notes due
2012 (which bear interest at 7.875%) in August 2002, (b) all of the $161 million
of net proceeds from the third quarter 2002 sale of convertible senior
debentures due 2032 (which bear interest at 4.75% and which may be converted
into shares of CenturyTel common stock at a conversion price of $40.455 per
share), and (c) $261 million of a total of $483.4 million of net proceeds from
the sale of equity units (which was reflected entirely as long-term debt upon
issuance) in May 2002 (the remaining portion of which was utilized to repay
outstanding indebtedness).

      In accordance with Statement of Financial Accounting Standards No. 142,
"Accounting for Goodwill and Other Intangible Assets", effective January 1,
2002, goodwill is no longer subject to amortization; therefore, the accompanying
2001 pro forma statement of income does not reflect amortization of the
estimated goodwill associated with the acquisitions of the Verizon properties.

      Pro forma adjustments, and the assumptions on which they are based, are
described in the accompanying notes to the unaudited pro forma consolidated
condensed financial information. For purposes of the pro forma information,
adjustments for estimated transaction costs have been excluded.

      The pro forma financial information related to the Verizon acquisitions
has been prepared using the purchase method of accounting and is based on the
assumption that the purchases of all of the Verizon properties took place as of
January 1, 2001. In accordance with the purchase method of accounting, the
actual consolidated financial statements of the Company reflect the Verizon
acquisitions only from and after their respective dates of acquisition. The
Company has not finalized the allocation of the purchase price related to the
Verizon acquisitions. See note (C) for additional information.

      The pro forma financial information related to the sale of the wireless
operations has been prepared based on the assumption that the sale of those
operations took place as of January 1, 2001. The actual consolidated financial
statements of the Company reflect the operations of the wireless properties (as
discontinued operations) until August 1, 2002.

      The unaudited pro forma consolidated condensed financial data included
below does not give effect to any potential revenue enhancements, cost
reductions, or other operating efficiencies that could result from the Verizon
acquisitions, including but not limited to (i) offering long distance, Internet
access and other communications services to an increased number of customers in
the acquired markets or (ii) cost savings that may be associated with operating
and administering the acquired properties with the Company's existing personnel
and operating assets.

      The pro forma information is presented for illustrative purposes only and
is not necessarily indicative of the operating results that would have occurred
if such transactions had been consummated on the dates and in accordance with
the assumptions described herein, nor is it necessarily indicative of future
operating results. The historical Verizon financial information reflects the
operating and management structure of Verizon and is not necessarily indicative
of the results of operations that may be obtained with respect to the acquired
properties under the Company's operating and management structure.

      You are urged to read the financial information below, along with the
Company's publicly available historical consolidated financial statements and
accompanying notes and the special purpose financial statements of the Verizon
operations acquired appearing in the Company's previously-filed Current Reports
on Form 8-K.






                                CENTURYTEL, INC.
              Pro Forma Consolidated Condensed Statement of Income
                          Year ended December 31, 2001
                                   (Unaudited)



                                                                                    Pro forma       Pro forma
                                                  CenturyTel         Verizon       adjustments    consolidated
--------------------------------------------------------------------------------------------------------------
                                                        (Dollars in thousands, except per share amounts)
                                                                                         
OPERATING REVENUES
   Telephone                                     $ 1,505,733         552,127                -        2,057,860
   Other                                             173,771               -                -          173,771
--------------------------------------------------------------------------------------------------------------
        Total operating revenues                   1,679,504         552,127                -        2,231,631
--------------------------------------------------------------------------------------------------------------

OPERATING EXPENSES
   Cost of sales and operating expenses
    (exclusive of depreciation and amortization)     826,948         233,108           14,900        1,074,956
   Corporate overhead costs allocable to
    discontinued operations                           20,213               -                -           20,213
   Depreciation and amortization                     407,038          81,498                -          488,536
--------------------------------------------------------------------------------------------------------------
        Total operating expenses                   1,254,199         314,606           14,900        1,583,705
--------------------------------------------------------------------------------------------------------------

OPERATING INCOME                                     425,305         237,521          (14,900)         647,926
--------------------------------------------------------------------------------------------------------------

OTHER INCOME AND EXPENSE
   Nonrecurring gains and losses, net                 33,043               -                -           33,043
   Interest expense                                 (225,523)        (21,388)         (42,732)        (289,643)
   Other income and expense                               32          (2,482)               -           (2,450)
--------------------------------------------------------------------------------------------------------------
        Total other income (expense)                (192,448)        (23,870)         (42,732)        (259,050)
--------------------------------------------------------------------------------------------------------------

Income from continuing operations
  before income tax expense                          232,857         213,651          (57,632)         388,876
Income tax expense                                    88,711          87,312          (23,053)         152,970
--------------------------------------------------------------------------------------------------------------
Income from continuing operations                    144,146         126,339          (34,579)         235,906
Discontinued operations, net of tax                  198,885               -         (198,885)               -
--------------------------------------------------------------------------------------------------------------
Net income                                       $   343,031         126,339         (233,464)         235,906
==============================================================================================================

BASIC EARNINGS PER SHARE
   From continuing operations                    $      1.02                                              1.67
   From continuing operations, as adjusted
    for goodwill amortization                    $      1.35                                              2.00
   From discontinued operations                  $      1.41                                                 -
   From discontinued operations, as adjusted
    for goodwill amortization                    $      1.48                                                 -
   Basic earnings per share                      $      2.43 (1)                                          1.67
   Basic earnings per share, as adjusted
    for goodwill amortization                    $      2.83                                              2.00

DILUTED EARNINGS PER SHARE
   From continuing operations                    $      1.01                                              1.66
   From continuing operations, as adjusted
    for goodwill amortization                    $      1.34                                              1.98
   From discontinued operations                  $      1.40                                                 -
   From discontinued operations, as adjusted
    for goodwill amortization                    $      1.47                                                 -
   Diluted earnings per share                    $      2.41 (1)                                          1.66
   Diluted earnings per share, as adjusted
    for goodwill amortization                    $      2.81                                              1.98


AVERAGE BASIC SHARES
  OUTSTANDING                                        140,743                                           140,743
==============================================================================================================

AVERAGE DILUTED SHARES
  OUTSTANDING                                        142,307                                           142,307
==============================================================================================================


(1)     CenturyTel's basic earnings per share and diluted earnings per share
        for the year ended December 31, 2001 were $1.72 and $1.70, after
        eliminating the effect of nonrecurring net gains associated with our
        wireless operations.

See accompanying notes to unaudited pro forma consolidated condensed financial
information.





                                CENTURYTEL, INC.
              Pro Forma Consolidated Condensed Statement of Income
                      Nine months ended September 30, 2002
                                   (Unaudited)



                                                                                    Pro forma       Pro forma
                                                  CenturyTel (1)     Verizon (2)   adjustments     consolidated
----------------------------------------------------------------------------------------------------------------
                                                        (Dollars in thousands, except per share amounts)
                                                                                         
OPERATING REVENUES
   Telephone                                    $  1,214,165         313,870                -        1,528,035
   Other                                             171,952               -                -          171,952
--------------------------------------------------------------------------------------------------------------
        Total operating revenues                   1,386,117         313,870                -        1,699,987
--------------------------------------------------------------------------------------------------------------

OPERATING EXPENSES
   Cost of sales and operating expenses
    (exclusive of depreciation and amortization)     694,801         127,217            8,428          830,446
   Corporate overhead costs allocable to
    discontinued operations                           11,275               -                -           11,275
   Depreciation and amortization                     293,745          50,336                -          344,081
--------------------------------------------------------------------------------------------------------------
        Total operating expenses                     999,821         177,553            8,428        1,185,802
--------------------------------------------------------------------------------------------------------------

OPERATING INCOME                                     386,296         136,317           (8,428)         514,185
--------------------------------------------------------------------------------------------------------------

OTHER INCOME AND EXPENSE
   Interest expense                                 (164,826)         (9,615)         (27,321)        (201,762)
   Nonrecurring gains and losses                       3,709               -                -            3,709
   Other income and expense                             (356)             19                -             (337)
--------------------------------------------------------------------------------------------------------------
        Total other income (expense)                (161,473)         (9,596)         (27,321)        (198,390)
--------------------------------------------------------------------------------------------------------------

Income from continuing operations
  before income tax expense                          224,823         126,721          (35,749)         315,795
Income tax expense                                    78,139          49,070          (14,299)         112,910
--------------------------------------------------------------------------------------------------------------
Income from continuing operations                    146,684          77,651          (21,450)         202,885
Discontinued operations, net of tax                  610,595               -         (610,595)               -
--------------------------------------------------------------------------------------------------------------
Net income                                      $    757,279          77,651         (632,045)         202,885
==============================================================================================================

BASIC EARNINGS PER SHARE
     From continuing operations                 $       1.04                                              1.43
     From discontinued operations               $       4.32                                                 -
--------------------------------------------------------------------------------------------------------------
     Basic earnings per share                   $       5.36 (3)                                          1.43
==============================================================================================================

DILUTED EARNINGS PER SHARE
     From continuing operations                 $       1.03                                              1.42
     From discontinued operations               $       4.28                                                 -
--------------------------------------------------------------------------------------------------------------
     Diluted earnings per share                 $       5.31 (3)                                          1.42
==============================================================================================================

AVERAGE BASIC SHARES
  OUTSTANDING                                        141,324                                           141,324
==============================================================================================================

AVERAGE DILUTED SHARES
  OUTSTANDING                                        142,710                                           142,710
===============================================================================================================


(1)     Includes the results of operations of the acquired Verizon Alabama
        properties since July 1, 2002 and the acquired Verizon Missouri
        properties since August 31, 2002.
(2)     Includes results of the Verizon Alabama properties for the six months
        ended June 30, 2002 and results of the Verizon Missouri properties for
        the eight months ended August 31, 2002. The results of the Verizon
        properties after these dates are reflected in CenturyTel's operating
        results presented above.

(3)     CenturyTel's basic earnings per share and diluted earnings per share
        for the nine months ended September 30, 2002 were $1.60 and $1.58,
        after eliminating the effect of nonrecurring net gains associated with
        our wireless operations. See Note 1 for additional information.


See accompanying notes to unaudited pro forma consolidated condensed financial
information.



   Notes to Unaudited Pro Forma Consolidated Condensed Financial Information

(A)     Purchase of Verizon assets.

      Costs of acquisitions. The total cash purchase price of the Verizon assets
was $2.201 billion.

      Operations. As explained further above, the pro forma adjustments do not
      consider the effect of possible revenue enhancements, cost reductions or
      other operating efficiencies that may occur in connection with combining
      the operations of the acquired properties with the Company's operations.

(B)     Sale of Wireless Operations.

      Presentation of wireless operations. The wireless operations have been
      reflected as discontinued operations on the Company's statements of
      income.

      Proceeds from disposition. The after-tax proceeds from the sale of the
      wireless operations has been assumed to be $1.285 billion.

(C)     Allocations and Assumptions

      The pro forma adjustments applicable to the acquisitions of the Verizon
      properties, as set forth below, reflect preliminary allocations of the
      aggregate purchase price to the acquired properties. Such preliminary
      allocations include the assumptions that the fair value of property, plant
      and equipment will approximate the carrying value on the dates of
      acquisition and that the estimated useful lives of property, plant and
      equipment used by the Company are comparable to those used by Verizon. The
      preliminary estimates of the fair value of the noncurrent assets and
      liabilities are subject to change upon completion of our valuation
      analysis.

      The Company anticipates assigning a portion of the purchase price to
      identifiable intangible assets (including customer base) in accordance
      with Statement of Financial Accounting Standards No. 141 and amortizing
      such asset over its useful life. However, the Company has not yet
      completed its valuation process. Thus, an estimate to allocate a portion
      of the purchase price to identifiable intangibles, the amortization of
      which will reduce net income, has not been included in the accompanying
      pro forma information. The Company believes the impact of the amortization
      of such identifiable intangible assets will not be material to its results
      of operations.

      To the extent that final allocations of the purchase price cause our
      depreciation and amortization expense to differ from that presented in the
      accompanying pro forma information, annual earnings per share will be
      effected by $.01 per share for every $2.4 million difference in annual
      depreciation and amortization expense. Thus, for example, if the Company
      ultimately allocates an additional $95.7 million of the aggregate purchase
      price to property, plant and equipment (representing a 15% increase in the
      amount that was preliminarily allocated to such assets), the annual
      depreciation and amortization expense would increase by approximately $9.6
      million (assuming a composite depreciation rate of 10%) and the annual
      earnings per share would decrease by approximately $.04 per share from the
      amounts presented in the pro forma information.

      As explained further above under "Introduction - Pro Forma Information,"
      the pro forma financial information has been prepared assuming that the
      aggregate purchase price of $2.201 billion was financed on a long-term
      basis with (i) $1.285 billion of after-tax proceeds from the August 1,
      2002 sale of its wireless business and (ii) $916 million of net
      indebtedness incurred, consisting of (a) all of the $494 million of net
      proceeds from the sale of senior notes in August 2002, (b) all of the $161
      million of net proceeds from the sale of convertible senior debentures in
      third quarter 2002, and (c) $261 million of a total of $483.4 million of
      net proceeds from the sale of equity units in May 2002 (the remaining
      portion of which was utilized to repay outstanding indebtedness).

(D)   December 31, 2001 Income Statement Pro Forma Adjustments.

      Set forth below are the pro forma adjustments applicable to the
      acquisitions of the Verizon assets and to the divestiture of the wireless
      operations with respect to the unaudited pro forma consolidated condensed
      statement of income for the year ended December 31, 2001. These
      adjustments have been prepared assuming a 7.0% weighted average interest
      rate on the $916 million net indebtedness incurred ($2.201 billion cash
      purchase price of the Verizon assets less after-tax proceeds from the
      sale of the wireless operations of $1.285 billion). This assumed 7.0%
      rate is based on the actual interest rates accruing on the debt
      securities issued by the Company in the second and third quarter of 2002,
      adjusted for the rates on borrowings under revolving credit facilities
      utilized for interim financing of the Verizon acquisitions.


            December 31, 2001 Income Statement Pro Forma Adjustments



                                                        Cost of Sales                                 Discontinued
                                                        and Operating     Interest        Income       operations,
                                                          Expenses         expense      tax expense    net of tax
------------------------------------------------------------------------------------------------------------------
                                                                         (Dollars in thousands)

                                                                                               
Interest on 12 months of net borrowings of
  $916 million at an assumed rate of 7.0% (1)          $                     64,120

Eliminate Verizon interest expense on parent
  debt and equity funding                                                   (21,388)

Eliminate pension credit related to excess
  pension assets which will remain with Verizon (2)          14,900

Tax benefit relating to pro forma adjustments
  (assuming a 40% tax rate)                                                                (23,053)

Eliminate discontinued operations
  of wireless business                                                                                     (198,885)
-------------------------------------------------------------------------------------------------------------------
                                                       $     14,900          42,732        (23,053)        (198,885)
===================================================================================================================


(1)   See footnote (C).  Use of an assumed rate .125% higher or lower than 7.0%
      on net borrowings would have changed net income by approximately $687,000.

(2)   Reflects the elimination of Verizon's excess pension assets. Verizon has
      retained these assets, together with all income generated by such assets.
      Verizon's historical financial statements reflect such assets and income.




(E)     September 30, 2002 Income Statement Pro Forma Adjustments.

      Set forth below are the pro forma adjustments applicable to the
      acquisitions of the Verizon assets and to the divestiture of the wireless
      operations with respect to the unaudited pro forma consolidated condensed
      statement of income for the nine months ended September 30, 2002. These
      adjustments have been prepared assuming a 7.0% weighted average interest
      rate on the $916 million net indebtedness incurred ($2.201 billion cash
      purchase price of the Verizon assets less after-tax proceeds from the
      sale of the wireless operations of $1.285 billion). For further
      information on this assumed 7.0% rate, see footnote (D).


            September 30, 2002 Income Statement Pro Forma Adjustments


                                                        Cost of Sales                                 Discontinued
                                                        and Operating     Interest        Income       operations,
                                                          Expenses         expense      tax expense    net of tax
-------------------------------------------------------------------------------------------------------------------
                                                                         (Dollars in thousands)

                                                                                             
Interest on nine months of net borrowings of $916
  million at an assumed rate of 7.0% (1)               $                   48,090

Interest expense incurred for the nine months
  ended September 30, 2002 related
  to 2002 debt issuances which is included
  in the Company's historical results (2)                                 (11,154)

Eliminate Verizon interest expense on parent
  debt and equity funding                                                  (9,615)

Eliminate pension credit related to excess
  pension assets which will remain with Verizon (3)         8,428

Tax benefit relating to pro forma adjustments
  (assuming a 40% tax rate)                                                              (14,299)

Eliminate discontinued operations
  of wireless business                                                                                   (610,595)
-------------------------------------------------------------------------------------------------------------------
                                                       $    8,428          27,321        (14,299)        (610,595)
===================================================================================================================


(1)  See footnote (C). Use of an assumed rate .125% higher or lower than 7.0% on
     net borrowings would have changed net income by approximately $515,000.

(2)  Because the $48.1 million interest expense adjustment in the chart above
     reflects nine months of assumed interest incurred on debt hypothetically
     issued on January 1, 2001, this offsetting entry of $11.2 million is
     necessary to avoid double-counting the interest actually paid (and
     reflected in the Company's historical financial information) with respect
     to debt issued by the Company during the second and third quarter of 2002.
     The $11.2 million adjustment amount represents the actual net interest
     expense incurred for the nine months ended September 30, 2002 related to
     debt issuances in the second and third quarters of 2002, net of a reduction
     in interest expense as a result of repaying part of the Company's revolving
     credit facility indebtedness using proceeds from such issuances.

(3)  Reflects the elimination of Verizon's excess pension assets. Verizon has
     retained these assets, together with all income generated by such assets.
     Verizon's historical financial statements reflect such assets and income.



(F)     Convertible Debentures

      In connection with the long-term financing of the Verizon acquisitions,
      the Company issued $165 million of 4.75% convertible senior debentures in
      the third quarter of 2002. The debentures are convertible into the
      Company's common stock at a conversion price of $40.455 per share upon
      the occurrence of certain events. As of September 30, 2002, shares
      issuable upon conversion of the debentures were not included in the
      Company's historical average diluted shares outstanding because none of
      these conversion events had occurred. If the debentures become
      convertible in the future, average diluted shares outstanding would
      increase by 4.1 million shares (subject to adjustment under certain
      circumstances). If these 4.1 million shares issuable upon conversion of
      the debentures had been included in the pro forma diluted earnings per
      share calculations, pro forma diluted earnings per share for the year
      ended December 31, 2001 (as adjusted for goodwill amortization) and the
      nine months ended September 30, 2002 would have been $1.96 and $1.41,
      respectively.

(G)     Reclassifications.

      Certain reclassifications have been made to the historical financial
      information to conform to the presentation of the condensed pro forma
      information.

(H)     Verizon Historical Results.

      All amounts reflected above under the headings "Verizon" are based on
      special purpose financial statements of the Verizon acquired operations.
      In connection with the preparation of these special purpose financial
      statements, Verizon made numerous assumptions and allocations where
      specific data was not available pertaining to the acquired assets.
      Because of the significant amount of allocations and estimates used to
      prepare these special purpose financial statements and because the
      Company will operate these assets under a different operating and
      management structure, they may not reflect the financial position and
      results of operations of the acquired properties after such properties
      are acquired by the Company.



                           FORWARD-LOOKING STATEMENTS

      In addition to historical information, this Current Report on Form 8-K
includes certain forward-looking statements and estimates that are based on
current expectations only, and are subject to a number of risks, uncertainties
and assumptions, many of which are beyond the control of the Company. Actual
events and results may differ materially from those anticipated, estimated or
projected if one or more of these risks or uncertainties materialize, or if
underlying assumptions prove incorrect. Factors that could affect actual results
include but are not limited to: the Company's ability to effectively integrate
new businesses into its operations; possible changes in the demand for, or
pricing of, the Company's products and services; the Company's ability to
successfully introduce new offerings on a timely and cost-effective basis; and
the effects of more general factors such as changes in overall market or
economic conditions, in prevailing interest rates or in legislation, regulation
or public policy. These and other uncertainties related to the business are
described in greater detail in Item 1 to the Company's Annual Report on Form
10-K for the year ended December 31, 2001. You are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. The Company undertakes no obligation to update any of its
forward-looking statements for any reason.

                                   SIGNATURE

      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 thereunto duly authorized.

                                        CenturyTel, Inc.

Dated:  January 13, 2003                By: /s/ Neil A. Sweasy
                                        ----------------------
                                        Neil A. Sweasy
                                        Vice President and Controller