WARWICK VALLEY TELEPHONE COMPANY 8-K - … 3 Forward Looking Statement Note Certain statements...
Transcript of WARWICK VALLEY TELEPHONE COMPANY 8-K - … 3 Forward Looking Statement Note Certain statements...
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0000950152-08-003044.txt : 200804250000950152-08-003044.hdr.sgml : 2008042520080425144807ACCESSION NUMBER:0000950152-08-003044CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:21CONFORMED PERIOD OF REPORT:20080425ITEM INFORMATION:Financial Statements and ExhibitsFILED AS OF DATE:20080425DATE AS OF CHANGE:20080425
FILER:
COMPANY DATA:COMPANY CONFORMED NAME:WARWICK VALLEY TELEPHONE COCENTRAL INDEX KEY:0000104777STANDARD INDUSTRIAL CLASSIFICATION:TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]IRS NUMBER:141160510STATE OF INCORPORATION:NYFISCAL YEAR END:1220
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-11174FILM NUMBER:08777269
BUSINESS ADDRESS:STREET 1:47 49 MAIN STCITY:WARWICKSTATE:NYZIP:10990BUSINESS PHONE:9149861101
MAIL ADDRESS:STREET 1:47 49 MAIN STSTREET 2:PO BOX 592CITY:WARWICKSTATE:NYZIP:10990
8-K1l31234ae8vk.htmWARWICK VALLEY TELEPHONE COMPANY 8-K
WARWICK VALLEY TELEPHONE COMPANY 8-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-KCURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) April25, 2008
WARWICK VALLEY TELEPHONE COMPANY
(Exact Name of Registrant as Specified in Charter)
NEW YORK
0-11174
14-1160510
(State or Other Jurisdiction
(Commission
(IRS employer
of Incorporation)
File Number)
Identification No.)
47 MAIN STREET, WARWICK, NEW YORK
10990
(Address of principal executive offices)
(Zip Code)
Registrants telephone number, including area code (845)986-8080
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfythe filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
o Written communications pursuant to Rule425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule14d-2(b) under the Exchange Act (17 CFR240.14d-2(b))
o Pre-commencement communications pursuant to Rule13e-4(c) under the Exchange Act (17 CFR240.13e-4(c))
Item9.01. Financial Statements and Exhibits
Address of President at Annual Stockholders Meeting on April25, 2008.The presentation, as presented is in exhibit Item99.1.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registranthas duly caused this Report to be signed on its behalf by the undersigned hereunto dulyauthorized.
WARWICK VALLEY TELEPHONE COMPANY
Dated: April 25, 2008 By: /s/ Duane W. Albro.
Name:Duane W. Albro
Title:President & Chief Executive Officer
ExhibitIndex
Exhibit No. Description
99.1
Presentation at Annual Stockholders Meeting on April25, 2008.
EX-99.12l31234aexv99w1.htmEX-99.1
EX-99.1
EXHIBIT 99.1
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WVT Communications
Annual Meeting
April 25, 2008
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Forward Looking Statement Note
Certain statements contained in this presentation, including, without limitation,statements containing the words "believes," "anticipates," "intends," "expects"and words of similar import, constitute "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and otherfactors that may cause the actual results, performance or achievements of theCompany or industry results to be materially different from any future results,performance or achievements expressed or implied by such forward-lookingstatements. Such factors include, among others, the following: generaleconomic and business conditions, both nationally and in the geographicregions in which the Company operates; industry capacity; demographicchanges; existing governmental regulations and changes in or the failure tocomply with, governmental regulations; legislative proposals relating to thebusinesses in which the Company operates; competition; or the loss of anysignificant ability to attract and retain qualified personnel. Given theseuncertainties, current and prospective investors should be cautioned in theirreliance on such forward-looking statements. The Company disclaims anyobligation to update any such factors or to publicly announce the results of anyrevision to any of the forward-looking statements contained herein to reflectfuture events or developments.
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WVT Communications
Financial Headlines 2007
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Revenue $24.0M
4.7%
Expense $25.1M
Operating Income $(1.1M)
O-P Income $9.7M
Net Income $5.5M
71.1%
3.0%
37.7%
13.4
%
More Financial Headlines 2007
Earnings per Share $1.02
EBITDA $4.15M
157.5%
37.8%
Free Cashflow $0.86M
150.1%
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Financial Results
($000's) 2003 2004 2005 2006 2007 EBITDA 8.1 6.4 2.7 1.6 4.2 Net Income 7.7 8.9 5.2 3.8 5.5
EBITDA / Net Income
Revenues / Expenses 2003 2004 2005 2006 2007 Revenues 28.6 27.6 27.3 25.2 24 Expense 25.5 26.6 30.3 29 25.1
2007 Revenue declined $1.2M
2006 2007 Revenue 25.2 24
Access line decline
Dial-up service migrationlosses
Long distance revenueincrease
Video pricing increase
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2007 Average Revenue per Access Line increased 2%
Grew high speedbroadband and videocustomer base
Strong LD package sales
Access line declineprimarily lower revenuecustomers (e.g. 2nd lines)
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2006 2007 ARPAL 87.52 89.29
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2007 Operating Expenses declined $3.9M
2006 2007 OPEX 29 25.1
Improved vendormanagement (esp.professional services)
Reduced managementemployee benefits
Employee headcountcontrol
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2007 Operating Loss decreased $2.7M
2006 2007 Op Inc -3.8 -1.1
Primarily driven bybetter cost control
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2007 Income from O-P Partnership increased $284K
2006 2007 O-P 9.4 9.7
Additional investmentmade April 2007
Overall growth in NetIncome
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2007 Consolidated WVT Net Income increased $1.5M
2006 2007 Net Inc 4 5.5
Driven by improvedoperational results andimproved O-P net income
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2007 EBITDA increased $2.4M 2006 2007 EBITA 1.6 4.1
Expense reductions offsetrevenue declines
SG&A decreased 47%
Margin increase of 11%
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2007 Earnings per share increased $.28
2006 2007 EPS 0.74 1.02
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Free Cashflow increased $2.584M
2006 2007 Free Cash Flow -1.7 0.86
OpEx control
CapEx control
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State of New York Department of Public Service
Public Service Commission
"The Commission has noted the excellent levels ofservices provided to consumers by your company andits employees during 2007. The commission herebycommends Warwick Valley Telephone Company (d/b/aWVT Communications) for the high quality of telephoneservice which it provided during 2007"
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2008 ILEC Strategies and Action Plans
Continue cost control efforts
Continue to manage capital expenditures
Grow top-line revenue by leveraging our core strength inproviding reliable, high quality services with world-classcustomer service through...
Revenue Retention
- - Continue Triple/Double Play (voice/internet/video)
- - Aggressively market internet (up to 25Mb) and HDTV(14 channels)
Continue LD package sales
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2008 ILEC Strategies and Action Plans
Grow top-line revenue by leveraging our core strength in providingreliable, high quality services with world-class customer servicethrough...
Revenue Acquisition
Enhance Offerings
- - Web and TV advertising products
- - Small Office/Home Office (SoHo) Mass Market bundle
- - New technology products
Reposition Wireless
Nationwide coverage
Target Tween and Senior segments (post-paid)
- - Pre-paid offerings
Partner with developers of senior-only MDUs
Expand customer win-back program
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2008 CLEC Strategies and Action Plans
Aggressive penetration of CLEC products in SMB markets
- - VoiceNet Complete (VoIP)
Smartlight (Hi-speed data)
Grow current CLEC Operations
- - Middletown
- - Newburgh
Poughkeepsie
Expand contiguous to ILEC footprint
- - Rockland
- - Putnam
- - Westchester
North New Jersey
Acquire CLEC if immediately accretive
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WVT Communications
2007 Recap - Improved profitability and free cash flow
Reduced costs
Positioned for revenue growth
Managed our business well
2008 Outlook - Continue profitability and free cash flowimprovements
Reverse revenue decline
- - Mitigate access line loss with enhanced offerings
- - Implement CLEC business sales strategy
Continue cost control
Continue to manage capital expenditures
Continue managing our business well
Continue to deliver for customers and shareholders
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