Bus. 11/03 Warwick Valley Telephone Reports Financial Results for the Nine Months Ended September 30, 2003.Business Editors/High-Tech Writers WARWICK Warwick, town and district, England Warwick, town (1991 pop. 21,701) and district, county seat of Warwickshire, central England, on the Avon River. The town has some commerce and manufacturing. , N.Y.--(BUSINESS WIRE)--Nov. 17, 2003 Warwick Valley Telephone Company announced today their financial results as of September 30, 2003. Philip A. Grybas, Chief Financial Officer, reported that Net Income for the nine-month period increased 2% to $6,280 million from $6,186 million for the same period in 2002. Revenues increased 8% in comparison to the same period in 2002, primarily the result of increases in DSL DSL in full Digital Subscriber Line Broadband digital communications connection that operates over standard copper telephone wires. It requires a DSL modem, which splits transmissions into two frequency bands: the lower frequencies for voice (ordinary revenues, interstate in·ter·state adj. Involving, existing between, or connecting two or more states. n. One of a system of highways extending between the major cities of the 48 contiguous United States. Noun 1. switched access revenues, end user revenues and new video revenues. A significant part of the DSL revenue increase was due to additional customers. Switched access revenues increased primarily as a result of price increases. Total operating expenses Operating expenses The amount paid for asset maintenance or the cost of doing business, excluding depreciation. Earnings are distributed after operating expenses are deducted. increased 16% for the nine-month period ended September 30, 2003 as compared to the same period in 2002. Increased benefit costs of 44% due to higher pension costs as well as an increase of 24% in depreciation due to significant network upgrades that were not in service during the same period last year, were contributing factors. In addition, $492K was the result of a settlement with a large interconnection in·ter·con·nect v. in·ter·con·nect·ed, in·ter·con·nect·ing, in·ter·con·nects v.intr. To be connected with each other: The two buildings interconnect. v.tr. company for prior unbilled un·billed adj. 1. Not having been billed or charged for: unbilled medical charges. 2. Appearing, as in a movie, without being credited: an unbilled walk-on. trunkline charges. Non-operating income increased 22% as compared to September 30, 2002 due to the successful performance of our wireless partner, Orange/Poughkeepsie Limited Partnership. The Partnership's call volume remained strong during the quarter. Earnings per share were $1.16 as compared to $1.14 in the prior nine-month period. Share amounts have been restated for the three-for-one stock split that was approved by the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State Public Service Commission and the New Jersey Board of Public Utilities The New Jersey Board of Public Utilities (NJBPU) is a regulatory authority in New Jersey charged with the responsibility of seeing that "safe, adequate, and proper utility services are provided at reasonable rates for customers in New Jersey. on October 6, 2003 and made available on October 13, 2003. Warwick Valley Telephone (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :WWVY) provides Local, Toll, Cellular, Internet Internet Publicly accessible computer network connecting many smaller networks from around the world. It grew out of a U.S. Defense Department program called ARPANET (Advanced Research Projects Agency Network), established in 1969 with connections between computers at the , Video and other communications services in Southeastern New York and Northwestern New Jersey.
Warwick Valley Telephone Company
Financial Data
(Unaudited)
Nine months ended
September 30,
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(Dollars in thousands, except per share data)
2003 2002 Change
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Income Statement Data
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Operating Revenues 21,756 20,222 8%
Plant Repair and Maintenance Expenses 3,608 3,144 15%
Depreciation, Testing and Other Expenses 5,673 4,573 24%
Customer Service Expenses 3,206 3,010 7%
Other Operating Expenses 6,187 5,415 14%
Operating Income 3,082 4,080 -24%
Non-Operating Income and Expenses 6,421 5,254 22%
Income Taxes 3,223 3,148 2%
Net Income 6,280 6,186 2%
Preferred Dividends 19 19 0%
Income Applicable to Common Stock 6,261 6,167 2%
Earnings Per Share 1.16 1.14 2%
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