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0000950152-04-003415.txt : 200404300000950152-04-003415.hdr.sgml : 2004043020040430141144ACCESSION NUMBER:0000950152-04-003415CONFORMED SUBMISSION TYPE:8-KPUBLIC DOCUMENT COUNT:40CONFORMED PERIOD OF REPORT:20040430ITEM INFORMATION:FILED AS OF DATE:20040430
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:1231
FILING VALUES:FORM TYPE:8-KSEC ACT:1934 ActSEC FILE NUMBER:000-11174FILM NUMBER:04769009
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-K1l07326ae8vk.htmWARWICK VALLEY TELEPHONE COMPANY
WARWICK VALLEY TELEPHONE COMPANY
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) April30, 2004
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)
ITEM 12. FINANCIAL STATEMENTS AND EXHIBITS.
Lynn Pike, President of Warwick Valley Telephone Company (theCompany) discussed certain aspects of the Companys business at itsAnnual Shareholders Meeting on April30, 2004. The text of hispresentation, as presented is in exhibit Item20.
The following exhibit is filed herewith:
20. Presentation at Annual Stockholders Meeting on April30, 2004.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of1934, the Registrant has duly caused this Report to be signed on itsbehalf by the undersigned hereunto duly authorized.
WARWICK VALLEY TELEPHONE COMPANY
Dated: April30, 2004 By: /s/ M. Lynn Pike
Name: M. Lynn Pike
Title: President
EX-202l07326aexv20.htmEX-20 STOCKHOLDERS MEETING PRESENTATION
EX-20 STOCKHOLDERS MEETING PRESENTATION
Exhibit 20
Presentation at Annual Stockholders Meeting on April 30, 2004.
WELCOME
A Century of Service
Thanks and welcome to all shareholders and employees who have taken the timeto come to our annual meeting.
1
Year in Review: 2003
Warwick Online added more Digital TVcustomers in 2003, resulting in a growth of177% for a total of 1662 accounts
At year-end WVLD served 11,529 accesslines, an annual increase of 653 or 6%.
Two CLEC operations:
NY grew by 16.8% increase, NJ doubled in size
DSL Customers increased 50% over 2002
Popular new service is proving to be an excellent customer and revenueretention vehicle and 2004 is expected to be another growth year.
More than 75% of video customers either subscribe to DSL or upgrade fromdial-up.
LD: Due to aggressive marketing, sales and customer acceptance of ourcompetitive LD product
Revenue increase was almost 2%
DSL: Due to effective marketing and theubiquity of our offering
DSL coverage and penetration levels remain among the best in the nationwhen compared to the Regional Bell
Operating Companies and other Independent Local Exchange Carriers (ILECs)
Two CLEC operations:
NY grew by 16.8% increase, NJ doubled in size
2
Year in Review: 2003
Orange Poughkeepsie Partnership continuessolid results
Shareholder suggestions to spin off thepartnership were unanimously rejected by theBoard
WVTCs Board and management take these and all other shareholder concernsseriously. After serious consideration of managements views and advice fromWVTCs legal and financial advisers, the Board has determined that none ofthese proposals is beneficial in the long term to the shareholders or customersof WVTC. (More detailed discussion in the proxy and 10-K).
Require the formation of investment co.
not our core strength, high costs
High tax events for which there is no revenue to pay them.
3
Year in Review: 2003
Continue to pursue controlling the "last mile" to ourcustomers
Aggressively deploy broadband technology
Proactively consider opportunities in wireless broadband, VoIP andexpanded video offerings.
Continue CLEC edge-out strategy; look at new opportunities outsideour franchise areas
DataNet continued a successful expansion of itsbusiness in 2003
Signed long-term contracts with national carriers and Fortune 100companies
Moved into Connecticut and planning to move into New Jersey withan intention to duplicate its successful performance
Data Net:
2003 Revenue = $4.2 m
7 consecutive Qs of positive income
4
Building Opportunities for the Community
Enhance "Triple Play" (voice, video and data) services overan integrated communication platform
Grow infrastructure to meet customer demands
Deliver new revenue generating services like video, broadbandInternet connections
Enhance the customer experience, increasing loyalty and retention inthe face of heightened competition
We are dedicated to enriching our communities, deliveringpowerful voice, data and entertainment services to everyhome and business in the areas served.
Deliver the best quality in advanced communications and homeentertainment technology.
Ultimately, these strategies will continue to fuel our marketmomentum, thereby increasing market share.
5
Delivering on the Promise: 2004
DSL penetration and availability as successful as anyother provider of DSL services in the country
Video continues to build market share
In 2004 the company will look for creative ways tobundle products and services to continue to increasemarket penetration
Launched EsiNet to serve underdeveloped NYcommunities
Continue to deliver satisfying dividends toshareholders while reinvesting in business growth
6
Delivering on the Promise: 2004
We are looking to improve our performance in2004 although we know there will becontinuing challenges.
We look forward to developing even closerrelationships with you in the coming year andwill continue to keep you informed about ourexciting developments moving forward.
Challenges such as:
FCC decisions on VoIP, USF, and intercarrier compensation (70% of regulatedrevenue)
Customer decisions to substitute wireless and VoIP for POTS competition forour broadband and Video
7
Highlights 2003 2002 Total Revenues (000's) Total Revenues (000's) $28,843 $27,703 Net Income (000's) Net Income (000's) $7,879 $7,751
Earnings per Share Earnings per Share $1.45 $1.43 Dividends per Share Dividends per Share $0.70 $0.58
ILEC Access Lines ILEC Access Lines 27,903 28,807 CLEC Access Lines CLEC Access Lines 1,699 1,454 WVLD Lines WVLD Lines 11,529 10,876 Online Dial-up Customers Online Dial-up Customers 12,838 17,028 Online DSL Customers Online DSL Customers 5,119 3,402 Digital TV Subscribers Digital TV Subscribers 1,662 599
8
Major 2003 Business Events
Revenue Affecting
DSL Customer Growth
Video Customer Growth
Warwick Valley Long Distance Growth
Broadband Revenue Growth
Decline in Dial-Up Internet
9
Major 2003 Business Events
Expense Affecting
Insurance Cost Increase
Pension & OPEB Increases
Video Launch
Proxy Fight / Legal Costs
Sarbanes/Oxley Compliance Costs
Pension funding costs and OPEB deferrals had to be booked
Installation and new equipment costs takes time to recover.
Health Insurance went up 3.2% or 24K.
General Insurance (D&O) went up 47% or 181K year over year.Depreciation expense increased $1million year over year due to Capex relatedto POTS, DSL & Video expansion.
Sarbanes/Oxley cost increases totaled $375 including:
Increased D&O insurance $ 181
Increased compliance costs $ 194K
4.6/share
10
Major 2003 Business Events
Operations
Sarbanes / Oxley 404 Compliance
Audit Cost in Human and FinancialResources
Added corporate accountability and certification requirements.
11
5 Year Revenue Growth 1998 1999 2000 2001 2002 2003 21362 23186 26691 27538 27703 28843
For 2003 Increase drivers were
Broadband
DSL
Video
Access Charges
Long Distance
12
5 Year WVT Portion of O/P Results 1999 2000 2001 2002 2003 2339000 3368000 5041000 7303000 9118000
(Before Taxes)
(000's)
1999 2000
49.9 %
2000 2001
54.9 %
2001 2002
44.9 %
2002 2003
24.9 %
13
5 Year Net Income 1999 2000 2001 2002 2003 5582 7018 7324 7751 7879
(000's)
1999
38.1 %
2000
25.7 %
2001
7.9 %
2002
9.6 %
2003
.017 %
14
5 Year Property Plant & Equipment 1999 2000 2001 2002 2003 6449 5069 9446 8399 6261
(000's)
15
Where Revenue Comes From (000's) 2003 2002 2001 Access & Long Distance $11.4 $10.8 $9.5 Internet Services $6.7 $ 6.3 $ 6.4 Local Network Service $4.1 $ 4.1 $ 4.2 WVLD $1.9 $ 2.0 $ 2.1 Other Revenues $3.3 $ 3.2 $ 4.1 Directory Advertising $1.4 $ 1.3 $ 1.2 Total: $28.8 $27.7 $27.5
Dial-up and reciprocal comp losses offset by DSL, broadband and video.
Implementation of DSL and Video rate increases will occur in May.
WVT had to pass content cost increases through to customers.
16
Significant Expenditures (000's) 2003 2002 2001 Wages & Benefits $11.5 $10.2 $ 9.7 Depreciation $4.9 $ 4.0 $ 3.8 Taxes $5.4 $ 5.4 $ 5.2 Video $1.1 $.56 $ 0 Legal $.46 $.47 $.23 Pension & Post Retirement Benefits $1.7 $.91 $.46
Video Content costs, installation expense.
Legal primarilly due to shareholder actions.
2003 proxy fight
2/share
Pension & Post Retirement funding increases due to stock market performanceand decreases in discount rate.
17
Total Access Line Growth 1999 2000 2001 2002 2003 28935 30601 30312 30261 29602
( ILEC & CLEC )
2.2% decline vs National average of 4%
VoIP
Cell Phone
DSL
18
Strategy
Our Future Business Strategy
19
Strategy
Grow Shareholder Value
ILEC
CLEC
DATA
Control the "Last Mile"
Leverage Core Assets
ILEC Expense control
Service Bundles
NY and NJ Rate cases
CLEC Continue edge-out strategy in NY and NJ
Seek new broadband customers
DATA DSL, VDSL, Broadband
Position for full range of Voice, Data, Entertainment Services (video, Games,VOD, VoIP)
20
Lines of Business
NY / NJ ILEC
NY / NJ CLEC
21
Middletown
Steady growth of NY CLEC
NJ influenced by Mt. Creek doubled in 2003.
Will see more Mt. Creek ski area growth as the new Hotel/Business area comes online in early 2005.
22
NY / NJ ILEC
NY / NJ CLEC
Long Distance
Lines of Business
23
Long Distance Results
Created new competitive Long Distance Plansthat resulted in an increase of 653 netsubscribers
Current Long Distance penetration rate is39.8%
WVT would have lost an estimated 8.4% of theYE2002 market share had these plans not beendeveloped
Wireless and VoIP have both begun to stealmarketshare
24
Lines of Business
NY / NJ ILEC
NY / NJ CLEC
Long Distance
Online Services
Dial-up, DSL and Video
Dial-up continues to decline
Home and Enterprise LAN installations
A business foisted upon us which is being launched as a new product w/ bothrecurring and non-recurring revenue streams
Wi-Fi under consideration
VoIP under consideration
Hosted IP PBX product
25
DSL Business Results
Among the Highest Penetrations Nationally
Current Residential DSL plans: 128K ($29.95)512K ($42.95) & 1M ($69.95)
Triple Play and Grand Slam bundles provideDSL package discounts based on Digital TVpackage
Currently 5,491 DSL subs out of 19K homespassed equates to 28.9% penetration
DSL is adding 188 net customers per month
DSL is replacing Dial-Up revenue free-fall
Highest penetration in country. Approximate annual revenue $2.8m.
Triple Play and Grand Slam bundling has reduced POTS Churn by 66.8%. Thesefigures are based on internal data beginning in November2003 through March2004. While our current POTS Churn rate is in the neighborhood of 1%, assubstitute products like VoIP and wireless make inroads, those Churn rates willincrease dramatically.
Bundles improve POTS stickiness. They are our best defense against Churn.
26
Warwick DSL Growth 1999 2000 2001 2002 2003 DSL 108 500 1994 3402 5119
99-00
463 %
00-01
398 %
01-02
170 %
02-03
150 %
27
VIDEO BUSINESS RESULTS
Currently have 1,937 video subs after 2 years
Represents 25.67% total penetration
Video launch was not ubiquitous
Initially targeted marketing only - now we are usingmass media
Some early nodes are above 47% penetration
Tracking with aggressive business plans
Initial strategy was to create a new revenue stream
Digital TV is now a customer retention tool
Average video monthly revenue per sub = $62.25
Caller ID penetration has increased by 30% in areas where we have deployedvideo.
Our normal Caller ID penetration rate is 22% and we are experiencing 52% inareas where video is deployed.
Approximate annual revenue from video is $1,447,000 annually.
(1937 subs x $62.25 mth/sub x 12months = $1,447,000)
DSL penetration has increased by 41% in areas where we have deployed video.
Our normal DSL penetration rate is 29% and we are experiencing 75% in areaswhere video is deployed.
The combined incremental revenue on an annual basis for Caller ID and DSL invideo areas is approximately $300,000.
(In reality, $260K for DSL and $38K for Caller ID).
Our marketing strategy going forward will include the use of newspapers andother mass media now that we have deployed in more than 50% of our footprint.We have brought outside help to update our message and will be aggressivelygoing after our embedded base of homes past as a way to increase overall videopenetration.
28
Video
Three Services from one POTS Line
Voice
Video
Data
Triple Play
29
Video
Bundle 4 Services
Voice
Video
Data
Long Distance
Grand Slam!
Utilize existing copper infrastructure
Control the last mile
30
Video
Summary:
Early adopters represent about 10-15% of ourcustomers
The next 15+% requires marketing savvy
POTS churn is the most important business issue thatILECs currently face
The Triple Play is the best defense for this problem
Customers who get voice, video and data from oneprovider on one bill are reluctant to switch
Early WVT data shows that the Triple Play hasreduced POTS churn by 66.8%
31
Lines of Business
NY / NJ ILEC
NY / NJ CLEC
Long Distance
Online Services
Broadband
Currently $1.1million annual revenues grown from $0 in 2000.
32
New York
New Jersey
Hudson Valley Data Network
NEON Communications Network
WVT Communications Network
White Plains, NY
New York City, NY
Stamford, CT
Hartford, CT
Springfield, MA
Warwick, NY
Highland Lakes, NJ
Pine Island, NY
Florida, NY
New York
New Jersey
Goshen, NY
Poughkeepsie, NY
Woodbury, NY
Newburgh, NY
New
Paltz
, NY
Middletown, NY
Broadband Partnerships
HVDN:a broadband provider of which WVTC owns 8.9%
serves 2nd 3rd tier mkts in Hudson Valley
7 qtrs of positive N.I.
Expanded to Conn in 2003
$4.2m annual revenue
Several Fortune 100 customers
NEON is partner
33
Buffalo
Rochester
Syracuse
Albany
New York City
VT
Warwick
Hartford
White Plains
Vernon
New Jersey
MA.
CT.
Springfield
Poughkeepsie
New Paltz
Champlain
Newburgh
Binghamton
PA.
New York
Empire State Independent Network
Consortium of 13 independent Telcos
Corporate Structure is an LLC.
Funded by $3.8 million total equity and $5.7 million initial debt.
Lendinginstitution is yet to be determined.
No pledging of owners assets will be required to guarantee the
loans.
There will be no requirement for further cash calls.
Plans are to launch in the late Fall.
Warwick 25% owner
Will provide broadband communications to 2nd & 3rd tier markets in more than54 communities in NY
Economic development for rural NY
Following DATANET model to economically deliver broadband to customers at aprofit to the owners.
Provide services to owners at lower cost than we receive them today
Allow WVT to leverage our head-end investment to sell video content to smalltelcos
34
NY / NJ ILEC
NY / NJ CLEC
Long Distance
Online Services
Broadband
Wireless Resale
35
National Resale
Local Resale
PCS WIRELESS RESALE
WVTC owns 17% of Telispire
Resell Sprint PCS and Verizon nationally
Branded as WVT Communications
Plans are to market in our NY/NJ operating areas by mid-summer.
36
SUMMARY
Positive Financial Performance
Strong Cash Flows
Dividend Growth
Knowledge of our Market and Customers
Growth Opportunities: Data Services, CLEC, Video
Leveraging Core Assets
Experienced Management Team
Knowledgeable and Motivated Workforce
37
To be the choice provider of profitable qualitycommunication services, entertainment servicesand products by offering superior customercare and value for traditional and new marketsin the Tri-State Region and beyond.
38
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