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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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