ONEONTA, AL, May 7, 2013 /CNW/ - Otelco Inc. (NASDAQ: OTT), a
wireline telecommunications services provider in Alabama, Maine, Massachusetts, Missouri, New
Hampshire, Vermont and
West Virginia, today announced
results for its first quarter ended March
31, 2013. Key highlights for Otelco include:
- Total revenues of $21.0 million
for first quarter 2013.
- Operating income of $4.9 million
for first quarter 2013.
- Adjusted EBITDA (as defined below) of $8.8 million for first quarter 2013.
"First quarter produced financial results that
met our expectations," said Mike
Weaver, President and Chief Executive Officer of Otelco. "We
generated Adjusted EBITDA of $8.8
million, incurred and paid $1.4
million in restructuring expenses related to the bankruptcy
filing and still increased our cash balance by $1.8 million. We invested $0.8 million in capital equipment in the first
quarter and expect to increase our capital expenditures over the
course of the year for a total investment of approximately
$7.0 million for 2013. We ended the
quarter with $34.3 million in cash on
hand.
"The restructuring process continues to proceed
as planned," added Weaver. "We were pleased with the voting results
of the solicitation, having received overwhelming support for our
plan from both our senior lenders and our subordinated note
holders. Yesterday, the Bankruptcy Court entered an
order to confirm our plan. Consistent with the terms of our plan of
reorganization and a Court order we obtained in March 2013, our vendors and suppliers have been
paid in full for all undisputed invoices. The next major
steps in the process include completing the amendment and extension
of our senior credit facility; obtaining FCC approval for licenses
utilized by one of our subsidiaries; and the issuance of the new
Class A common stock in exchange for the senior subordinated
notes. In accordance with the plan, the existing Class A
common stock will be extinguished.
"Given the progress we have made on the balance
sheet restructuring to date and the recent confirmation of our
Plan, we expect to exit bankruptcy in the near future," Weaver
concluded.
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|
First Quarter 2013 Financial
Summary |
(Dollars in thousands, except
per share amounts) |
(Unaudited) |
|
Three Months Ended March
31, |
Change |
|
|
2012 |
2013 |
Amount |
Percent |
Revenues |
$ |
25,374 |
$ |
20,988 |
$ |
(4,386) |
|
(17.3) |
% |
Operating income |
$ |
6,617 |
$ |
4,889 |
$ |
(1,728) |
|
(26.1) |
% |
Interest expense |
$ |
(5,834) |
$ |
(5,554) |
$ |
(280) |
|
(4.8) |
% |
Net income (loss) |
$ |
818 |
$ |
(1,774) |
$ |
(2,592) |
|
* |
|
Basic net income (loss) per
share |
$ |
0.06 |
$ |
(0.13) |
$ |
(0.19) |
|
* |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(a) |
$ |
11,476 |
$ |
8,786 |
$ |
(2,690) |
|
(23.4) |
% |
Capital expenditures |
$ |
1,303 |
$ |
799 |
$ |
(504) |
|
(38.7) |
% |
|
|
|
|
|
|
|
|
|
|
|
* Not a meaningful calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Adjusted EBITDA to
Net Income (Loss) |
|
|
|
|
|
|
|
|
|
Three Months ended March 31, |
|
|
2012 |
|
2013 |
Net income (loss) |
$ |
818 |
$ |
(1,774) |
Add: Depreciation |
|
2,729 |
|
2,380 |
|
Interest expense - net of premium |
|
5,491 |
|
5,212 |
|
Interest expense - amortize loan cost |
|
342 |
|
342 |
|
Income tax expense (benefit) |
|
524 |
|
(72) |
|
Change in fair value of derivatives |
|
(241) |
|
- |
|
Loan fees |
|
19 |
|
19 |
|
IXC Tariff Dispute Settlement |
|
- |
|
69 |
|
Reorganization items |
|
- |
|
1,424 |
|
Amortization - intangibles |
|
1,794 |
|
1,186 |
Adjusted EBITDA |
$ |
11,476 |
$ |
8,786 |
(a) |
Adjusted EBITDA is defined as consolidated net income (loss)
plus interest expense, depreciation and amortization, income taxes
and certain non-recurring fees, expenses or charges and other
non-cash charges reducing or increasing consolidated net
income. Adjusted EBITDA is not a measure calculated in
accordance with generally acceptable accounting principles
(GAAP). While providing useful information, Adjusted EBITDA
should not be considered in isolation or as a substitute for
consolidated statement of operations data prepared in accordance
with GAAP. The Company believes Adjusted EBITDA is useful as
a tool to analyze the Company on the basis of operating performance
and leverage. The definition of Adjusted EBITDA corresponds
to the definition of Adjusted EBITDA in the indenture governing the
Company's senior subordinated notes and its credit facility and
certain of the covenants contained therein. The Company's
presentation of Adjusted EBITDA may not be comparable to similarly
titled measures used by other companies. |
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Otelco Inc. - Key
Operating Statistics |
|
|
|
|
|
|
|
|
|
|
|
(Unaudited) |
|
|
|
|
|
|
|
|
Quarterly |
|
|
|
|
|
|
|
|
% Change |
|
|
|
|
|
December 31, |
|
|
March 31, |
|
from |
|
|
|
|
|
2011 |
|
2012 |
|
|
2013 |
|
Dec. 31, 2012 |
Otelco access line equivalents(1) |
102,378 |
|
99,395 |
|
|
98,839 |
|
(0.6) |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RLEC and other services: |
|
|
|
|
|
|
|
|
|
|
|
Voice access lines |
|
46,202 |
|
43,021 |
|
|
42,274 |
|
(1.7) |
% |
|
Data access lines |
|
22,904 |
|
22,742 |
|
|
22,718 |
|
(0.1) |
% |
|
|
Access line equivalents(1) |
69,106 |
|
65,763 |
|
|
64,992 |
|
(1.2) |
% |
|
Cable television customers |
4,201 |
|
4,155 |
|
|
4,102 |
|
(1.3) |
% |
|
Satellite television customers |
226 |
|
233 |
|
|
235 |
|
0.9 |
% |
|
Additional internet customers |
5,414 |
|
4,506 |
|
|
4,312 |
|
(4.3) |
% |
|
|
RLEC dial-up |
|
301 |
|
198 |
|
|
169 |
|
(14.6) |
% |
|
|
Other dial-up |
|
2,797 |
|
1,895 |
|
|
1,726 |
|
(8.9) |
% |
|
|
Other data lines |
|
2,316 |
|
2,413 |
|
|
2,417 |
|
0.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CLEC: |
|
|
|
|
|
|
|
|
|
|
|
|
Voice access lines |
|
30,189 |
|
30,470 |
|
|
30,589 |
|
0.4 |
% |
|
Data access lines |
|
3,083 |
|
3,162 |
|
|
3,258 |
|
3.0 |
% |
|
|
Access line equivalents(1) |
33,272 |
|
33,632 |
|
|
33,847 |
|
0.6 |
% |
|
Wholesale network connections |
157,144 |
|
162,117 |
|
|
2,372 |
|
(98.5) |
% |
|
|
|
|
|
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For the Three
Months |
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Ended
March 31, |
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|
|
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|
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|
2012
|
|
|
2013 |
|
|
|
Total Revenues (in millions): |
|
$ |
25.4 |
|
$ |
21.0 |
|
|
|
|
RLEC |
|
|
|
$ |
14.2 |
|
$ |
13.2 |
|
|
|
|
CLEC |
|
|
|
$ |
11.2 |
|
$ |
7.8 |
|
|
|
(1) |
We define access line equivalents as voice access lines and
data access lines (including cable modems, digital subscriber
lines, and dedicated data access trunks). |
FINANCIAL DISCUSSION FOR FIRST QUARTER 2013
(unaudited):
Revenue
Total revenues of $21.0 million
decreased 17.3% in the three months ended March 31, 2013, when compared to the three months
ended March 31, 2012. The expiration
of the Time Warner Cable ("TWC") contract at the end of 2012 was
the primary reason for the decrease in revenue in 2013.
|
Three
Months Ended March 31, |
|
Change |
|
|
|
2012 |
|
|
2013 |
|
|
Amount |
|
|
Percent |
|
|
|
|
|
|
(dollars in
thousands) |
|
|
|
|
Local services |
|
$ |
11,653 |
|
$ |
8,542 |
|
$ |
(3,111) |
|
|
(26.7) |
% |
Network access |
|
|
7,814 |
|
|
6,497 |
|
|
(1,317) |
|
|
(16.9) |
|
Cable television |
|
|
805 |
|
|
775 |
|
|
(30) |
|
|
(3.7) |
|
Internet |
|
|
3,726 |
|
|
3,676 |
|
|
(50) |
|
|
(1.3) |
|
Transport services |
|
|
1,376 |
|
|
1,498 |
|
|
122 |
|
|
8.9 |
|
|
Total |
|
$ |
25,374 |
|
$ |
$ 20,988 |
|
$ |
(4,386) |
|
|
(17.3) |
|
Local services revenue decreased 26.7% in the
first quarter of 2013 to $8.5 million
from $11.7 million in the first
quarter ended March 31, 2012. TWC
revenue decreased $2.0 million;
reductions in intrastate calling revenue associated with the FCC's
InterCarrier Compensation order decreased $0.3 million; and one-time fiber installation
revenue decreased $0.1 million. The
remaining decrease is primarily related to the decline in RLEC
voice access lines. Network access revenue decreased 16.9% in the
first quarter of 2013 to $6.5 million
from $7.8 million in the quarter
ended March 31, 2012. TWC related
access revenue declined $0.7 million.
End user related access revenue, net of payments from the new
Connect America Fund, decreased $0.6
million, reflecting reduced subscriber usage and lower
intrastate calling revenue associated with the FCC's InterCarrier
Compensation order. Cable television revenue in the three months
ended March 31, 2013 decreased 3.7%
to just under $0.8 million compared
to just over $0.8 million in the same
period in 2012. Loss of basic cable subscribers was only
partially offset by increased IPTV and security services revenue in
our Alabama territory.
Internet revenue for the first quarter 2013 decreased 1.3% to just
under $3.7 million from just over
$3.7 million in the quarter ended
March 31, 201. The decline in dial-up
internet services and pricing of Missouri fiber rental accounted for the
decline. Transport services revenue increased 8.9% to
$1.5 million in the three months
ended March 31, 2013 from
$1.4 million for the three months
ended March 31, 2012. The increase
was associated with additional wide-area network transport
services.
Operating Expenses
Operating expenses in the three months ended March 31, 2013, decreased 14.2% to $16.1 million from $18.8
million in the three months ended March 31, 2012. Cost of services and
products decreased 14.1% to $9.5
million from $11.0 million for
the three months ended March 31,
2012. Costs associated with TWC decreased $0.4 million and network efficiencies reflecting
lower toll and employee expenses contributed to an additional
reduction of $1.3 million. These
reductions were partially offset by an increase of $0.2 million in our hosted PBX expense reflecting
our continued success with this product. Selling, general and
administrative expenses decreased 4.7% to $3.1 million in the three months ended
March 31, 2013, from $3.2 million in the three months ended
March 31, 2012. The decrease
reflected efficiencies in several areas for continued cost
control. Depreciation and amortization for first quarter 2013
decreased 21.2% to $3.6 million from
$4.5 million in the first quarter
2012. The amortization of intangible assets associated with
the Country Road acquisition, including contract intangible assets
and a telephone plant adjustment decreased $0.6 million; CLEC depreciation decreased
$0.2 million; and RLEC depreciation
decreased $0.1 million.
Interest Expense
Interest expense decreased 4.8% to $5.6
million in the quarter ended March
31, 2013, from $5.8 million a
year ago. The decrease in interest expense was primarily driven by
the lower effective interest rate on the outstanding balance on our
senior long-term notes payable upon expiration of our interest rate
swaps on February 8, 2012.
Reorganization Items
The Company spent approximately $1.4 million during the first quarter of 2013
associated with its balance sheet restructuring process with no
comparable expenses in the same period of 2012.
Adjusted EBITDA
Adjusted EBITDA for the three months ended March 31, 2013, was $8.8
million compared to $11.5 million for the same period in 2012
and in the fourth quarter of 2012. See financial tables for a
reconciliation of Adjusted EBITDA to net income.
Balance Sheet
As of March 31, 2013, the Company had
cash and cash equivalents of $34.3
million compared to $32.5 million at the end of 2012. The
Company's long-term notes payable of $271.1
million and the accumulated interest on those notes are
shown as liabilities subject to compromise due to the March 24, 2013 bankruptcy filing. Dividends on
our Class A stock were paid in first quarter 2012. No dividends
were paid in 2013.
Capital Expenditures
Capital expenditures were $0.8
million for the quarter as the Company continues to invest
in its infrastructure. The level of capital expenditure
reflects a planned slower start than in previous years but is
expected to lead to a similar level of investment in infrastructure
for 2013 as was experienced in 2012.
First Quarter Investors Conference Call
Otelco has scheduled a conference call, which will be broadcast
live over the internet, on Thursday, May 9,
2013, at 11:00 a.m. ET.
To participate in the call, participants should dial
(719) 325-2393 and ask for the Otelco call 10 minutes prior to
the start time. Investors and the general public will also
have the opportunity to listen to the conference call free over the
internet by visiting the Company's website at www.OtelcoInc.com or
www.earnings.com. To listen to the live call online, please visit
the website at least 15 minutes early to register, download and
install any necessary audio software. For those who cannot
listen to the live webcast, a replay of the webcast will be
available on the Company's website at www.OtelcoInc.com or
www.earnings.com for 30 days. A one-week telephonic replay
may also be accessed by calling (719) 457-0820 and using the
passcode 9096051.
ABOUT OTELCO
TOtelco Inc. provides wireline telecommunications services in
Alabama, Maine, Massachusetts, Missouri, New
Hampshire, Vermont and
West Virginia. The Company's
services include local and long distance telephone, network access,
transport, digital high-speed data lines and dial-up internet
access, cable television and other telephone related services. With
more than 98,000 voice and data access lines, which are
collectively referred to as access line equivalents, Otelco is
among the top 25 largest local exchange carriers in the United States based on number of access
lines. Otelco operates eleven incumbent telephone companies serving
rural markets, or rural local exchange carriers. It also provides
competitive retail and wholesale communications services through
several subsidiaries. For more information, visit the Company's
website at www.OtelcoInc.com.
FORWARD LOOKING STATEMENTS
Statements in this press release that are not statements of
historical or current fact constitute forward-looking statements.
Such forward-looking statements involve known and unknown risks,
uncertainties, and other unknown factors that could impact the
Company's restructuring plans or cause the actual results of the
Company to be materially different from the historical results or
from any future results expressed or implied by such
forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements labeled with the terms "believes," "belief,"
"expects," "intends," "anticipates," "plans," or similar terms to
be uncertain and forward-looking. There can be no assurance that
the restructuring transaction will be consummated. The
forward-looking statements contained herein are also subject
generally to other risks and uncertainties that are described from
time to time in the Company's filings with the Securities and
Exchange Commission.
|
|
OTELCO INC. AND
SUBSIDIARIES |
(Debtor-in-Possession) |
CONSOLIDATED
BALANCE SHEETS |
(unaudited) |
|
|
December 31, |
|
March 31, |
|
2012 |
|
2013 |
Assets |
|
|
|
Current assets
|
|
|
|
|
|
Cash and cash equivalents
|
|
$ 32,516,283 |
|
$ 34,293,319 |
|
Accounts receivable: |
|
|
|
|
|
Due from subscribers, net of
allowance for doubtful |
|
|
|
|
|
|
accounts of $239,274 and $457,068,
respectively |
|
4,205,944 |
|
4,083,418 |
|
Unbilled receivables
|
|
2,003,634 |
|
2,008,675 |
|
Other |
|
|
|
|
|
5,336,162 |
|
3,520,880 |
|
Materials and supplies |
|
|
|
|
1,845,246 |
|
1,924,191 |
|
Prepaid expenses |
|
|
|
|
1,981,631 |
|
2,827,045 |
|
Deferred income taxes |
|
|
|
|
1,843,160 |
|
1,843,160 |
|
|
Total current assets |
|
|
|
49,732,060 |
|
50,500,688 |
|
|
|
|
|
|
|
|
|
|
|
Property and equipment, net |
|
|
|
58,242,903 |
|
56,571,853 |
Goodwill |
|
|
|
|
|
|
44,956,840 |
|
44,956,840 |
Intangible assets, net |
|
|
|
|
6,670,392 |
|
5,580,929 |
Investments |
|
|
|
|
|
1,919,327 |
|
1,912,950 |
Deferred financing costs, net |
|
|
|
|
4,037,311 |
|
2,130,553 |
Deferred income taxes |
|
|
|
|
6,275,997 |
|
6,275,997 |
Other assets |
|
|
|
|
|
490,131 |
|
529,965 |
|
|
Total assets |
|
|
|
|
$ 172,324,961 |
|
$
168,459,775 |
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities and Stockholders'
Deficit |
|
|
|
|
|
|
|
|
|
|
Liabilities not subject to compromise |
|
|
|
|
|
|
Current liabilities |
|
|
|
|
|
|
|
|
Accounts payable |
|
|
|
|
$ 2,007,405 |
|
$ 1,075,570 |
|
Accrued expenses |
|
|
|
|
14,900,378 |
|
6,291,205 |
|
Advance billings and payments |
|
|
|
1,560,190 |
|
1,507,137 |
|
Deferred income taxes |
|
|
|
|
430,896 |
|
430,896 |
|
Customer deposits |
|
|
|
|
90,837 |
|
93,492 |
|
Current maturity of long-term debt |
|
|
|
270,990,023 |
|
- |
|
|
Total current liabilities |
|
|
|
289,979,729 |
|
9,398,300 |
|
|
|
|
|
|
|
|
|
|
|
Liabilities subject to compromise |
|
|
|
|
- |
|
278,827,862 |
|
|
|
|
|
|
|
|
|
|
|
|
Deferred income taxes |
|
|
|
|
22,670,168 |
|
22,670,168 |
|
Advance billings and payments |
|
|
|
788,638 |
|
775,354 |
|
Other liabilities |
|
|
|
|
484,019 |
|
159,704 |
|
Long-term notes payable, less current
maturities |
|
|
- |
|
- |
|
|
Total liabilities |
|
|
|
|
313,922,554 |
|
311,831,388 |
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders' deficit |
|
|
|
|
|
|
|
Class A Common Stock, $.01
par value-authorized 20,000,000 shares; |
|
|
|
|
|
issued and outstanding 13,221,404
shares |
|
|
132,214 |
|
132,214 |
|
Retained deficit |
|
|
|
|
(141,729,807) |
|
(143,503,827) |
|
|
Total stockholders' deficit |
|
|
|
(141,597,593) |
|
(143,371,613) |
|
|
Total liabilities and stockholders' deficit |
|
|
$ 172,324,961 |
|
$ 168,459,775 |
|
|
OTELCO INC. AND
SUBSIDIARIES |
(Debtor-in-Possession) |
CONSOLIDATED
STATEMENTS OF OPERATIONS |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
March 31, |
|
|
|
|
|
|
|
|
2012 |
|
|
2013 |
|
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
|
|
|
|
$ |
25,374,241 |
|
$ |
20,987,909 |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
Cost of services |
|
|
|
11,028,833 |
|
|
9,477,567 |
|
Selling, general and administrative
expenses |
|
|
3,206,077 |
|
|
3,055,790 |
|
Depreciation and amortization |
|
|
4,522,593 |
|
|
3,565,896 |
|
|
Total operating expenses |
|
|
18,757,503 |
|
|
16,099,253 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from operations |
|
|
6,616,738 |
|
|
4,888,656 |
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
Interest expense |
|
|
|
(5,833,650) |
|
|
(5,554,169) |
|
Reorganization items |
|
|
- |
|
|
(1,423,607) |
|
Change in fair value of
derivatives |
|
|
241,438 |
|
|
- |
|
Other income |
|
|
|
|
318,169 |
|
|
243,488 |
|
|
Total other expenses |
|
|
(5,274,043) |
|
|
(6,734,288) |
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income tax |
|
|
1,342,695 |
|
|
(1,845,632) |
Income tax (expense) benefit |
|
|
(524,457) |
|
|
71,611 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
|
$ |
818,238 |
|
$ |
(1,774,021) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common shares outstanding: |
|
|
13,221,404 |
|
|
13,221,404 |
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) per common share |
|
$ |
0.06 |
|
$ |
(0.13) |
|
|
|
|
|
|
|
|
|
|
|
|
Dividends declared per common
share |
|
$ |
0.18 |
|
$ |
- |
|
|
OTELCO INC. AND
SUBSIDIARIES |
(Debtor-in-Possession) |
CONSOLIDATED
STATEMENTS OF CASH FLOWS |
(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three
Months Ended |
|
|
|
|
|
|
|
|
March 31, |
|
|
|
|
|
|
|
|
2012 |
|
2013 |
Cash flows from operating activities: |
|
|
|
|
|
|
Net income (loss) |
|
|
$ |
818,238 |
|
$ |
(1,774,021) |
|
Adjustments to reconcile net income
(loss) to cash flows from operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
2,728,557 |
|
|
2,379,971 |
|
|
|
Amortization |
|
|
1,794,036 |
|
|
1,185,925 |
|
|
|
Amortization of debt premium |
|
(27,840) |
|
|
(31,260) |
|
|
|
Amortization of loan costs |
|
342,024 |
|
|
342,024 |
|
|
|
Change in fair value of derivatives |
|
(241,438) |
|
|
- |
|
|
|
Provision for uncollectible revenue |
|
122,402 |
|
|
37,253 |
|
|
|
Changes in operating assets and liabilities |
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
864,192 |
|
|
1,895,515 |
|
|
|
|
Material and supplies |
|
(245,676) |
|
|
(78,945) |
|
|
|
|
Prepaid expenses and other assets |
|
(200,130) |
|
|
(885,402) |
|
|
|
|
Accounts payable and accrued liabilities |
|
1,046,924 |
|
|
1,007,701 |
|
|
|
|
Advance billings and payments |
|
222,279 |
|
|
(66,337) |
|
|
|
|
Other liabilities |
|
67,487 |
|
|
(321,660) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash from operating activities |
|
|
7,291,055 |
|
|
3,690,764 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash used in investing activities: |
|
|
|
|
|
|
|
Acquisition and construction of property and
equipment |
|
(1,303,197) |
|
|
(798,853) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in investing activities |
|
|
(1,303,197) |
|
|
(798,853) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows used in financing activities: |
|
|
|
|
|
|
Cash dividends paid |
|
|
|
(2,330,272) |
|
|
- |
|
Loan origination costs |
|
|
(9,499) |
|
|
(1,114,875) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash used in financing activities |
|
|
(2,339,771) |
|
|
(1,114,875) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net increase in cash and cash equivalents |
|
3,648,087 |
|
|
1,777,036 |
Cash and cash equivalents, beginning of period |
|
12,393,792 |
|
|
32,516,283 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and cash equivalents, end of period |
$ |
16,041,879 |
|
$ |
34,293,319 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Supplemental disclosures of cash flow
information: |
|
|
|
|
|
|
Interest paid |
|
|
|
|
$ |
5,820,846 |
|
$ |
1,825,337 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income taxes paid |
|
|
$ |
25,250 |
|
$ |
35,500 |
SOURCE Otelco Inc.