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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

1

WVT Communications

Annual Meeting

April 25, 2008

1

1

3

3

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.

2

WVT Communications

Financial Headlines 2007

3

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%

4

9

5

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

6

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)

13

2006 2007 ARPAL 87.52 89.29

7

2007 Operating Expenses declined $3.9M

2006 2007 OPEX 29 25.1

Improved vendormanagement (esp.professional services)

Reduced managementemployee benefits

Employee headcountcontrol

8

2007 Operating Loss decreased $2.7M

2006 2007 Op Inc -3.8 -1.1

Primarily driven bybetter cost control

9

2007 Income from O-P Partnership increased $284K

2006 2007 O-P 9.4 9.7

Additional investmentmade April 2007

Overall growth in NetIncome

10

2007 Consolidated WVT Net Income increased $1.5M

2006 2007 Net Inc 4 5.5

Driven by improvedoperational results andimproved O-P net income

11

2007 EBITDA increased $2.4M 2006 2007 EBITA 1.6 4.1

Expense reductions offsetrevenue declines

SG&A decreased 47%

Margin increase of 11%

12

2007 Earnings per share increased $.28

2006 2007 EPS 0.74 1.02

13

Free Cashflow increased $2.584M

2006 2007 Free Cash Flow -1.7 0.86

OpEx control

CapEx control

14

29

29

15

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"

31

31

16

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

33

33

17

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

35

35

18

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

37

37

19

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

GRAPHIC3l31234al31234z0001.gifGRAPHIC

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