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OTELCO (OTT) RSS Feed

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11
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27
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Posts (Total)
85
Created
04/23/12
Type
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Moderators
OTelco Inc. (NASDAQ: OTT) (TSX: OTT.un), a wireline telecommunication services provider in Alabama, Maine, Massachusetts, Missouri, New Hampshire, Vermont and West Virginia, today announced that Time Warner Cable has indicated that it will not renew its existing contract for wholesale network connections provided by Otelco. The contract in question represented approximately 11.7% of Otelco's consolidated revenue for 2011. This contract expires on December 31, 2012 and includes a transition period into 2013.

As part of its response to this development, the Board of Directors has decided to suspend dividends on the common stock portion of Otelco's Income Deposit Securities effective immediately. This dividend amounted to $0.705 per unit for 2011 and $0.17625 per unit for the first quarter of 2012. Holders of the Income Deposit Securities continue to receive quarterly interest payments on the $7.50 subordinated note which amounts to $0.975 per unit per year or $0.24375 per unit per quarter. The interest for second quarter will be paid on Monday, July 2, 2012 to holders of record at the close of business on June 15, 2012.

As previously announced, management will host a conference call to discuss our first quarter earnings release on Friday, May 4, 2012 at 10:00 am Eastern and will be prepared to discuss these developments as well as quarterly earnings at that time. To listen to the call, participants should dial (719) 325-4767 approximately 10 minutes prior to the start of the call. Each IDS is comprised of one share of Common Stock paying dividends at the direction of the Board of Directors and $7.50 principal amount of 13% senior subordinated notes due 2019 with interest paid quarterly. The senior subordinated notes are callable at a premium of 6.5% plus accrued interest during 2012, with the premium declining by 1.3% per year through 2016.   



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