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Last Post: 5/24/2013 5:01:39 PM - Followers: 12 - Board type: Free - Posts Today: 0
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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#84   Reading what happened, they just turned the debt renoldman 05/24/13 05:01:39 PM
#83   Yeah i like these plays.. ziop finally moved PennyBears 05/24/13 01:32:23 PM
#82   Nice! I missed the first spike up but $tockfather 05/24/13 01:23:23 PM
#81   OTT bk emergence PennyBears 05/24/13 12:31:19 PM
#80   why is this up? http://articles.chicagotribune.com/2013-03-25/business/sns-rt-us lakershowtime 03/25/13 11:25:45 AM
#79   BK! lakershowtime 03/25/13 01:30:13 AM
#78   Might drop a bit when it get the DAD2 02/01/13 04:45:14 PM
#77   I do get it there filing ch11 yet longhair61 02/01/13 10:18:13 AM
#76   Nice 30% gain and climbing: DAD2 02/01/13 09:36:05 AM
#75   OTT CHART just a matter of time ;-) Blade$dream 10/31/12 08:55:24 AM
#74   Is OTT about to file for bankrupcy?The drop miovo1 10/25/12 12:42:26 PM
#73   COULD START MOVING UP RIGHT NOW.THEY GOT TO finwizroger 10/22/12 02:00:40 PM
#72   It seems like this board is pretty dormat, unclemike12 10/17/12 02:45:57 PM
#71   LOOKS TO REBOUND FROM LAST WEEK ,BACK OVER finwizroger 10/16/12 02:50:05 PM
#70   Nice flag formation, just waiting for reversal. interloper 10/15/12 02:40:01 PM
#69   looks like it has bottomed out,selling has slowed finwizroger 10/15/12 12:31:58 PM
#68   way oversold ready to bounce back up again finwizroger 10/15/12 11:39:22 AM
#67   Bouncing off the 50 dma, 2.48: Sibware 10/11/12 01:51:06 PM
#66   See, the shares of OTT are a hybrid renoldman 10/11/12 12:36:04 PM
#65   Interest payments have been suspended. starbuxsux 10/11/12 11:46:03 AM
#64   Back in to close the gap they created Sibware 10/10/12 03:13:55 PM
#63   Agree with all the negatives there. Sibware 10/10/12 02:17:38 PM
#62   Just trying to see why the stock rose. renoldman 10/10/12 02:12:38 PM
#61   OTT.UN? Volume is anemic there: Sibware 10/10/12 02:00:42 PM
#60   Nevermind, the short interest is also 0 on renoldman 10/10/12 10:34:25 AM
#59   Can anyone get the short data for OTT.UN renoldman 10/10/12 10:30:43 AM
#58   But what is the cause of the run? renoldman 10/10/12 10:21:49 AM
#57   Nice run so far..hoping for more today fact4 10/10/12 07:37:50 AM
#56   Sounds like my story with FONR starbuxsux 10/09/12 03:01:57 PM
#55   Yep, played it.. Sold too soon. Remarkable run deadjim 10/09/12 02:52:59 PM
#54   Otelco to Release 2012 Third Quarter Results starbuxsux 10/09/12 02:51:17 PM
#53   stockcharts.com/h-sc/ui?s=ott http://stockcharts.com/h-sc/ui?s=ot up_and_running 10/08/12 02:14:33 PM
#52   when OTT will turn direction off industry avg Blade$dream 09/24/12 12:30:42 AM
#51   I'm curious how this one will move this Blade$dream 09/24/12 12:20:45 AM
#50   Crazy move.. radar'd for tomorrow deadjim 09/11/12 08:11:57 PM
#49   OTT got some at 1.68. A nice pincherplay Donis 09/07/12 05:52:35 PM
#48   nice move!, monday will be good $2.45 hope! Cubanwinner 08/26/12 04:15:16 PM
#47   Nice move today, this can confirm the uptrend race Cubanwinner 08/24/12 01:40:49 PM
#46   what do you think about OTT target!!?? Cubanwinner 08/23/12 01:19:20 PM
#45   ohh wait EPS!!!! nice !!!! Cubanwinner 08/23/12 11:47:49 AM
#44   so you earnings is above 1000% ?? Cubanwinner 08/23/12 11:45:58 AM
#43   NOOOOOOOOOOO Cuban - the .18 was the eps ErnieBilco 08/23/12 11:45:01 AM
#42   52-Week Range Cubanwinner 08/23/12 11:43:18 AM
#41   Chart look AWESOME. GREAT, AMAZING!!! Cubanwinner 08/23/12 11:19:10 AM
#40   13 millions O/S means BUY+STRONG HOLD!!!! Cubanwinner 08/23/12 11:18:08 AM
#39   BOOM 2.00!!! and rising!!, this just started today!! Cubanwinner 08/23/12 11:17:26 AM
#38   Nice support @ 1.90!! Cubanwinner 08/23/12 10:54:01 AM
#37   30 days lower, i think is time to bounce?? Cubanwinner 08/23/12 10:52:07 AM
#36   you mean $1.8 Cubanwinner 08/23/12 10:51:20 AM
#35   OTT hydbrid ticker,part commons part unsecured debt.. was dav1234 08/16/12 11:29:11 AM
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