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Lewiston, Maine – August 10, 2011 -- Oxford County Telephone and Telegraph Company (dba Oxford Networks) today reported financial results for the 3-month period ended June 30, 2011. Revenues were $7.2 million, up 2% from $7.1 million for the previous year. Net income was $207,000, down 34% from $315,000 for the same period in 2010. Earnings before interest, taxes, depreciation and amortization (EBITDA) were $2.5 million, a decrease of 5% over 2010 second quarter EBITDA of $2.6 million.
The Company also reported financial results for the first six months of 2011. Revenue was $14.8 million, up 5% from $14.0 million in 2010. Net income was $645,000, up 45% from $446,000 in the first six months of 2010 and EBITDA was $5.4 million, up 8% from $5.0 million during the same period last year.
For the first six months, competitive operations (the competitive telephone company and the data transport network company) continued its double digit revenue growth, increasing 10.7% year-to-date. Revenues within the traditional regulated telephone company decreased 6.6%.
While we are delighted with the first half year earnings growth of 45%, Oxford Networks is experiencing increased competitive pressure that is reflected in the second quarter earnings.
At its April meeting, Oxford Networks’ Board of Directors elected Paul Violette as Chairman and Doug Boyd as Vice Chairman. Mike Harder, Oxford’s Chief Financial Officer, was elected to fill the unexpired term of Rick Anstey.
The Company held its annual shareholders’ meeting on June 9, 2011 at the Hilton Garden Inn in Auburn, Maine. In addition to approving administrative items and receiving a presentation from company management, our shareholders elected Doug Boyd and Richard Schotte to serve additional three year terms as Directors and Jennifer Wilson was voted Clerk of the Corporation.
At the annual meeting, the Company outlined that advances in technology, increased competition and continued economic sluggishness had led the industry into a phase of consolidation and convergence. As part of its strategic plan, the Company is actively focusing on its competitive businesses by increasing the number of products and services it provides to customers and working on the number of customers it can reach.
Oxford Networks is a 111 year-old company that offers a full line of telecommunications services to consumers and businesses in Maine. It has offices in Bangor, Lewiston and Norway.
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This
press release contains certain forward-looking statements,
including, but not limited to, statements regarding
expected earnings, revenues, operating income, results
of operations, financial performance, and future
business operations. Such forward-looking statements
reflect management’s current expectations, beliefs,
estimates, and projections regarding the company,
its industry, and future events, and are based on
information currently available to management and
certain assumptions made by management. Although
the company believes that its expectations are based
on reasonable assumptions, these forward-looking
statements are not guarantees of future performance
and necessarily are subject to risks, uncertainties,
and a number of other important factors (many of
which are outside the control of the company) which
could cause actual results to differ materially
from those in the forward-looking statements. Any
forward-looking statement speaks only to the date
on which the statement is made and the company disclaims
any obligation to update any forward-looking statement,
whether as a result of new information, future events,
or otherwise. |
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