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Otelco, Inc.
Provided By CorporateInformation.com
440 Wheelers Farms Road Milford, CT 06461 U.S.A.
2006 2007 2008 2009 2010 2011 (Figures in Millions of U.S. Dollars)
While the company's sales decreased slightly in 2011, all three comparable companies experienced an increase in sales (between 8.3% and 12.5%). Otelco currently has 330 employees. With sales of $101.84 million , this equates to sales of US$308,617 per employee. The sales per employee levels at the three comparable companies vary greatly, from US$215,983 to US$1,036,227, as shown in the following table. Some of the variation may be due to the way each of these companies counts employees (and if they count subcontractors, independent contractors, etc). Sales Comparisons (Fiscal Year ending 2011) Company Otelco Year Ended Dec 2011 Sales Sales Sales/ (mlns) Growth Emp (US$) Largest Region 101.844 -2.4% 308,617 the United States (100.0%)
215,983
1,036,227 the United States (71.7%) 276,232 the United States (100.0%)
Recent Stock Performance In recent years, this stock has performed terribly. In 2007, the stock traded as high as $24.47, versus $5.70 on 5/11/2012. (In 2007, the stock retreated significantly from its high, and by the end of the year was at $13.92). For the 52 weeks ending 5/11/2012, the stock of this company was down 69.2% to $5.70. During the past 13 weeks, the stock has fallen 58.1%. During the past 52 weeks, the stock of Otelco has performed significantly worse than the three comparable companies, which saw gains between 24.0% and 84.9%. During the 12 months ending 12/31/2011, earnings per share totalled $0.17 per share. Thus, the Price / Earnings ratio is 33.53. Earnings per share rose 240.0% in 2011 from 2010. Note that the earnings number (B ): . Includes Or Excludes Extraordinary Charge Or Credit .includes a $.17 pre-tax credit in 2011 (includes a $.04 pre-tax credit Dec, $.05 pre-tax credit Sep, $.04 pre-tax credit Jun and $.04 pre-tax credit Mar).. This company is currently trading at 0.74 times sales. The three companies vary greatly in terms of price to sales ratio: trading from 0.48 times all the way up to 4.09 times their annual sales. This company has negative book value (and thus a price to book value would not make any sense). Summary of company valuations (as of 5/11/2012). Company Otelco Incontact, Incorporation Global Telecom & Technology, Incorporation 8X8, Inc. P/E 33.5 N/A N/A 37.5 Price/ Price/ Book Sales N/A 6.35 2.45 5.38 52 Wk Pr Chg
The market capitalization of this company is $75.36 million . Management, directors, and other insiders own less than 2% of the outstanding stock. The capitalization of the floating stock (i.e., that which is not closely held) is $74.93 million . Dividend Analysis During the 12 months ending 12/31/2011, Otelco paid dividends totalling $1.50 per share. Since the stock is currently trading at $5.70, this implies a dividend yield of 26.3%. None of the three comparable companies paid any dividends during the previous 12 months. During the quarter ended 12/31/2011, the company paid dividends of $0.24 per share. The company has paid a dividend for 6 straight years. During the same 12 month period ended 12/31/2011, the Company reported earnings of $0.17 per share. Thus, the company is paying out dividends that are higher than the earnings. Profitability Analysis On the $101.84 million in sales reported by the company in 2011, the cost of services sold totalled $44.00 million, or 43.2% of sales (i.e., the gross profit was 56.8% of sales). This gross profit margin is lower than the company achieved in 2010, when cost of services sold totalled 39.5% of sales. The gross margin in 2011 was the lowest of the previous five years (in 2007, the gross margin had been as high as 63.1%). The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were $44.86 million, or 44.1% of sales. This EBITDA margin is worse than the company achieved in 2010, when the EBITDA margin was equal to 47.9% of sales. The three comparable companies had EBITDA margins that were all less (between -1.7% and 10.8%) than that achieved by Otelco. In 2011, earnings before extraordinary items at Otelco were $2.20 million, or 2.2% of sales. This profit margin is an improvement over the level the company achieved in 2010, when the profit margin was 0.7% of sales. Profitability Comparison Gross Earns Profit EBITDA bef. Year Margin Margin extra 2011 2010 56.8% 60.5% 44.1% 47.9% 2.2% 0.7%
At the end of 2011, the company had negative common shareholder's equity of -$12.37 million. This means that at the present time, the common shareholders have essentially no equity in the company. This is further compounded by the fact that among the assets the company does have on its balance sheet, there are $209.50 million in intangible assets. This company's total liabilities are higher than total equity, which means that the money this company owes are greater than all of the assets of the company. As of December 2011, the company's long term debt was $271.11 million and total liabilities (i.e., all monies owed) were $322.64 million. As of December 2011, the accounts receivable for the company were $11.99 million, which is equivalent to 43 days of sales. This is slightly higher than at the end of 2010, when Otelco had 34 days of sales in accounts receivable. Financial Positions Company Otelco Incontact, Incorporation 8X8, Inc. LT Debt/ Days Year Equity AR 2011 2011 2011 Copyright 2001-2012 The Winthrop Corporation Distributed by Wright Investors' Service, Inc. All Rights Reserved Important Legal Notice -21.92 0.16 1.18 0.00 43 53 43 5
THIS REPORT IS PROVIDED FOR GENERAL INFORMATION ONLY, IS NOT TO BE CONSIDERED AS INVESTMENT ADVICE AND SHOULD NOT BE RELIED UPON FOR INVESTMENT DECISIONS. NO REPRESENTATION OR WARRANTY IS MADE REGARDING THE ACCURACY, RELIABILITY OR TIMELINESS OF THE CONTENT. THE REPORTS ARE COMPUTER GENERATED AND MAY BE SUBJECT TO PROGRAMMATIC AND/OR CONTENT ERRORS. VISITORS SHOULD VERIFY INFORMATION WITH OTHER RELIABLE SOURCES. THIS REPORT IS PROVIDED AS IS, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR NON-INFRINGEMENT. IN NO EVENT WILL THE WINTHROP CORPORATION, WRIGHT INVESTORS' SERVICE, INC. OR ANY OF THEIR DATA PROVIDERS BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR CONSEQUENTIAL DAMAGES, NO MATTER WHAT THE CAUSE. THE CONTENT OF THIS REPORT IS PROTECTED BY APPLICABLE COPYRIGHT LAWS. CONTENT MAY NOT BE REPRODUCED, DISTRIBUTED, MODIFIED OR FRAMED WITHOUT PRIOR WRITTEN PERMISSION.
SUMMARY ANALYSIS:
Per Share- U.S. Dollars
Price
Otelco, Inc.
Equity Capital Earnings Dividends
Year
Value Ratios
Calendar Year 2004 2005 2006 2007 2008 2009 2010 2011 5/11/2012
C C CD
Market Price/ Price Earnings Last Ratio 15.89 15.79 21.32 13.92 7.57 14.95 18.12 13.76 5.70 22.4 131.6 118.4
Dividend Yield 0.0% 10.8% 7.9% 12.1% 22.2% 11.2% 9.3% 12.2% 26.3%
12 Book Month % Profit Value Earnings Rate Begin Per % (ROE) Yr Share Change 3.2% 12.3% 31.7% n/a 0.98 0.57 0.01 1.76 1.09 0.26
AE AE E AE ABE
12 Month Dividends Per Share 0.00 1.70 1.68 1.68 1.68 1.68 1.68 1.68 1.50
0.71 -77.7%
n/c 1,119.0 n/c n/c 362.3 80.9 33.5 4.3 13.7 68.8 n/c n/c
0.10
AE
(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS $.01 PRETAX CR & $.11 PRETAX CHG DEC 2009 ($.11 PRETAX CHG DEC, $.01 PRETAX CR SEP, NOM PRETAX CR JUN & NOM PRETAX CR MAR), INCLS $.02 PRETAX CR IN 2008($.02 PREETAX CR DEC, $.01 PRETAX CR SEP, $.01 PRETAX CR JUN & $.02 PRETAX CHG MAR), INCLS $.08 PRETAX CR IN 2007 ($.06 PRETAX CR DEC, $.02 PRETAX CR SEP, $.02 PRETAX CR JUN & $.02 PRETAX CR MAR), INCLS $.3 PRETAX CR & .03 PRETAX CHG IN 2006 ($.3 PRETAX CR & $.06 PRETAX CHG DEC, NOM PRETAX CR SEP, $.01 PRETAX CR JUN & $.02 PRETAX CR MAR), INCLS $.09 PRETAX CR DEC 2005, INCLS $.39 PRETAX CHG DEC 2003 (B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - -ADOPTED SFAS 159 FOR THE FAIR VALUE OPTION FOR FINANCIAL ASSETS AND FINANCIAL LIABILITIES & SFAS 157 FOR FAIR VALUE MEASURES, ADOPTED SFAS 157 FOR FAIR VALUE MEASUREMENTS IN 2006, EARNINGS IMMACT NOT SPECIFIED (C): ACQ'D - CR COMPANIES ON 31-OCT-2008, MID-MAINE COMMUNICATIONS INC IN 2006, MID-MISSOURI TELEPHONE IN 2004, BLOUNTSVILLE IN 2003 (D): NAME CHANGED FROM RURAL LEC ACQUISITION LLC IN 2004 (E): BASED ON FULLY DILUTED SHARES, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING (F): INFORMATION UPDATED FROM 2004 REGISTRATION, AS 2003 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2004 REGISTRATION, AS 2002 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2004 REGISTRATION, AS 2001 ANNUAL NOT AVAILABLE
Copyright 2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
SALES ANALYSIS:
Otelco, Inc.
Earnings before Interest, Taxes, Depreciation, and Amortization (EBITDA) Amount in thousands
Sales Amount in thousands 29,870 33,755 37,266 46,972 57,589 69,749 77,115 103,755 104,400 101,844
After Tax Income before Extraordinary Charges and Credits Amount in thousands
Employees After Tax Sales Income Per Per Number Employee Employee n/a 150 142 142 220 213 327 299 315 330 n/a 225,032 262,439 330,790 261,770 327,462 235,826 347,008 331,429 308,617 n/a 54,371 43,055 12,617 5,277 842 654 -10,427 2,193 6,659
Year 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011
YearAmount to-year in Growth thousands 2.0% 13.0% 10.4% 26.0% 22.6% 21.1% 10.6% 34.5% 0.6% -2.4%
% of Sales
% of Sales
% of Sales
6,346 21.2% 7,488 22.2% 8,832 23.7% 12,611 26.8% 18,728 32.5% 25,719 36.9% 29,192 37.9% 41,179 39.7% 41,286 39.5% 43,996 43.2%
20,789 69.6% 21,492 63.7% 20,981 56.3% 29,187 62.1% 33,665 58.5% 35,530 50.9% 37,658 48.8% 47,417 45.7% 49,717 47.6% 47,456 46.6%
7,396 24.8% 8,156 24.2% 6,114 16.4% 1,792 1,161 179 214 3.8% 2.0% 0.3% 0.3%
Copyright 2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
PRICE ANALYSIS:
Otelco, Inc.
High Price Low Price Closing Quarterly 12 months Price %Change %Change 15.890 15.300 15.280 15.490 15.790 16.230 18.050 20.100 21.320 20.850 19.600 18.340 13.920 15.590 16.050 13.290 7.570 9.116 11.080 12.720 14.950 16.010 16.000 15.490 18.120 19.380 n/a -3.7% -0.1% 1.4% 1.9% 2.8% 11.2% 11.4% 6.1% -2.2% -6.0% -6.4% -24.1% 12.0% 3.0% -17.2% -43.0% 20.4% 21.6% 14.8% 17.5% 7.1% -0.1% -3.2% 17.0% 7.0% n/a n/a n/a n/a -0.6% 6.1% 18.1% 29.8% 35.0% 28.5% 8.6% -8.8% -34.7% -25.2% -18.1% -27.5% -45.6% -41.5% -31.0% -4.3% 97.5% 75.6% 44.4% 21.8% 21.2% 21.0%
Quarter 2004 2005 Oct - Dec Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2006 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2007 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2008 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2009 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2010 Jan - Mar Apr - Jun Jul - Sep Oct - Dec 2011 Jan - Mar
16.050 15.200 16.080 15.000 15.630 14.500 16.500 14.820 17.020 15.110 18.650 15.650 18.200 15.270 20.190 17.900 23.240 18.532 24.469 17.350 23.130 19.080 19.820 13.010 19.900 13.400 18.430 13.060 17.344 13.500 16.530 14.500 9.590 13.470 8.135 3.490 7.160 9.140
13.350 10.800 15.790 12.600 16.870 13.660 17.350 13.900 16.130 13.750 18.840 15.251 20.400 18.070
5/11/2012
Copyright 2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Otelco, Inc.
Dividends Per Share 12 Months % Dividends Change 0.00 0.00 0.00 0.00 1.70 1.68 1.68 1.68 1.68 1.68 1.68 n/a n/c n/c n/c n/c n/c -1.4% 0.0% 0.0% 0.0% 0.0% 0.0% n/c Quarterly Reported Dividends Q1 Mar. 0.00 0.00 0.00 0.00 0.44 0.42 0.42 0.42 0.42 0.42 0.42 0.42 Q2 Jun. 0.00 0.00 0.00 0.00 0.42 0.42 0.42 0.42 0.42 0.42 0.42 0.24 Q3 Sep. 0.00 0.00 0.00 0.00 0.42 0.42 0.42 0.42 0.42 0.42 0.42 n/a Q4 Dec. 0.00 0.00 0.00 0.00 0.42 0.42 0.42 0.42 0.42 0.42 0.42 n/a % Payout n/c 0.0% 0.0% 0.0% n/c n/c n/c n/c n/c n/c n/c n/c
Quarterly Reported Earnings Q1 Mar. n/a n/a 0.83 0.24 0.06 0.03 -0.04 0.04 -0.07 -0.02 0.00 n/a Q2 Jun. n/a n/a 0.84 0.24 0.04 0.19 -0.03 0.02 -0.05 0.03 0.10 n/a Q3 Sep. n/a n/a 0.66 0.25 0.03 -0.03 -0.07 0.04 -0.01 0.00 0.07 n/a Q4 Dec. n/a n/a 0.85 -0.02 -0.01 -0.01 0.04 -0.13 -0.12 0.04 0.00 n/a
E 0.71 -77.7% AE 0.12 -83.1% ABE 0.18 ABE 0.10 AE -0.03 AE -0.25 AE 0.05 n/a 50.0% n/c n/c n/c n/c n/c
0.17 240.0%
INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT, INCLS $.01 PRETAX CR & $.11 PRETAX CHG DEC 2009 ($.11 PRETAX CHG DEC, $.01 PRETAX CR SEP, NOM PRETAX CR JUN & NOM PRETAX CR MAR), INCLS $.02 PRETAX CR IN 2008($.02 PREETAX CR DEC, $.01 PRETAX CR SEP, $.01 PRETAX CR JUN & $.02 PRETAX CHG MAR), INCLS $.08 PRETAX CR IN 2007 ($.06 PRETAX CR DEC, $.02 PRETAX CR SEP, $.02 PRETAX CR JUN & $.02 PRETAX CR MAR), INCLS $.3 PRETAX CR & .03 PRETAX CHG IN 2006 ($.3 PRETAX CR & $.06 PRETAX CHG DEC, NOM PRETAX CR SEP, $.01 PRETAX CR JUN & $.02 PRETAX CR MAR), INCLS $.09 PRETAX CR DEC 2005, INCLS $.39 PRETAX CHG DEC 2003
(B):
INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - -ADOPTED SFAS 159 FOR THE FAIR VALUE OPTION FOR FINANCIAL ASSETS AND FINANCIAL LIABILITIES & SFAS 157 FOR FAIR VALUE MEASURES, - ADOPTED SFAS 157 FOR FAIR VALUE MEASUREMENTS IN 2006, EARNINGS IMMACT NOT SPECIFIED
(C):
ACQ'D - CR COMPANIES ON 31-OCT-2008, MID-MAINE COMMUNICATIONS INC IN 2006, MID-MISSOURI TELEPHONE IN 2004, BLOUNTSVILLE IN 2003
(D): (E):
BASED ON FULLY DILUTED SHARES, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING
(F):
INFORMATION UPDATED FROM 2004 REGISTRATION, AS 2003 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2004 REGISTRATION, AS 2002 ANNUAL NOT AVAILABLE
Copyright 2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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12
Inc.
2010 2009 2008 2007
Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges
2011
310.3 4.0%
333.0 5.3%
349.6 3.9%
232.5 5.5%
3.9% 0.6% 0.6% 0.0% 0.0% 0.0% 0.4% 0.2% 9.1% 0.0% 0.0% 0.6% 90.5% 69.2% 21.2% 69.0% 1.5%
3.5% 0.7% 0.7% 0.0% 0.0% 0.0% 0.3% 0.2% 8.6% 0.0% 0.0% 0.6% 70.6% 49.0% 21.6% 69.2% 2.4%
3.3% 0.9% 0.9% 0.0% 0.0% 0.0% 0.5% 0.6% 10.8% 0.0% 0.0% 0.5% 73.3% 49.8% 23.5% 65.2% 2.6%
13
Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest
317.7 0.5%
0.1%
0.1%
0.1%
2.5% 3.2% 80.9% 80.9% 0.0% 0.0% 0.0% 11.5% 13.1% 1.7%
0.0%
0.0% 0.0%
1.1% 101.7%
0.0%
0.0%
Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity
0.0%
-1.7% 100.0%
1.0% 100.0%
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15
Inc.
2008 2007
Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges
2011
2010
2009
-2.3% -32.0%
-4.6% 2.8%
-4.7% 30.9%
50.4% 5.7%
-4.7% -11.0%
16
Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest
-2.3% -2.2%
-4.6% -51.6%
-4.7% 36.0%
50.4% 12.3%
-4.7% 24.1%
0.0%
-10.5%
58.8% 82.2%
2.1% 2.1%
-63.9% -0.1%
42.3% -2.0%
110.7% -1.7%
-35.0% 60.3%
-21.8% -14.2%
17
Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity -2.3% -250.5% -4.6% -75.8% -4.7% -38.4% 18,245.8% 50.4% -4.7%
Copyright 2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
18
Inc.
2009 2008 2007
Fiscal Year Fiscal Year End Date Assets Total Assets Cash & Short Term Investments Cash Short Term Investments Receivables (Net) Inventories -Total Raw Materials Work in Process Finished Goods Progress Payments & Other Prepaid Expenses Other Current Assets Current Assets - Total Long Term Receivables Investment in Associated Companies Other Investments Property Plant and Equipment - Gross Accumulated Depreciation Property Plant and Equipment Net Other Assets Deferred Charges
2011
2010
308.6 14.9
295.3 15.3
270.2 12.8
242.9 10.3
202.9 8.0
7.4 1.6 1.6 0.0 0.0 0.0 0.9 0.9 21.2 0.0 0.0 1.4 161.9 105.2 56.7 163.7 7.2
0.8 16.6 0.0 0.0 1.2 128.5 79.3 49.2 135.9 5.7
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Tangible Other Assets Intangible Other Assets Total Assets Liabilities & Shareholders' Equity Total Liabilities & Shareholders' Equity Accounts Payable Short Term Debt & Current Portion of Long Term Debt Accrued Payroll Income Taxes Payable Dividends Payable Other Current Liabilities Current Liabilities - Total Long Term Debt Long Term Debt Excluding Capitalized Leases Capitalized Lease Obligations Provision for Risks and Charges Deferred Income Deferred Taxes Deferred Taxes - Credit Deferred Taxes - Debit Deferred Tax Liability in Untaxed Reserves Other Liabilities Total Liabilities Non-Equity Reserves Minority Interest
308.6 2.1
295.3 2.1
0.0
0.0
0.0 0.0
36.4 40.8
33.2 36.1
28.6 30.7
2.0 303.9
2.2 288.1
0.0
0.0
0.0
Preferred Stock Preferred Stock Issued for ESOP ESOP Guarantees Preferred Issued Common Equity Total Liabilities & Shareholders' Equity
0.0
0.0
4.7 308.6
7.2 295.3
9.4 270.2
Copyright 2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Inc.
2011 101.8 2010 104.4 2009 103.8 2008 77.1 2007 69.7
Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of U.S. Dollars.
Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends
43.2% 39.5% 39.7% 37.9% 36.9% 19.9% 22.7% 25.5% 20.2% 20.6% 36.9% 37.8% 34.8% 41.9% 42.6% 12.7% 12.5% 13.7% 14.6% 14.9% 0.0% 0.0% 0.0% 0.0% 0.0%
75.8% 74.7% 78.9% 72.7% 72.4% 24.2% 25.3% 21.1% 27.3% 27.6% 2.2% 0.0% 0.8% 0.0% 1.3% 0.0% 0.0% 0.0% 0.4% 0.5% 0.0% 0.3% 0.4% 0.0% 0.0% 0.0% 0.0% 0.8% 1.4% 0.0% 0.0% 0.0% 0.0% 1.4%
46.6% 47.6% 45.7% 48.8% 50.9% 26.7% 24.9% 20.2% 28.6% 30.4% 24.3% 23.7% 24.5% 28.3% 30.7% 0.0% 2.4% 0.2% 0.0% 0.0% 0.0% 0.0% 2.2% 1.2% -4.3% 0.6% -1.3% 0.0% 0.0% 0.0% 0.0% 0.7% -3.0% 0.0% 0.0%
0.3% -0.3% 0.0% -0.5% 0.0% 0.0% 0.0% 0.0% 0.3% 0.0% 0.0% 0.0% 0.0% 0.3%
22
Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common
0.0% 0.0%
0.0% 0.0%
0.7% -3.0%
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23
Inc.
2009 2008 2007 21.1% 37.3% 33.1% 5.7% 25.9%
Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings
34.5% 10.6% 41.1% 13.5% 69.7% 11.7% 26.1% 8.8% 8.9% 7.8%
-1.0%
-4.6%
33.6% -2.7%
-6.6% 20.3%
100.0% 35.2%
100.0%
88.2% -59.0%
1,947.9% 4,843.6%
107.0% 130.9%
24
After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets Preferred Dividend Requirements Net Income after Preferred Dividends available to Common 218.1% 19.2% 1,557.8% -84.5% 218.1% 19.2% 1,557.8% -84.5%
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25
Inc.
2011 2010 2009 2008 2007 91.4 82.5 71.0 57.7 49.1 36.3 31.2 25.5 19.0 14.7 20.1 18.2 15.4 11.5 9.5
Fiscal Year Net Sales or Revenues Cost of Goods Sold Depreciation, Depletion & Amortization Gross Income Selling, General & Administrative Expenses Other Operating Expenses Operating Expenses - Total Operating Income Extraordinary Credit - Pretax Extraordinary Charge - Pretax Non-Operating Interest Income Reserves - Increase/Decrease Pretax Equity in Earnings Other Income/Expense - Net Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA) Earnings before Interest & Taxes(EBIT) Interest Expense on Debt Interest Capitalized Pretax Income Income Taxes Minority Interest Equity in Earnings After Tax Other Income/Expense Discontinued Operations Net Income before Extraordinary Items/Preferred Dividends Extraordinary Items & Gain/Loss Sale of Assets
35.0 33.1 30.2 27.2 24.9 12.4 11.4 10.2 0.0 0.0 0.0 8.9 0.0 7.4 0.0
68.7 60.8 51.0 39.4 31.6 22.7 21.7 20.0 18.3 17.5 0.5 0.4 0.5 0.3 0.0 0.0 0.0 0.6 1.2 1.2 0.5 0.1 0.0 0.0 0.0 1.1 0.4 0.3 0.0 0.0 0.0 1.1
43.6 40.8 36.7 31.4 28.2 23.5 22.6 21.3 19.9 18.7 23.6 22.7 21.0 16.7 13.0 0.0 -0.1 -0.2 -0.1 0.0 0.3 0.1 0.0 0.0 -0.2 0.0 0.0 0.0 -0.2 0.0 0.0 0.0 0.0 3.2 1.2 0.0 0.0 -0.2 0.0 1.9 0.0 0.0 5.7 2.1 0.0 0.0 -0.2 0.0 3.5 0.0
26
Preferred Dividend Requirements Net Income after Preferred Dividends - available to Common
0.0 0.0
0.0 -0.2
0.0 0.0
0.0 1.9
0.0 3.5
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27
Inc.
2011 2010 2009 2008 2007
Currency figures are in millions of U.S. Dollars. Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year Fiscal Year End Date Total Capital Percent of Total Capital Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Net Changes Short Term Debt Long Term Debt Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Year to Year Percent Changes Short Term Debt Long Term Debt
12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 258.7 266.4 281.3 297.3 197.4
0.0% 104.8% 0.5% 124.7% 0.0% 0.0% -4.8% -4.8% 100.0% 102.0% 1.3% 121.3% 0.0% 0.0% -2.4% -2.0% 100.0%
0.0 -0.0 -0.2 -0.0 0.0 0.0 -0.6 -0.7 -0.8 -0.6 0.1 -0.7 0.0 0.0 0.1 -0.9 -1.5 -0.5 0.1 -0.6 0.0 0.0 -0.3 -1.1 -1.6
-0.2%
-2.2%
-1.8%
62.5%
-15.1%
28
Other Liabilities Total Liabilities Minority Interest Preferred Stock Retained Earnings Common Equity Total Capital Total Liabilities & Common Equity Total Liabilities Net Change in Liabilities as % of Total Liabilities Common Equity Net Change in Common Equity as % of Common Equity Cash Flow Operating Activities Financing Activities Investing Activities
-63.9% -0.1%
42.3% -2.0%
110.7% -1.7%
-35.0% 60.3%
-21.8% -14.2%
-75.8% -5.4%
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29
Accounting Ratios: Otelco, Fiscal Year Fiscal Year End Date Receivables Turnover Receivables - Number of Days Inventory Turnover Inventory - Number of Days Gross Property, Plant & Equipment Turnover Net Property, Plant & Equipment Turnover Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment Depreciation, Depletion & Amortization Year to Year Change Depreciation, Depletion & Amortization Year to Year % Change
Inc.
2011 2010 2009 2008 2007 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 8.5 41.0 24.5 14.9 0.4 1.5 10.6 35.9 21.8 16.7 0.4 1.6 9.7 40.4 19.3 18.9 0.4 1.5 6.3 47.1 13.6 26.9 0.3 1.0 9.2 38.5 13.0 28.1 0.4 1.3
7.2%
9.1%
10.5%
6.3%
8.4%
-0.3
-0.3
1.1
0.1
0.4
-14.5%
-10.6%
69.7%
8.8%
33.1%
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30
Inc.
2011 2010 2009 2008 2007
Figures are expressed as the ratio of Net Sales. Net Sales are in millions of U.S. Dollars.
Fiscal Year Fiscal Year End Date Net Sales Cash & Cash Equivalents Short-Term Investments Accounts Receivable Inventories Other Current Assets Total Current Assets Total Long Term Receivables & Investments Long Term Receivables Investments in Associated Companies Other Investments Property, Plant & Equipment Gross Accumulated Depreciation Property Plant & Equipment Net Other Assets Total Assets
12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 101.8 12.2% 104.4 17.5% 103.8 17.1% 77.1 17.6% 69.7 18.4%
11.8% 1.7% 0.7% 27.7% 1.9% 0.0% 0.0% 1.9% 275.6% 210.9% 64.7% 210.3% 304.7%
16.0% 3.0% 1.1% 39.1% 2.6% 0.0% 0.0% 2.6% 320.0% 222.2% 97.8% 313.9% 453.4%
10.9% 2.9% 2.1% 35.9% 1.7% 0.0% 0.0% 1.7% 244.4% 166.1% 78.3% 217.4% 333.3%
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31
Employee Efficiency: Otelco, Fiscal Year Fiscal Year End Date Employees Values per Employee Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets Year to Year % Change per Employee Employees Sales Net Income Cash Earnings Working Capital Total Debt Total Capital Total Assets
Inc.
2011 2010 2009 2008 2007
12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 330 315 299 327 213
5.4% -4.5%
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32
Fixed Charges Coverage: Otelco, Fiscal Year Fiscal Year End Date EBIT/Total Interest Expense EBIT/Net Interest EBIT/(Total Interest Exp + Pfd Div) EBIT/Dividends on Common Shares EBIT/(Dividends on Common + Pfd) EBITDA/Total Interest Expense EBITDA/Net Interest EBITDA/(Total Interest Exp + Pfd Div) EBITDA/Dividends on Com Shares EBITDA/(Dividends on Com + Pfd)
Inc.
2010 2009 2008 2007
2011
12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 1.1 1.1 1.1 2.9 2.9 1.9 1.9 1.9 5.1 5.1 1.1 1.1 1.1 2.8 2.8 2.0 2.0 2.0 5.4 5.4 0.8 0.8 0.8 2.3 2.3 1.9 1.9 1.9 5.3 5.3 1.0 1.0 1.0 2.5 2.5 1.7 1.7 1.7 4.2 4.2 1.0 1.0 1.0 2.2 2.2 1.7 1.7 1.7 3.7 3.7
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33
Leverage Analysis: Otelco, Fiscal Year Fiscal Year End Date Long Term Debt % of EBIT Long Term Debt % of EBITDA Long Term Debt % of Total Assets Long Term Debt % of Total Capital Long Term Debt % of Com Equity Total Debt % of EBIT Total Debt % of EBITDA Total Debt % of Total Assets Total Debt % of Total Capital Total Debt % of Total Capital & Short Term Debt Total Debt % of Common Equity Minority Interest % of EBIT Minority Interest % of EBITDA Minority Interest % of Total Assets Minority Interest % of Total Capital Minority Interest % of Com Equity Preferred Stock % of EBIT Preferred Stock % of EDITDA Preferred Stock % of Total Assets
Inc.
2011 2010 2009 2008 2007 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 995.9% 571.3% 87.4% 104.8% -2,192.0% 995.9% 571.3% 87.4% 104.8% 104.8% -2,192.0% 0.0% 0.0% 0.0% 0.0% 1,042.7% 546.3% 85.5% 102.0% -5,179.1% 1,042.7% 546.3% 85.5% 102.0% 102.0% -5,179.1% 0.0% 0.0% 0.0% 0.0% 1,327.2% 585.9% 83.4% 98.8% 7,972.9% 1,327.2% 585.9% 83.4% 98.8% 98.8% 7,972.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1,282.9% 751.2% 80.9% 95.2% 1,967.4% 1,282.9% 751.2% 80.9% 95.2% 95.2% 1,967.4% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 821.9% 490.0% 74.9% 88.2% 746.5% 821.9% 490.0% 74.9% 88.2% 88.2% 746.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
34
Preferred Stock % of Total Capital Preferred Stock % of Total Equity Common Equity % of Total Assets Common Equity % of Total Capital Total Capital % of Total Assets Capital Expenditure % of Sales Fixed Assets % of Common Equity Working Capital % of Total Capital Dividend Payout Funds From Operations % of Total Debt
0.0%
0.0%
0.0% 0.0%
8.3%
10.0%
9.6%
6.9%
9.8%
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35
Liquidity Analysis: Otelco, Fiscal Year Fiscal Year End Date Total Current Assets % Net Sales Cash % of Current Assets Cash & Equivalents % of Current Assets Quick Ratio Receivables % of Current Assets Receivable Turnover number of days Inventories % of Current Assets Inventory Turnover - number of days Inventory to Cash & Equivalents - number of days Receivables % of Total Assets Current Ratio Total Debt % of Total Capital Funds from Operations % of Current Liabilities Funds from Operations % of Long Term Debt Funds from Operations % of Total Debt Funds from Operations % of Total Capital Cash Flow (in milllions of U.S. Dollars) Operating Activities
Inc.
2011 2010 2009 2008 2007 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 27.7% 30.5% 57.3% 43.9% 2.5 42.5% 41.0 6.3% 14.9 2,505.5 3.9% 2.9 104.8% 235.2% 8.3% 8.3% 8.7% 57.3% 2.9 30.9% 35.9 5.7% 16.7 3,610.6 3.1% 3.3 102.0% 277.0% 10.0% 10.0% 10.2% 54.6% 2.5 32.9% 40.4 6.1% 18.9 3,240.2 3.2% 2.8 98.8% 230.2% 9.6% 9.6% 9.4% 45.0% 2.3 40.9% 47.1 7.7% 26.9 2,114.4 3.5% 2.7 95.2% 175.0% 6.9% 6.9% 6.6% 51.2% 2.5 30.4% 38.5 8.0% 28.1 2,315.5 3.3% 3.1 88.2% 211.9% 9.8% 9.8% 8.6% 31.3% 39.1% 35.9%
19.5
26.4
27.9
18.7
14.8
36
-9.8 15.6
-15.7 10.2
-13.9 9.8
99.9 117.9
-9.7 6.7
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37
Inc.
2011 2010 2009 2008 2007
Figures are expressed as per unit of respective shares. Figures are in U.S. Dollars.
Fiscal Year Fiscal Year End Date Sales Operating Income Pre-tax Income Net Income (Continuing Operations) Net Income Before Extra Items Extraordinary Items Net Income After Extraordinary Items Net Income Available to Common Shares Fully Diluted Earnings Common Dividends Cash Earnings Book Value Retained Earnings Assets
12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 7.70 1.86 0.19 0.17 0.17 0.00 0.17 0.17 0.17 1.68 1.71 -0.94 -0.95 23.47 0.05 0.05 0.05 1.68 2.05 -0.40 -0.48 24.03 7.90 1.99 0.10 0.05 0.05 7.85 1.66 -0.34 -0.24 -0.24 0.00 -0.24 -0.25 -0.25 1.68 2.09 0.26 -0.53 25.19 5.83 1.59 0.02 0.02 0.02 0.00 0.02 -0.03 -0.03 1.68 1.43 1.09 -0.29 26.45 5.28 1.46 -0.01 0.01 0.01 0.00 0.01 -0.10 -0.10 1.68 1.34 1.76 -0.31 17.58
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38
Inc.
2011 2010 2009 2008 2007
Fiscal Year Fiscal Year End Date Gross Income Margin Operating Income Margin Pretax Income Margin EBIT Margin Net Income Margin Return on Equity - Total Return on Invested Capital Return on Assets Asset Turnover Financial Leverage Interest Expense on Debt Effective Tax Rate Cash Flow % Sales Selling, General & Administrative Expenses % of Sales Research & Development Expense Operating Income Return On Total Capital
12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007 36.9% 24.2% 2.4% 26.7% 2.2% 37.8% 25.3% 1.2% 24.9% 0.7% 34.8% 21.1% -4.3% 20.2% -3.0% -34.9% 7.0% 5.8% 0.3 -2,192.0% 6.1% 5.2% 0.3 -5,179.1% 4.6% 3.9% 0.3 7,972.9% 41.9% 27.3% 0.3% 28.6% 0.3% 1.1% 5.8% 4.9% 0.2 1,967.4% 42.6% 27.6% -0.3% 30.4% 0.3% 1.5% 7.0% 5.9% 0.3 746.5%
24,776,123 24,746,542 25,416,024 21,807,800 21,378,434 10.2% 22.2% 12.7% 46.9% 25.9% 12.5% 25.6% 13.7% 11.9% 25.3% 14.6% 24.4% 14.9%
0.0% -5.4%
0.0% 50.6%
0.0% -3.8%
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39
Inc.
DLNN DLNN
199 167 198 166 28 6 14.2% 3.4% NAS 28 14,500 0.6%
Investment Acceptance Rating Total Market Value of Shares Outstanding - Three Year Average - Current Year Public Market Value (Excludes Closely Held) - Three Year Average - Current Year Trading Volume - Three Year Average - Current Year Turnover Rate - Three Year Average - Current Year Stock Exchange Listings Number of Institutional Investors Number of Shareholders Closely Held Shares as % of Total Shares Outstanding
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40
Wright Quality Rating - Financial Strength: Otelco, Wright Quality Rating Financial Strength Rating Total Shareholders' Equity (Millions of U.S. Dollars) Total Shareholders' Equity as % Total Capital Preferred Stock as % of Total Capital Long Term Debt as % of Total Capital Long Term Debt (Millions of U.S. Dollars) Lease Obligations (Millions of U.S. Dollars)
Inc.
D D
LNN LNN
-12 -4.8% 0.0%
Long Term Debt including Leases (Millions of U.S. Dollars) Total Debt as % of Total Capital Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends Quick Ratio (Cash & Receivables / Current Liabilities) Current Ratio (Current Assets / Current Liabilities)
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41
Wright Quality Rating - Profitability & Stability: Otelco, Wright Quality Rating Profitability & Stability Rating
Inc.
DL DL
NN NN
4.0%
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal - Basic Trend Cash Earnings Return on Equity - Time-Weighted Average - Basic Trend Cash Earnings Return on Equity - Stability Index Return On Assets (Time-Weighted Average) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate) Pre-Tax Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Assets (Time-Weighted Average) Operating Income as % of Total Capital (Adjusted Rate)
-49.2%
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42
Inc.
DLN DLN
Wright Quality Rating Growth Rating Normal Earnings Growth Cash Earnings Growth Cash Earnings Stability Index Earned Equity Growth Dividend Growth Operating Income Growth Assets Growth Sales/Revenues Growth
N N
0.0% 7.3% 70.1% -148.2% 0.0% 1.3% 1.2% 7.7%
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43