Source: LICT Press Release

LICT Corporation (Pink Sheets:LICT) announced its earnings for the fourth quarter of 2011. The company said that audited financial statements are expected to be available next week.

On March 13, 2012, the company announced preliminary fourth quarter and full year earnings. Two significant adjustments were made to the preliminary results including a $3.1 million impairment of goodwill and a $1.4 million reduction in equity income. 

Source: WVT Communications Press Release

Warwick Valley Telephone Company (Nasdaq:WWVY), referred to as WVT Communications Group announced financial results for its fourth quarter and twelve months ended December 31, 2011.  Operating revenues for the twelve-month period ended December 31, 2011 increased by $1,510,000 or 6% to $25,936,000 from $24,426,000 during the same period in 2010.  This increase was due primarily to the consolidation of $3,111,000 in revenues from Alteva since its acquisition on August 5, 2011.   

Total operating expenses for the year ended December 31, 2011 increased $4,428,000 or 13% to $37,525,000 from $33,097,000 during the same period in 2010. 

Total other income for the year ended December 31, 2011 decreased by $5,089,000 or 40% to $7,783,000 from $12,872,000 for 2010.  The lower income level is due mainly to a decrease in equity method investments of $4,680,000 from lower O-P earnings as a result of the transition of the O-P from a wholesale business to a retail business pursuant to the 4G amendment.  For the year ended December 31, 2011, WVT Communications Group recorded $7,898,000 of income from the O-P and $13,600,000 in cash distributions.  

For the twelve months ended December 31, 2011, WVT Communications Group had a net loss of $(2,921,000) compared to net income of $2,852,000 for the same period of 2010.   The decrease in net income was primarily attributable to the increase in operating expenses from the Alteva acquisition and lower earnings associated with the Company’s investment in the O-P due to the 4G amendment and corresponding accounting treatment that went into effect in May 2011. 

Source: Hawaiian Telcom Press Release

Hawaiian Telcom Holdco, Inc. (Nasdaq:HCOM) reported financial results for the fourth quarter and full year of 2011. Revenues were $395.2 million in 2011, compared to $401.4 million for the prior year, as revenue increases driven by growth from new IP-based business services, higher demand for communications systems and equipment, and higher demand for network capacity from wireless carriers were more than offset by revenue declines as a result of access line losses. Adjusted EBITDA was $121.1 million, up 6 percent compared to $114.5 million in 2010, due primarily to cost saving initiatives implemented during the year.

Operating expenses, exclusive of depreciation and amortization, reorganization items and non-recurring costs, decreased 4 percent from the prior year to $276.2 million, due primarily to lower costs associated with various IT outsourcing contracts.

Capital expenditures totaled $78.0 million for the full year 2011, a decrease of 1 percent from $78.9 million in 2010. The Company's capital program included significant investments to enhance its broadband capabilities and for the deployment of fiber to 184 wireless cell sites to support the increased demand for network capacity from the wireless carriers.  

At the end of 2011, the Company had $82.1 million in cash and cash equivalents compared to $81.6 million at the end of 2010, recording its first full year of positive free cash flow. Net Debt was $217.9 million, resulting in a Net Debt to Adjusted EBITDA ratio as of December 31, 2011 of 1.80x.

Source: LICT Press Release

LICT Corporation (Pink Sheets:LICT) announced its preliminary earnings for the fourth quarter of 2011. All data are subject to final closing adjustments, including completion of the company’s internal goodwill valuation. Audited Financial Statements are expected to be available by April 30, 2012.

For the year ending December 31, 2011, LICT recorded $92.6 million in revenue and $40.6 million in Modified EBITDA before corporate expenses versus $92.2 million in revenues in 2010 and $40.3 million in Modified EBITDA, respectively. Earnings from continuing operations were $342 per share, virtually the same as the $344 per share in 2010, excluding the previously mentioned $102 per share due to the expiration of uncertain income tax positions.

Lenny Higgins, Chief Operating Officer, said “2011 was a challenging year but we finished strong and I’m very excited about our opportunities for growth moving into 2012. We have a number of initiatives underway that represent attractive opportunities for growth in the broadband, CLEC, fixed wireless and video business segments. We plan to continue to expand through internal growth and acquisitions where we have the opportunity to leverage our existing management teams and carrier class back office infrastructure. “