Source: HickoryTech Press Release

HickoryTech Corporation (Nasdaq:HTCO) reported earnings for the first quarter ended March 31, 2012 of $2.3 million, up 8 percent over the comparable quarter last year and earnings per share totaled 17 cents per diluted share, a 6 percent increase from last year.  Revenue totaled $46.9 million, up 22 percent year over year.

“Our business product lines continue to produce excellent results and drove the strong revenue increases in the first quarter, giving us a solid start to the year,” said John Finke, HickoryTech’s president and chief executive officer.  “A significant backlog of customer orders for equipment flowed into fiscal 2012 and contributed to our Equipment Segment revenue of $17.4 million which increased 67 percent over the first quarter last year.  Additionally, fiber and data revenue increased 22 percent, demonstrating our success in growing our business data services.  Also contributing to our successful quarter was the addition of one month of IdeaOne results.”  

Source: HickoryTech Press Release

HickoryTech Corporation (Nasdaq:HTCO) announced that revenue for fiscal 2011 totaled $163.5 million, a 1 percent increase over fiscal 2010. A unique fiber construction project in 2010 added $5 million of revenue. Excluding the 2010 fiber construction project, revenue for fiscal 2011 grew 4 percent. Net income for fiscal 2011 totaled $9.2 million, a 24 percent decrease from fiscal 2010. The company said it had unique income tax reserve reversals of $406,000 in fiscal 2011 and $2.7 million in fiscal 2010, which added to net income in both years. Excluding the income tax reserve releases, net income in fiscal 2011 decreased 6 percent from fiscal 2010, largely due to SG&A and depreciation increases.

"We met and exceeded our objectives for fiscal 2011 and took additional steps to further expand our fiber network and to grow our company," said John Finke, HickoryTech's president and chief executive officer. "We signed an agreement to acquire IdeaOne in December and closed on this acquisition on March 1, 2012. While our fourth quarter results included expenses associated with this acquisition and normal sales fluctuation in our equipment segment, our fiber and data segment continued to grow while our telecom business remained stable. We remain committed to our strategic initiatives and will continue to manage the strong cash flows of our business to make investments which lay the foundation for future growth initiatives."

"We made significant progress in 2011 with our Greater Minnesota Broadband Collaborative Project which further expands our fiber footprint from the Twin Cities to northern Minnesota," said Finke. "The majority of this fiber route was completed in 2011 and we'll begin the northwestern Minnesota route in 2012, which will add more diversity to our Fargo, North Dakota network. The Fargo metro network is expected to bring accelerated growth opportunities for our customers in this market."