UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE QUARTERLY PERIOD ENDED September 30, 2002 |
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OR |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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FOR THE TRANSITION PERIOD FROM TO |
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Commission file number 0-13721
HICKORY TECH CORPORATION
(Exact name of registrant as specified in its charter)
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Minnesota |
41-1524393 |
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(State or other
jurisdiction of |
(I.R.S. Employer |
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221 East Hickory Street |
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(Address of principal executive offices and zip code) |
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(800) 326-5789 |
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(Registrant’s telephone number, including area code) |
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(Former name, former address and former fiscal year, if changed since last report) |
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Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
The total number of shares of the registrant's common stock outstanding as of September 30, 2002: 14,080,442.
HICKORY TECH CORPORATION
September 30, 2002
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS.
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
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For Quarter Ended |
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For Nine Months Ended |
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(In Thousands Except Per Share Amounts) |
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9/30/2002 |
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9/30/2001 |
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9/30/2002 |
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9/30/2001 |
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OPERATING REVENUES: |
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Telecom |
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$ |
22,474 |
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$ |
20,873 |
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$ |
64,596 |
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$ |
63,114 |
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Information Solutions |
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981 |
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1,207 |
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3,064 |
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3,150 |
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Enterprise Solutions |
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5,257 |
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5,479 |
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11,655 |
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15,480 |
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TOTAL OPERATING REVENUES |
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28,712 |
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27,559 |
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79,315 |
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81,744 |
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COSTS AND EXPENSES: |
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Cost of Sales, Enterprise Solutions |
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3,688 |
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3,866 |
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7,905 |
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10,503 |
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Operating Expenses, excluding Depreciation and Amortization |
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15,333 |
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13,117 |
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42,909 |
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40,922 |
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Depreciation |
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4,052 |
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3,271 |
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11,796 |
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9,216 |
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Amortization of Intangibles |
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381 |
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1,066 |
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1,122 |
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2,645 |
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TOTAL COSTS AND EXPENSES |
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23,454 |
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21,320 |
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63,732 |
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63,286 |
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OPERATING INCOME |
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5,258 |
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6,239 |
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15,583 |
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18,458 |
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OTHER INCOME (EXPENSE): |
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Equity in Net Loss of Investees |
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(29 |
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(19 |
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(27 |
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(32 |
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Gain on Sale of Assets |
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— |
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1,069 |
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— |
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1,210 |
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Interest and Other Income |
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66 |
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29 |
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138 |
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104 |
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Interest Expense |
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(1,752 |
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(2,753 |
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(5,566 |
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(8,444 |
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TOTAL OTHER INCOME (EXPENSE) |
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(1,715 |
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(1,674 |
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(5,455 |
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(7,162 |
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INCOME BEFORE INCOME TAXES |
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3,543 |
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4,565 |
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10,128 |
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11,296 |
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INCOME TAXES |
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1,449 |
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1,825 |
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4,142 |
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4,589 |
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NET INCOME |
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$ |
2,094 |
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$ |
2,740 |
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$ |
5,986 |
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$ |
6,707 |
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Basic Earnings Per Share |
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$ |
0.15 |
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$ |
0.20 |
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$ |
0.43 |
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$ |
0.48 |
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Dividends Per Share |
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$ |
0.11 |
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$ |
0.11 |
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$ |
0.33 |
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$ |
0.33 |
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Weighted Average Common Shares Outstanding |
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14,059 |
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13,908 |
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14,009 |
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13,896 |
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Diluted Earnings Per Share |
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$ |
0.15 |
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$ |
0.20 |
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$ |
0.43 |
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$ |
0.48 |
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Weighted Average Common and Equivalent Shares Outstanding |
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14,117 |
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14,014 |
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14,093 |
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13,991 |
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The accompanying notes are an integral part of the consolidated financial statements.
1
HICKORY TECH CORPORATION
September 30, 2002
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
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(In Thousands Except Share and Per Share Amounts) |
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9/30/2002 |
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12/31/2001 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and Cash Equivalents |
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$ |
389 |
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$ |
2,008 |
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Receivables, Net of Allowance for Doubtful Accounts of $2,358 and $1,231 |
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12,708 |
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14,616 |
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Income Taxes Receivable |
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1,675 |
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Costs in Excess of Billings on Contracts |
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1,472 |
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1,520 |
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Inventories |
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5,113 |
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4,989 |
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Deferred Income Taxes |
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646 |
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646 |
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Other |
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2,351 |
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2,329 |
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TOTAL CURRENT ASSETS |
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22,679 |
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