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Otelco Reports Second Quarter 2012 Results

Revenues

Total revenues decreased 3.1% in the three months ended June 30, 2012, to $24.7 million from $25.5 million in the three months ended June 30, 2011. Declines from the traditional loss of RLEC voice access line related revenues and one-time settlements in the CLEC were partially offset by the addition of Shoreham. The table below provides the components of our revenues for the three months ended June 30, 2012 compared to the same period of 2011.

             
 
Three Months Ended June 30,

Change

2011 2012 Amount Percent
(dollars in thousands)
Local services $ 11,940 $ 11,419 $ (521 ) (4.4 ) %
Network access 8,076 7,498 (578 ) (7.2 )
Cable television 707 794 87 12.3
Internet 3,458 3,687 229 6.6
Transport services   1,320   1,316   (4 ) (0.3 )
Total $ 25,501 $ 24,714 $ (787 ) (3.1 )
 

Local services revenue decreased 4.4% in the quarter ended June 30, 2012 to $11.4 million from $11.9 million in the quarter ended June 30, 2011. Shoreham added $0.2 million and hosted PBX and wholesale revenue increased $0.2 million. The increase was offset by an RLEC revenue decrease of $0.4 million reflecting the decline in RLEC voice access lines and one-time fiber installation revenue of $0.1 million plus one-time CLEC revenue in 2011 of $0.4 million. Network access revenue decreased 7.2% in the second quarter 2012 to $7.5 million from $8.1 million in the quarter ended June 30, 2011. Shoreham added $0.3 million which was offset by declines in interstate and intrastate switched access revenue. Cable television revenue in the three months ended June 30, 2012, increased 12.3% to $0.8 million in the quarter ended June 30, 2012 compared to $0.7 million for the same period in 2011. Growth in IPTV subscribers, video on demand and the shift to high-definition packages in Alabama was offset by the decline in basic cable subscribers. Internet revenue for the second quarter 2012 increased 6.6% to $3.7 million from $3.5 million in the three months ended June 30, 2011. Growth in broadband data lines, including Shoreham, and fiber rent more than offset the loss of dial-up subscribers. Transport services revenue decreased 0.3% to remain at $1.3 million in the three months ended June 30, 2012 and 2011.

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