Wright - Otelco Research 2012

7/31/2019 Wright - Otelco Research 2012

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Company Fundamentals\Comparative Business Analysis

A W right I nvestors' Service Resear ch Report:

Otelco, Inc.

Provided By Corporat eIn form ation.com440 Wheelers Farms RoadMilford, CT 06461 U.S.A.

W right Com para tive Business Analysis Report

Report Date: 5/11/2012

Com pany De scription

Otelco Inc. provides a range of telecommunications services on a retail and wholesale basis. These services

include local and long distance calling; network access to and from its customers; data transport; digital high-

speed and dial-up Internet access; cable, satellite and Internet protocol television; wireless, and other

telephone related services. The principal markets for these services are residential and business customersresiding in and adjacent to the exchanges the Company serves in Alabama, Massachusetts, Maine, Missouri, and

West Virginia. In addition, the Company serves business customers throughout Maine and New Hampshire and

provides dial-up Internet service throughout the states of Maine and Missouri. The Company offers variouscommunications services that are sold to customers. In October 2011, the Company acquired Shoreham

Telephone Company, Inc.

Competitor Analysis

Otelco, Inc. operates in the Telephone communications, exc. radio sector. This analysis compares Otelco withthree other companies: I ncontact, I ncorporation (2011 sales of $88.99 million of which 55% was Software),

Global Telecom & Technology, I ncorporation ($91.19 million of which 100% was Network Services), and 8X8

I n c. ($70.16 million of which 100% was Telecommunication Services & Technology).

Sales Analysis

Otelco reported sales of $101.84 million for the year ending December of 2011. This represents a decrease of2.4% versus 2010, when the company's sales were $104.40 million.

Recent Sales at Otelco

(Figures in Millions of U.S. Dollars)

While the company's sales decreased slightly in 2011, all three comparable companies experienced an increase insales (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)

5870

77

104 104 102

200620072008200920102011

Company

Year

Ended

Sales

(mlns)

SalesGrowth

Sales/

Emp ( US$) Largest Region

OtelcoDec2011

101.844 -2.4% 308,617the United States(100.0%)

4


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Recent Stock Perform ance

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 significantlyworse 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).

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 paidany 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 lowestof the previous five years (in 2007, the gross margin had been as high as 63.1%). The company's earnings befor

interest, taxes, depreciation and amorization (EBITDA) were $44.86 million, or 44.1% of sales. This EBITDAmargin 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

Incontact, IncorporationDec2011

88.985 8.3% 215,983the United States(100.0%)

Global Telecom & Technology,

Incorporation

Dec2011

91.188 12.5% 1,036,227 the United States (71.7%)

8X8, Inc. Mar 2011 70.163 10.7% 276,232the United States(100.0%)

Com pany P/ EPrice/

BookPrice/Sales

5 2 W k Pr Chg

Otelco 33.5 N/A 0.74 -69.20%

Incontact, Incorporation N/A 6.35 2.47 23.95%

Global Telecom & Technology, Incorporation N/A 2.45 0.48 84.92%

8X8, Inc. 37.5 5.38 4.09 37.21%

Com pany Year

Gross

Profit

Margin

EBI TDA

Margin

Earns

bef.ext ra

Otelco 2011 56.8% 44.1% 2.2%

Otelco 2010 60.5% 47.9% 0.7%


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Financial Position

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 $209.50million 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

Incontact, Incorporation 2011 48.8% -1.7% -10.6%

Global Telecom & Technology, Incorporation 2011 29.6% 9.2% 0.3%

8X8, Inc. 2011 69.7% 10.8% 9.3%

Com pany Year

LT Debt/

Equity

DaysAR

Otelco 2011 -21.92 43

Incontact, Incorporation 2011 0.16 53

Global Telecom & Technology, Incorporation 2011 1.18 438X8, Inc. 2011 0.00 5

Copyright 2001-2012 The Winthrop Corporation

Distributed by Wright Investors' Service, Inc.

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSI S: Otelco, I nc. Per Share-U.S. Dol lars

Year PriceValue Ratios Equity Capital Earnings Dividends

Calendar

Year

Market

Price

Last

Price/

Earnings

Ratio

Price/

Book

Ratio

Dividend

Yield

%

Earned

Growth

% Profit

Rate

(ROE)

BookValue

Begin

Yr

12

MonthEarnings

Per

Share%

Change

%

Payout

Ratio

12 MontDividend

Per

Share

2004 CD 15.89 22.4 n/c 0.0% 3.2% 3.2% n/a E 0.71 -77.7% 0.0% 0.0

2005 15.79 131.6 16.2 10.8% -162.2% 12.3% 0.98 AE 0.12 -83.1% 1,420.3% 1.7

2006 C 21.32 118.4 37.5 7.9% -263.9% 31.7% 0.57 ABE 0.18 50.0% 933.3% 1.6

2007 13.92 n/c 1,119.0 12.1%-

14,308.7%

-

803.9%0.01

ABE -

0.10n/c n/c 1.6

2008 C 7.57 n/c 4.3 22.2% -96.9% -1.7% 1.76 AE -0.03 n/c n/c 1.6

2009 14.95 n/c 13.7 11.2% -177.5% -23.0% 1.09 AE -0.25 n/c n/c 1.6

2010 18.12 362.3 68.8 9.3% -618.5% 19.0% 0.26 AE 0.05 n/c 3,359.3% 1.6

2011 13.76 80.9 n/c 12.2% n/c n/c -0.40 0.17 240.0% 988.1% 1.6

5/11/2012 5.70 33.5 n/c 26.3% n/a n/a -0.94 0.17 n/c 882.4% 1.5

(A): I NCLUDES OR EXCLUDES EXTRAORDI NARY CHARGE OR CREDIT- INCLUDES OR EXCLUDES EXTRAORDINARY CHARGOR 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 C

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): I NCLUDES THE EFFECTS OF A CHANGE I N ACCOUNTI NG POLICI ES OR TAX LAWS- -ADOPTED SFAS 159 FOR THEFAIR 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 TELEPHONIN 2004, BLOUNTSVILLE IN 2003

(D): NAME CHANGED FROM RURAL LEC ACQUISITION LLC IN 2004

(E): BASED ON FULLY DI LUTED SHARES, (Q ): BASED ON FULLY DILUTED SHARES OUTSTANDING, (Q ): BASED ON FULDILUTED 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 UPDATEDFROM 2004 REGISTRATION, AS 2002 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2004 REGISTRATION, A

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 anymeans, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, butaccuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Sales Analysis

SALES ANALYSI S: Otelco, Inc.Figures in thousand s of U.S. Dollars

Year

Sales

Cost ofGoods Sold

Earnings before

Interest,

Taxes,

Depreciation, and

Amortization

(EBITDA)

After Tax Income

before

Extraordinary

Charges and

Credits Employees

Amount

in

thousands

Year-

to-year

Growth

Amount

in

thousands

% ofSales

Amount

in

thousands

% of

Sales

Amount

in

thousands

% of

Sales Number

Sales

Per

Employee

After Tax

I ncomePer

Employee

2002 29,870 2.0% 6,346 21.2% 20,789 69.6% 7,396 24.8% n/a n/a n/

2003 33,755 13.0% 7,488 22.2% 21,492 63.7% 8,156 24.2% 150 225,032 54,37

2004 37,266 10.4% 8,832 23.7% 20,981 56.3% 6,114 16.4% 142 262,439 43,05

2005 46,972 26.0% 12,611 26.8% 29,187 62.1% 1,792 3.8% 142 330,790 12,61

2006 57,589 22.6% 18,728 32.5% 33,665 58.5% 1,161 2.0% 220 261,770 5,27

2007 69,749 21.1% 25,719 36.9% 35,530 50.9% 179 0.3% 213 327,462 84

2008 77,115 10.6% 29,192 37.9% 37,658 48.8% 214 0.3% 327 235,826 654

2009 103,755 34.5% 41,179 39.7% 47,417 45.7% -3,118 -3.0% 299 347,008 -10,42

2010 104,400 0.6% 41,286 39.5% 49,717 47.6% 691 0.7% 315 331,429 2,19

2011 101,844 -2.4% 43,996 43.2% 47,456 46.6% 2,197 2.2% 330 308,617 6,65

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

believed reliable, but accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Price Analysis

PRI CE ANALYSI S: Otelco, I nc. Per Share-U.S. Dollars

Quarter

High

Price

Low

Price

Closing

Price

Quarterly

%Change

12 months

%Change

2004

Oct-Dec 16.050 15.200 15.890 n/a n/a

2005

Jan-Mar 16.080 15.000 15.300 -3.7% n/a

Apr-Jun 15.630 14.500 15.280 -0.1% n/a

Jul-Sep 16.500 14.820 15.490 1.4% n/a

Oct-Dec 17.020 15.110 15.790 1.9% -0.6%

2006

Jan-Mar 18.650 15.650 16.230 2.8% 6.1%

Apr-Jun 18.200 15.270 18.050 11.2% 18.1%

Jul-Sep 20.190 17.900 20.100 11.4% 29.8%

Oct-Dec 23.240 18.532 21.320 6.1% 35.0%

2007Jan-Mar 24.469 17.350 20.850 -2.2% 28.5%

Apr-Jun 23.130 19.080 19.600 -6.0% 8.6%

Jul-Sep 19.820 13.010 18.340 -6.4% -8.8%

Oct-Dec 19.900 13.400 13.920 -24.1% -34.7%

2008

Jan-Mar 18.430 13.060 15.590 12.0% -25.2%

Apr-Jun 17.344 13.500 16.050 3.0% -18.1%

Jul-Sep 16.530 8.135 13.290 -17.2% -27.5%

Oct-Dec 14.500 3.490 7.570 -43.0% -45.6%

2009

Jan-Mar 9.590 7.160 9.116 20.4% -41.5%

Apr-Jun 13.470 9.140 11.080 21.6% -31.0%

Jul-Sep 13.350 10.800 12.720 14.8% -4.3%

Oct-Dec 15.790 12.600 14.950 17.5% 97.5%

2010

Jan-Mar 16.870 13.660 16.010 7.1% 75.6%

Apr-Jun 17.350 13.900 16.000 -0.1% 44.4%

Jul-Sep 16.130 13.750 15.490 -3.2% 21.8%

Oct-Dec 18.840 15.251 18.120 17.0% 21.2%

2011

Jan-Mar 20.400 18.070 19.380 7.0% 21.0%


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Apr-Jun 19.640 16.860 18.280 -5.7% 14.3%

Jul-Sep 18.750 13.760 16.000 -12.5% 3.3%

Oct-Dec 16.730 13.240 13.760 -14.0% -24.1%

2012

Jan-Mar 15.110 11.410 12.810 -6.9% -33.9%

5/11/2012 5.700 -58.1% -69.2%

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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Company Fundamentals\Earnings & Dividends Analysis

EARNI NGS AND DI VI DENDS ANALYSI S: Otelco, I nc. Per Share-U.S. DollarsFiscal Year Ends in Decem ber

(A):INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT- INCLUDES OR EXCLUDESEXTRAORDINARY CHARGE OR CREDIT, INCLS $.01 PRETAX CR & $.11 PRETAX CHG DEC 2009 ($.11 PRETAX CHDEC, $.01 PRETAX CR SEP, NOM PRETAX CR JUN & NOM PRETAX CR MAR), INCLS $.02 PRETAX CR IN 2008($.0PREETAX 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 $.3PRETAX CR & .03 PRETAX CHG IN 2006 ($.3 PRETAX CR & $.06 PRETAX CHG DEC, NOM PRETAX CR SEP, $.01PRETAX 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 159FOR THE FAIR VALUE OPTION FOR FINANCIAL ASSETS AND FINANCIAL LIABILITIES & SFAS 157 FOR FAIRVALUE MEASURES, - ADOPTED SFAS 157 FOR FAIR VALUE MEASUREMENTS IN 2006, EARNINGS IMMACT NOTSPECIFIED

(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, INFORMATIONUPDATED FROM 2004 REGISTRATION, AS 2002 ANNUAL NOT AVAILABLE

CalendarYears

Earnings Per Share Dividends Per Share

1 2 M on ths Quart erlyReport edEarnin gs 1 2 M ont hs Qua rt erlyReport edDividends

Earnings%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec. Dividends%

ChangeQ1

Mar.Q2

Jun.Q3

Sep.Q4

Dec.%

Payo

2001 -0.03 n/c n/a n/a n/a n/a 0.00 n/c 0.00 0.00 0.00 0.00 n/c

2002 F 2.90 n/c n/a n/a n/a n/a 0.00 n/c 0.00 0.00 0.00 0.00 0.0

2003 CF AE3.18 9.7% 0.83 0.84 0.66 0.85 0.00 n/c 0.00 0.00 0.00 0.00 0.0

2004 CD E0.71 -77.7% 0.24 0.24 0.25 -0.02 0.00 n/c 0.00 0.00 0.00 0.00 0.0

2005 AE0.12 -83.1% 0.06 0.04 0.03 -0.01 1.70 n/c 0.44 0.42 0.42 0.42 n/c

2006 C ABE0.18 50.0% 0.03 0.19 -0.03 -0.01 1.68 -1.4% 0.42 0.42 0.42 0.42 n/c

2007ABE-0.10

n/c -0.04 -0.03 -0.07 0.04 1.68 0.0% 0.42 0.42 0.42 0.42 n/c

2008 C AE-0.03 n/c 0.04 0.02 0.04 -0.13 1.68 0.0% 0.42 0.42 0.42 0.42 n/c

2009 AE-0.25 n/c -0.07 -0.05 -0.01 -0.12 1.68 0.0% 0.42 0.42 0.42 0.42 n/c

2010 AE0.05 n/c -0.02 0.03 0.00 0.04 1.68 0.0% 0.42 0.42 0.42 0.42 n/c

2011 0.17 240.0% 0.00 0.10 0.07 0.00 1.68 0.0% 0.42 0.42 0.42 0.42 n/c

2012 n/a n/c n/a n/a n/a n/a n/a n/c 0.42 0.24 n/a n/a n/c

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

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Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock Issued forESOP

0.0% 0.0% 0.0% 0.0%

ESOP Guarantees -Preferred Issued

0.0% 0.0% 0.0% 0.0%

Common Equity -4.0% -1.7% 1.0% 4.1% 10.0%

Total Liabilities &Shareholders' Equity

100.0% 100.0% 100.0% 100.0% 100.0%

Copyright2000-2012 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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Tangible Other Assets -98.8% 2.6% 2,209.4% -99.5% -66.7%

Intangible Other Assets -2.2% -3.7% -4.8% 62.2% -1.0%

Total Assets -2.3% -4.6% -4.7% 50.4% -4.7%

Liabilities & Shareholders'Equity


-2.3% -4.6% -4.7% 50.4% -4.7%

Accounts Payable -2.2% -51.6% 36.0% 12.3% 24.1%

Short Term Debt & CurrentPortion of Long Term Debt

Accrued Payroll

Income Taxes Payable 0.0% -10.5%

Dividends Payable

Other Current Liabilities -1.6% -1.3% -9.4% 47.8% -27.0%

Current Liabilities - Total -1.7% -15.3% 3.5% 38.7% -30.4%

Long Term Debt -0.2% -2.2% -1.8% 62.5% -15.1%

Long Term Debt ExcludingCapitalized Leases

-0.2% -2.2% -1.8% 62.5% -15.1%

Capitalized Lease

Obligations

Provision for Risks andCharges

Deferred Income

Deferred Taxes 6.7% 0.9% -5.8% 58.8% 2.1%

Deferred Taxes - Credit 13.2% 0.6% -8.1% 82.2% 2.1%

Deferred Taxes - Debit 68.8% -1.5% -24.0%

Deferred Tax Liability inUntaxed Reserves

Other Liabilities -63.9% 42.3% 110.7% -35.0% -21.8%

Total Liabilities -0.1% -2.0% -1.7% 60.3% -14.2%

Non-Equity Reserves

Minority Interest


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Preferred Stock



Common Equity -250.5% -75.8% -38.4% 18,245.8%Total Liabilities &Shareholders' Equity

-2.3% -4.6% -4.7% 50.4% -4.7%





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Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Otelco, Inc.Figures in millions of U.S. Dollars.

Fiscal Year 2011 2010 2009 2008 2007

Fiscal Year End Date 12/31/2011 12/31/2010 12/31/2009 12/31/2008 12/31/2007

Assets

Total Assets 308.6 295.3 270.2 242.9 202.9

Cash & Short TermInvestments

14.9 15.3 12.8 10.3 8.0

Cash

Short Term Investments

Receivables (Net) 10.5 9.5 8.6 7.4 5.7

Inventories -Total 2.0 2.0 1.8 1.6 1.4

Raw Materials 2.0 2.0 1.8 1.6 1.4

Work in Process 0.0 0.0 0.0

Finished Goods 0.0 0.0 0.0

Progress Payments &Other

0.0 0.0 0.0

Prepaid Expenses 1.3 1.2 1.0 0.9

Other Current Assets 0.9 0.9 0.9 0.9 0.8

Current Assets - Total 29.5 28.9 25.2 21.2 16.6

Long Term Receivables 0.0 0.0 0.0

Investment in AssociatedCompanies

0.0 0.0 0.0

Other Investments 1.8 1.7 1.5 1.4 1.2

Property Plant andEquipment - Gross 242.3 219.3 190.2 161.9 128.5

Accumulated Depreciation 176.6 154.6 129.4 105.2 79.3

Property Plant andEquipment Net

65.8 64.7 60.8 56.7 49.2

Other Assets 211.5 200.0 182.7 163.7 135.9

Deferred Charges 6.4 6.8 7.0 7.2 5.7


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Tangible Other Assets 0.4 1.3 2.3 3.2 3.2

Intangible Other Assets 204.8 192.0 173.4 153.2 127.0

Total Assets 308.6 295.3 270.2 242.9 202.9

Liabilities & Shareholders'Equity


308.6 295.3 270.2 242.9 202.9

Accounts Payable 2.1 2.1 2.1 2.0 1.8

Short Term Debt & CurrentPortion of Long Term Debt

0.0 0.0 1.5

Accrued Payroll

Income Taxes Payable

Dividends Payable

Other Current Liabilities 7.7 7.8 6.8 5.9 4.6

Current Liabilities - Total 10.0 10.4 9.3 8.2 8.2

Long Term Debt 255.5 242.3 220.9 198.2 156.7

Long Term Debt ExcludingCapitalized Leases

255.5 242.3 220.9 198.2 156.7

Capitalized Lease

Obligations 0.0 0.0 0.0

Provision for Risks andCharges

0.0 0.0 0.0 0.0 0.0

Deferred Income 0.0 0.0 0.0

Deferred Taxes 36.4 33.2 28.6 23.7 17.2

Deferred Taxes - Credit 40.8 36.1 30.7

Deferred Taxes - Debit

Deferred Tax Liability inUntaxed Reserves

Other Liabilities 2.0 2.2 1.9 2.1 1.9

Total Liabilities 303.9 288.1 260.8 232.1 184.0

Non-Equity Reserves 0.0 0.0 0.0

Minority Interest 0.0 0.0 0.0 0.0 0.0

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Preferred Stock 0.0 0.0 0.0 0.0 0.0


0.0 0.0 0.0


0.0 0.0 0.0

Common Equity 4.7 7.2 9.4 10.7 18.9Total Liabilities &Shareholders' Equity

308.6 295.3 270.2 242.9 202.9




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Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available toCommon

2.2% 0.7% -3.0% 0.3% 0.3%




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Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Otelco, Inc.Figures in millions of U.S. Dollars.

Fiscal Year 2011 2010 2009 2008 2007

Net Sales or Revenues 91.4 82.5 71.0 57.7 49.1

Cost of Goods Sold 36.3 31.2 25.5 19.0 14.7

Depreciation, Depletion & Amortization 20.1 18.2 15.4 11.5 9.5

Gross Income 35.0 33.1 30.2 27.2 24.9

Selling, General & Administrative Expenses 12.4 11.4 10.2 8.9 7.4

Other Operating Expenses 0.0 0.0 0.0 0.0 0.0

Operating Expenses - Total 68.7 60.8 51.0 39.4 31.6

Operating Income 22.7 21.7 20.0 18.3 17.5

Extraordinary Credit - Pretax 0.5 0.5 0.4

Extraordinary Charge - Pretax 0.4 0.5 0.3 0.1 0.3

Non-Operating Interest Income 0.0 0.0 0.0

Reserves - Increase/Decrease 0.0 0.0 0.0

Pretax Equity in Earnings 0.0 0.0 0.0

Other Income/Expense - Net 0.6 1.2 1.2 1.1 1.1

Earnings before Interest, Taxes, Depreciation & Amortization(EBITDA)

43.6 40.8 36.7 31.4 28.2

Earnings before Interest & Taxes(EBIT) 23.5 22.6 21.3 19.9 18.7

Interest Expense on Debt 23.6 22.7 21.0 16.7 13.0

Interest Capitalized 0.0 0.0 0.0

Pretax Income -0.1 -0.1 0.3 3.2 5.7

Income Taxes -0.2 0.0 0.1 1.2 2.1

Minority Interest 0.0 0.0 0.0

Equity in Earnings 0.0 0.0 0.0

After Tax Other Income/Expense -0.2 -0.2 -0.2

Discontinued Operations 0.0 0.0 0.0

Net Income before Extraordinary Items/Preferred Dividends 0.0 -0.2 0.0 1.9 3.5

Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0 0.0 0.0

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Other Liabilities -63.9% 42.3% 110.7% -35.0% -21.8%

Total Liabilities -0.1% -2.0% -1.7% 60.3% -14.2%

Minority Interest

Preferred Stock

Retained Earnings

Common Equity -250.5% -75.8% -38.4% 18,245.8%

Total Capital -2.9% -5.3% -5.4% 50.6% -3.8%

Total Liabilities & CommonEquity

Total Liabilities 322.6 323.0 329.6 335.3 209.2

Net Change in Liabilities as% of Total Liabilities

-0.1% -2.0% -1.7% 37.6% -16.5%

Common Equity -12.4 -5.2 3.5 14.4 23.3

Net Change in CommonEquity as% of Common Equity

-312.7% -62.2% 99.5%

Cash Flow

Operating Activities 19.5 26.4 27.9 18.7 14.8

Financing Activities -9.8 -15.7 -13.9 99.9 -9.7

Investing Activities 15.6 10.2 9.8 117.9 6.7




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Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Otelco, Inc.

Fiscal Year 2011 2010 2009 2008 2007


Receivables Turnover 8.5 10.6 9.7 6.3 9.2

Receivables - Number ofDays

41.0 35.9 40.4 47.1 38.5

Inventory Turnover 24.5 21.8 19.3 13.6 13.0

Inventory - Number of Days 14.9 16.7 18.9 26.9 28.1

Gross Property, Plant &Equipment Turnover

0.4 0.4 0.4 0.3 0.4

Net Property, Plant &

Equipment Turnover

1.5 1.6 1.5 1.0 1.3

Depreciation, Depletion &Amortization% of Gross Property, Plant &Equipment

7.2% 9.1% 10.5% 6.3% 8.4%

Depreciation, Depletion &AmortizationYear to Year Change

-0.3 -0.3 1.1 0.1 0.4

Depreciation, Depletion &

AmortizationYear to Year % Change

-14.5% -10.6% 69.7% 8.8% 33.1%





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Financial Ratio Analyses\Asset Utilization

Asset Utilization: Otelco, Inc.Figures are expressed as the ratio of Net Sales.Net Sales are in millions of U.S. Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Net Sales 101.8 104.4 103.8 77.1 69.7

Cash & Cash Equivalents 12.2% 17.5% 17.1% 17.6% 18.4%

Short-Term Investments

Accounts Receivable 11.8% 9.4% 10.3% 16.0% 10.9%

Inventories 1.7% 1.7% 1.9% 3.0% 2.9%

Other Current Assets 0.7% 0.6% 0.7% 1.1% 2.1%

Total Current Assets 27.7% 30.5% 31.3% 39.1% 35.9%

Total Long Term Receivables& Investments

1.9% 1.9% 1.9% 2.6% 1.7%

Long Term Receivables 0.0% 0.0% 0.0% 0.0%

Investments in AssociatedCompanies

0.0% 0.0% 0.0% 0.0%

Other Investments 1.9% 1.9% 1.9% 2.6% 1.7%

Property, Plant & Equipment -Gross

275.6% 249.5% 243.9% 320.0% 244.4%

Accumulated Depreciation 210.9% 188.3% 177.4% 222.2% 166.1%

Property Plant & Equipment -Net

64.7% 61.2% 66.5% 97.8% 78.3%

Other Assets 210.3% 210.8% 221.2% 313.9% 217.4%

Total Assets 304.7% 304.3% 321.0% 453.4% 333.3%





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Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Otelco, Inc.Values per Employee are in U.S. Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Employees 330 315 299 327 213

Values per Employee

Sales 308,617 331,429 347,008 235,826 327,462

Net Income 6,659 2,193 -10,427 654 842

Cash Earnings 68,504 85,962 88,876 59,660 79,982

Working Capital 56,379 69,923 69,997 58,021 79,808

Total Debt 821,535 862,209 929,105 865,090 817,393

Total Capital 784,056 845,561 940,758 909,061 926,894

Total Assets 940,212 1,008,637 1,113,865 1,069,248 1,091,484

Year to Year % Change perEmployee

Employees 4.8% 5.4% -8.6% 53.5% -3.2%

Sales -6.9% -4.5% 47.1% -28.0% 25.1%

Net Income 203.7% -1,694.3% -22.3% -84.0%Cash Earnings -20.3% -3.3% 49.0% -25.4% 30.1%

Working Capital -19.4% -0.1% 20.6% -27.3% 27.7%

Total Debt -4.7% -7.2% 7.4% 5.8% -12.3%

Total Capital -7.3% -10.1% 3.5% -1.9% -0.7%

Total Assets -6.8% -9.4% 4.2% -2.0% -1.5%





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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Otelco, Inc.

Fiscal Year 2011 2010 2009 2008 2007


EBIT/Total Interest Expense 1.1 1.1 0.8 1.0 1.0

EBIT/Net Interest 1.1 1.1 0.8 1.0 1.0

EBIT/(Total Interest Exp +Pfd Div)

1.1 1.1 0.8 1.0 1.0

EBIT/Dividends on CommonShares

2.9 2.8 2.3 2.5 2.2

EBIT/(Dividends on Common+ Pfd)

2.9 2.8 2.3 2.5 2.2

EBITDA/Total InterestExpense 1.9 2.0 1.9 1.7 1.7

EBITDA/Net Interest 1.9 2.0 1.9 1.7 1.7

EBITDA/(Total Interest Exp +Pfd Div)

1.9 2.0 1.9 1.7 1.7

EBITDA/Dividends on ComShares

5.1 5.4 5.3 4.2 3.7

EBITDA/(Dividends on Com +

Pfd)5.1 5.4 5.3 4.2 3.7





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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Otelco, Inc.

Fiscal Year 2011 2010 2009 2008 2007


Long Term Debt % of EBIT 995.9% 1,042.7% 1,327.2% 1,282.9% 821.9%

Long Term Debt % ofEBITDA

571.3% 546.3% 585.9% 751.2% 490.0%

Long Term Debt % of TotalAssets

87.4% 85.5% 83.4% 80.9% 74.9%

Long Term Debt % of TotalCapital

104.8% 102.0% 98.8% 95.2% 88.2%

Long Term Debt % of ComEquity

-2,192.0% -5,179.1% 7,972.9% 1,967.4% 746.5%

Total Debt % of EBIT 995.9% 1,042.7% 1,327.2% 1,282.9% 821.9%

Total Debt % of EBITDA 571.3% 546.3% 585.9% 751.2% 490.0%

Total Debt % of Total Assets 87.4% 85.5% 83.4% 80.9% 74.9%

Total Debt % of Total Capital 104.8% 102.0% 98.8% 95.2% 88.2%

Total Debt % of Total Capital& Short Term Debt

104.8% 102.0% 98.8% 95.2% 88.2%

Total Debt % of CommonEquity -2,192.0% -5,179.1% 7,972.9% 1,967.4% 746.5%

Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of TotalAssets

0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of TotalCapital

0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of ComEquity

0.0% 0.0% 0.0%

Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of TotalAssets

0.0% 0.0% 0.0% 0.0% 0.0%


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Preferred Stock % of TotalCapital

0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of TotalEquity

0.0% 0.0% 0.0%

Common Equity % of TotalAssets

-4.0% -1.7% 1.0% 4.1% 10.0%

Common Equity % of TotalCapital

-4.8% -2.0% 1.2% 4.8% 11.8%

Total Capital % of TotalAssets

83.4% 83.8% 84.5% 85.0% 84.9%

Capital Expenditure % ofSales

10.4% 9.8% 9.2% 12.0% 9.4%

Fixed Assets % of CommonEquity

-532.7% -1,218.3% 1,981.1% 524.4% 234.1%

Working Capital % of TotalCapital

7.2% 8.3% 7.4% 6.4% 8.6%

Dividend Payout

Funds From Operations % ofTotal Debt

8.3% 10.0% 9.6% 6.9% 9.8%





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Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Otelco, Inc.

Fiscal Year 2011 2010 2009 2008 2007


Total Current Assets % Net

Sales

27.7% 30.5% 31.3% 39.1% 35.9%

Cash % of Current Assets 57.3%

Cash & Equivalents % ofCurrent Assets

43.9% 57.3% 54.6% 45.0% 51.2%

Quick Ratio 2.5 2.9 2.5 2.3 2.5

Receivables % of CurrentAssets

42.5% 30.9% 32.9% 40.9% 30.4%

Receivable Turnover -number of days 41.0 35.9 40.4 47.1 38.5

Inventories % of CurrentAssets

6.3% 5.7% 6.1% 7.7% 8.0%

Inventory Turnover - numberof days

14.9 16.7 18.9 26.9 28.1

Inventory to Cash &Equivalents - number of days

2,505.5 3,610.6 3,240.2 2,114.4 2,315.5

Receivables % of TotalAssets

3.9% 3.1% 3.2% 3.5% 3.3%

Current Ratio 2.9 3.3 2.8 2.7 3.1

Total Debt % of Total Capital 104.8% 102.0% 98.8% 95.2% 88.2%

Funds from Operations % ofCurrent Liabilities

235.2% 277.0% 230.2% 175.0% 211.9%

Funds from Operations % ofLong Term Debt

8.3% 10.0% 9.6% 6.9% 9.8%

Funds from Operations % ofTotal Debt

8.3% 10.0% 9.6% 6.9% 9.8%

Funds from Operations % ofTotal Capital

8.7% 10.2% 9.4% 6.6% 8.6%

Cash Flow (in milllions ofU.S. Dollars)

Operating Activities 19.5 26.4 27.9 18.7 14.8


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Financing Activities -9.8 -15.7 -13.9 99.9 -9.7

Investing Activities 15.6 10.2 9.8 117.9 6.7





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Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Otelco, Inc.Figures are expressed as per unit of respective shares.Figures are in U.S. Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Sales 7.70 7.90 7.85 5.83 5.28

Operating Income 1.86 1.99 1.66 1.59 1.46

Pre-tax Income 0.19 0.10 -0.34 0.02 -0.01

Net Income (ContinuingOperations)

0.17 0.05 -0.24 0.02 0.01

Net Income Before ExtraItems

0.17 0.05 -0.24 0.02 0.01

Extraordinary Items 0.00 0.00 0.00 0.00

Net Income AfterExtraordinary Items

0.17 0.05 -0.24 0.02 0.01

Net Income Available toCommon Shares

0.17 0.05 -0.25 -0.03 -0.10

Fully Diluted Earnings 0.17 0.05 -0.25 -0.03 -0.10

Common Dividends 1.68 1.68 1.68 1.68 1.68

Cash Earnings 1.71 2.05 2.09 1.43 1.34

Book Value -0.94 -0.40 0.26 1.09 1.76

Retained Earnings -0.95 -0.48 -0.53 -0.29 -0.31

Assets 23.47 24.03 25.19 26.45 17.58





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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Otelco, Inc.Currency figures are in U.S. Dollars.

Fiscal Year 2011 2010 2009 2008 2007


Gross Income Margin 36.9% 37.8% 34.8% 41.9% 42.6%

Operating Income Margin 24.2% 25.3% 21.1% 27.3% 27.6%

Pretax Income Margin 2.4% 1.2% -4.3% 0.3% -0.3%

EBIT Margin 26.7% 24.9% 20.2% 28.6% 30.4%

Net Income Margin 2.2% 0.7% -3.0% 0.3% 0.3%

Return on Equity - Total -34.9% 1.1% 1.5%

Return on Invested Capital 7.0% 6.1% 4.6% 5.8% 7.0%

Return on Assets 5.8% 5.2% 3.9% 4.9% 5.9%

Asset Turnover 0.3 0.3 0.3 0.2 0.3

Financial Leverage -2,192.0% -5,179.1% 7,972.9% 1,967.4% 746.5%

Interest Expense on Debt 24,776,123 24,746,542 25,416,024 21,807,800 21,378,434

Effective Tax Rate 10.2% 46.9% 11.9%

Cash Flow % Sales 22.2% 25.9% 25.6% 25.3% 24.4%

Selling, General &Administrative Expenses % ofSales

12.7% 12.5% 13.7% 14.6% 14.9%

Research & DevelopmentExpense

0.0% 0.0% 0.0% 0.0%

Operating Income Return OnTotal Capital

-2.9% -5.3% -5.4% 50.6% -3.8%





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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Otelco, Inc.Currency figures are in millions of U.S. Dollars.

Wright Quality Rating DLNN

Investment Acceptance Rating DLNNTotal Market Value of Shares Outstanding - Three Year Average 199

- Current Year 167

Public Market Value (Excludes Closely Held) - Three Year Average 198

- Current Year 166

Trading Volume - Three Year Average 28

- Current Year 6

Turnover Rate - Three Year Average 14.2%

- Current Year 3.4%

Stock Exchange ListingsNAS

Number of Institutional Investors 28

Number of Shareholders 14,500

Closely Held Shares as % of Total Shares Outstanding 0.6%Copyright2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site



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Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Otelco, Inc.


Financial Strength Rating DLNN

Total Shareholders' Equity (Millions of U.S. Dollars) -12

Total Shareholders' Equity as % Total Capital -4.8%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 104.8%

Long Term Debt (Millions of U.S. Dollars) 271

Lease Obligations (Millions of U.S. Dollars) 0

Long Term Debt including Leases (Millions of U.S. Dollars) 271Total Debt as % of Total Capital 104.8%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & PreferredDividends

1.0

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & PreferredDividends

1.0

Quick Ratio (Cash & Receivables / Current Liabilities) 2.5

Current Ratio (Current Assets / Current Liabilities) 2.9Copyright2000-2012 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site



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Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Otelco, Inc.


Profitability & Stability Rating DLNN

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal -49.2%

- Basic Trend 4.0%

Cash Earnings Return on Equity - Time-Weighted Average

- Basic Trend

Cash Earnings Return on Equity - Stability Index

Return On Assets (Time-Weighted Average) 7.8%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 0.1%Operating Income as % of Total Assets (Time-Weighted Average) 7.6%

Operating Income as % of Total Capital (Adjusted Rate) 9.5%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 0.1%

Operating Income as % of Total Assets (Time-Weighted Average) 7.6%

Operating Income as % of Total Capital (Adjusted Rate) 9.5%




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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Otelco, Inc.Figures are expressed on a Per Share Basis.


Growth Rating DLNNNormal Earnings Growth 0.0%

Cash Earnings Growth 7.3%

Cash Earnings Stability Index 70.1%

Earned Equity Growth -148.2%

Dividend Growth 0.0%

Operating Income Growth 1.3%

Assets Growth 1.2%

Sales/Revenues Growth 7.7%




Wright - Otelco Research 2012

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Transcript of Wright - Otelco Research 2012