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Otelco Inc. (NASDAQ: OTEL) has been acquired by Oak Hill Capital for $11.75 per share, totaling approximately $40.6 million. The acquisition will lead to Otelco's common stock ceasing to trade on NASDAQ and its delisting. Oak Hill aims to enhance fiber network deployment by leveraging its existing investments in GoNetspeed and Lantek. Executives from both Oak Hill and Otelco expressed excitement over the partnership, emphasizing the potential for expanded fiber-based data services in northeastern U.S. communities.
Otelco Inc. (NASDAQ: OTEL) reported its Q4 and annual financial results for 2020, with total revenues of $15.5 million in Q4 and $62.0 million for the year. Operating income for Q4 was $2.8 million, while net income stood at $1.4 million. The company invested $2.0 million in network improvements, raising its cash reserves to $8.4 million. Although revenue declined by 0.5% year-over-year, Otelco expanded its fiber network, now serving 27% of its market with gigabit speeds. The company is set to be acquired by Oak Hill Capital at $11.75 per share.
Otelco Inc. (Nasdaq: OTEL) will release its fourth quarter and 2020 financial results after market close on March 16, 2021, followed by a conference call on March 17, 2021, at 11:30 a.m. ET. The call can be accessed via phone or online. Additionally, Otelco is awaiting regulatory approval to finalize its merger with Oak Hill Capital, expected to close in Q2 2021. The company provides telecommunications services across seven states, serving over 32,000 customers, with a focus on high-speed internet options.
Otelco Inc. (NASDAQ: OTEL) reported its third quarter 2020 results, revealing total revenues of $15.6 million, a 1.2% decline from the previous year. Operating income dropped to $2.6 million, while net income was $1.2 million, down 32.5% year-over-year. EBITDA was $4.8 million, reflecting a 17.7% decrease compared to Q3 2019. The company reduced its debt to $67 million and invested $2.6 million in network improvements. Otelco is also preparing for an acquisition by Oak Hill Capital, expected to close in Q1 2021.
Otelco Inc. (Nasdaq: OTEL) will announce its Q3 2020 financial and operational results on November 3, 2020, post-market close. A conference call to discuss these results is set for November 4, 2020, at 11:30 a.m. ET. Participants can join the call by dialing (856) 344-9206. A telephonic replay will be available from 2:30 p.m. on the same day until November 13, 2020. Otelco offers wireline telecommunications services across several U.S. states and operates eleven local exchange carriers, serving over 32,000 customers. More information can be found on their official website.
Otelco Inc. (NASDAQ: OTEL) reported its Q2 2020 results with total revenues of $15.5 million, a 1.2% decline year-over-year. Operating income fell to $2.8 million, with net income at $1.4 million, down from $1.7 million in Q2 2019. Consolidated EBITDA decreased to $5.0 million. The company reduced its debt to $68.0 million after $1.1 million in principal payments. Otelco continues its fiber deployment, with increased speeds and service capabilities despite COVID-19 challenges. A definitive acquisition agreement by Oak Hill Capital for $11.75 per share was announced, representing a significant premium.
Otelco Inc. (Nasdaq: OTEL) will release its second quarter 2020 financial results after market close on August 4, 2020. A conference call is scheduled for August 5, 2020, at 11:30 a.m. ET to discuss these results. Interested participants can join the call by dialing (856) 344-9299. A replay will be available from August 5 at 2:30 p.m. ET until August 14, 2020. The company provides wireline telecommunications services across multiple states, catering to over 32,000 customers.
For further information, visit www.Otelco.com.
