UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported) March 12, 2013
Warwick Valley Telephone Company
(Exact name of registrant as specified in its charter)
New York |
| 1-35724 |
| 14-1160510 |
(State or other jurisdiction |
| (Commission |
| (IRS Employer |
47 Main Street, Warwick, New York |
| 10990 |
(Address of principal executive offices) |
| (Zip Code) |
Registrant’s telephone number, including area code 845-986-8080
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 4.02 Non-Reliance on Previously Issued Financial Statements or a Related Audit Report or Completed Interim Review
On March 12, 2013, the Audit Committee of the Board of Directors of Warwick Valley Telephone Company (the “Company”), in consultation with management, determined that its consolidated balance sheets as of December 31, 2010 and 2011 and consolidated statements of shareholders equity as of December 31, 2009, 2010 and 2011 contained in its annual reports on Form 10-K for the years ended December 31, 2011 and its quarterly reports on Form 10-Q for the first, second and third quarters of 2011 and the first, second and third quarters of 2012 should be restated due to an error in the calculation of the deferred income taxes related to the temporary difference of accumulated depreciation of fixed assets. The total adjustment through December 31, 2012 relating to the correction of the deferred income taxes was a reduction in deferred tax assets and retained earnings of $1.3 million.
The Company’s Annual Report on Form 10-K for the year ended December 31, 2012, which was filed on March 18, 2013, includes (i) the restated consolidated balance sheet as of December 31, 2010 and 2011, (ii) restated consolidated statements of shareholders’ equity as of December 31, 2009, 2010, 2011, and (iii) restated financial information for the first three quarterly periods in its fiscal year ended December 31, 2011, and the first three quarterly periods of its fiscal year ended December 31, 2012.
The Audit Committee of the Board of Directors of the Company has discussed the matters disclosed herein with WithumSmith+Brown, PC, its independent public accounting firm.
Item 7.01 Regulation FD Disclosure
On March 18, 2013, the Company issued a press release to report financial results for the fourth quarter ended December 31, 2012, and the restatement of its financial statements, as discussed above. This press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K. This information is not deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934 and is not incorporated by reference into any Securities Act registration statements.
Item 9.01 Financial Statements and Exhibits
(d) Exhibits.
Exhibit No. |
| Description |
99.1 |
| Press Release issued March 18, 2013 |
Safe Harbor Statement
Certain statements contained in this Current Report on Form 8-K, including, without limitation, statements containing the words “believes,” “anticipates,” “intends,” “expects” and words of similar import, constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, the following: general economic and business conditions, both nationally and in the geographic regions in which we operate; industry capacity; our ability to
continue to pay dividends at our current level; our ability to successfully integrate Alteva; goodwill and long-lived asset impairment; changes in the Orange County-Poughkeepsie Limited Partnership (“O-P”) distributions; risks associated with the exercise of our option to sell our O-P interest back to Verizon; demographic changes; management turnover; technological changes and changes in consumer demand; existing governmental regulations and changes in or our failure to comply with, governmental regulations; legislative proposals relating to the businesses in which we operate; changes to the Universal Service Fund; risks associated with our unfunded pension liability; competition; the loss of any significant ability to attract and retain highly skilled personnel and any other factors that are described under the heading “Risk Factors,” in Item 1A of Part 1 of our Annual Report on Form 10-K for the year ended December 31, 2012. Given these uncertainties, current and prospective investors should be cautioned regarding reliance on such forward-looking statements. Except as required by law, we disclaim any obligation to update any such factors or to publicly announce the results of any revision to any of the forward-looking statements contained herein to reflect future events or developments.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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| Warwick Valley Telephone Company |
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Dated: March 18, 2013 | By: | /s/ Brian H. Callahan |
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| Brian H. Callahan |
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| Executive Vice President, Chief Financial Officer and Treasurer |