Chief Financial Officer
Otelco Inc.
205-625-3571
Curtis@otelcotel.com
Otelco Reports Fourth Quarter and Year 2007 Results
ONEONTA, Alabama (Feb. 14, 2008) - Otelco Inc. (AMEX: OTT; TSX: OTT.un), the sole wireline telephone services provider in several rural communities in Alabama, Maine and Missouri, today announced results for its fourth quarter and year ended December 31, 2007. Key quarterly highlights for Otelco include:
| | · | Total revenues of $17.9 million. |
| | · | Operating income of $5.0 million. |
| | · | Adjusted EBITDA (as defined below) of $8.7 million. |
“We are pleased with our fourth quarter results as both our operating and financial performance experienced growth,” stated Mike Weaver, President and Chief Executive Officer of Otelco. “On the operating front, the quarter resulted in continued growth in our access lines, digital high-speed Internet and long distance customers. Our total access line equivalents increased 1.2% for the fourth quarter and 6.2% this year to 67,931 total access line equivalents, an increase of nearly 4,000 lines for the year. Our digital high-speed Internet offering continues to be successful as we increased our subscribers by 3.1% over third quarter of this year and 19.4% for the full year. Our Maine CLEC business produced a 4.6% increase in CLEC access lines in this quarter when compared to third quarter.
“Adjusted EBITDA was $8.7 million for the quarter and $34.6 million for the year, a growth of 10.7% for the year,” added Weaver. “Our balance sheet has been strengthened by the sale of an additional 3,000,000 Income Deposit Securities in July, further demonstrating our commitment to the total return for our shareholders.”
Distribution to IDS Holders
Each quarter, the Board will consider the declaration of dividends during its normally scheduled meeting. For this quarter, the Board is meeting on February 21, 2008. The scheduled interest and any dividend declared will be paid on March 31, 2008 to holders of record as of the close of business on March 14, 2008. The interest payment will cover the period from December 30, 2007 through March 29, 2008.
Otelco Reports Fourth Quarter Results
Page 2
Feb. 14, 2008
Fourth Quarter 2007 Financial Summary
(Dollars in thousands, except per share amounts)
| | | | | | | Change | |
| | | 4Q 2006 | | 4Q 2007 | | Amount | | Percent | |
| | | | | | | | | | |
| Revenues | | $ | 17,381 | | $ | 17,864 | | $ | 483 | | | 2.8 | % |
| Operating income | | $ | 5,084 | | $ | 4,989 | | $ | (95 | ) | | (1.9 | )% |
| Interest expense | | $ | (5,324 | ) | $ | (4,745 | ) | $ | (579 | ) | | (10.9 | )% |
| Net income available to stockholders | | $ | (772 | ) | $ | 1,070 | | $ | 1,842 | | | 238.5 | % |
| Basic net income per share | | $ | (0.08 | ) | $ | 0.08 | | $ | 0.16 | | | 200.0 | % |
| Diluted net income per share | | $ | (0.01 | ) | $ | 0.04 | | $ | 0.05 | | | 500.0 | % |
| | | | | | | | | | | | | | |
Adjusted EBITDA(a) | | $ | 8,661 | | $ | 8,708 | | $ | 47 | | | 0.5 | % |
| Capital expenditures | | $ | 1,955 | | $ | 2,186 | | $ | 231 | | | 11.8 | % |
| | | | | | | Change | |
| | | 2006 | | 2007 | | Amount | | Percent | |
| | | | | | | | | | |
| Revenues | | $ | 57,589 | | $ | 69,749 | | $ | 12,160 | | | 21.1 | % |
| Operating income | | $ | 19,803 | | $ | 19,266 | | $ | (537 | ) | | (2.8 | )% |
| Interest expense | | $ | (20,082 | ) | $ | (21,378 | ) | $ | 1,296 | | | 6.4 | % |
| Net income available to stockholders | | $ | 1,161 | | $ | 179 | | $ | (982 | ) | | (84.6 | )% |
| Basic net income per share | | $ | 0.12 | | $ | 0.02 | | $ | (0.10 | ) | | (83.3 | )% |
| Diluted net income per share | | $ | 0.18 | | $ | (0.10 | ) | $ | (0.28 | ) | | (155.6 | )% |
| | | | | | | | | | | | | | |
Adjusted EBITDA(a) | | $ | 31,288 | | $ | 34,636 | | $ | 3,348 | | | 10.7 | % |
| Capital expenditures | | $ | 5,618 | | $ | 6,572 | | $ | 954 | | | 17.0 | % |
Reconciliation of Adjusted EBITDA to Net Income |
| | | Three Months Ended | | Twelve Months Ended | |
| | | December 31, | | December 31, | |
| | | 2006 | | 2007 | | 2006 | | 2007 | |
| Adjusted EBITDA | | | | | | | | | |
| Net Income | | $ | (772 | ) | $ | 1,070 | | $ | 1,161 | | $ | 179 | |
| Add: Depreciation | | | 2,836 | | | 2,818 | | | 9,527 | | | 11,752 | |
| Interest Expense, net of premium | | | 4,796 | | | 4,155 | | | 17,698 | | | 17,881 | |
| Interest Expense - Caplet Cost | | | 212 | | | 217 | | | 756 | | | 891 | |
| Interest Expense - Amortize Loan Cost | | | 316 | | | 373 | | | 1,628 | | | 2,606 | |
| Gain/Loss from Investments | | | - | | | - | | | (63 | ) | | - | |
| Other non-operating income | | | - | | | - | | | (2,687 | ) | | - | |
| Income Tax Expense (Benefit) | | | (20 | ) | | (277 | ) | | 1,211 | | | (374 | ) |
| Accretion Expense | | | 97 | | | - | | | 430 | | | - | |
| Change in Fair Value of Derivatives | | | 616 | | | (316 | ) | | 278 | | | (970 | ) |
| Loan Fees | | | 19 | | | 19 | | | 95 | | | 76 | |
| Amortization - Intangibles | | | 561 | | | 649 | | | 1,254 | | | 2,595 | |
| Adjusted EBITDA | | $ | 8,661 | | $ | 8,708 | | $ | 31,288 | | $ | 34,636 | |
(a) Adjusted EBITDA is defined as consolidated net income (loss) plus interest expense, depreciation and amortization, income taxes and certain non-recurring fees, expenses or charges and other non-cash charges reducing consolidated net income. Adjusted EBITDA is not a measure calculated in accordance with generally acceptable accounting principles (GAAP). While providing useful information, Adjusted EBITDA should not be considered in isolation or as a substitute for consolidated statement of operations data prepared in accordance with GAAP. The Company believes Adjusted EBITDA is useful as a tool to analyze the Company on the basis of operating performance and leverage. The definition of Adjusted EBITDA corresponds to the definition of Adjusted EBITDA in the indenture governing the Company’s senior subordinated notes and its credit facility and certain of the covenants contained therein. The Company’s presentation of Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Otelco Reports Fourth Quarter ResultsPage 3
Feb. 14, 2008
| | | | | Third | | Year | | | |
| | | | | Quarter | | End | | % Change | |
Key Operating Statistics | | 2006 | | 2007 | | 2007 | | Quarter | |
Access line equivalents (1) | | | | | | | | | |
| Residential access lines | | | 29,832 | | | 29,156 | | | 28,788 | | | (1.3 | )% |
| Business access lines | | | 22,171 | | | 24,122 | | | 24,872 | | | 3.1 | % |
| Total access lines | | | 52,003 | | | 53,278 | | | 53,660 | | | 0.7 | % |
| High-speed lines | | | 11,951 | | | 13,845 | | | 14,271 | | | 3.1 | % |
| Total access line equivalents | | | 63,954 | | | 67,123 | | | 67,931 | | | 1.2 | % |
| | | | | | | | | | | | | | |
| Cable television customers | | | 4,188 | | | 4,170 | | | 4,161 | | | 0.0 | % |
| Dial-up internet customers | | | 19,587 | | | 16,263 | | | 15,249 | | | (6.2 | )% |
(1) We define access line equivalents as access lines, cable modems, and digital subscriber lines, including wholesale digital subscriber lines.
FINANCIAL DISCUSSION FOR FOURTH QUARTER 2007:
Revenue
Total revenues grew 2.8% in the three months ended December 31, 2007 to $17.9 million from $17.4 million in the three months ended December 31, 2006. The growth in revenue reflected growth in CLEC customers in Maine and increased digital high-speed Internet penetration throughout the areas we serve. Local services revenue grew 4.8% in the fourth quarter to $6.7 million from $6.4 million in the quarter ended December 31, 2006. Network access revenue declined 2.3% in the fourth quarter to $6.5 million from $6.6 million in the quarter ended December 31, 2006. Cable television revenue in the three months ended December 31, 2007 was flat at $0.5 million when compared to the three months ended December 31, 2006. Internet revenue for the fourth quarter 2007 increased 5.3% to $3.0 million from $2.8 million in the quarter ended December 31, 2006. Transport services revenue grew 20.9% to $1.2 million in the three months ended December 31, 2007 from $1.0 million in the same period in 2006.
Operating Expenses
Operating expenses in the three months ended December 31, 2007 increased 4.7% to $12.9 million from $12.3 million in the three months ended December 31, 2006. Cost of services increased 5.8% to $6.6 million from $6.2 million in the quarter ended December 31, 2006. The cost associated with increased CLEC revenue in Maine, increased Internet bandwidth in Alabama and increased long distance customers in Missouri was partially offset by network and Internet help desk efficiencies. Selling, general and administrative expenses increased 5.6% to $2.8 million in the quarter ended December 31, 2007 from $2.7 million in the quarter ended December 31, 2006. Increased operating taxes and public company expenses were the cause of the increase. Depreciation and amortization for fourth quarter increased 2.1% to $3.5 million from $3.4 million.
Interest Expense
Interest expense decreased 10.9% to $4.8 million in the quarter ended December 31, 2007 from $5.3 million a year ago, reflecting the reduction in total debt associated with the sale of 3,000,000 Income Deposit Securities units in July 2007 and a lower margin on senior debt, partially offset by the increased non-cash caplet cost associated with our interest rate cap.
Adjusted EBITDA
Adjusted EBITDA for the three months ended December 31, 2007 was $8.7 million, slightly up over the same period in 2006. For the year ended December 31, 2007, Adjusted EBITDA was $34.6 million, an increase of 10.7% from $31.3 million the year ended December 31, 2006. See financial tables for a reconciliation of Adjusted EBITDA to net income.
Otelco Reports Fourth Quarter ResultsPage 4
Feb. 14, 2008
Balance Sheet
As of December 31, 2007, the Company had cash and cash equivalents of $12.8 million and total long-term debt of $170.0 million. The third quarter distribution of $5.3 million in interest and dividends to our share owners and $0.3 million to our bond holders occurred on October 1, 2007. The fourth quarter distribution of the same amounts was made on December 31, 2007.
Capital Expenditures
Capital expenditures were $2.2 million for the quarter and $6.6 million year-to-date 2007. The Company added high definition and digital video recording capability to its Alabama cable system; DSL capacity; twelve miles to its fiber backbone in Maine; competitive customer specific equipment; and other upgrades to its network and switching facilities.
Fourth Quarter Earnings Conference Call
Otelco has scheduled a conference call, which will be broadcast live over the Internet, on Friday, February 15, 2008, at 11:00 a.m. ET. To participate in the call, dial (913) 312-0939 and ask for the Otelco call 10 minutes prior to the start time. Investors, analysts and the general public will also have the opportunity to listen to the conference call free over the Internet by visiting the Company's Web site at www.otelcoinc.com or www.earnings.com. To listen to the live call online, please visit the Web site at least 15 minutes early to register, download and install any necessary audio software. For those who cannot listen to the live Web cast, a replay of the Web cast will be available on the Company's website at www.otelcoinc.com or www.earnings.com for 30 days. A one-week telephonic replay may also be accessed by calling 719-457-0820 and using the passcode 2314672.
ABOUT OTELCO
Otelco Inc., headquartered in Oneonta, Alabama, provides wireline telephone services in Alabama, Maine and Missouri. The Company’s services include local and long distance telephone, network access, transport, digital high-speed and dial-up Internet access, cable television and other telephone related services. With almost 68,000 access lines, cable modems and digital subscriber lines, which are collectively referred to as access line equivalents, Otelco is among the top 40 largest local exchange carriers in the United States based on number of access line. Otelco operates six incumbent telephone companies serving rural markets, or rural local exchange carriers, each of which can trace its history as a local telecommunications provider as far back as the early 1900s. It also provides competitive telephone services through several subsidiaries. For more information, visit the Company’s web site at www.otelcoinc.com.
FORWARD LOOKING STATEMENTS
Statements in this press release that are not statements of historical or current fact constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties, and other unknown factors that could cause the actual results of the Company to be materially different from the historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements which explicitly describe such risks and uncertainties, readers are urged to consider statements labeled with the terms “believes”, “belief,” “expects,” ‘intends,” “anticipates,” “plans,” or similar terms to be uncertain and forward-looking. The forward-looking statements contained herein are also subject generally to other risks and uncertainties that are described from time to time in the Company’s filings with the Securities and Exchange Commission.
Otelco Reports Fourth Quarter ResultsPage 5
Feb. 14, 2008
OTELCO INC.
Consolidated Balance Sheets
| | | As of | | As of | |
| | | December 31, 2006 | | December 31, 2007 | |
Assets | | | | | |
| Current Assets | | | | | |
| Cash and cash equivalents | | $ | 14,401,849 | | $ | 12,810,497 | |
| Accounts receivable: | | | | | | | |
| Due from subscribers, net of allowance | | | | | | | |
| for doubtful accounts of $207,539 and | | | | | | | |
| $257,862 respectively | | | 3,105,636 | | | 2,753,451 | |
| Unbilled receivables | | | 2,324,213 | | | 2,616,867 | |
| Other | | | 1,680,144 | | | 1,760,207 | |
| Materials and supplies | | | 1,962,938 | | | 1,991,724 | |
| Prepaid expenses | | | 1,062,947 | | | 1,149,180 | |
| Income tax receivable | | | - | | | 469,546 | |
| Deferred income taxes | | | 766,225 | | | 1,486,439 | |
| Total current assets | | | 25,303,952 | | | 25,037,911 | |
| | | | | | | | |
| Property and equipment, net | | | 60,493,789 | | | 54,610,355 | |
| Goodwill | | | 134,182,309 | | | 134,570,435 | |
| Intangible assets, net | | | 11,340,806 | | | 9,514,772 | |
| Investments | | | 1,240,250 | | | 1,207,183 | |
| Deferred financing costs | | | 6,652,393 | | | 5,878,943 | |
| Interest rate cap | | | 4,542,160 | | | 1,510,951 | |
| Deferred charges | | | 96,628 | | | 155,573 | |
| Total assets | | $ | 243,852,287 | | $ | 232,486,123 | |
| | | | | | | | |
Liabilities and Stockholders’ Equity | | | | | | | |
| Current liabilities | | | | | | | |
| Accounts payable | | $ | 1,658,911 | | $ | 2,058,989 | |
| Dividends payable | | | 1,705,524 | | | - | |
| Accrued expenses | | | 5,875,863 | | | 3,716,880 | |
| Advanced billings and payments | | | 2,119,701 | | | 2,077,713 | |
| Customer deposits | | | 197,496 | | | 185,147 | |
| Total current liabilities | | | 11,557,495 | | | 8,038,729 | |
| | | | | | | | |
| Deferred income taxes | | | 24,712,213 | | | 25,223,656 | |
| Advance billings and payments | | | - | | | 797,498 | |
| Other liabilities | | | 187,037 | | | 183,756 | |
| Long-term notes payable | | | 201,075,498 | | | 170,019,705 | |
| Derivative liability | | | 2,107,877 | | | 814,005 | |
| Class B common convertible to senior | | | | | | | |
| subordinated notes | | | 4,085,033 | | | 4,085,033 | |
| Total Liabilities | | $ | 243,725,153 | | $ | 209,162,382 | |
| | | | | | | | |
| Stockholders’ equity | | | | | | | |
| Class A Common stock, $.01 par value-authorized | | | | | | | |
| 20,000,000 shares; issued and outstanding 9,676,733 | | | | | | | |
| and 12,676,733 shares at December 31, 2006 and | | | | | | | |
| 2007 respectively | | | 96,767 | | | 126,767 | |
| Class B Common stock, $.01 par value-authorized | | | | | | | |
| 800,000 shares; issued and outstanding | | | | | | | |
| 544,671 shares | | | 5,447 | | | 5,447 | |
| Additional paid in capital | | | 284,041 | | | 28,215,056 | |
| Retained deficit | | | (1,137,166 | ) | | (4,084,797 | ) |
| Accumulated other comprehensive income | | | 878,045 | | | (938,732 | ) |
| Total stockholders’ equity | | | 127,134 | | | 23,323,741 | |
| | | | | | | | |
| Total liabilities and stockholders’ equity | | $ | 243,852,287 | | $ | 232,486,123 | |
Otelco Reports Fourth Quarter ResultsPage 6
Feb. 14, 2008
OTELCO INC.
Consolidated Statements of Operations
| | | | Three Months Ended | | | Twelve Months Ended | |
| | | | December 31, | | | December 31, | |
| | | | 2006 | | | 2007 | | | 2006 | | | 2007 | |
| | | | | | | | | | | | | | |
| Revenues | | | | | | | | | | | | | |
| Local services | | $ | 6,414,036 | | $ | $6,720,584 | | $ | 21,523,406 | | $ | 26,101,800 | |
| Network access | | | 6,632,111 | | | 6,479,950 | | | 23,481,490 | | | 25,670,619 | |
| Cable television | | | 559,225 | | | 541,087 | | | 2,191,210 | | | 2,184,072 | |
| Internet | | | 2,822,078 | | | 2,970,429 | | | 8,515,899 | | | 11,517,514 | |
| Transport services | | | 953,762 | | | 1,152,489 | | | 1,877,387 | | | 4,275,429 | |
| Total revenues | | | 17,381,212 | | | 17,864,539 | | | 57,589,392 | | | 69,749,434 | |
| | | | | | | | | | | | | | |
| Operating expenses | | | | | | | | | | | | | |
| Cost of services and products | | | 6,226,772 | | | 6,587,164 | | | 18,727,806 | | | 25,718,634 | |
| Selling, general and administrative | | | | | | | | | | | | | |
| expenses | | | 2,673,308 | | | 2,820,918 | | | 8,277,449 | | | 10,418,760 | |
| Depreciation and amortization | | | 3,397,044 | | | 3,467,108 | | | 10,781,333 | | | 14,346,620 | |
| Total operating expenses | | | 12,297,124 | | | 12,875,190 | | | 37,786,588 | | | 50,484,014 | |
| | | | | | | | | | | | | | |
| Income from operations | | | 5,084,088 | | | 4,989,349 | | | 19,802,804 | | | 19,265,420 | |
| | | | | | | | | | | | | | |
| Other income (expense) | | | | | | | | | | | | | |
| Interest expense | | | (5,324,442 | ) | | (4,744,927 | ) | | (20,082,037 | ) | | (21,378,434 | ) |
| Change in fair value of derivative | | | (615,478 | ) | | 315,809 | | | (277,782 | ) | | 970,281 | |
| Other income | | | 160,846 | | | 232,348 | | | 3,358,860 | | | 947,737 | |
| Total other expense | | | (5,779,074 | ) | | (4,196,770 | ) | | (17,000,959 | ) | | (19,460,416 | ) |
| | | | | | | | | | | | | | |
| Income (loss) before income taxes and | | | | | | | | | | | | | |
| accretion expense | | | (694,986 | ) | | 792,579 | | | 2,801,845 | | | (194,996 | ) |
| | | | | | | | | | | | | | |
| Income tax (expense) benefit | | | 19,966 | | | 277,296 | | | (1,211,269 | ) | | 374,375 | |
| | | | | | | | | | | | | | |
| Income (loss) before accretion expense | | | (675,020 | ) | | 1,069,875 | | | 1,590,576 | | | 179,379 | |
| | | | | | | | | | | | | | |
| Accretion of Class B common | | | | | | | | | | | | | |
| convertible to senior subordinated notes | | | (97,385 | ) | | - | | | (429,579 | ) | | - | |
| Net income (loss) available to common | | | | | | | | | | | | | |
| stockholders | | $ | (772,405 | ) | $ | 1,069,875 | | $ | 1,160,997 | | $ | 179,379 | |
| | | | | | | | | | | | | | |
| Weighted average shares outstanding: | | | | | | | | | | | | | |
| Basic | | | 9,676,733 | | | 12,676,733 | | | 9,676,733 | | | 11,156,185 | |
| Diluted | | | 10,221,404 | | | 13,221,404 | | | 10,221,404 | | | 11,700,856 | |
| | | | | | | | | | | | | | |
| Net income (loss) per share: | | | | | | | | | | | | | |
| Basic | | $ | (0.08 | ) | $ | 0.08 | | $ | 0.12 | | $ | 0.02 | |
| Diluted | | $ | (0.01 | ) | $ | 0.04 | | $ | 0.18 | | $ | (0.10 | ) |
| | | | | | | | | | | | | | |
| Dividends declared per share | | $ | 0.18 | | $ | 0.18 | | $ | 0.71 | | $ | 0.71 | |
Otelco Reports Fourth Quarter ResultsPage 7
Feb. 14, 2008
OTELCO INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
| | | Twelve Months Ended |
| | | December 31, |
| | | 2006 | | 2007 | |
| Cash flows from operating activities: | | | | | |
| Net income (loss) | | $ | 1,160,997 | | $ | 179,379 | |
| Adjustments to reconcile net income to cash | | | | | | | |
| flows from operating activities: | | | | | | | |
| Depreciation | | | 9,527,319 | | | 11,751,673 | |
| Amortization | | | 1,254,014 | | | 2,594,943 | |
| Interest rate caplet | | | 755,594 | | | 890,840 | |
| Amortization of debt premium | | | - | | | (33,552 | ) |
| Amortization of loan costs | | | 1,627,960 | | | 2,606,422 | |
| Accretion expense | | | 429,579 | | | - | |
| Change in fair value of derivative | | | 277,782 | | | (970,281 | ) |
| Provision for deferred income taxes | | | 983,786 | | | (208,771 | ) |
| Provision for uncollectible revenue | | | 193,561 | | | 225,615 | |
| Gain on disposition of other assets | | | (2,686,745 | ) | | - | |
| Changes in assets and liabilities; net of assets and | | | | | | | |
| liabilities acquired: | | | | | | | |
| Accounts receivables | | | (327,129 | ) | | (422,708 | ) |
| Material and supplies | | | 3,385 | | | (183,373 | ) |
| Income tax receivable | | | 1,037,395 | | | (469,546 | ) |
| Prepaid expenses and other assets | | | (365,795 | ) | | (86,233 | ) |
| Accounts payable and accrued liabilities | | | 2,757,784 | | | (3,549,358 | ) |
| Advance billings and payments | | | (110,253 | ) | | 755,510 | |
| Other liabilities | | | (22,029 | ) | | (15,630 | ) |
| Net cash from operating activities | | | 16,497,205 | | | 13,064,930 | |
| | | | | | | | |
| Cash flows from investing activities: | | | | | | | |
| Acquisition and construction of property and equipment | | | (5,618,295 | ) | | (6,572,336 | ) |
| Proceeds from retirement of investment | | | 3,224,913 | | | 7,557 | |
| Payment for the purchase Mid-Maine Communications, Inc., net of | | | | | | | |
| cash acquired | | | (16,000,040 | ) | | - | |
| Deferred charges/acquisition | | | (44,296 | ) | | (110,923 | ) |
| Net cash from investing activities | | | (18,437,718 | ) | | (6,675,702 | ) |
| | | | | | | | |
| Cash flows from financing activities: | | | | | | | |
| Cash dividends paid | | | (5,116,572 | ) | | (7,879,596 | ) |
| Direct cost of subsequent public offering | | | - | | | (2,314,980 | ) |
| Repayment of long-term notes payable | | | (24,347,299 | ) | | (55,353,032 | ) |
| Loan origination costs and transaction costs | | | 237,000 | | | (1,832,972 | ) |
| Proceeds from long-term debt | | | 40,000,000 | | | - | |
| Proceeds from issuance of Income Deposit Securities (IDS) | | | - | | | 59,400,000 | |
| | | | | | | | |
| Net cash from financing activities | | | 10,773,129 | | | (7,980,580 | ) |
| | | | | | | | |
| Net increase (decrease) in cash and cash equivalents | | | 8,832,616 | | | (1,591,352 | ) |
| Cash and cash equivalents, beginning of period | | | 5,569,233 | | | 14,401,849 | |
| | | | | | | | |
| Cash and cash equivalents, end of period | | $ | 14,401,849 | | $ | 12,810,497 | |
| | | | | | | | |
| Supplemental disclosures of cash flow information: | | | | | | | |
| Interest paid | | $ | 14,284,165 | | $ | 20,636,959 | |
| | | | | | | | |
| Income taxes paid (received) | | $ | (698,336 | ) | $ | (133,218 | ) |
| | | | | | | | |
| Dividends declared but not paid | | $ | 1,705,524 | | $ | - | |
