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HCT 8% Hits Based ON Conocophillips Common Stock

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Share Name Share Symbol Market Type
8% Hits Based ON Conocophillips Common Stock AMEX:HCT AMEX Ordinary Share
  Price Change % Change Share Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.00 -

Hector Communications Corporation Reports Revenues and Earnings for the Third Quarter of 2004

02/11/2004 10:14pm

PR Newswire (US)


Hector Communic (AMEX:HCT)
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Hector Communications Corporation Reports Revenues and Earnings for the Third Quarter of 2004 Hector Communications Corporation Declares First Cash Dividend HECTOR, Minn., Nov. 2 /PRNewswire-FirstCall/ -- Hector Communications Corporation (AMEX:HCT) today reported operating results for its third quarter and nine month periods ended September 30, 2004. The Company's operating results for the corresponding 2003 periods have been restated to reflect the effects of the split-up of Alliance Telecommunications Corporation. The Company also announced that it will pay a cash dividend to shareholders for the first time in its history. Operating Results Revenues from continuing operations were $7,806,000 for the three months ended September 30, 2004, a decrease of 4% from $8,107,000 in 2003. The revenue decrease was due to lower network access revenues from long distance providers and reduced universal support payments from NECA. Access revenues from wireless communications providers were also lower due to the impact of new interconnection agreements that have been negotiated between the Company and selected wireless carriers. Operating income from continuing operations decreased 9% to $1,923,000 in 2004 from $2,120,000 in 2003. Income from the Company's investment in Midwest Wireless Holdings, LLC was $843,000 in the 2004 period compared to $596,000 in 2003. Income from continuing operations was $1,294,000 or $.32 per diluted share in 2004 compared to $1,008,000 or $.27 per diluted share in 2003. Income from discontinued operations was $210,000 or $.05 per diluted share in 2003. Revenues from continuing operations were $23,743,000 for the nine months ended September 30, 2004, a decrease of 2% from $24,194,000 in 2003. The revenue decrease was due to lower network access revenues from long distance providers and lower video service revenues due to sales of cable television systems in 2003. Operating income from continuing operations decreased 7% to $5,356,000 in 2004 from $5,772,000 in 2003. Income from the Company's investment in Midwest Wireless Holdings, LLC was $2,151,000 in the 2004 period compared to $1,903,000 in 2003. The Company's 2003 results benefited from gains on sales of cable television systems totaling $1,081,000 ($.17 per diluted share net of income taxes). Income from continuing operations was $3,442,000 or $.87 per diluted share in 2004 compared to $3,030,000 or $.81 per diluted share in 2003. Income from discontinued operations was $882,000 or $.23 per diluted share in 2003. Curtis A. Sampson, chairman and chief executive officer, said, "The Company's operating results continue to reflect the gains the wireless industry is making in competition with wireline carriers. Hector has a significant investment in the wireless industry itself through its 8% ownership interest in Midwest Wireless. The decrease in the Company's operating income in 2004 has been offset by the sharp increase in Midwest Wireless earnings and lower borrowing costs, a trend that is expected to continue." Curtis also said, "The dividend we are paying in December is the first in the history of the Company. It is a reflection of the Company's strong financial position and bright earnings outlook." Dividend The Company's Board of Directors has declared a cash dividend of $.05 per share. The dividend will be paid on December 15, 2004 to shareholders of record on November 30, 2004. Hector Communications Corporation is a telecommunications holding company which through its subsidiaries provides telecommunications services in rural communities in Minnesota, Wisconsin and North Dakota. The Company serves 29,700 telephone access lines, 8,200 cable television subscribers and 10,800 internet customers and has minority ownership interests in many other telecommunications companies. From time to time in reports filed with the Securities and Exchange Commission, in press releases, and in other communications to shareholders and the investing public, the Company may make statements regarding the Company's future financial performance. Such forward-looking statements are subject to risks and uncertainties, including but not limited to, the effects of the Telecommunications Act, new technological developments which may reduce barriers for competitors entering the Company's local exchange or cable television markets, higher than expected expenses and other risks involving the telecommunications industry generally. All such forward-looking statements should be considered in light of such risks and uncertainties. Hector Communications Corporation and Subsidiaries Earnings Summary Three Months Ended September 30 2004 2003 Revenues from continuing operations $7,805,590 $8,106,588 Operating income from continuing operations 1,923,268 2,120,314 Other income (expense): Income (loss) from investments: Midwest Wireless Holdings, LLC 842,842 596,331 Other unconsolidated affiliates 52,003 (30,556) Interest and dividend income 75,043 51,455 Interest expense (728,323) (961,574) Gain on sale of Hastad Engineering 12,805 Net other income (expense) 254,370 (344,344) Income from continuing operations before income taxes 2,177,638 1,775,970 Income tax expense (884,000) (768,000) Income from continuing operations 1,293,638 1,007,970 Income from discontinued operations 209,505 Net Income $1,293,638 $1,217,475 Basic net income per common share: Continuing operations $.35 $.29 Discontinued operations .06 $.35 $.35 Diluted net income per share: Continuing operations $.32 $.27 Discontinued operations .05 $.32 $.32 Hector Communications Corporation and Subsidiaries Earnings Summary Nine Months Ended September 30 2004 2003 Revenues from continuing operations $23,743,249 $24,193,995 Operating income from continuing operations 5,356,219 5,772,394 Other income (expense): Income (loss) from investments: Midwest Wireless Holdings, LLC 2,151,089 1,903,090 Other unconsolidated affiliates 231,444 (75,904) Interest and dividend income 191,575 186,921 Interest expense (2,216,200) (2,730,426) Gain on sale of cable television systems 28,590 1,080,723 Gain on sale of Hastad Engineering 12,805 Net other income (expense) 399,303 364,404 Income from continuing operations before income taxes 5,755,522 6,136,798 Income tax expense (2,314,000) (2,447,000) Minority interest in earnings of continuing operations of Alliance Telecommunications Corp. (659,624) Income from continuing operations 3,441,522 3,030,174 Income from discontinued operations 881,854 Net Income $3,441,522 $3,912,028 Basic net income per common share: Continuing operations $.95 $.87 Discontinued operations .25 $.95 $1.12 Diluted net income per share: Continuing operations $.87 $.81 Discontinued operations .23 $.87 $1.04 Hector Communications Corporation and Subsidiaries Condensed Balance Sheet September 30 December 31 2004 2003 Cash $20,215,528 $16,581,315 Other current assets 8,242,717 8,609,295 Property, plant and equipment, net 40,275,697 43,088,106 Excess of cost over net assets acquired 30,921,094 31,691,927 Investment in Midwest Wireless Holdings, LLC 14,932,409 13,349,155 Investments in other unconsolidated affiliates 2,860,208 2,796,035 Other investments 6,913,255 6,533,858 Other assets 373,943 409,664 Total Assets $124,734,851 $123,059,355 Notes payable and current portion of long-term debt $6,512,000 $6,537,800 Other current liabilities 4,458,872 5,338,386 Long-term debt, less current portion 54,738,786 57,529,378 Deferred taxes and credits 5,419,958 4,911,869 Deferred compensation 713,164 698,254 Stockholders' equity 52,892,071 48,043,668 Total Liabilities and Stockholders' Equity $124,734,851 $123,059,355 DATASOURCE: Hector Communications Corporation CONTACT: Curtis A. Sampson, Chairman and Chief Executive Officer, Steven H. Sjogren, President, or Paul N. Hanson, Vice President and Treasurer, all of Hector Communications Corporation, +1-320-848-6231

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