Exhibit 99.1

 

 

221 East Hickory Street

Mankato, Minnesota 56001

 

 

 

FOR IMMEDIATE RELEASE

 

Contact:

 

David Christensen

 

 

 

 

CFO

 

 

 

 

507-387-3355

 

 

 

 

 

 

 

 

 

Jennifer Spaude

 

 

 

 

Investor Relations

 

 

 

 

507-386-3765

 

HickoryTech Reports Fourth Quarter and Full Year 2007 Results

Fourth quarter and full year revenue increased by 15 and 18 percent, respectively

 

MANKATO, Minn., Feb. 27, 2008 — HickoryTech Corp. (Nasdaq: HTCO) today reported financial results for the fourth fiscal quarter and full year ended Dec. 31, 2007.

 

The company reported fourth quarter revenue of $38.3 million, representing a 15 percent increase over the same period in 2006. Net income for the fourth quarter was $1.5 million, or $0.12 per diluted share, compared with a loss of $1.9 million for the comparable period last year.  The Enventis Sector, which demonstrated great momentum during the year, continued this trend as it recorded a significant increase in net income, compared to the fourth quarter of 2006.

 

Highlights for the fourth quarter 2007 as compared to fourth quarter 2006

·                  15 percent increase in revenue

·                  64 percent increase in operating income

·                  215 percent increase in income from continuing operations

·                  A $3.4 million improvement in net income, after the loss from discontinued operations ($1.5 million net income versus $1.9 million loss in 2006)

 

Consolidated results for the fourth quarter fiscal 2007

The Company’s 2007 fourth quarter results represented the eighth consecutive quarter of positive revenue comparisons.  The increase was driven by continued growth in the Company’s Enventis Sector, where revenue grew 32 percent over last year, and stable revenues from the Telecom Sector.

 

HickoryTech’s consolidated operating income for the fourth quarter increased 64 percent to $4.9 million, from $3.0 million in the fourth quarter of 2006 primarily due to an increase in Enventis operating income of $1.9 million.

 

Consolidated income from continuing operations for the fourth quarter 2007 totaled $1.5 million, up 215 percent from $0.5 million the same period of 2006.

 

“Our results continue to reflect the success in our Enventis Sector and stability in our Telecom Sector, demonstrating the strength of our business plan and our commitment to deliver value to our shareholders,” said John Finke, HickoryTech president and chief executive officer.  “The business market success achieved in 2007 is strong evidence of our favorable market position, and further reinforces our long-term growth prospects.”

 

— more —

 


The following information was filed by Enventis Corp (ENVE) on Wednesday, February 27, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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