Otelco reports $129.39 million operating loss for year ended Dec. 31

By Caroline Salls

Pittsburgh, April 2 - Otelco Inc. reported a $129.39 million loss from operations for the year ended Dec. 31 on $98.4 million in revenues, according to a 10-K filed Tuesday with the Securities and Exchange Commission.

Those figures showed a decline from the $24.63 million of income from operations posted for the year ended Dec. 31, 2011 on $101.84 million in revenues.

The net loss for 2012 was $126.9 million, compared with $2.2 million of net income for 2011.

The company had $32.52 million in cash and cash equivalents at Dec. 31, up from $12.39 million at Dec. 31, 2011.

Otelco, an Oneonta, Ala.-based traditional wireline telephone services provider, filed for bankruptcy on March 24 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 13-10593.

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