ALTEVA, INC.

CIK:0000104777|SEC Filings

Condensed Consolidated Statements Of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Operating revenues:
Operating revenues	$ 7,970	$ 7,571	$ 23,618	$ 22,699
Operating expenses:
Cost of services and products (exclusive of depreciation and amortization expense)	3,201	2,924	9,687	8,843
Selling, general and administrative expenses	6,015	4,726	16,664	15,686
Depreciation and amortization	891	931	3,383	2,753
Restructuring costs and other special charges		600		700
Total operating expenses	10,107	9,181	29,734	27,982
Operating loss	(2,137)	(1,610)	(6,116)	(5,283)
Other income:
Interest (expense) income, net	(2)	20	10	(173)
Income from investment				52,373
Other income (expense), net	25	(4)	1,515	23
Total other income, net	23	16	1,525	52,223
(Loss) income before income taxes	(2,114)	(1,594)	(4,591)	46,940
Income tax (benefit) expense	(296)	(264)	(753)	16,982
Net (loss) income	(1,818)	(1,330)	(3,838)	29,958
Preferred dividends	6	6	19	19
Net (loss) income applicable to common stock	$ (1,824)	$ (1,336)	$ (3,857)	$ 29,939
Basic (loss) earnings per common share	$ (0.31)	$ (0.23)	$ (0.66)	$ 4.96
Diluted (loss) earnings per common share	$ (0.31)	$ (0.23)	$ (0.66)	$ 4.96
Weighted average shares of common stock used to calculate loss per common share:
Basic	5,871	5,826	5,853	5,802
Diluted	5,871	5,826	5,853	5,802
Dividends declared per common share			$ 2.60
Unified Communications [Member]
Operating revenues:
Operating revenues	$ 4,718	$ 4,308	$ 13,703	$ 12,753
Operating expenses:
Cost of services and products (exclusive of depreciation and amortization expense)	2,268	1,923	6,769	5,838
Selling, general and administrative expenses	3,624	3,048	10,361	10,059
Depreciation and amortization	529	546	2,256	1,606
Restructuring costs and other special charges		336		392
Total operating expenses	6,421	5,853	19,386	17,895
Operating loss	(1,703)	(1,545)	(5,683)	(5,142)
Telephone [Member]
Operating revenues:
Operating revenues	3,252	3,263	9,915	9,946
Operating expenses:
Cost of services and products (exclusive of depreciation and amortization expense)	933	1,001	2,918	3,005
Selling, general and administrative expenses	2,391	1,678	6,303	5,627
Depreciation and amortization	362	385	1,127	1,147
Restructuring costs and other special charges		264		308
Total operating expenses	3,686	3,328	10,348	10,087
Operating loss	$ (434)	$ (65)	$ (433)	$ (141)

Condensed Consolidated Statements Of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOW FROM OPERATING ACTIVITIES
Net (loss) income	$ (3,838)	$ 29,958
Adjustments to reconcile net (loss) income to net cash (used in) operating activities:
Depreciation and amortization	3,383	2,753
Stock based compensation expense	684	677
Distribution in excess of equity in earnings and gain on sale from equity investment		(49,776)
Other non-cash operating activities	(958)	230
Changes in assets and liabilities:
Trade accounts receivable	(182)	(269)
Prepaid expenses and other assets	(1,204)	(272)
Accounts payable and accrued expenses	731	922
Accrued taxes	(109)	4,029
Pension and postretirement benefit obligations	775	139
Net cash (used in) operating activities	(718)	(11,609)
CASH FLOW FROM INVESTING ACTIVITIES
Capital expenditures	(688)	(222)
Purchase of seat licenses and other intangibles	(62)	(115)
Proceeds from sale of assets		33
Proceeds received in excess of income from equity investments		49,776
Net cash (used in) provided by investing activities	(750)	49,472
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from debt		2,443
Repayments of debt and capital leases	(363)	(12,575)
Purchase of treasury stock	(125)	(399)
Dividends (Common and Preferred)	(15,620)	(19)
Net cash used in financing activities	(16,108)	(10,550)
Net change in cash and cash equivalents	(17,576)	27,313
Cash and cash equivalents at beginning of period	24,047	1,636
Cash and cash equivalents at end of period	6,471	28,949
Supplemental disclosure of non-cash investing activities:
Acquisition of equipment and seat licenses under capital leases	368	390
Seat licenses acquired, but not paid	$ 291	$ 188

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 6,471	$ 24,047
Trade accounts receivable - net of allowance for uncollectibles - $421 and $402 at September 30, 2015 and December 31, 2014, respectively	2,919	2,737
Other accounts receivable	598	488
Materials and supplies	273	167
Prepaid expenses	703	349
Prepaid income taxes	498	311
Receivable and deferred income taxes	1,190	43
Total current assets	12,652	28,142
Property, plant and equipment, net	11,050	12,384
Intangibles, net	4,382	5,020
Seat licenses, net	1,537	1,543
Goodwill	9,006	9,006
Other assets	1,474	1,023
Total assets	40,101	57,118
Current liabilities:
Short-term debt	405	325
Accounts payable	1,317	1,216
Advance billing and payments	317	274
Accrued taxes	947	1,056
Pension and postretirement benefit obligations	276	276
Accrued wages	914	1,036
Deferred revenue	857	705
Other accrued expenses	2,792	2,180
Total current liabilities	7,825	7,068
Long-term debt	403	295
Payable and deferred income taxes	1,008	766
Pension and postretirement benefit obligations	8,826	8,833
Total liabilities	18,062	16,962
Shareholders' equity
Preferred shares - $100 par value; authorized and issued shares of 5; $0.01 par value; authorized and unissued shares of 10,000	500	500
Common stock - $0.01 par value; authorized shares of 10,000; issued 6,903 and 6,826 shares issued at September 30, 2015 and December 31, 2014, respectively	69	69
Treasury stock - at cost, 902 and 885 common shares at September 30, 2015 and December 31, 2014, respectively	(8,202)	(8,077)
Additional paid in capital	14,731	14,047
Accumulated other comprehensive loss	(3,215)	(3,997)
Retained earnings	18,156	37,614
Total shareholders' equity	22,039	40,156
Total liabilities and shareholders' equity	$ 40,101	$ 57,118