Members of Chariton Valley Telephone Corporation, I am pleased to report your company continues to be a strong, advanced leader in the industry. The Board of Directors holds steadfast in our vision to provide services to enhance opportunities for rural communities in Missouri.
The first step to enhance opportunities for our rural communities is to extend our network to those that need high-speed fiber connectivity. Balancing our commitment to bring fiber to all members with the need to grow our revenues has been our priority. The five-year copper replacement plan is going very well, with an anticipated $42.2 million investment in upgrading services for all members. We have also received a grant from the Department of Agriculture to be used in completing our last exchange of Jacksonville. Working with the government and completing this work will push us into the first half of 2023 to complete our final exchange.
The fiber expansion we have been undertaking has allowed us to reach a significant milestone by surpassing 12,000 connections on our network. This growth is important to the future of the company and its ability to provide services for many years to come for members and all customers of Chariton Valley.
This past year, we also completed the sale of our wireless operations. We are all very proud and honored to have provided an excellent experience and product for over 16,000 customers for over 25 years. The decision to sell this part of the company was very difficult and ultimately boiled down to the fact that we could not continue to compete with the large companies in the long run. We are now focused on expanding and providing next generation fiber connectivity to rural Missourians.
Reviewing our financials, you will see a net income for the year ending 2021. One highlight I would like to make is the increase in Net Plant. As you can see, we continue to invest in our fiber network that will provide continued growth and revenue for your company long into the future, adding nearly $7 million in new plant for 2021. We are looking at a bright future as we continue to increase revenues while managing expenses.
I look forward to sharing more information about the company at our upcoming Annual Business Meeting on October 6th. The meeting will be open to members, live streamed on Facebook, and as last year, we will have online voting. Please exercise your member right and vote during the two weeks prior to the meeting. Every member who votes will be automatically entered in a drawing for ten people to win $1000, and the 70th anniversary special grand prize of $7,000.
Thank you,
Kirby J. Underberg
President & CEO
Chariton Valley Telephone Corporation
