Members of Chariton Valley Telephone Corporation, I am pleased to report that your company continues to be a strong, advanced leader in the industry. The Board of Directors has set a vision that we continue to be the premier provider in enhancing rural communities in Missouri.
The first step to enhance 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 copper replacement plan is going very well, and we are still on track to have every member on fiber by the end of 2022.
The expansion we have been undertaking has allowed us to reach a significant milestone by adding the 10,000th customer to 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.
Reviewing our financials, you will see a large net income for the year ending 2019. This large income was due to the sale of Bluebird Networks and in turn, Chariton Valley’s ownership of that company. The proceeds from this sale can be found in our investment into fiber (Net Plant) to provide the greatest long-term benefit to the company, members and customers. I like to highlight the revenue and expenses posted by the consolidated financials. Compared to last year, revenues are up and expenses are down, which gave the company a net operating income for the year. We continue to look for ways to increase revenues, while managing expenses.
I look forward to sharing more information about the company at our upcoming Annual Business Meeting on October 8th. The meeting will not be open for members to attend due to the current pandemic. The meeting will be live streamed on Facebook, and as last year, we will have online voting. Please exercise your member right and vote during the voting period, which will open two weeks prior to the meeting. Every member who votes will be automatically entered in a drawing in which 10 people will win $1000.
Kirby J. Underberg
Chariton Valley Telephone Corporation