Warwick Valley Telephone Company Discloses its CFO Resignation

Warwick Valley Telephone Company, WVT, global communication services provider, announced the resignation of Ken Volz from his position as executive vice president, chief financial officer and treasurer.

In a press release, WVT also revealed that Ralph Martucci, currently the company's director of finance has been selected as Volz's successor.

"Ken has devoted four years to WVT Communications while commuting from Chicago and we offer our deepest thanks to him for his contributions to WVT as well as his family for their patience,” Duane Albro, chief executive officer of WVT, said in a statement. “We are very fortunate to have a robust management succession program and team in place at WVT and Ralph Martucci has been our lead succession candidate for the CFO position. We have tremendous confidence in Ralph's ability to lead our financial group as WVT continues to transform our business while delivering shareholder value.”

As a provider of voice, data, video and wireless services, WVT serves the residences and businesses in New York State and selected national markets. WVT is a Competitive Local Exchange Carrier providing national communication services WVT also is an Incumbent Local Exchange Carrier providing communications services in the Hudson Valley area of New York and northern New Jersey.

Reflecting the company's positive outlook for generation of long-term cash flow, the Board of Directors of the Warwick Valley Telephone Company recently announced an increase of the Common Share cash dividend for the first quarter of 2011. The new dividend of $.26, as stated, is up from $.24. The Board declared that the dividend is to be paid on March 31, 2011 to shareholders of record as of March 21, 2011. On an annualized basis, the new dividend rate is noted as $1.04 versus $.96 per share previously.

Back in January 2011, TMC (News - Alert) reported that WVT along with its business division, USA Datanet added class 5 services by upgrading its network with equipment supplied by Sonus Networks (News - Alert), a dealer in IP networking. The new deployment included a GSX9000 High-Density Media Gateway, additional ASX Telephony Application Servers, and a redundant Insight Customer Portal.