Table T-WWVY.1
Warwick Valley Telephone Company
Balance Sheets (in $ millions)
.	1999	1998	1997
Assets	.	.	.
Cash	866	594	483
Receivables	4016	3709	3965
Inventory	983	1598	1134
Other current assets	401	354	338
Total Current Assets	6266	6255	5920
Fixed Assets	27605	24467	23537
Intangibles	.	.	.
Other	3106	2519	1931
Total Assets	36977	33241	31388
Liabilities	.	.	.
Notes payable	900	400	1600
Current portion of LTD	3000	.	.
Trade Payable	2716	2621	1752
Tax Payable	22	87	126
Other Current Liabilites	560	960	1025
Total Current Liabilities	7198	4068	4503
Long Term Debt (LTD)	4000	7000	7000
Postretirement benefits	786	.	.
Deferred Taxes	2079	2284	2301
Other	184	317	381
Equity	22730	19572	17203
Total	36977	33241	31388
Source: Warwick Valley Telephone Company Inc.1998 Annual Report

Table T-WWVY.2
Warwick Valley Telephone Company
Income Statements (in $ millions)
.	1999	1998	1997	1996
Sales	23150	21318	19750	17839
Cost of Goods Sold	.	.	.	.
Gross Profit	23150	21318	19750	17839
Operating Expenses	17089	15821	14664	13433
Operating Profit	6061	5497	5086	4406
Interest	612	622	615	645
Other	-1707	13	13	14
Profit before tax	7156	4862	4458	3747
Tax	1572	1588	1270	1157
Profit after tax	5584	3274	3188	2590
EPS	3.06	2.21	1.97	1.65
Dividends	1.34	1.12	0.93	0.65
Stock price	40	38	.	.
Source: Warwick Valley Telephone Company Inc.1998 Annual Report

Table T-WWVY.3
Warwick Valley Telephone Company
Normalized Balance Sheets
.	1999	1998	1997
Assets	.	.	.
Cash	2	2	2
Receivables	11	11	13
Inventory	3	5	4
Other current assets	1	1	1
Total Current Assets	17	19	19
Fixed Assets	75	74	75
Intangibles	0	0	0
Other	8	8	6
Total Assets	100	100	100
Liabilities	.	.	.
Notes payable	2	1	5
Current portion of LTD	8	0	0
Trade Payable	7	8	6
Tax Payable	0	0	0
Other Current Liabilites	2	3	3
Total Current Liabilities	19	12	14
Long Term Debt (LTD)	11	21	22
Postretirement benefits	2	0	0
Deferred Taxes	6	7	7
Other	0	1	1
Equity	61	59	55
Total	100	100	100
Source: Warwick Valley Telephone Company Inc.1998 Annual Report

Table T-WWVY.4
Warwick Valley Telephone Company
Normalized Income Statements
.	1999	1998	1997	1996
Sales	100	100	100	100
Cost of Goods Sold	0	0	0	0
Gross Profit	100	100	100	100
Operating Expenses	74	74	74	75
Operating Profit	26	26	26	25
Interest	3	3	3	4
Other	3	3	3	4
Profit before tax	31	23	23	21
Tax	7	7	6	6
Profit after tax	24	15	16	15
Source: Warwick Valley Telephone Company Inc.1998 Annual Report

Table T-WWVY.5
Warwick Valley Telephone Company
Ratios
.	1999	1998	1997
Current ratio	0.87	1.54	1.31
Quick ratio	0.68	1.06	0.99
Working capital (in $ millions)	-932	2187	1417
Receivables turnover	5.76	5.75	4.98
DSO (in days)	63	63	73
Inventory turnover	0	0	0
DSI (in days)	0	0	0
Payables turnover	0	0	0
DPO (in days)	0	0	0
Working capital turnover	-24.84	9.75	13.94
TIE	9.9	8.84	8.27
Fixed assets/equity	1.21	1.25	1.37
Debt/equity	0.49	0.57	0.67
Pbt/equity	0.31	0.25	0.26
Pbt/total assets	0.19	0.15	0.14
Pat/equity	0.25	0.17	0.19
Pat/total assets	0.15	0.1	0.1
Sales/fixed assets	0.84	0.87	0.84
Sales/total assets	0.63	0.64	0.63
Payout	0.44	0.51	0.47
P/E	13	17	0