Annual Meeting 2010 Results
FILER - An audit of the 2009 fiscal records has given Filer Mutual Telephone Company a favorable financial assessment.
Daniel Owens, with the Minnesota based accounting firm Owens Thielen and Company, summarized the company's position for patrons and the board of directors Tuesday.
Owens said the company's cash position saw a decrease from $916,536 in 2008 to $629,855 in 2009.
"This reduction in the cash account is primarily due to an increase in fixed assets activity and an increase in service," he said. "Inventory has also increased from $332,184 to $485,286 because of the accumulation of materials for construction."
Filer Mutual is a 100-year-old co-op owned by 1,794 voting customers, which offers services including landline and cell phone access, high speed DSL, wireless broadband Internet and digital television packages.
The company reported an 8 percent to 10 percent decline in land-line customers. But continued growth in Internet services, has helped generate an increase in operating revenues from $5.2 million in 2008 to $5.3 million last year.
"We have to take a proactive approach in an industry that is constantly changing or be left behind," said General Manager Steve Cowger "In addition to increasing our wireless broadband capabilities, we have new equipment to improve service coverage in the Hollister, Rogerson and Jackpot area, as well as 1,250 hours of training for our staff and directors."
Filer Mutual has a $1.6 million investment in cell phone service provider Syringa Network. In 2009 Filer Mutual absorbed a $500,000 loss in Syringa. Owens pointed out, however, that it''s a significant reduction from the $1,400,000 loss seen in 2008.
"Syringa has indicated that losses should continue to decline," Owens said. "And 2010 should be an even better year, from that perspective. Hopefully Syringa Wireless will begin to pick up steam and become a profitable company."
In other business, Duane Ramseyer announced he will retire after 38 years of service on the Filer Mutual board of directors. John Ramseyer was selected over Tracy Ridgeway to fill the directorship chair for a three-year term.
John E. Swayze may be reached at 326-7212 or firstname.lastname@example.org.
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