Glasgow Daily Times, Glasgow, KY

Local News

October 5, 2012

SCRTC in ‘best’ financial shape

GLASGOW — At South Central Rural Telephone Cooperative’s annual meeting, the organization reported what it called its best financial position yet, and said goodbye to its president of 13 years.

SCRTC held its annual meeting at the Cave City Convention Center Thursday night. After an hour of listening to music selections from The Lindsey Family and registering for door prizes, a near-capacity crowd settled in to hear reports from the cooperative’s treasurer, president, manager, attorney and nominating committee.

Secretary-Treasurer Ralph Thompson presented the cooperative’s financial statements for the year. SCRTC netted $32.4 million in revenue and income, countered by $22.8 million in expenses and deductions. That gave the cooperative a net profit margin of $9.6 million for the fiscal year that ended on June 30, Thompson said.

“I’m pleased to report that this cooperative is in good financial shape,” Thompson said. “Probably the best that I’ve ever reported at this meeting.”

As of this November, SCRTC has refunded more than $39 million in capital credits to its members since 1988, Thompson said. The cooperative has also reduced it debt by $27.5 million in the last 10 years, leaving $3.3 million in long term debt.

“I think South Central will be in good shape for many years to come,” President Charles Knight said.

General Manager David Davis thanked members for attending, and reminded them that SCRTC is working on upgrading services, such as Internet Protocol television (IPTV).

“We are a cooperative, and we belong to you,” Davis said. “It’s because of you that we’ve got such a good company.”

For the full story, see the print or e-edition of the Glasgow Daily Times.

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