SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
Quarterly Report Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
For Quarter ended September 30, 1999 Commission file number 333-23435
CHORUS COMMUNICATIONS GROUP, LTD.
(Exact Name of Registrant as Specified in its Charter)
WISCONSIN 39-1880843
(State or Other Jurisdiction of (I.R.S. Employer
Incorporation or Organization) Identification No.)
8501 Excelsior Drive, Madison, Wisconsin 53717
(Address of Principal Executive Offices) (Zip Code)
Registrant's telephone number, including area code (608) 828-2000
Indicate by checkmark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days. Yes X No
As of November 1, 1999, there were 5,415,288 shares of Common Stock
outstanding.
<PAGE>
CHORUS COMMUNICATIONS GROUP, LTD.
3rd QUARTER REPORT ON FORM 10-Q
INDEX
PART I. FINANCIAL INFORMATION
Item 1. Financial Statements
Consolidated Balance Sheets -
September 30, 1999 and December 31, 1998
Consolidated Statements of Income -
Three and Nine Month Periods Ended September 30, 1999
and 1998
Consolidated Statements of Cash Flow -
Nine Months Ended September 30, 1999 and 1998
Notes to Consolidated Financial Statements
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures about Market Risk
PART II. OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
Signatures
All other schedules and compliance information called for by the instructions
to Form 10-Q have been omitted since the required information is not present
or not present in amounts sufficient to require submission.
<PAGE>
Part 1
FINANCIAL INFORMATION
Item 1. Financial Statements
CHORUS COMMUNICATIONS GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
<TABLE>
SEPTEMBER 30, DECEMBER 31,
ASSETS 1999 1998
In Thousands
<S> <C> <C>
CURRENT ASSETS
Cash and cash equivalents $ 4,276 $ 5,327
Temporary investments 900 1,300
Accounts receivable
Due from customers 4,260 4,511
Other, principally connecting
companies 2,867 2,472
Inventories
Plant materials and supplies 738 689
Systems and parts 1,805 1,737
Other 1,803 1,100
Total Current Assets 16,649 17,136
PROPERTY, PLANT AND EQUIPMENT, Net 47,060 45,421
CELLULAR LIMITED PARTNERSHIP INTERESTS 3,715 3,715
PERSONAL COMMUNICATION SERVICES LICENSE 3,709 3,580
GOODWILL, Net 1,256 1,373
OTHER 1,616 1,452
TOTAL ASSETS $ 74,005 $ 72,677
</TABLE>
(UNAUDITED)
<PAGE>
CHORUS COMMUNICATIONS GROUP, LTD.
CONSOLIDATED BALANCE SHEETS
<TABLE>
SEPTEMBER 30, DECEMBER 31,
LIABILITIES AND SHAREHOLDERS' EQUITY 1999 1998
In Thousands Except For Share Amounts
<S> <C> <C>
CURRENT LIABILITIES
Current maturities of long-term debt $ 6,143 $ 1,260
Notes payable to banks 1,504 2,630
Accounts payable 4,769 4,046
Other 4,061 1,808
Total Current Liabilities 16,477 9,744
LONG-TERM DEBT 19,697 25,551
DEFERRED INCOME TAXES 3,621 3,579
OTHER LIABILITIES 1,882 1,877
Total Liabilities 41,677 40,751
MINORITY INTEREST 376 374
SHAREHOLDERS' EQUITY
Common stock, no par value;
authorized 25 million shares;
issued and outstanding 5,412,047
and 5,408,606 shares, respectively 14,732 14,668
Retained earnings 17,220 16,884
Total Shareholders' Equity 31,952 31,552
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 74,005 $ 72,677
See Notes to Consolidated Financial Statements
</TABLE>
(UNAUDITED)
<PAGE>
CHORUS COMMUNICATIONS GROUP, LTD.
CONSOLIDATED STATEMENTS OF INCOME
<TABLE>
THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1999 1998 1999 1998
In Thousands Except For Per Share Data
<S> <C> <C> <C> <C>
REVENUES AND SALES
Local exchange carrier services $ 6,484 $ 6,191 $ 19,507 $ 18,987
System sales and services 2,053 3,507 7,829 9,278
Other services and sales 2,763 1,930 7,167 5,470
Total Revenues and Sales 11,300 11,628 34,503 33,735
OPERATING COSTS AND EXPENSES
Cost of goods sold 1,680 2,571 6,166 6,561
Cost of services 2,528 2,050 6,969 5,532
Selling, general & administrative 4,055 3,404 11,522 10,092
Depreciation & amortization 1,520 1,352 4,420 3,995
Total Operating Costs
and Expenses 9,783 9,377 29,077 26,180
OPERATING INCOME 1,517 2,251 5,426 7,555
Other income 196 191 578 278
Interest expense (452) (476) (1,310) (1,270)
Minority interest (1) (1) (2) (4)
INCOME BEFORE INCOME TAXES 1,260 1,965 4,692 6,559
Income tax expense 496 796 1,840 2,574
NET INCOME $ 764 $ 1,169 $ 2,852 $ 3,985
BASIC AND DILUTED EARNINGS PER SHARE $ .14 $ .22 $ .53 $ .74
Average common shares outstanding 5,412 5,409 5,410 5,405
Dividends per share $ .155 $ .145 $ .465 $ .435
See Notes to Consolidated Financial Statements
</TABLE>
(UNAUDITED)
<PAGE>
CHORUS COMMUNICATIONS GROUP, LTD.
CONSOLIDATED STATEMENTS OF CASH FLOWS
<TABLE>
NINE MONTHS ENDED
SEPTEMBER 30, SEPTEMBER 30,
1999 1998
In Thousands
<S> <C> <C>
OPERATIONS
Net income $ 2,852 $3,985
Adjustments to reconcile net income
to net cash from operations:
Depreciation and amortization 4,420 3,995
Deferred income taxes 42 (13)
Changes in current assets and
current liabilities excluding
effects of acquisitions:
Receivables (144) (453)
Inventories (117) (216)
Payables 723 305
Other 1,393 597
Net cash from operations 9,169 8,200
INVESTING
Capital expenditures (5,939) (6,993)
Personal Communication Services license (129) (159)
Acquisitions (net of cash acquired) - (282)
Short-term investments 400 1,100
Other (3) 106
Net cash (used in) investing (5,671) (6,228)
FINANCING
Dividends paid (2,516) (2,354)
Long-term debt issued - 4,486
Long-term debt repaid (971) (645)
Short-term bank notes (1,126) (1,542)
Other 64 -
Net cash (used in) financing (4,549) (55)
(Decrease) Increase in cash and cash equivalents (1,051) 1,917
Cash and cash equivalents:
Beginning of period 5,327 2,736
End of period $ 4,276 $ 4,653
Cash paid during the period:
Interest $ 1,443 $ 1,256
Income Tax $ 1,760 $ 2,728
See Notes to Consolidated Financial Statements
</TABLE>
(UNAUDITED)
<PAGE>
CHORUS COMMUNICATIONS GROUP, LTD.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
UNAUDITED
1. The unaudited financial statements included herein have been prepared
pursuant to the rules and regulations of the Securities and Exchange
Commission. Certain information in footnote disclosures normally
included in financial statements prepared in accordance with generally
accepted accounting principles have been condensed or omitted pursuant
to such rules and regulations, although the Company believes the
disclosures are adequate to make the information presented not
misleading. It is suggested that these financial statements be read in
conjunction with the financial statements and the notes thereto
included in the Company's Form 10-K for the year ended December 31,
1998.
In the opinion of the Company, the accompanying financial statements
contain all adjustments (consisting of normal recurring accruals)
necessary to present fairly the financial position as of September 30,
1999 and December 31, 1998, and the results of operations and cash
flows for the three and nine month periods ended September 30, 1999 and
1998. The results for the nine months ended September 30, 1999 are not
necessarily indicative of the results of operations which may be
expected for the entire year ending December 31, 1999.
2. OPERATING SEGMENTS
Chorus organizes its business into two reportable segments: local
exchange carrier (LEC) services and system sales and services. The LEC
services segment provides telephone and data services to customers in
local exchanges located in Southern Wisconsin. The system sales and
services segment sells, installs and services business telephone
systems, computers and computer networks. Chorus also has operations in
long distance, Internet services, competitive local exchange carrier
and directory publishing that do not meet the quantitative thresholds
for reportable segments.
<TABLE>
(In Thousands) LOCAL EXCHANGE SYSTEMS SALES
CARRIERS AND SERVICES OTHER TOTAL
THREE MONTHS
ENDED SEPTEMBER 30,
1999 1998 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues and sales
External customers $ 6,484 $ 6,191 $ 2,053 $ 3,507 $ 2,763 $ 1,930 $11,300 $11,628
Intersegment 114 155 - - 351 341 465 496
Segment profit (loss) 1,379 1,193 (581) (56) (31) 82 767 1,219
</TABLE>
<TABLE>
(In Thousands) LOCAL EXCHANGE SYSTEMS SALES
CARRIERS AND SERVICES OTHER TOTAL
NINE MONTHS
ENDED SEPTEMBER 30,
1999 1998 1999 1998 1999 1998 1999 1998
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Revenues and sales
External customers $19,507 $18,987 $ 7,829 $ 9,278 $ 7,167 $ 5,470 $34,503 $33,735
Intersegment 438 520 - - 1,002 507 1,440 1,027
Segment profit (loss) 4,184 3,965 (1,271) (51) (6) 208 2,907 4,122
</TABLE>
<PAGE>
Reconciliation of Segment Information
<TABLE>
(In Thousands) THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
PROFIT
Total profit for
reportable segments $ 798 $ 1,137 $ 2,913 $ 3,914
Other profit (loss) (31) 82 (6) 208
Unallocated amounts:
Non-operating segment (2) (49) (53) (133)
Minority interest (1) (1) (2) (4)
Net Income $ 764 $ 1,169 $ 2,852 $ 3,985
</TABLE>
3. RECLASSIFICATION
Certain amounts previously reported for the prior year have been
reclassified to conform to the 1999 presentation.
Item 2. Management's Discussion and Analysis of Financial Condition and
Results of Operations
RESULTS OF OPERATIONS
OVERVIEW
Chorus' consolidated net income declined $0.4 million and $1.1 million for
the three and nine months ended September 30, 1999 as compared to similar
periods in 1998.
Revenues decreased $0.3 million for the three months ended September 30, 1999
due to the decrease in system sales. This decline was offset in part by the
growth in Internet, local exchange carrier ("LEC") and competitive local
exchange carrier ("CLEC") revenues. For the nine months ended September 30,
1999, the growth in Internet, LEC and CLEC revenues exceeded the decline in
system sales resulting in an increase in revenues of $0.8 million.
Operating costs and expenses increased $0.4 million and $2.9 million for the
three and nine months periods ended September 30, 1999. The higher costs
were primarily due to servicing the Company's growing Internet and CLEC
subscriber base as well as higher occupancy costs. Additionally, system
sales experienced lower gross margins as well as higher labor costs.
Other income increased $0.3 million for the nine months ended September 30,
1999, primarily due to the receipt of partnership distributions relating to
the Company's cellular limited partnership interest.
RESULTS OF OPERATIONS OF THE BUSINESS SEGMENTS
Chorus' primary operations are local exchange carrier services and system
sales and services.
LOCAL EXCHANGE CARRIER SERVICES
LEC services provide telephone and data services to customers in local
exchanges located in Southern Wisconsin. LEC services operating income
consisted of the following:
<TABLE>
(In Thousands) THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues and Sales $ 6,598 $ 6,346 $19,945 $19,507
Operating Costs and Expenses 4,305 4,201 12,911 12,273
LEC Services Operating Income 2,293 2,145 7,034 7,234
Intercompany Eliminations 81 34 119 (255)
Operating Income $ 2,374 $ 2,179 $ 7,153 $ 6,979
</TABLE>
<PAGE>
LEC services revenues are derived from local network services, interstate
network access, intrastate network access and other services. Local service
revenues are based on fees charged to customers for providing local telephone
exchange service within designated franchise areas. Local service revenues
increased $0.3 million and $0.8 million for the three and nine months ended
September 30, 1999 as compared to the similar periods in 1998. This was
principally due to an increase in local service rates.
Interstate revenues declined $0.1 and $0.5 million for the three and nine
months ended September 30, 1999 as compared to the similar periods in 1998.
The decrease was primarily due to a reduction in interstate access rates
received from the interexchange carriers along with a decline in minutes of
use. This was partially offset by an increase in special access circuits.
Intrastate network access revenues remained constant for the three months
while increasing $0.1 million for the nine months ended September 30, 1999,
both as compared to similar periods in 1998. The increase was primarily due
to the increase in special access circuits.
Operating costs and expenses increased $0.1 million and $0.6 million for the
three and nine month periods ended September 30, 1999 as compared to the same
time period in 1998. This was due to the implementation of new billing,
customer service and financial reporting software and increased occupancy
costs, partially offset by a reduction in expenditures related to regulatory
proceedings.
SYSTEM SALES AND SERVICES
This segment sells, installs and services business telephone systems,
computers and computer networks.
System sales and services operating income consisted of the following:
<TABLE>
(In Thousands) THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues and Sales $ 2,052 $ 3,507 $ 7,829 $ 9,278
Operating Costs and Expenses 2,979 3,575 9,836 9,314
System Sales and Services
Operating Income (Loss) (927) (68) (2,007) (36)
Intercompany Eliminations 31 56 180 73
Operating Income (Loss) $ (896) $ (12) $(1,827) $ 37
</TABLE>
System sales and services revenues declined $1.5 million for the three and
nine months ended September 30, 1999, as compared to similar time periods in
1998. The decrease was primarily due to declining pricing and increased
competition related to computer hardware.
Operating costs and expenses decreased $0.6 and $0.5 million for the three
and nine months ended September 30, 1999. Gross profit margins decreased for
the three and nine months ended September 30, 1999 as compared to similar
periods in 1998. Additionally, selling, general and administrative expenses
rose $0.4 million and $0.9 million for the three and nine months ended
September 30, 1999 as compared to similar time periods in 1998. This was
primarily due to higher sales, advertising and occupancy costs.
<PAGE>
OTHER SERVICES AND SALES
Other services and sales include operations from long distance, Internet,
competitive local exchange carrier and directory publishing operations.
Other services and sales operating income consisted of the following:
<TABLE>
(In Thousands) THREE MONTHS ENDED NINE MONTHS ENDED
SEPT. 30, SEPT. 30, SEPT. 30, SEPT. 30,
1999 1998 1999 1998
<S> <C> <C> <C> <C>
Revenues and Sales $ 3,113 $ 2,272 $ 8,169 $ 5,978
Operating Costs and Expenses 2,962 2,098 7,770 5,621
Other Services and Sales Operating
Income 151 174 399 357
Intercompany Eliminations (112) (90) (299) 182
Operating Income (Loss) $ 39 $ 84 $ 100 $ 539
</TABLE>
Revenue from other services and sales increased $0.8 million and $2.2 million
for the three and nine months ended September 30, 1999, as compared to the
same time period in 1998. The increase was primarily due to the growth of
the Company's Internet subscriber base as well as the expansion into
competitive local exchange carrier operations. Correspondingly, the
operating costs and expenses increased $0.9 million and $2.1 million for the
three and nine months ended September 30, 1999, as compared to the same time
period in 1998 and were directly related to providing the increased Internet
and competitive local exchange carrier services noted above.
LIQUIDITY AND CAPITAL RESOURCES
OVERVIEW
Chorus requires funds primarily for its construction programs, the maturity
and retirement of long-term debt, dividend payments and investments. The
capital resources available to meet these requirements are provided through
operating and financing activities. Net cash from operating activities of
Chorus and its subsidiaries for the first nine months of 1999 was $9.2
million.
INVESTING ACTIVITIES AND CAPITAL REQUIREMENTS
The primary capital requirement of Chorus has historically consisted of
expenditures under its construction program. Total construction expenditures
for the first nine months of 1999 were $5.9 million.
FINANCING ACTIVITIES
During the first nine months of 1999, Chorus repaid $1.0 million of long-term
debt and $1.1 million (net of new borrowings) of short-term debt.
In June of 2000, $5 million of registered subordinate debentures will mature
and therefore the debentures have been included in the current portion of
long-term debt. However, it is management's intention that these debentures
will be replaced with other long-term financing.
It is expected that the capital requirements for Chorus' routine construction
programs, maturity and retirement of long-term debt, and dividend payments
will be provided for with cash flow from operating activities and the
issuance of debt.
In October of 1999, Chorus announced that it will provide competitive local
exchange ("CLEC") service over leased cable television outside plant in the
Winona, Minnesota area. It is anticipated that switching equipment and
startup costs will approximate $6.0 million for this and other CLEC
activities in the year 2000. It is further anticipated that the cash
requirements necessary to fund these ventures will be obtained primarily
through debt financing.
At November 5, 1999, Chorus has available unused lines-of-credit of $11.7
million. Chorus has experienced no difficulty in obtaining funds for its
construction programs or other purposes.
<PAGE>
REGULATION AND COMPETITION
As more fully discussed in the Company's Form 10-K for 1998, Chorus' largest
local exchange carrier is subject to competition, which it expects will have
some adverse effect upon its future revenues. The full extent of that effect
is unknown at this time.
YEAR 2000 (Y2K)
The Year 2000 compliance issue exists because many computerized information
systems use two-digit data fields to designate a year and cannot process
date-sensitive information beyond December 31, 1999. Chorus has established
a Year 2000 Project Team, to coordinate and monitor the Company's Year 2000
compliance efforts. Begun in 1997, Chorus' Year 2000 effort covers its
network and supporting infrastructure for the provisioning of local switched
and data telecommunications services. Additionally, within the scope of this
initiative are the Company's operational and financial information technology
systems and applications, end-user computing resources and building systems,
such as security, elevator and environmental control systems. The project
also includes a review of the Year 2000 compliance efforts of the Company's
key vendors and suppliers. While this initiative is broad in scope, it has
been structured to identify and prioritize the Company's efforts for mission
critical systems, network elements and products and key vendors and
suppliers.
Chorus' Year 2000 effort consists of the following phases: inventory,
assessment, planning, deployment and monitoring. The inventory and
assessment phases were completed as of April 1998. The planning stage was
completed as of December 1998, except for the Company's contingency plan
(see below). The Company has substantially completed upgrading its network
elements, products and financial information technology systems. In addition
the Company has substantially completed its billing and customer service
support systems. The Company is currently in the monitoring phase on these
systems.
The Company is dependent on vendors' and suppliers' assurances that their
upgrades will be Year 2000 compliant. Also, the Company cannot guarantee
that third parties on whom it depends for essential services (such as
electric utilities, interexchange carriers, etc.) will convert their critical
systems and processes in a timely manner. Failure or delay by any of these
parties could significantly disrupt the Company's business. However, the
Company has established a vendor and supplier compliance program, and is
working with key vendors and suppliers to minimize such risks.
Chorus currently estimates that it will incur expenses of approximately $0.2
million through 1999 in connection with anticipated Year 2000 efforts.
Chorus anticipates that a portion of Year 2000 expenses will not be
incremental costs, but rather will represent the redeployment of existing
resources. Chorus also expects to incur certain capital improvement costs
(totaling approximately $.4 million) to support this project. Such capital
costs are being incurred sooner than originally planned, but, for the most
part, would have been required in the normal course of business.
As part of our Year 2000 initiative, Chorus is evaluating scenarios that may
occur as a result of the century change and has substantially completed the
development of its contingency plans tailored for the Year 2000 related
occurrences.
In management's view, the most reasonable worst case scenario for Year 2000
failure prospects faced by Chorus is that a limited number of important
operational and financial information technology systems and applications may
unexpectedly fail. In addition, no assurance can be given that there may not
be problems with the Company's network and supporting infrastructure for
provisioning of local switched and data telecommunications services relating
to Year 2000. Failure by Chorus or by certain of its vendors and suppliers
to remediate Year 2000 compliance issues in advance of the Year 2000 and to
execute appropriate contingency plans in event that a critical failure is
experienced, could result in disruption of Chorus' operations, possibly
impacting the Company's network and impairing Chorus' ability to bill and
collect revenues.
The above information is based on the Company's current best estimates.
Actual results may vary materially from those anticipated and discussed
above. Specific factors that might cause such differences include, among
others, the availability and cost of personnel trained in this area, the
ability to locate and correct all affected computer code, the timing and
success of remedial efforts of the Company's third party vendor and suppliers
and similar uncertainties.
<PAGE>
This communication constitutes a "Year 2000 Readiness Disclosure" as provided
in Section 3 (9) of the Year 2000 Information and Readiness Disclosure Act of
1998.
FORWARD-LOOKING STATEMENTS
This Management's Discussion and Analysis of Financial Condition and Results
of Operations includes, and future filings by the Company on Form 10-K, Form
10-Q and Form 8-K, and future oral and written statements by the Company and
its management may include, certain forward-looking statements, including
(without limitation) statements with respect to anticipated future operating
and financial performance, growth opportunities and growth rates, acquisition
opportunities, Year 2000 compliance and other similar forecasts and
statements of expectation. Words such as expects, anticipates, plans,
believes, estimates, could, and should, and variations of these words and
similar expressions, are intended to identify these forward-looking
statements. Forward-looking statements by the Company and its management are
based on estimates, projections, beliefs and assumptions of management and
are not guarantees of future performance. The Company disclaims any
obligation to update or revise any forward-looking statement based on the
occurrence of future events, the receipt of new information, or otherwise.
Actual future performance, outcomes and results may differ materially from
those expressed in forward-looking statements made by the Company and its
management as a result of a number of important factors. Representative
examples of these factors include (without limitation) rapid technological
developments and changes in the telecommunications and information services
industries; ongoing deregulation (and the resulting likelihood of
significantly increased price and product/service competition) in the
telecommunications industry as a result of the Telecommunications Act of 1996
and other federal and state rules and regulations enacted pursuant to that
legislation and regulatory limitations on the Company's ability to change its
pricing for communications services. In addition to these factors, actual
future outcomes and results may differ materially because factors including
(without limitation) market conditions and growth rates, economic conditions,
policy changes and the continued availability of financing in the amounts, at
the terms, and on the conditions necessary to support the Company's future
business.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
The Company does not have market exposure relating to foreign currency
exchange rates or derivative financial instruments. Additionally, the
Company is not exposed to material earnings, cash flow or changes in fair
value exposures from changes in interest rates on its long-term obligations.
<PAGE>
PART II.
OTHER INFORMATION
Item 6. Exhibits and Reports on Form 8-K
(a) List of Exhibits
3(i) Articles of Incorporation (incorporated by reference to
Form 8-12G, reporting under Exchange Act Section 12(g), filed
on December 2, 1997, File No. 000-23443)
3(ii) By-Laws (incorporated by reference to Form 10-K, reporting
under Exchange Act Section 12(g), filed on March 30, 1999,
File No. 000-23443)
(27) Financial Data Schedule
(b) Reports on Form 8-K
There were no Form 8-Ks filed during the period covered by this report.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
CHORUS COMMUNICATIONS GROUP, LTD.
(Registrant)
Date: November 12, 1999 /s/DEAN W. VOEKS
Dean W. Voeks
Chief Executive Officer
Date: November 12, 1999 /s/HOWARD G. HOPEMAN
Howard G. Hopeman
Executive Vice-President and Chief Financial Officer
<TABLE> <S> <C>
<ARTICLE> 5
<MULTIPLIER> 1000
<S> <C>
<PERIOD-TYPE> 9-MOS
<FISCAL-YEAR-END> DEC-31-1999
<PERIOD-START> JAN-01-1999
<PERIOD-END> SEP-30-1999
<CASH> 4,276
<SECURITIES> 0
<RECEIVABLES> 7,127
<ALLOWANCES> 0
<INVENTORY> 2,543
<CURRENT-ASSETS> 16,649
<PP&E> 80,357
<DEPRECIATION> 33,297
<TOTAL-ASSETS> 74,005
<CURRENT-LIABILITIES> 16,477
<BONDS> 0
0
0
<COMMON> 14,732
<OTHER-SE> 17,220
<TOTAL-LIABILITY-AND-EQUITY> 74,005
<SALES> 0
<TOTAL-REVENUES> 34,503
<CGS> 6,166
<TOTAL-COSTS> 29,077
<OTHER-EXPENSES> 0
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 1,310
<INCOME-PRETAX> 4,692
<INCOME-TAX> 1,840
<INCOME-CONTINUING> 2,852
<DISCONTINUED> 0
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<NET-INCOME> 2,852
<EPS-BASIC> .53
<EPS-DILUTED> .53
</TABLE>
