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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934.
Date of Report (Date of earliest event reported): October 5, 1998
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HICKORY TECH CORPORATION
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(Exact name of registrant as specified in its charter)
Minnesota 0-13721 41-1524393
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(State or other jurisdiction (Commission (IRS Employer
of incorporation) File Number) Identification No.)
221 East Hickory Street, P.O. Box 3248, Mankato, MN 56002-3248
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(Address of principal executive offices) (Zip code)
Registrant's telephone number including area code (800) 326-5789
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ITEM 5. OTHER EVENTS.
On October 5, 1998, Hickory Tech Corporation issued the following press release.
MANKATO, MINNESOTA -- Hickory Tech Corporation (HTC) today announced that it
reached agreement to sell 100% of its stock ownership in Digital Techniques,
Inc. (DTI), of Allen, Texas.
Ownership was transferred to DTI Holdings, Inc. on September 30, 1998. The
principals include a number of current DTI employees with significant financial
support from Troy Holdings International, a computer telephony product firm with
operations in Toronto, Detroit and the United Kingdom.
Robert D. Alton, President, CEO and Chairman of HTC said, "Over the past several
years HTC has been refining its mission and market focus. We have added two new
local telephone properties, a wireless communications company, and a data
network services provider. We have also divested our CoasTel and Direct Vision
operations. The sale of DTI is aimed at further focusing our approach to a
rapidly growing telecommunications market. We are directing our energies to the
service delivery aspect of telecommunications."
Digital Techniques was acquired by HTC in July 1990. It employs 44 persons in
Allen, Texas, a suburb of Dallas. Terms of the transaction were not disclosed.
However, Mr. Alton indicated that the proceeds from the sale would be invested
in its core businesses including wireline, wireless and its billing company.
There will be no personnel changes at HTC as a result of the sale. HTC is a
diversified communications holding company in its 100th year of operations with
its roots in the local telephone exchange business. From that base it has
expanded into three sectors; local telephone, billing/data processing, and
communications products and services. For the year 1997, HTC had $76 million in
revenue. The NASDAQ symbol is HTCO. HTC's Internet home page address is:
www.hickorytech.com and DTI's Internet home page address is:
www.digitaltechniques.com
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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 hereunto duly authorized.
Date: October 8, 1998
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HICKORY TECH CORPORATION
HICKORY TECH CORPORATION
By /s/ Robert D. Alton, Jr.
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Robert D. Alton, Jr., Chief Executive Officer
By /s/ David A. Christensen
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David A. Christensen, Chief Financial Officer
