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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): May 21, 1999
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 May 12, 1999, Hickory Tech Corporation (the Company) sold 100% of its
ownership units in Midwest Wireless Communications L.L.C. (MWC), headquartered
in Mankato, Minnesota. The Company held a 6.4% equity interest in the southern
Minnesota rural cellular limited liability company. The ownership units were
transferred to MWC and subsequently retired.
The investment in MWC was acquired by the Company through capital investments in
1988 and 1989 in three rural cellular partnerships (RSAs). The three RSAs, along
with two additional RSAs and a MSA (metropolitan statistical area) combined
operations in 1996 to form MWC. The Company accounted for this investment under
equity method and carried a balance of $3,557,000 on the date of sale. The
proportional share of MWC net income recorded in Other Income of the Company's
Consolidated Statements of Income was $365,000 for the first quarter of 1999 and
$1,026,000 for the calendar year 1998.
There will be no personnel changes at the Company as a result of the sale. The
Company expects to apply the after-tax proceeds of approximately $8,769,000 as a
reduction of its long-term debt and for capital expenditures associated with its
pending cellular acquisition.
The Company sold its minority interest in the "multi-owner" MWC organization
because MWC's operations were not strategic to those of the Company. Since the
Company's acquisition of 100% ownership of cellular property in 1998 (Minnesota
RSA 10) and its pending acquisition of cellular property in the metropolitan
Minneapolis/St. Paul area (Minneapolis MSA 15 A2-McElroy Property), the Company
has migrated to a controlling interest preference in its wireless telephone
plans.
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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: May 21, 1999
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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
