SOURCE: Warwick Valley Telephone Company

May 03, 2006 16:36 ET

Warwick Valley Telephone Announces Final Vote Results and Committee Assignments

WARWICK, NY -- (MARKET WIRE) -- May 3, 2006 -- Warwick Valley Telephone Company (NASDAQ: WWVY) (the "Company") announced today the final certified results of the votes at its 2006 Annual Meeting of shareholders, held Friday, April 28, 2006. Kelly C. Bloss, Robert J. DeValentino, and Joseph J. Morrow were elected for three-year terms in Class I. Jeffery D. Alario, and Douglas J. Mello were elected to fill the remaining one-year term of the Class II directorships formerly held by Dr. Joseph E. DeLuca and Mr. Fred M. Knipp, defeating M. Lynn Pike and Peter Saulnier, who were nominated by Santa Monica Partners. In addition, the shareholders approved the selection of WithumSmith+Brown, P.C. as the Company's independent accountants for the year ending December 31, 2006, and the shareholder proposal, urging that the quarterly dividend to shareholders be significantly increased, was defeated.

Matters voted on at the meeting and the results of each vote are as follows:

                                         Votes For  Votes Against   Abstain

Proposal I    To fix the number of       3,836,283        139,517    89,764
              Directors at nine until
              the next Annual Meeting
              of Shareholders.

                                         Votes For                 Withhold
                                                                  Authority
Proposal II   To elect three Class I
              directors of the Company
              and to elect two
              directors to fill the
              remaining term of the
              Class II directorships
              formerly held by Dr.
              Joseph E. DeLuca and
              Mr. Fred M. Knipp:
              Class I
              Kelly C. Bloss             3,130,423                  935,141
              Robert J. DeValentino      3,156,185                  909,379
              Joseph J. Morrow           2,921,297                1,144,267
              Class II
                Nominees of the Company
              Jeffrey D. Alario          3,157,340                  283,324
              Douglas J. Mello           3,156,971                  283,693
                Nominees of Santa Monica
                 Partners, LP
              M. Lynn Pike                 617,786                    7,114
              Peter Saulnier               617,840                    7,060


                                         Votes For  Votes Against   Abstain
Proposal III  To approve the
              selection of
              WithumSmith+Brown,
              P.C. as the Company's
              independent accountants
              for the year ending
              December 31, 2006.         3,988,735         37,009    39,820

Proposal IV   Shareholder proposal
              urging that the quarterly
              dividend to shareholders
              be significantly
              increased.                  1,161,873     2,242,321   163,182

At the Company's Annual Organizational Meeting, held immediately after the Annual Meeting, the Board of Directors elected the following persons to the positions set forth opposite their names:
Wisner H. Buckbee        Chairman of the Board
Robert J. DeValentino    Vice Chairman of the Board
Herbert Gareiss, Jr.     President, Chief Executive Officer
Michael A. Cutler        Vice President, Chief Financial Officer, Treasurer
Zigmund C. Nowicki, Jr.  Corporate Secretary
Dorinda M. Masker        Assistant Corporate Secretary
Also, at the Company's Annual Organizational Meeting, the following committee assignments were approved:
Governance & Nominating Committee     Corinna S. Lewis - Chair
                                      Robert J. DeValentino
                                      Joseph J. Morrow

Audit Committee                       Philip S. Demarest - Chair
                                      Jeffrey D. Alario
                                      Wisner H. Buckbee
                                      Corinna S. Lewis

Compensation Committee                Robert J. DeValentino - Chair
                                      Joseph J. Morrow
                                      Douglas J. Mello

Contact Information

  • Contact:
    Warwick Valley Telephone Company
    Herbert Gareiss, Jr.
    President & CEO
    (845) 986-8080