-8-
Rock Hill had capital expenses of $5,605,184 in 1987,
$5,410,879 in 1988,4 $13,199,725 in 1989, $14,605,033 in 1990,
and $6,340,042 in 1991.
Rock Hill's rates for local telephone service and special
products are set by the South Carolina Public Service Commission
(SCPSC). The SCPSC also regulates all intrastate service rates.
Rock Hill maintained 36,820 access lines on December 31,
1991. Each of these lines has access to inter-exchange carriers
such as AT&T, MCI, and Sprint. Rock Hill also owns a 5-percent
interest in a consortium that provides cellular telephone service
in rural South Carolina.
5. Dividends
From 1987 to 1992, Rock Hill paid common stock dividends as
follows:
Total amount Dividends
Year of dividends per share
1987 $550,710 $2.25
1988 660,852 2.70
1989 709,804 2.90
1990 819,946 3.35
1991 893,374 3.65
1992 2,937,120 112.00
1 This includes $8 for a special nonrecurring dividend which
Rock Hill declared on Dec. 29, 1992, payable on Dec. 30, 1992.
4 Rock Hill's financial statement for 1987 and 1988 audited
by KPMG Peat Marwick shows capital expenses of $5,410,879 for
1988. The audited financial statement for 1988 and 1989 shows
capital expenses of $5,680,152 for 1988. The record does not
explain the $269,273 difference.
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Last modified: May 25, 2011