Otelco Inc. (OTT) announced after the bell Friday that Time Warner Cable indicated that it will not renew its existing contract for wholesale network connections provided by Otelco. The contract represented approximately 11.7% of Otelco's consolidated revenue for 2011.
Otelco gapped open dramatically lower Monday and fell in early trade, before settling into a range. The stock closed down by 5.37 at $6.66 on the highest volume of the year. Otelco plunged to a new low for the year.
by RTT Staff Writer
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