8-K

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): March 30, 2006

Warwick Valley Telephone Company

(Exact name of registrant as specified in its charter)

0-11174	14-1160510
(Commission File No.)	(I.R.S. Employer Identification No.)

New York
(State or other jurisdiction of incorporation or organization)

47 Main Street
Warwick, New York 10990
(845) 986-8080
(Address, including zip code, and telephone number,
including area code, of Registrant’s principal executive offices)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the obligation of the registrant under any of the following provisions:

o Written communication pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition

On March 30, 2006, Warwick Valley Telephone Company (the “Company”) issued a press release which announced certain results of the Company’s operations for the twelve month period ended December 31, 2005. The Company’s press release is furnished herewith as Exhibit 99.1.

Item 9.01. Financial Statements and Exhibits

(c) Exhibits

Exhibit 99.1.   Press release entitled “Warwick Valley Telephone Company Reports Financial Results for the Twelve Months Ended December 31, 2005,” dated March 30, 2006.

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.

	WARWICK VALLEY TELEPHONE COMPANY (Registrant)
Date: March 30, 2006	By:	/s/ Michael A. Cutler
	Name:	Michael A. Cutler
	Title:	Vice President and Chief Financial Officer

3

Exhibit Index

Exhibit No.	Description
99.1	Press release entitled “Warwick Valley Telephone Company Reports Financial Results for the Twelve Months Ended December 31, 2005,” dated March 30, 2006.

EX-99.1

Exhibit 99.1

Warwick Valley Telephone Company Reports Financial Results for the Twelve Months Ended December 31, 2005

(WARWICK, NY, March 30, 2006) Warwick Valley Telephone Company (NASDAQ: WWVY) announced today its financial results as of December 31, 2005. Michael Cutler, Chief Financial Officer, reported that Net Income for the twelve month period decreased 42% to $5.170 million from $8.928 million for the same period in 2004.

     Operating revenues decreased 1% in 2005 as compared to the same period in 2004 due principally to a decrease in revenue from access lines and reduced network access that was largely offset by an increase in Universal Service Fund (USF) subsidies.

Total operating expenses increased 14% in 2005 as compared to the same period in 2004 primarily due to the professional fees related to the Sarbanes-Oxley compliance process.

Other income (expenses) decreased 12% in 2005 as compared to 2004 primarily due to the sale of an investment in 2004 and the write-off of another in 2005.

Earnings per share for the twelve month period were $0.96 as compared to $1.65 for 2004.

The chart that follows provides additional information in summary form. Further information about the Company’s earnings and business operations can be found in the Company’s Annual Report on Form 10-K for the year ended December 31, 2005, which was filed with the Securities and Exchange Commission on March 28, 2006.

Warwick Valley Telephone provides Local, Toll, Cellular, Internet, Video and other communications services in Southeastern New York and Northwestern New Jersey.

Warwick Valley Telephone Company
Financial Data
(Audited)

	For the Years Ended
	December 31,
(Dollars in thousands, except per share data)	2005			2004		Change
Income Statement Data
Operating Revenues		27,342			27,678		-1	%
Plant Repair and Maintenance Expenses		4,911			4,317		14	%
Depreciation, Testing and Other Expenses		9,213			8,541		8	%
Customer Service Expenses		4,460			4,698		-5	%
Other Operating Expenses		11,705			9,008		30	%
Operating (Loss) Income		(2,947	)		1,114		-365	%
Non-Operating Income and Expenses		10,903			12,391		-12	%
Income Taxes		2,786			4,577		-39	%
Net Income		5,170			8,928		-42	%
Preferred Dividends		25			25		0	%
Income Applicable to Common Stock		5,145			8,903		-42	%
Basis & Diluted Earnings Per Share		0.96			1.65		-42	%

CONTACT:
Warwick Valley Telephone Company
Michael Cutler
(845) 986-8080