Published: March 12, 2010

Warwick Valley Telephone Company Announces Dividend Increase for First Quarter 2010

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Reflecting the Company's positive outlook for generation of long-term cash flow, the Board of Directors of the Warwick Valley Telephone Company (NASDAQ: WWVY) ("WVT") announced an increase of the Common Share cash dividend for the first quarter of 2010. The new dividend of $.24 is up from $.22. The Board declared that the dividend is to be paid on March 31, 2010 to shareholders of record as of March 22, 2010. On an annualized basis, the new dividend rate is $.96 versus $.88 per share previously.

Robert J. DeValentino, Chairman of the Board, said: "This dividend increase demonstrates the Board's confidence in the continued strong performance of WVT's business, our cash generation capabilities, and our firm commitment to our shareholders."

Additionally, the Board of Directors declared the regular quarterly dividend of $1.25 per share on the outstanding 5,000 shares of the Company's 5% Preferred Shares to be paid on March 31, 2010 to shareholders of record as of March 22, 2010.

Warwick Valley Telephone Company is a full service telecommunications company operating in southern Orange County, New York and portions of central New York and northwestern New Jersey. Through its subsidiaries and affiliated companies, Warwick Valley Telephone Company offers local, long distance, Internet and video services.