<SUBMISSION>
<ACCESSION-NUMBER>0000950152-05-007938
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20050929
<ITEMS>4.02
<ITEMS>9.01
<FILING-DATE>20050930
<DATE-OF-FILING-DATE-CHANGE>20050930
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>WARWICK VALLEY TELEPHONE CO
<CIK>0000104777
<ASSIGNED-SIC>4813
<IRS-NUMBER>141160510
<STATE-OF-INCORPORATION>NY
<FISCAL-YEAR-END>1231
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-11174
<FILM-NUMBER>051115121
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>47 49 MAIN ST
<CITY>WARWICK
<STATE>NY
<ZIP>10990
<PHONE>9149861101
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>47 49 MAIN ST
<STREET2>PO BOX 592
<CITY>WARWICK
<STATE>NY
<ZIP>10990
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>l16221ae8vk.htm
<DESCRIPTION>WARWICK VALLEY TELEPHONE COMPANY      FORM 8-K
<TEXT>
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<TITLE>Warwick Valley Telephone Company      Form 8-K</TITLE>
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<DIV align="center" style="font-size: 14pt; margin-top: 12pt"><B>UNITED STATES<BR>
SECURITIES AND EXCHANGE COMMISSION</B>
</DIV>

<DIV align="center" style="font-size: 12pt"><B>Washington, D.C. 20549</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><DIV align="center"><DIV style="font-size: 3pt; margin-top: 16pt; width: 26%; border-top: 1px solid #000000">&nbsp;</DIV></DIV>
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<DIV align="center" style="font-size: 18pt; margin-top: 12pt"><B>FORM 8-K</B>
</DIV>


<DIV align="center" style="font-size: 12pt; margin-top: 12pt"><B>CURRENT REPORT<BR>
PURSUANT TO SECTION 13 OR 15(d) OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Date of Report (Date of earliest event reported): September&nbsp;29, 2005</B>
</DIV>

<DIV align="center" style="font-size: 24pt; margin-top: 12pt"><B>Warwick Valley Telephone Company</B>
</DIV>

<DIV align="center" style="font-size: 10pt">(Exact name of registrant as specified in its charter)</DIV>


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    <TD align="center" valign="top"><B>0-11174</B>
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top"><B>14-1160510</B></TD>
</TR>
<TR valign="bottom">
    <TD align="center" valign="top">(Commission File No.)
</TD>
    <TD>&nbsp;</TD>
    <TD align="center" valign="top">(I.R.S. Employer Identification No.)</TD>
</TR>
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</TABLE>
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>New York</B><BR>
(State or other jurisdiction of incorporation or organization)
</DIV>


<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>47 Main Street<BR>
Warwick, New York 10990<BR>
(845)&nbsp;986-8080</B><BR>
(Address, including zip code, and telephone number,<BR>
including area code, of Registrant&#146;s principal executive offices)
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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:
</DIV>


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    <TD>&nbsp;</TD>
    <TD>Written communication pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</TD>
</TR>
</TABLE>
</DIV>




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    <TD>&nbsp;</TD>
    <TD>Soliciting material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR 240.14a-12)</TD>
</TR>
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    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))</TD>
</TR>
</TABLE>
</DIV>




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</TR>
<TR valign="top">
    <TD nowrap align="left"><FONT face="Wingdings">&#111;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>Pre-commencement communications pursuant to Rule&nbsp;13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))</TD>
</TR>
</TABLE>
</DIV>




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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="85%">&nbsp;</TD>
</TR>
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<TR valign="bottom">

<TD valign="top"><DIV style="margin-left:0px; text-indent:-0px"><b>Item&nbsp;4.02.</B></DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top"><B><U>Non-Reliance on Previously
Issued Financial Statements or a Related Audit Report or<BR>
Completed Interim Review</U></B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">On September&nbsp;27, 2005, on management&#146;s recommendation, the Audit Committee of the Board
of Directors of Warwick Valley Telephone Company (the &#147;Company&#148;) concluded that the
Company needs to restate its financial statements for each of the two years in the
period ended 2003 (appearing in its Annual Report on Form&nbsp;10-K for the year ended
December&nbsp;31, 2003) and the interim consolidated financial statements during fiscal years
2003 and 2004 (appearing in its Forms 10-Q for each of the quarters ended March&nbsp;31,
2004, June&nbsp;30, 2004 and September&nbsp;30, 2004), and therefore such financial statements
should no longer be relied upon<I>. </I>During those periods, the cash distributions of
earnings received from the Orange County-Poughkeepsie Partnership (O-P), an investment
accounted for under the equity method of accounting, were incorrectly classified in its
consolidated statements of cash flows as investing activities. Because the cash
distributions of O-P represent a return on the Company&#146;s investment in O-P, they should
have been classified as operating activities. The impact of the related restatement
will increase cash flows from operating activities and correspondingly decrease cash
flows from investing activities previously reported in those periods. This restatement
has no impact on the Company&#146;s &#147;Net increase in cash and cash equivalents&#148; in the
Consolidated Statement of Cash Flows, or on revenues, expenses, net income, earnings per
share in the Consolidated Statement of Net Income, or any Consolidated Balance Sheet
items. The Company&#146;s management and its Audit Committee have discussed the nature of
the error and the decision to restate the financial statements with
PricewaterhouseCoopers LLP, the Company&#146;s independent registered public accounting firm.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">In the Company&#146;s Annual Report on Form&nbsp;10-K for the year ended December&nbsp;31, 2004, the
Company expects to report a material weakness with regard to accounting for its equity
method investments. That material weakness, along with other identified material
weaknesses and management&#146;s plan for remediation will be more fully disclosed in the
Company&#146;s Annual Report on Form&nbsp;10-K, which is expected to be filed on September&nbsp;30,
2005. Accordingly, management expects to conclude that its internal controls over
financial reporting were not effective as of December&nbsp;31, 2004.</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">The Company will issue a press release on September&nbsp;30, 2005 regarding the restatement
discussed above. The press release is attached hereto as Exhibit&nbsp;99.1 and is
incorporated by reference herein.</TD>
</TR>
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</TABLE>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
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    <TD width="3%">&nbsp;</TD>
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    <TD width="7%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="70%">&nbsp;</TD>
</TR>
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<TR valign="bottom">
    <TD valign="top"><B>Item&nbsp;9.01.</B></TD>
    <TD>&nbsp;</TD>
    <TD colspan="5" valign="top" align="left"><B>Financial Statements and Exhibits</B></TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">(c)
</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exhibits</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Exhibit&nbsp;99.1.</TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Press Release entitled &#147;Warwick Valley Telephone Company Restates
Statement of Cash Flows,&#148; dated September&nbsp;30, 2005.</TD>
</TR>
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</TABLE>
</DIV>


<DIV style="margin-top: 6pt">
<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">


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<P align="center" style="font-size: 10pt">&nbsp;
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</TABLE>
</DIV>

<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>SIGNATURES</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">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.
</DIV>

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    <TD width="10%">&nbsp;</TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD NOWRAP align="left" valign="top"><U>WARWICK VALLEY TELEPHONE COMPANY</U></TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="CENTER" valign="top">(Registrant)</TD>
</TR>
<TR valign="bottom"><!-- Blank Space -->
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Date: September&nbsp;29, 2005
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">By: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;/s/ Michael A. Cutler</TD>
</TR>
<TR style="font-size: 1px">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top" style="border-top: 1px solid #000000">&nbsp;</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD align="left" valign="top">Name:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Michael A. Cutler</TD>
</TR>
<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" align="left" valign="top">Title: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vice President and Chief Financial Officer</TD>
</TR>
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</DIV>


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<DIV align="center" style="font-size: 10pt; margin-top: 18pt"><B>Exhibit&nbsp;Index</B>
</DIV>

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<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<TR valign="bottom">
    <TD width="10%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR style="font-size: 8pt" valign="bottom">
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Exhibit No.</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
    <TD>&nbsp;</TD>
</TR>
<TR><TD>&nbsp;</TD></TR>
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<TR valign="bottom">
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">99.1
</DIV></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" align="left" valign="top">Press Release entitled &#147;Warwick Valley Telephone Company Restates Statement of Cash
Flows,&#148; dated September&nbsp;30, 2005.</TD>
</TR>
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</TABLE>
</DIV>


<P align="center" style="font-size: 10pt">&nbsp;
</DIV>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>l16221aexv99w1.htm
<DESCRIPTION>EX-99.1 PRESS RELEASE: STATEMENT OF CASH FLOW SEPT. 30, 2005
<TEXT>
<HTML>
<HEAD>
<TITLE>EX-99.1</TITLE>
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<DIV style="font-family: 'Times New Roman',Times,serif">

<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Exhibit&nbsp;99.1</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 12pt"><B>Warwick Valley Telephone Company Restates Statement of Cash Flows</B>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">Warwick Valley Telephone Company (Nasdaq: WWVYE; the &#147;Company&#148;) announced today that the Company
needs to restate its financial statements for each of the two years in the period ended 2003
(appearing in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2003) and the interim
consolidated financial statements during fiscal years 2003 and 2004 (appearing in its Forms 10-Q
for each of the quarters ended March&nbsp;31, 2004, June&nbsp;30, 2004 and September&nbsp;30, 2004), and therefore
such financial statements should no longer be relied upon. During those periods, the cash
distributions of earnings received from the Orange County-Poughkeepsie Partnership (O-P), an
investment accounted for under the equity method of accounting, were incorrectly classified as
investing activities. Because the cash distributions of O-P represent a return on the Company&#146;s
investment in O-P, they should have been classified as operating activities. The impact of the
related restatement will increase cash flows from operating activities and correspondingly decrease
cash flows from investing activities previously reported in those periods. This restatement has no
impact on the Company&#146;s &#147;Net increase in cash and cash equivalents&#148; in the Consolidated Statement
of Cash Flows, or on revenues, expenses, net income, earnings per share in the Consolidated
Statement of Net Income, or any Consolidated Balance Sheet items.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 6pt">In the Company&#146;s Annual Report on Form 10-K for the year ended December&nbsp;31, 2004, it expects to
report a material weakness with regard to accounting for its equity method investments. That
material weakness, along with other identified material weaknesses and management&#146;s plan for
remediation will be more fully disclosed in the Company&#146;s Annual Report on Form 10-K, which is
expected to be filed on September&nbsp;30, 2005.
</DIV>



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</SUBMISSION>
