GCI posts 4th quarter, year loss

Posted: Friday, March 09, 2001

ANCHORAGE (AP) -- General Communication Inc. reported a fourth-quarter loss of $1.9 million and a full-year loss of $13.2 million, the company announced Thursday.

But investors seemed pleased with GCI's performance, pushing the company's stock price to its 52-week high on Thursday.

The stock closed at $8.44 a share, up 13 cents.

Anchorage-based GCI reported strong revenue growth, especially in its Internet, local and long-distance phone services.

GCI's biggest revenue generator is its long-distance service. The company is running head to head with AT&T Alascom to be the state's largest long-distance carrier. GCI also offers local phone service in Anchorage, wireless, cable television and Internet.

GCI and its main rival, Anchorage-based Alaska Communications Systems, have each struggled to show profits in the fast-changing, capital-intensive telecom industry. Last month, ACS reported full-year losses of $25.2 million on $313 million in revenue.

But GCI does expect to turn a profit in the first quarter of this year, John Lowber, GCI's chief financial officer said.

Fourth-quarter revenue climbed 15 percent to $77 million. Revenue for the year rose 13 percent to $293 million.

Full-year losses increased from $9.5 million in 1999 to $13.2 million in 2000.

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