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GCI Net Income Dips in 1Q

Alaskan cable and telecommunications provider GCI reported $1.5 million in net income (2 cents per share) during the first quarter, down from income of $3.3 million during the first quarter of 2006.

The company said it generated $124.6 million in revenue, up 10.4% from this time last year.

GCI said earnings before interest, taxes, depreciation, amortization and share-based compensation expense (EBITDAS) totaled $34 million, down $3.1 million, or 8.4%, from the first quarter of 2006.

GCI said it generated consumer revenues of $53.3 million during the first quarter, an increase of 24.9% from the same period last year. It attributed the increases to video, data and wireless sales.

“Unfortunately, a very strong performance in the consumer business and dramatic growth in our customer metrics were offset by poor financial results,” GCI president Ron Duncan said in the earnings announcement.