CT Communications Inc. (Nasdaq: CTCI) reported a third quarter revenue increase of 4 percent to $1.3 million, but had a net loss of $400,000, or 2 cents per diluted share.
That compares with earnings of $2.8 million, or 15 cents per diluted share, in the third quarter of 2001. CTCI says this year’s results included a $1.1 million restructuring charge and a $3.3 million asset impairment charge. The company had previously announced it was cutting back its Web development operations and discontinuing its fixed-wireless operations in Fayetteville.
Excluding these charges, net income for the third quarter of 2002 was $2.1 million, or 11 cents per diluted share, exceeding consensus equity analyst estimates of 9 cents per share. Operating earnings before interest, income taxes, depreciation and amortization was $7.1 million, compared with $9 million in the third quarter of last year.
CTCI’s revenue for the first nine months of 2001 rose 12 percent to $110 million. The Concord-based company’s net income fell 35 percent to $5.1 million, or 27 cents per diluted share, in the same period.
“In the third quarter, we made significant strides in the operating efficiencies of many of our businesses–,” Michael R. Coltrane, president and chief executive officer of CTCI, said in a statement. “In particular we are pleased with the margin improvement we made in our Internet Services and CLEC businesses this quarter, as well as in Concord Telephone. This margin improvement combined with the continued addition of new customers in many of our businesses, has led to another solid quarter for CT Communications.”