CT Communications (Nasdaq: CTCI) posted income gains for the fourth quarter of 2003 and the year on higher revenues.

In the fourth-quarter, the Concord-based firm had net income of $3.8 million, or 20 cents per diluted share, compared with earnings of $2.9 million, or 16 cents per diluted share, in the fourth quarter of 2002, which included a loss of $600,000 from discontinued operations.

CT Communications saw operating revenue for the latest quarter of $41.7 million, a 9 percent increase from $38.3 million in the same period in 2002.

For 2003, net income was $19.8 million, or $1.05 per diluted share, including a $9.7 million after-tax gain on the sale of the company’s investment in ITC Holding Co. Earnings were $7.8 million, or 42 cents per diluted share, in 2002.

Operating revenue at CT Communications was $160.9 million last year, up from $148.1 million in 2002.

“In 2003 we continued our focus on improving cash flows from operations. During the year we significantly grew the customer base in our competitive businesses while maintaining cost controls that contributed to the improving operating margins in these businesses,” said Michael Coltrane, president and CEO at CT Communications. “In 2004 we expect to continue to improve operating margins in our competitive businesses and maximize our incumbent phone company operations through product bundling and expanded customer retention efforts,”

Shares of CTCI were trading 22 cents lower in late morning to $12.58, a drop of 1.7 percent from the previous close of $12.80. The 52-week range goes from $6.75 to $15.

CT Communications: www.ctc.net