GCI Reports Third Quarter 2010 Financial Results
ANCHORAGE, Alaska, Nov. 3, 2010 /PRNewswire-FirstCall/ -- General Communication, Inc. ("GCI") (Nasdaq: GNCMA) today reported its third quarter 2010 results with revenues increasing to $171.5 million and adjusted EBITDA increasing to a record $62.7 million. After the close of the third quarter, GCI repurchased approximately 7.5 million GCI shares held by Arctic Slope Regional Corporation ("ASRC").
Revenues for the third quarter increased 13.7 percent over revenues of $150.8 million in the third quarter of 2009 and adjusted EBITDA increased $12.4 million or 24.8 percent over the third quarter 2009 EBITDA of $50.3 million. EBITDA margin for the third quarter of 2010 improved to 36.6 percent as compared to 33.3 percent in the prior year.
Net income for the third quarter of 2010 totaled $7.6 million or earnings per diluted share of $0.14 and compares to net income of $4.3 million, or earnings per diluted share of $0.08 for the same period of 2009.
"Four years ago, GCI undertook a major investment program to take advantage of substantial growth opportunities in the Alaska market, particularly mobile wireless service. GCI's financial results for the third quarter as well as for the year-to-date confirm that our decision to reinvest in the state was the right thing to do," said GCI president Ron Duncan. "Fueled by that investment program, all of GCI's business lines are performing very well, and we are on our way to another year of record high revenues and adjusted EBITDA.""GCI's strong financial performance, particularly our growing free cash flow, and strengthening customer metrics gave us confidence to pursue the repurchase of the GCI shares held by ASRC last month. The transaction is a win for both companies. ASRC has met its return objectives on its GCI investment over the past 2 1/2 years, and GCI has reduced its total shares outstanding by 13.6 percent."
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