ANCHORAGE, Alaska, May 4, 2011 /PRNewswire/ -- General Communication, Inc. ("GCI") (Nasdaq: GNCMA) today reported its first quarter 2011 results with revenues increasing to $164.8 million over revenues of $152.4 million in the first quarter of 2010. Adjusted EBITDA increased $2.3 million or 4.5 percent over the first quarter of 2010 EBITDA of $51.1 million. EBITDA margin decreased to 32.4 percent as compared to 33.5 percent for the prior year.
GCI's first quarter 2011 net income totaled $1.5 million or earnings per diluted share of $0.03 and compares to net income of $1.7 million, or earnings per diluted share of $0.03 for the same period of 2010.
First quarter of 2011 revenues were level with fourth quarter of 2010 revenues. Adjusted EBITDA increased $3.0 million or 6.0% over adjusted EBITDA of $50.3 million in the fourth quarter of 2010.
"We made steady progress toward our long term goals during the first quarter of 2011," said GCI president Ron Duncan. "Our metrics continue to be solid and we're on plan for the year. Much of our effort during the quarter was directed toward preparations for our TERRA construction project. I'm pleased to say that we are on track with our permitting and are fairly confident that we will be able to complete most of the TERRA project this year, thus bringing TERRA revenues and EBITDA on line more than a year ahead of schedule. When finished, TERRA will provide terrestrial connectivity from Anchorage through to Bethel improving voice, data and wireless connectivity for more than 30,000 Alaskans who today rely solely on satellites for service."GCI previously provided guidance on revenues of $685 million to $700 million and adjusted EBITDA of $233 million to $238 million for the year 2011. GCI's first quarter results are consistent with achieving its annual guidance. Highlights
- GCI repurchased 620,520 shares of its Class A common stock in the first quarter of 2011 at an average price per share of $11.26. GCI is authorized to repurchase $123.5 million of its common equity depending on company performance, market conditions, and liquidity, and subject to board oversight. At the end of the first quarter of 2011 GCI had approximately 46.8 million shares outstanding.
- GCI is the second largest wireless provider in Alaska with 140,200 wireless subscribers at the end of the quarter, an increase of 1.1 percent over the end of the fourth quarter of 2010.
- Consumer revenues for the first quarter of 2011 totaled $88.4 million, an increase of 10.0 percent over the first quarter of 2010. Revenue increases were strong in the data and wireless product lines during the first quarter of 2011.
- Commercial revenues increased $4.1 million to $31.8 million as compared to $27.7 million in the first quarter of 2010 and decreased $1.4 million from $33.2 million in the fourth quarter of 2010. The increase in revenues for the year was primarily due to an increase in data service revenues, mostly from the oil sector. The decreases in sequential revenues were also related to oil sector data service revenues which were impacted by seasonality.
- GCI had 145,300 access lines at the end of the first quarter of 2011, representing an estimated 36 percent share of the total access line market in Alaska. Access lines increased by 500 lines over the fourth quarter of 2010.
- GCI's facilities-based access lines totaled 114,300, representing 78.7 percent of its total access lines at the end of the first quarter of 2011. Reported facilities based access lines increased 4,400 lines over the fourth quarter of 2010. The increase in lines is primarily due to the result of a review of the database and a reclassification of lines from the off-net to the on-net category.
- GCI had 118,000 consumer and commercial cable modem customers at the end of the first quarter of 2011, an increase of 1,600 over the 116,400 cable modem customers at the end of the fourth quarter 2010. Average monthly revenue per cable modem for the first quarter of 2011 was $52.21, an increase of 13.9 percent over the $45.85 figure posted for the prior year and a decrease of 2.4 percent from the $53.47 figure posted for the fourth quarter of 2010.