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GCI Reports Third Quarter 2012 Financial Results

Stocks in this article: GNCMA

ANCHORAGE, Alaska, Nov. 7, 2012 /PRNewswire/ -- General Communication, Inc. ("GCI") (NASDAQ:GNCMA) today reported its third quarter 2012 results with revenues increasing to $178.5 million over revenues of $177.7 million in the third quarter of 2011. Adjusted EBITDA decreased 5.8 percent or $3.7 million from the third quarter of 2011 EBITDA of $63.1 million.

GCI's third quarter 2012 net income totaled $3.7 million or earnings per diluted share of $0.09, a decrease from net income of $7.2 million or earnings per diluted share of $0.15 for the same period of 2011. 

Third quarter 2012 revenues increased $2.4 million over revenues of $176.1 million in the second quarter of 2012. Adjusted EBITDA for the third quarter of 2012 was steady when compared to adjusted EBITDA of $59.4 million in the second quarter of 2012.

"We made continued progress during the quarter preparing for the establishment of our Alaska Wireless Network venture," said Ron Duncan, GCI president. "With the exception of data, where growth has been robust, our economic results and subscriber metrics were disappointing. Trends away from wireline voice services continue to pressure our results and changes to the lifeline program have reduced overall wireless results. However, we added a substantial number of postpaid customers during the quarter and look for this trend to increase as we continue to deploy higher speed wireless services throughout Alaska."

GCI previously provided guidance on revenues of $690 million to $720 million and adjusted EBITDA of $230 million to $240 million for the year 2012. GCI now expects adjusted EBITDA will be at or near the lower end of the guidance, excluding expenses related to The Alaska Wireless Network ("AWN") transaction.

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