GCI reports first quarter financials.(GCI Communication Corp.)(Brief Article)

GCI (NASDAQ:GNCMA) reported net income of $4.7 million, or earnings per diluted share of $0.08, for the first quarter of 2005. The company's first-quarter net income compares to income of $1.9 million, or earnings per diluted share of $0.02 in the same period of 2004.

GCI's first-quarter 2005 revenues totaled $106.5 million, an increase of 3.1 percent over the first quarter of 2004, excluding $5.6 million of net adjustments in the first quarter of 2004. The net adjustments include $6.1 million of project revenues reported in the first quarter of 2004 and out-of-period Universal Service Fund (USF) true-ups released by the USF of $0.7 million in the first quarter of 2004 and $1.2 million in the first quarter of 2005. GCI's first-quarter 2005 revenues decreased 2.2 percent from the first-quarter 2004 revenues of $108.9 million before reflecting the net adjustments.

First-quarter 2005 earnings before interest, taxes, depreciation, amortization and accretion (EBITDA) totaled $34.5 million. EBITDA decreased $0.7 million or 2 percent from the first quarter of 2004. First-quarter 2004 EBITDA totaled $35.2 million, as adjusted.

GCI began a stock repurchase program during 2004. The company purchased 504,200 shares at an average price of $9.92 during the first quarter of 2005. GCI has purchased a total of 4.6 million shares since the inception of the program including Class A shares purchased from MCI last December.

GCI expects second-quarter revenue and EBITDA to exceed those achieved in the first quarter and still anticipates revenues of $430 million to $440 million and EBITDA of $145 million for 2005, including the expected recovery of the remaining MCI receivable.

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