TCI Narrows Second-Quarter Loss
Aug. 14, 1998
ENGLEWOOD, Colo. (AP) _ Tele-Communications Inc. on Friday reported a narrower second-quarter net loss, reflecting a cable business reorganization designed to make operations more efficient.
For the quarter ended June 30, the cable-TV company posted a net loss of $142 million, or 28 cents a share, compared with a net loss of $160 million, or 25 cents a share, in the second quarter of 1997.
Revenues totaled $1.5 billion, down 6.4 percent from $1.6 billion in the second quarter of 1997, company officials said.
The results were roughly in line with Wall Street expectations, but investors pushed down TCI shares anyway. TCI shares on Friday dropped 4.7 percent, or $1.81 1/4 to $36.43 3/4, on the Nasdaq Stock Market.
In the past year, TCI, with 13 million cable customers has entered into a number of cable partnerships aimed at focusing its business in key geographic areas. And the company signed up 600,000 customers for its new digital television service.
In the first six months, TCI reported a net income of $96 million, or 16 cents a share, compared with a net loss of $234 million, or 38 cents a share, in the first six months of 1997.
Revenues in the first six months totaled $3 billion, down from $3.1 billion in revenues in the first six months of 1997.