Alaska Communications Systems Group, Inc. (ALSK), Thursday reported a narrower fourth quarter loss on lower expenses and due to the absence of a substantial charge present in the prior year quarter.
Net loss of the company narrowed to $7.00 million or $0.16 per share from $19.07 million or $0.44 per share in the same quarter a year ago.
On average, five analysts polled by Thomson Reuters expected a loss of $0.03 per share for the quarter. Analysts' estimate typically excludes one-time items.
Prior year results were adversely impacted by $29.6 million in impairment charges for goodwill.
Total operating revenues dropped 4.4% to $83.07 million from $86.87 million in the prior-year quarter, missing Street estimates of $84.69 million.
Revenue declines were largely in the legacy wireline segment which declined by $3.4 million reflecting line declines and $1.2 million in out-of-period items. Wireless revenue declined by $1.2 million as a result of subscriber loses and higher discounts on handsets, while enterprise revenues increased by $0.8 million with growth in data services partially offset by losses in carrier voice.
Total operating expenses were down at $84.95 million, compared to $110.54 million in the year-earlier quarter. Operating loss narrowed to $1.88 million from $23.67 million in the comparable quarter last year.
Loss from extraordinary item narrowed to $7.00 million from $19.07 million in the year-ago quarter.
For full-year 2009, net income was $34.05 million or $0.77 per share, compared to net loss of $10.82 million or $0.25 per share in the prior year. Total operating revenues dropped to $346.51 million from $351.14 million a year ago. Street analysts' expected earnings of $0.05 per share on revenues of $385.23 million for the year.
Looking ahead to full year 2010, the company said it expects revenues to be stable and in line with 2009 levels and expects its dividend payout ratio to be comfortably below the 70-75% target set by the board.
ALSK closed Thursday 's regular trading at $7.45, up $0.06 or 0.81%, on a volume of 0.34 million shares. In after-hours, the stock dropped $0.24 or 3.22%, to trade at $7.23.
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