Slow Going for SureWest in 1Q5/10/2004 7:03 AM Eastern
SureWest Communications posted higher first-quarter revenues, but the integrated communications provider saw its net income slip.
The company’s first-quarter-2004 revenue was $51.6 million, up 8.9% from $47.4 million in the year-ago quarter. But its net income slipped to $400,000, or $0.03 per share, from $700,000 ($0.05) in the first quarter of 2003.
Income from operations slipped to $1.8 million from $1.9 million in the prior-year period.
Operating earnings before interest, taxes, depreciation and amortization totaled $13.1 million versus $14.3 million in the year-earlier quarter.
“As expected, margins remain slim while we grow, but we're excited by the significant opportunities in our markets and we are confident about our strategy and competitive strengths,” CEO Brian Strom said in a prepared statement.