GCI reports first quarter financials.

• Position: 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...