Cellular carrier Price Communications Corp. announced results for the fourth quarter of 1997, ended Dec. 31, which is the first reporting period that includes the results of Palmer Wireless Inc. Price acquired Palmer in October.
Revenues for the quarter totaled $42.4 million, compared with $34.7 million during the same quarter of 1996. Year-end revenues reached $160.7 million, compared with $134.4 million during fourth-quarter 1996. Revenue figures take into account Palmer’s previous operating results.
Net loss for the fourth quarter was $7.2 million, or 91 cents per share, compared with a net loss of $71,000, or 1 cent per share, for the same period during 1996. Net loss for the year reached nearly $9 million, or 91 cents per share, compared with a net income of $70.7 million, or $4.82 per share, during 1996. The company’s 1996 results include income from TV stations that were sold during the first quarter of 1996 and the net gain on the sale of those stations, said the company.
Price said it added nearly 20,000 subscribers during the quarter for a total of 309,606 subscribers at the end of the year.
