Time Warner Telecom losses increase

Time Warner Telecom posted wider losses Tuesday, but the company met Wall Street expectations. The AOL Time Warner subsidiary recorded a fourth-quarter net loss of $32.5 million, or 28 cents a share, which compares with a loss of $3.4 million, or 3 cents a share, for the same quarter last year. Revenue increased to $174 million from $134 million a year ago and $173 million in the previous quarter. Excluding charges, the company posted a loss of 24 cents a share. Analysts surveyed by First Call expected the company to post a loss of 30 cents a share. The company blamed the wider losses on the increased depreciation and interest from the $690 million asset purchase from GST Telecommunications in January 2001, an expansion of operations in five markets during the year, and a $6.8 million restructuring charge associated with the elimination of 250 jobs last October.