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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.

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.