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GENERAL COMMUNICATION INC. REPORTS THIRD QUARTER INCREASE IN NET

 ANCHORAGE, Alaska, Nov. 16 /PRNewswire/ -- General Communications Inc. (GCI) (NASDAQ: GNCMA) today reported net income of $1,253,000 million for the third quarter ended Sept. 30, 1993 compared with $283,000 for the same period in 1992. Earnings per share were $0.05 on 24.2 million weighted average and common equivalent shares outstanding versus $0.02 on 16.1 million weighted average and common equivalent shares reported last year.
 Revenues amounted to $26.9 million compared with $25.8 million for the 1992 quarter.
 For the first nine months of this year, revenues were $75 million with earnings of $2.3 million equal to $0.10 a share compared with $72 million in revenues with net income of $866,000 equal to $0.05 a share a year earlier.
 According to GCI President Ron Duncan, "The significant increase in earnings reflects fundamental improvements in our business. The transaction with MCI earlier this year has added to revenues and significantly reduced financing costs. Our efforts to reduce access costs are bearing fruit."
 "Additionally," Duncan continued, "we have achieved an important regulatory objective. The Federal State Joint Board has recommended that the $100 million annual subsidy paid to our competitor, Alascom, be terminated as of Sept. 1, 1995."
 An increase of 7.5 million shares outstanding is attributed to the purchase of nearly one-third of the ownership of GCI by MCI Communications in May of this year. The company was originally owned by Tele-Communications Inc. (TCI) and was a spinoff in 1987 to TCI shareholders who continue to hold significant interest. TCI continues to own shares representing a 9.8 percent voting interest in GCI.
 Operating income through September 1993 increased to $5,785,000 as compared to 1992 operating income of $4,546,000 for the same period. Operating income for the third quarter of 1993 totaled $2,869,000 as compared to third quarter 1992 operating income of $1,718,000.
 GCI is an Alaska-based, long-distance telecommunications company providing a full range of message toll and private line services to more than 80,000 customers.
 NOTE TO EDITORS: An eight-page copy of GCI's third quarter update is available immediately by fax or overnight mail. If interested, contact Linda Duck at 907-265-5458.
 -0- 11/16/93
 /CONTACT: John Lowber, 907-265-5600, or Linda Duck, 907-265-5458, both of GCI; or Bonnie Bernholz of Bernholz & Graham, 907-561-4488, for GCI/
 (GNCMA)


CO: General Communications Inc.; Alascom; MCI; Tele-Communications Inc. ST: Alaska IN: TLS SU: ERN

RB-IC -- SE004 -- 4891 11/16/93 08:36 EST
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Publication:PR Newswire
Date:Nov 16, 1993
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