HickoryTech income and revenue down.
HickoryTech Corp. reported lower net income and
revenue in the first quarter of 2004 than in the same period
last year. Company officials attribute the drop to the company's
non-telecommunications revenue.
The Mankato-based provider of wired telephone
service and DSL and dial-up Internet access services stated in a
press release its telecom operations represent 86 percent of its
activities. Revenue for this segment was up 4.6 percent compared
to last year, to $19.4 million.
Non-telecom revenue decreased by 35 percent to
$3.3 million during the same period in 2003.
Hickory reported net income for the quarter ended
March 31 was down 8.7 percent, to $2.1 million, or 16 cents per
share.
Total revenue declined 3.8 percent, to $22.7
million.
Hickory has more than 400 employees and operates
in Minnesota and Iowa. The company is in its 107th year of
operation.
Shares of Hickory (Nasdaq:HTCO) were down 29
cents, or 2.5 percent, to $11.41 in afternoon trading.
