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Adelphia reports $69.7 million profit for December
By Ted A. Knutson
Washington, Jan. 25 - Adelphia Communications Corp. reaped a net income of $69.7 million for December against a loss of $72.9 million a year earlier, according to the company's monthly operating report filed with the U.S. Bankruptcy Court for the Southern District of New York.
Much of that gain for the Greenwood Village, Colo.-based cable company came in the form of a $109 million income tax benefit.
Adelphia's bottom line for the month was also aided by substantial reductions in selling, general and administrative expenses during the year. A cut in expenses of $50.2 million accounts for most of the difference between December 2004's operating income of $4.8 million and December 2003's $49.2 million operating loss.
Revenue for December 2004 was $337.9 million versus $313.8 million a year earlier.
Cash and cash equivalents for the end of 2004 stood at $338.3 million, up 37% in a year.
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