Century Communications reported a net loss of $ 10.98 million (15 cents a share) for the third fiscal quarter that ended Feb 28. That compared to a $ 18.7 million net loss (26 cents) in the same quarter last year.Revenues for the company were up 8.1% to $ 85.4 million, from $ 79 million in the comparable period.
* * *Kidder, Peabody & Co. lowered its investment rating on Falcon Cable Systems Co. to “hold” from “buy,” a contact at the firm says. Additional details were not immediately available. Falcon is down 13%, or 1 5/8, at 10 7/8 on NYSE-composite volume of 64,400 shares, compared with average daily volume of 16 ,600.
* * *Interactive Network Inc. has arranged a short-term loan from four of its shareholders, National Broadcasting Co., Gannett Co., Rainbow Programming Holdings Inc. and Somerset Capital Management Inc., to continue its current operations. In consideration of the loan, the Mountain View-based company issued warrants to purchase 300,000 shares of common stock which are exercisable by the lenders within 90 days at $ 9 a share. The loan is secured and is convertible, at the option of the lenders, into shares of Interactive common stock at $ 9 a share.
* * *Standard & Poor’s Corp. raised its rating on Infinity Broadcasting Corp.’s $ 200 million senior notes to B+ from B. The implied senior rating is BB, the rating agency said. The rating agency said, “The upgrade reflects expected revenue and cash flow improvements as total radio ad spending increases and as Infinity incorporates newly acquired stations into its group.”
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