ENGLEWOOD, Colo. — Cable TV company Tele-Communications Inc. on Wednesday reported a smaller loss for its fiscal first quarter this year.
The company posted a loss of $58 million vs. a loss of $121 million a year earlier. Revenues fell 1.8% to $1.83 billion from $1.86 billion.
The company said its operating income rose to $349 million from $172 million.
“We are very pleased with our first-quarter results,” TCI president Leo Hindery said. “We successfully reduced our operating and corporate overhead expenses through various cost-containment initiatives, which contributed to substantial improvements in the company’s operating margin and leverage ratio.”