ITC Inc., a Salt Lake telecommunications firm, reported a $164,000 second period loss during its fiscal year beginning April 1.
For the first six months the company's net losses totaled $73 million.But second quarter sales of the company's telecommunications services increased 20 percent over the first quarter to a six month total $915,000 as of Sept. 30.
"The company's market staging and strong cash and asset position should allow us to continue to grow (in) our long distance resale and private network businesses," President Steven L. Olson said.
As of Sept. 30, ITC has $260,000 cash and total assets of $1.6 million. Shareholders equity is about $509,000 or 12 cents a share.
Results of the first two quarters reflect ITC's sale of 90 percent of its Intermountain Telephone Corp. to TIE Communications Inc. in April. The sale took ITC out of the telecommunications hardware business and provided capital to focus on long distance resale and private network services, a spokesman said.