ST. AUGUSTINE, Fla. — Trucking, rail and real estate company Florida East Coas on Tuesday reported it swung to a quarterly loss, dragged down by charges related to its telecommunications unit, according to a wire service report.
The company reported a fourth-quarter net loss of $69.1 million, or $1.90 per share, compared to a profit of $5.8 million, or 16 cents per share in the year earlier period.
The company also posted fourth quarter pro forma net income of $4.5 million, or 12 cents per share, excluding land and building sales, results of its telecommunications unit EPIK, and income related to the retirement of the firm’s collateral trust bonds last year. That compares to pro forma net income of $8.9 million, or 24 cents a share in the year-earlier period.
The firm said it expected to post full year 2002 pro forma operating income of $47 million to $49 million and pro forma net income between $16 million and $18 million.