Incomnet Closes the Gap in Losses for 4th Quarter

Incomnet Inc. posted a narrower loss in its fourth quarter on a 20% decrease in revenues.

For the quarter that ended Dec. 31, Incomnet had a net loss of $6.4 million, compared with a loss of $29.1 million in the same period a year earlier. Revenues in the latest quarter were $25.8 million, down from $32.3 million a year earlier.

For its full fiscal year, Incomnet posted a net loss of $13.6 million, compared with a net loss of $37.7 million in 1996. Revenues last year increased 17% to $125.1 million, compared with $106.9 million in 1996.

The company said its loss last year was primarily because of the settlement of lawsuits and regulatory matters and a decline in the number of its long-distance subscribers.

Incomnet, headquartered in Woodland Hills, is a reseller of long-distance phone service and other communications products.