Internet Cable posts profitable second quarter

Internet Cable Corp. said it achieved positive results in second quarter 2002, reversing the trend of the last five quarters.

Revenues were $2 million, an increase of 3.9% over the same period last year and the company said it achieved an operating profit of $72,625 compared to a net loss of $1 million in the same quarter last year.

Year-to-date, the company, which provides broadband infrastructure and wireless network integration to cable and emerging markets, said it has achieved a net profit of $358,947, including an un-assessed income tax refund of $341,352, compared to a net loss of $2.5 million for the same period in 2001. ICC posted diluted earnings of 2 cents per share for the quarter compared to a loss of 10 cents per share a year ago.

-- Jim Barthold, senior editor