Anchorage-based Alaska Communications Systems or ACS has lowered its annual dividend to shareholders by 77 percent.
The telecommunications company says that will make the annual dividend 20 cents per share. That compares with the prior level of 86 cents per share.
The company says for the year, this will let it keep $29.8 million in cash. Spokeswoman Heather Cavanaugh says the company expects a decline in federal support for a program that helps telecommunications firms in high-cost areas provide affordable service. It’s also preparing for Verizon’s entrance into the Alaska market and wants to pay down debt.
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