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NUGGETS' OWNER COMSAT'S EARNINGS DROP 28% IN FIRST QUARTER
Published April 24, 1995
Comsat, owner of the Nuggets and reported suitor of the NHL Nordiques, reported a 28% earnings decline for the 1st quarter of '95. Comsat's Joe Tomkowicz said the decline was "in line with the company's strategy of de-emphasizing short-term earnings in favor of long-term investments." Along with a company-financed arena for the Nuggets, the company also will expand its hotel video business. Tomkowicz: "There were tremendous opportunities and we wanted to invest some big bucks." Both of these items contributed to a $3.2M loss for the company's entertainment division (Michael Dresser, Baltimore SUN, 4/22).