Net income up 123% on year-ago quarter
Cincinnati Bell, a provider of data and voice communications services and equipment, has posted a net income of $28.8m, or $0.12 per diluted and basic share, for the first quarter ended March 31, 2009, up 123% from $12.9m reported for the first quarter of 2008.
The company’s revenue declined 7% in the first quarter of 2009 to $325.5m from $348.5m in the same quarter of 2008. Operating income for the first quarter of 2009 registered a growth of 41% to $80.3m from $57.1m in the first quarter of 2008.
Gary Wojtaszek, CFO of the company, said: We continue to be concerned about the overall impact of the economy on our business and are moving aggressively to reduce expense, maintain our profitability and generate cash flow.
In addition to the pension and retiree healthcare plan changes we announced earlier in the year, we will also reduce our headcount by approximately 7%, suspend company contributions to the 401K plan for salaried and non-represented employees for the remainder of the year and reduce other discretionary expenses as part of our overall cost management efforts.