A share repurchase program helped Cincinnati Bell Inc. boost profits by 3 percent in the second quarter, while revenues dropped 7 percent.
The telecom firm posted second-quarter net income of $23.7 million, or 11 cents per share, compared to $23 million, or 9 cents per share in the year-ago quarter. Revenues dropped to $327.6 million from $351.2 million. Analysts, on average, had expected earnings per share of 10 cents and revenues of $336.3 million.
The company said in a news release that its share repurchase strategy contributed to an 18 percent jump in diluted earnings per share over the same 2008 quarter.
Revenues were down across Cincinnati Bell’s three business segments. The Wireline segment recorded revenues of $193.7 million, compared to $202.5 million in the year-ago quarter, while operating income fell to $67.3 million from $70.2 million. The Wireless segment reported revenues of $76.5 million, versus $78.3 million, and operating profit of $10.8 million, down from $12.3 million. The Technology Solutions segment saw revenues of $66.4 million compared to $78.5 million, while operating income improved to $4.4 million from $4.3 million.
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