First quarter net income for Connecticut-based independent telco Citizens Communications slid about 33 percent from the first quarter last year to $45.6 million this year. However, last year's first quarter results were enhanced by the $38.7 million settlement of a switched access dispute. Still, revenue for the first quarter of 2008 grew only 2 percent from $556.1 million in Q1 2007 to $569.2 million for the same period this year. The telco also saw landline numbers decline sharply, by about 43,100, during the most recent quarter.

For more:
- see this Associated Press story [1]

Related articles:
- Citizens Communications recently announced a stock buy-back program. Citizens Communications report [2] 
- Citizens: No consumer market slowdown Citizens report [3]