Iowa Telecom posts $4.5M profit for Q1

Iowa Telecom reported first-quarter earnings results Thursday, posting net income of $4.5 million on revenues of $61.3 million. The company also announced that it received regulatory approval of its acquisition of Sherburne Tele Systems, and expects the deal to close mid-year.

"Our business continued to deliver another solid quarter of overall results, despite the challenging macroeconomic environment," said Alan L. Wells, Iowa Telecom chairman and chief executive officer. "Revenues remained strong at $61.3 million during the quarter, and our Adjusted EBITDA was $31.5 million."

Wells said the company's access line loss slowed to just 3,600 lines, the lowest since the company started competing with cable companies for voice services. Wells said growth in other areas offset landline loss, as the company added 2,500 DSL customers and 1,100 video customers. 

For more:
- see the press release for full financial details here 

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