Iowa Telecom see profits, landlines shrink

Despite spring floods that ravaged parts of the Midwest and disrupted its mostly rural operations, Iowa Telecom said its bottom line in the second quarter was largely as projected. The company said revenue was down slightly to $58.2 million from $62.7 million a year ago, and net income dipped to $5.3 million from $6.6 million in 2007.

ITC, which expanded its business by closing a $43.9 million purchase of Minnesota's Bishop Communications Corp., said it added 1,800 DSL customers but, like much of the rest of the industry, saw a loss in landlines (about 3,700) during the quarter.

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