Aliant shows growth, takes an accounting hit. TV rollout continues

SAINT JOHN – As it prepares to become the base of a big new rural phone company income trust, revenues at eastern telco Aliant climbed 3.9% and operating income was up 11.1% in the first quarter, ended March 31."(T)he company's productivity initiatives contained operating expense growth," according to today's press release. A non-cash loss for accounting purposes regarding hedging instruments resulted in an $8.3 million after-tax charge in the quarter, reducing net income to $40.2 million, a 7.8% decrease from the first quarter of 2005. Cash generated from operations was $99.7 million for the first quarter of 2006. "Our focus...