Also, in an effort to provide useful information to investors, we note on Slide 3 that our comments today include non-GAAP financial measures. Details on these measures, including why we use them and reconciliations to the most comparable GAAP measures are included in our SEC filings.I’ll turn the call over to Chris now. Christopher E. French Thank you, Adele. We appreciate everyone joining us today. I’m pleased to report that we started the year with a great first quarter. We had significant improvement in our financial results led by customer and revenue growth in our Wireless and Cable segments. Installation and construction is now underway with our wireless network upgrade as we prepared to transition to 4G LTE as part of Sprint Nextel Network Vision project. Financial highlights are shown on slide 5. Net income was $4.5 million for the quarter, up 50% from the first quarter of 2011. Net income from continuing operations was up 42% to $4.4 million for the quarter. The earnings improvement was driven by an $8.4 million increase in revenues and was achieved in spite of recording $2 million of accelerated appreciation associated with the wireless network upgrades. Adjusted OIBDA was up $3.6 million over the first quarter of 2011, an increase of 17%. Moving to Slide 6, revenues reached $68.8 million, an increase of almost 14% over the first quarter of 2011. Wireless customer growth and RGU growth in our cable segment drove the revenue increase. We continued our streak of quarterly positive net-adds in wireless, ending the quarter with just over 365,000 postpaid and prepaid subscribers. Our Cable segment continued to add RGUs reaching almost to 139,600 at quarter end. Growth in average billings per customer particularly in the wireless segment also contributed significantly to the revenue growth. Specific Wireless segment highlights are shown on Slide 7. We again had positive net wireless additions in both our postpaid and prepaid services with the number of total customers up nearly 2.6% over the year-end 2011 number, and 14.8% higher than first quarter 2011.
We added 2,064 net postpaid customers during the quarter reaching a total of 250,684, which is a year-over-year increase of 5.4%. Prepaid customers grew by 7,285 in the first quarter to a total of 114,384. Continued prepaid growth was helped by churn of just 3.65% this quarter relative to 4.5% for the first quarter of 2011. Customer and revenue growth contributed to an increase of operating income in the Wireless segment of $0.5 million over the first quarter of 2011.Cable segment highlights are shown on Slide 8. The upgrades of the cable systems acquired in 2010 are now 90% complete, and we expect the remaining markets to be completed this year. Our Cable segment total RGUs increased by 2,361 in the first quarter, an increase of 1.7% over the year-end 2011 total. We experienced a slight decrease in basic video RGUs, but had good increases in digital video, high0speed internet and voice services. I’ll now turn the call back to Adele to review the details of our financial results. Adele M. Skolits Thanks you, Chris. I’ll begin on Slide 10. Adjusted operating income before depreciation and amortization or OIBDA for Q1 ’12 was $25 million, or up $3.6 million from Q1 ’11. In order to better understand the forces driving this change, I’ve provided the OIBDA results by segment on Slide 11. Here you get a picture of how the segments results are contributing to the consolidated financial results. In a moment, I’ll go into the wireless and cable OIBDA changes in depth. Read the rest of this transcript for free on seekingalpha.com