Windstream Holdings Inc. WIN reported mixed financial results for the first quarter of 2016. The company incurred a narrower-than-expected loss in the quarter, while revenues lagged the Zacks Consensus Estimate. On a GAAP basis, net loss was $231.9 million or a loss of $2.52 per share, compared with net income of $5.3 million or 5 cents in the year-ago quarter. On an adjusted basis, the company reported loss per share of 23 cents, considerably narrower than the Zacks Consensus Estimate of a loss of 54 cents. Pro forma revenues dipped 3% year over year to $1,373.4 million in the first quarter, marginally below the Zacks Consensus Estimate of $1,378.8 million. Total Service revenues also declined 3% to $1,340.6 million, while Product revenues recorded 11% year-over-year growth to $32.4 million. The company also completed a $75 million share repurchase program in the first quarter. Liquidity & Cash Flow In the first quarter of 2016, Windstream generated $127.2 million of cash from operations, compared with $243.8 million in the prior-year quarter. Free cash flow was $17.6 million on a year-to-date basis. Windstream exited the quarter with $74.6 million of cash and cash equivalents, compared with $31.3 million at the end of Dec 31, 2015. Long-term debt at the end of the first quarter totaled $5,433.1 million, compared with $5,164.6 million at 2015 end. Subscriber Statistics In the reported quarter, Windstream lost 4% of its high-speed Internet customers and 8% of its digital television subscribers. At the end of the quarter, the company had 1,430,700 Household customers. Outlook For 2016, the company expects total service revenues in the range of $5275–$5425 million. It projects capital expenditure in the band of $800–$850 million. Meanwhile, adjusted OIBDAR is anticipated to be around $1.90–$1.95 million. Zacks Rank & Other Stocks to Consider Windstream currently sports a Zacks Rank #1 (Strong Buy). A few other favorably placed stocks in the same space include AT&T Inc. T, CenturyLink, Inc. CTL and Sprint Corp. S. All these stocks carry a Zacks Rank #3 (Hold). Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free reportWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report AT&T INC (T): Free Stock Analysis Report SPRINT CORP (S): Free Stock Analysis Report CENTURYLINK INC (CTL): Free Stock Analysis Report WINDSTREAM HLDG (WIN): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research