Cincinnati Bell Inc. CBB reported weak financial results in the first quarter of 2016 wherein both the top and the bottom line failed to beat the Zacks Consensus Estimate.On a GAAP basis, quarterly net income came in at $4.4 million or 2 cents per share compared with a net income of $46.6 million or 22 cents in the year-ago quarter. However, adjusted (excluding special items) earnings per share of 1 cent fell short of the Zacks Consensus Estimate of 3 cents.Quarterly total revenue was $288.9 million, down 1.4% year over year and below the Zacks Consensus Estimate of $293 million.Operating income was $29.6 million, down 20.2% year over year owing to higher SG&A costs and depreciation and amortization charges. Meanwhile, adjusted EBITDA (earnings before interest, depreciation and amortization) decreased 2% year over year to $77.2 million in the reported quarter. EBITDA margin was 27%, flat on a year-over-year basis.Cash FlowIn the first quarter of 2016, Cincinnati Bell generated $66 million of cash from operations compared with $6.3 million in the prior-year quarter. Quarterly free cash flow was $7.6 million compared with a negative $35.7 million in the year-ago quarter.LiquidityCincinnati Bell ended the first quarter with cash and cash equivalents of $7.9 million compared with $7.4 million at the end of 2015. Net debt at quarter-end was $1,232.9 million as compared with $1,230.2 million at 2015-end.Segmental ResultsEntertainment and Communications revenues inched up 1.2% year over year to $190.3 million owing to a 10% rise in Consumer revenues. The increase was partially offset by a 17% and 1.1% decline in Business and Carrier revenues, respectively.IT Services and Hardware revenues decreased 4.7% year over year to $102.5 million. The downside was driven by an 18.7% decline in integration revenues, partially offset by an 18.2% rise in business strategic revenues.Subscribers StatisticsAs of Mar 31, 2016, Cincinnati Bell had 0.2131 million residential local access lines, down 7.5% year over year and 0.3159 million business local access lines, up 2.9% year over year. Long distance lines were 0.334 million, down 6%. DSL Internet subscribers were 0.1279 million, down 14.5%. Fioptics Internet customers were 0.1645 million, up a whopping 33.6%. Fioptics video subscribers were 0.120 million, up 25.3% year over year.OutlookCincinnati Bell reaffirmed its guidance for full-year 2016. The company expects revenues and adjusted EBITDA of approximately $1.2 billion and $303 million (plus or minus 2%), respectively.Zacks Rank & Stocks to ConsiderCincinnati Bell currently carries a Zacks Rank #3 (Hold). Better-ranked stocks in the sector include BCE Inc. BCE, TELUS Corporation TU and Telefonica, S.A. TEF. All the three stocks sport a Zacks Rank #1 (Strong Buy).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 report >>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 report TELEFONICA S.A. (TEF): Free Stock Analysis Report TELUS CORP (TU): Free Stock Analysis Report CINCINNATI BELL (CBB): Free Stock Analysis Report BCE INC (BCE): Free Stock Analysis Report To read this article on Zacks.com click here.