8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K


CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934


Date of Report: April 30, 2008


CINCINNATI BELL INC.
(Exact name of registrant as specified in its charter)

Ohio	1-8519	31-1056105
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

221 East Fourth Street Cincinnati, Ohio	45202
(Address of principal executive offices)	(Zip Code)

Registrant’s telephone number, including area code: (513) 397-9900

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Form 8-K Cincinnati Bell Inc.

Section 2 - Financial Information

Item 2.02     Results of Operations and Financial Condition

On April 30, 2008, Cincinnati Bell Inc. reported its financial results for the first quarter 2008. The earnings release is attached as Exhibit 99.1.

Section 7 - Regulation FD

Item 7.01     Regulation FD Disclosure

On April 30, 2008, John F. Cassidy, the Company's president and chief executive officer, and Brian Ross, the Company’s chief financial officer, will present first quarter 2008 results. The presentation will be webcast both live and on-demand. To listen, go to the Investor Relations section of www.cincinnatibell.com, click on the Webcasts/Presentations tab and follow the instructions for accessing the webcast.

A copy of the presentation to be made during the meeting is attached to this Current Report as Exhibit 99.2.

The information in Items 2.02 and 7.01 and the exhibits attached to this Current Report as Exhibits 99.1 and 99.2 are being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Act of 1934 or otherwise subject to the liabilities of that Section nor shall they be deemed incorporated by reference into any filing under the Securities Act of 1933 or the Securities Act of 1934, except as shall be expressly stated by specific reference in such filing.

Item 9.01     Financial Statements and Exhibits

(c)	Exhibits
	Exhibit 99.1	Press release dated April 30, 2008
	Exhibit 99.2	Presentation made during the Cincinnati Bell first quarter 2008 earnings conference call on April 30, 2008

Forward Looking Statements

Certain of the statements and predictions contained in this report constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In particular, statements, projections or estimates that include or reference the words “believes,” “anticipates,” plans,” “intends,” “expects,” “will,” or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including, but not limited to: Cincinnati Bell’s ability to maintain its market position in communications services, including wireless, wireline and Internet services; general economic trends affecting the purchase or supply of telecommunication services; world and national events that may affect the ability to provide services; changes in the regulatory environment; any rulings, orders or decrees that may be issued by any court or arbitrator; restrictions imposed under various credit facilities and debt instruments; work stoppages caused by labor disputes; and Cincinnati Bell’s ability to develop and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Cincinnati Bell’s Form 10-K report, Form 10-Q reports and Form 8-K reports. The forward-looking statements included in this report represent Company estimates as of April 30, 2008. Cincinnati Bell anticipates that subsequent events and developments will cause its estimates to change.

Form 8-K Cincinnati Bell Inc.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		CINCINNATI BELL INC.
		By:	/s/ Christopher J. Wilson
			Christopher J. Wilson
			Vice President, General Counsel and Secretary
Date:	April 30, 2008

Exhibit Index

Exhibit No.	Exhibit
99.1	Press release dated April 30, 2008
99.2	Presentation made during the Cincinnati Bell first quarter 2008 earnings conference call on April 30, 2008

EX-99.1

Exhibit 99.1

Cincinnati Bell Inc. Reports Strong Performance for First Quarter 2008

Wireless and Technology Solutions Drive 10^th Straight Quarter of Year-over-Year Revenue Growth

CINCINNATI--(BUSINESS WIRE)--Cincinnati Bell Inc. (NYSE:CBB) today announced results for the first quarter of 2008 including revenue of $349 million, an increase of $33 million or 11 percent from the prior year quarter. Operating income was $57 million and included a pre-tax restructuring charge of $24 million related to the company’s previously announced restructuring plan and labor agreement. Net income for the quarter was $13 million and earnings per share on a diluted basis¹ was 4 cents. Before special items, net income² was $27 million or 10 cents per diluted share, up $4 million or 19 percent from last year. Adjusted earnings before interest, taxes, depreciation and amortization³ (Adjusted EBITDA) equaled $120 million, up $3 million, or 2.5 percent from a year ago.

“Cincinnati Bell achieved another outstanding quarter with continued momentum in both revenue and Adjusted EBITDA,” said Jack Cassidy, president and chief executive officer of Cincinnati Bell Inc. “Contributing to the quarter’s success are Cincinnati Bell Wireless and ZoomTown high-speed Internet service, businesses we launched 10 years ago this year and that today provide superior value and network reliability to more than 800,000 subscribers in Greater Cincinnati and Dayton.”

Quarterly Highlights

• Quarterly revenue increased 11 percent or $33 million from a year ago reflecting growth of $15 million in service revenue and $18 million in equipment revenue.
• Revenue from Technology Solutions totaled $75 million, an increase of 54 percent from the first quarter of 2007, which contributed to operating income growth of 28 percent and Adjusted EBITDA growth of 76 percent.
• Wireless service revenue in the quarter was $72 million, up 16 percent from the prior year quarter. This led to year-over-year increases of 64 percent in operating income and 30 percent in Adjusted EBITDA. The Adjusted EBITDA margin expanded 3 percentage points from the first quarter of 2007 to 28 percent.
• In the quarter, Cincinnati Bell purchased 4.1 million shares of common stock for a total of $16.7 million. At the end of the first quarter, the company had $133 million remaining in its current repurchase authorization. Cincinnati Bell expects to continue repurchases and the timing and nature are subject to market conditions and applicable securities laws.
• On February 27^th, Cincinnati Bell employees who are represented by the Communication Workers of America ratified the labor agreement reached between the company and union officials in January. The agreement included a retirement offer to eligible employees. As a result, Cincinnati Bell incurred a pre-tax restructuring charge of $24 million in the quarter.
• At the April 25^th annual meeting, shareholders approved an amendment to declassify the Board and require an annual election of directors and an amendment to implement a majority vote standard for the election of directors. The company initiated both amendments to enhance its accountability to shareholders.

Financial and Operations Overview

“We are pleased with the financial performance in each of our business segments,” said Brian Ross, chief financial officer of Cincinnati Bell Inc. “Investments in our Wireless and Technology Solutions segments are producing returns that enable execution of our share repurchase program and the purchase of our higher coupon debt.”

Free cash flow⁴ was $24 million in the quarter and capital expenditures were $61 million. Net debt⁵ totaled $1.99 billion, down $3 million from the end of the first quarter of 2007. The company retired $40 million of their 8 3/8% bonds during the quarter.

Wireline Segment

Quarterly Wireline revenue equaled $203 million, down $1 million or 1 percent from the first quarter of 2007. Increased revenue from data services, long distance and expansion markets partially offset lower voice revenue in Cincinnati Bell’s traditional service area.

Operating income was $47 million and included a restructuring charge of $23 million. Adjusted EBITDA totaled $96 million, down $4 million or 4 percent from the prior year quarter.

Year-over-year access line loss in the quarter was 6.3 percent. Business lines grew 1.5 percent and expansion market access lines reached 64,000, up 11,000 from the prior year. This growth partially offset the impact of consumer access line loss in Cincinnati Bell’s traditional operating area. DSL net adds were 6,000 in the quarter, bringing total subscribers to 228,000, a 10 percent increase from a year ago. DSL consumer in-territory penetration increased to 44 percent.

Wireless Segment

Quarterly revenue from the Wireless segment increased 15 percent to $79 million. This helped produce operating income of $12 million, up 64 percent from a year ago, and Adjusted EBITDA of $22 million, an increase of 30 percent from the first quarter of 2007.

Cincinnati Bell had 579,000 wireless customers at the end of the quarter, which included year-over-year growth of 8 percent in its postpaid wireless customer base. Postpaid quarterly average revenue per user (ARPU) was $47.47, up 6 percent from the first quarter of 2007. Prepaid ARPU was $26.17, an increase of 17 percent year-over-year.

Technology Solutions

Technology Solutions quarterly revenue was $75 million, up $26 million or 54 percent from a year ago. Telecommunications and IT Equipment revenue increased $17 million or 53 percent from the prior year while Data Center and Managed Services revenue grew by $7 million or 51 percent compared to the first quarter of 2007. Operating income totaled $3 million, up 28 percent from a year ago and Adjusted EBITDA equaled $7 million, up 76 percent.

Capital expenditures of $22 million in the quarter were used primarily for construction of future data center space. Billable data center capacity at the end of the first quarter increased by 38,000 square feet to 182,000 square feet. An additional 21,000 square feet began billing in the quarter, which resulted in an 85 percent utilization rate compared to 93 percent at the end of 2007.

2008 Guidance

Cincinnati Bell confirms its financial guidance for 2008:

Category	2008 Guidance
Revenue	Approx. $1.4 billion
Adjusted EBITDA	Approx. $485 million
Capital Expenditures	Approx. 16% of revenue
Free Cash Flow	Approx. $150 million

Conference Call/Webcast

Cincinnati Bell will host a conference call today at 10:00 a.m. (ET) to discuss its results for the first quarter of 2008. A live webcast of the call will be available via the Investor Relations section of www.cincinnatibell.com. The conference call dial-in number is 888.713.3588. Callers located outside of the U.S. and Canada may dial 913.312.0642. A taped replay of the conference call will be available one hour after the conclusion of the call until 5:00 p.m. on Wednesday, May 14, 2008. For U.S. callers, the replay will be available at 888.203.1112. For callers outside of the U.S. and Canada, the replay will be available at 719.457.0820. The replay reference number is 4764844. An archived version of the webcast will also be available in the Investor Relations section of www.cincinnatibell.com.

Safe Harbor Note

Certain of the statements and predictions contained in this release constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In particular, statements, projections or estimates that include or reference the words “believes,” “anticipates,” “plans,” “intends,” “expects,” “will,” or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including, but not limited to: Cincinnati Bell’s ability to maintain its market position in communications services, including wireless, wireline and internet services; general economic trends affecting the purchase or supply of telecommunication services; world and national events that may affect the ability to provide services; changes in the regulatory environment; any rulings, orders or decrees that may be issued by any court or arbitrator; restrictions imposed under various credit facilities and debt instruments; work stoppages caused by labor disputes; and Cincinnati Bell’s ability to develop and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Cincinnati Bell’s Form 10-K report, Form 10-Q reports and Form 8-K reports. The forward-looking statements included in this release represent company estimates as of April 30, 2008. Cincinnati Bell anticipates that subsequent events and developments will cause its estimates to change.

Use of Non-GAAP Financial Measures

This press release contains information about net income excluding special items, free cash flow, net debt and adjusted earnings before interest, taxes, depreciation and amortization (Adjusted EBITDA). These are non-GAAP financial measures used by Cincinnati Bell management when evaluating results of operations and cash flow. Management believes these measures also provide users of the financial statements with additional and useful comparisons of current results of operations and cash flows with past and future periods. Non-GAAP financial measures should not be construed as being more important than comparable GAAP measures. Detailed reconciliations of net income excluding special items, Adjusted EBITDA, net debt and free cash flow to comparable GAAP financial measures have been included in the tables distributed with this release and are available in the Investor Relations section of www.cincinnatibell.com.

¹ Earnings per share on a diluted basis is calculated as follows: Net income less preferred stock dividends divided by diluted common shares outstanding.

² Net income excluding special items provides a useful measure of operating performance. Net income excluding special items should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with net income excluding special items as defined by other companies.

³ Adjusted EBITDA provides a useful measure of operational performance. The company defines Adjusted EBITDA as GAAP Operating Income plus depreciation, amortization, restructuring charges, asset impairments and other special items. Adjusted EBITDA should not be considered as an alternative to comparable GAAP measures of profitability and may not be comparable with Adjusted EBITDA as defined by other companies.

⁴ Free cash flow provides a useful measure of operational performance, liquidity and financial health. The company defines free cash flow as SFAS 95 cash provided by (used in) operating, financing and investing activities, adjusted for the issuance and repayment of debt, the repurchase of common stock, and the proceeds from the sale or the use of funds from the purchase of business operations. Free cash flow should not be considered as an alternative to net income (loss), operating income (loss), cash flow from operating activities, or the change in cash on the balance sheet and may not be comparable with free cash flow as defined by other companies. Although the company feels that there is no comparable GAAP measure for free cash flow, the attached financial information reconciles free cash flow to the net increase (decrease) in cash and cash equivalents.

⁵ Net debt provides a useful measure of liquidity and financial health. The company defines net debt as the sum of the face amount of short-term and long-term debt and unamortized premium and/or discount, offset by cash and cash equivalents.

About Cincinnati Bell Inc.

With headquarters in Cincinnati, Ohio, Cincinnati Bell (NYSE:CBB) provides integrated communications solutions—including local, long distance, data, Internet, and wireless services—that help keep residential and business customers in Greater Cincinnati and Dayton connected with each other and with the world.

In addition, businesses ranging in size from start-up companies to large enterprises turn to Cincinnati Bell for efficient, scalable office communications systems as well as complex information technology solutions including data center and managed services.

Cincinnati Bell conducts its operations through three business segments: Wireline, Wireless, and Technology Solutions. For more information, visit www.cincinnatibell.com.

Cincinnati Bell Inc.
Consolidated Statements of Income
(Unaudited)
(Dollars in millions, except per share amounts)
				Three Months
				Ended March 31,						Change
				2008			2007			$			%
	Revenue			$	348.5		$	315.3		$	33.2		11	%
	Costs and expenses
		Cost of services and products			158.8			133.1			25.7		19	%
		Selling, general and administrative			70.1			65.5			4.6		7	%
		Depreciation and amortization			37.3			36.3			1.0		3	%
		Restructuring charges			24.0			2.5			21.5		n/m
		Asset impairment			1.2			-			1.2		n/m
			Operating income		57.1			77.9			(20.8	)	(27	%)
	Interest expense				36.3			40.1			(3.8	)	(9	%)
	Other income, net				(1.2	)		(2.0	)		0.8		(40	%)
	Income before income taxes				22.0			39.8			(17.8	)	(45	%)
	Income tax expense				9.1			17.2			(8.1	)	(47	%)
	Net income				12.9			22.6			(9.7	)	(43	%)
	Preferred stock dividends				2.6			2.6			-		0	%
	Net income applicable to common shareowners			$	10.3		$	20.0		$	(9.7	)	(49	%)
	Basic and diluted earnings per common share			$	0.04		$	0.08
	Weighted average common shares outstanding (millions)
		- Basic			246.7			247.1
		- Diluted			252.8			255.0

Cincinnati Bell Inc.
Segment Information
(Unaudited)
(Dollars in millions)
			Three Months
			Ended March 31,				Change
			2008		2007		$			%
	Wireline
	Revenue
		Voice - local service	$	101.0	$	112.7	$	(11.7	)	(10	%)
		Data		67.6		62.5		5.1		8	%
		Long distance and VoIP		24.3		18.7		5.6		30	%
		Other		9.7		9.8		(0.1	)	(1	%)
		Total revenue		202.6		203.7		(1.1	)	(1	%)
	Operating costs and expenses
		Cost of services and products		67.5		65.5		2.0		3	%
		Selling, general and administrative		38.9		37.9		1.0		3	%
		Depreciation and amortization		25.1		25.8		(0.7	)	(3	%)
		Restructuring charges		23.2		2.4		20.8		n/m
		Asset impairment		1.2		-		1.2		n/m
		Total operating costs and expenses		155.9		131.6		24.3		18	%
	Operating income		$	46.7	$	72.1	$	(25.4	)	(35	%)
	Wireless
	Revenue
		Service	$	72.0	$	62.2	$	9.8		16	%
		Equipment		6.5		6.3		0.2		3	%
		Total revenue		78.5		68.5		10.0		15	%
	Operating costs and expenses
		Cost of services and products		40.0		34.7		5.3		15	%
		Selling, general and administrative		16.8		17.1		(0.3	)	(2	%)
		Depreciation and amortization		9.0		9.2		(0.2	)	(2	%)
		Restructuring charges		0.4		-		0.4		n/m
		Total operating costs and expenses		66.2		61.0		5.2		9	%
	Operating income		$	12.3	$	7.5	$	4.8		64	%
	Technology Solutions
	Revenue
		Telecom and IT equipment distribution	$	49.7	$	32.4	$	17.3		53	%
		Data center and managed services		21.7		14.4		7.3		51	%
		Professional services		3.3		1.7		1.6		94	%
		Total revenue		74.7		48.5		26.2		54	%
	Operating costs and expenses
		Cost of services and products		57.9		37.9		20.0		53	%
		Selling, general and administrative		10.1		6.8		3.3		49	%
		Depreciation and amortization		3.2		1.3		1.9		n/m
		Restructuring charges		0.3		-		0.3		n/m
		Total operating costs and expenses		71.5		46.0		25.5		55	%
	Operating income		$	3.2	$	2.5	$	0.7		28	%

Cincinnati Bell Inc.
Segment Information
(Unaudited)
(Dollars in millions)
			Three Months
			Ended March 31,						Change
			2008			2007			$			%
	Revenue
		Wireline	$	202.6		$	203.7		$	(1.1	)	(1	%)
		Wireless		78.5			68.5			10.0		15	%
		Technology Solutions		74.7			48.5			26.2		54	%
		Eliminations		(7.3	)		(5.4	)		(1.9	)	35	%
		Total revenue	$	348.5		$	315.3		$	33.2		11	%
	Cost of Services and Products
		Wireline	$	67.5		$	65.5		$	2.0		3	%
		Wireless		40.0			34.7			5.3		15	%
		Technology Solutions		57.9			37.9			20.0		53	%
		Eliminations		(6.6	)		(5.0	)		(1.6	)	32	%
		Total cost of services and products	$	158.8		$	133.1		$	25.7		19	%
	Selling, General and Administrative
		Wireline	$	38.9		$	37.9		$	1.0		3	%
		Wireless		16.8			17.1			(0.3	)	(2	%)
		Technology Solutions		10.1			6.8			3.3		49	%
		Corporate and eliminations		4.3			3.7			0.6		16	%
		Total selling, general and administrative	$	70.1		$	65.5		$	4.6		7	%
	Depreciation and Amortization
		Wireline	$	25.1		$	25.8		$	(0.7	)	(3	%)
		Wireless		9.0			9.2			(0.2	)	(2	%)
		Technology Solutions		3.2			1.3			1.9		n/m
		Corporate		-			-			-		n/m
		Total depreciation and amortization	$	37.3		$	36.3		$	1.0		3	%
	Restructuring and Asset Impairment Charges
		Wireline	$	24.4		$	2.4		$	22.0		n/m
		Wireless		0.4			-			0.4		n/m
		Technology Solutions		0.3			-			0.3		n/m
		Corporate		0.1			0.1			-		n/m
		Total restructuring and asset impairment charges	$	25.2		$	2.5		$	22.7		n/m
	Operating Income
		Wireline	$	46.7		$	72.1		$	(25.4	)	(35	%)
		Wireless		12.3			7.5			4.8		64	%
		Technology Solutions		3.2			2.5			0.7		28	%
		Corporate and eliminations		(5.1	)		(4.2	)		(0.9	)	21	%
		Total operating income	$	57.1		$	77.9		$	(20.8	)	(27	%)

Cincinnati Bell Inc.
Segment Metric Information
(Unaudited)
		March 31,	December 31,
		2008	2007
	(in thousands)
	Local access lines	820.6	834.3
	DSL subscribers	227.9	221.5
	Custom Connections (Super Bundle) subscribers	189.4	187.2
	Postpaid wireless subscribers	404.7	400.4
	Prepaid wireless subscribers	174.7	170.6
	Total wireless subscribers	579.4	571.0
	Consumer long distance lines	364.8	374.2
	Business long distance lines	176.4	174.1
	Total long distance lines	541.2	548.3
	Data Center and Managed Services
	Raised Floor (in square feet)	181,500	144,000
	Utilization rate	85%	93%

Cincinnati Bell Telephone
Local Access Line Detail
(Unaudited)
(In thousands)
		2006				2007				2008
		1Q	2Q	3Q	4Q	1Q	2Q	3Q	4Q	1Q
	Local Access Lines
	In-Territory:
	Primary Residential	547.4	536.7	522.5	510.5	499.1	484.8	468.4	454.2	441.2
	Secondary Residential	42.4	40.9	39.2	37.6	36.2	34.9	33.4	32.0	30.7
	Business / Other	290.9	291.3	291.4	288.6	287.6	287.7	286.9	285.8	284.3
	Total In-Territory	880.7	868.9	853.1	836.7	822.9	807.4	788.7	772.0	756.2
	Out-of-Territory:
	Primary Residential	22.8	24.8	26.8	28.1	29.4	30.7	32.0	32.7	32.8
	Secondary Residential	1.1	1.1	1.2	1.2	1.2	1.3	1.3	1.3	1.4
	Business / Other	16.3	17.7	19.4	21.0	22.4	24.2	26.7	28.3	30.2
	Total Out-of-Territory	40.2	43.6	47.4	50.3	53.0	56.2	60.0	62.3	64.4
	Total Access Lines	920.9	912.5	900.5	887.0	875.9	863.6	848.7	834.3	820.6

Cincinnati Bell Inc.
Net Debt Calculation
(Unaudited)
(Dollars in millions)
		March 31,			December 31,			Change
		2008			2007			$			%
Credit facility, revolver		$	100.0		$	55.0		$	45.0		82	%
Credit facility, tranche B term loan			210.0			211.0			(1.0	)	0	%
7 1/4% Senior Notes due 2013			470.5			470.5			-		0	%
8 3/8% Senior Subordinated Notes due 2014			605.4			637.4			(32.0	)	(5	%)
7% Senior Notes due 2015			256.0			250.6			5.4		2	%
7 1/4% Senior Notes due 2023			50.0			50.0			-		0	%
Accounts receivable securitization facility			75.0			75.0			-		0	%
Various Cincinnati Bell Telephone notes			230.0			230.0			-		0	%
Capital leases and other debt			29.6			29.6			-		0	%
Net unamortized premium			0.6			0.6			-		0	%
	Total debt		2,027.1			2,009.7			17.4		1	%
Less: Interest rate swap asset			(16.1	)		(2.9	)		(13.2	)	n/m
Less: Cash and cash equivalents			(19.3	)		(26.1	)		6.8		(26	%)
	Net debt (as defined by the company)	$	1,991.7		$	1,980.7		$	11.0		1	%
Credit facility availability		$	122.9		$	167.9		$	(45.0	)	(27	%)

Cincinnati Bell Inc.
Consolidated Statements of Cash Flows
(Unaudited)
(Dollars in millions)
			Three Months
			Ended March 31,
			2008			2007
	Cash provided by operating activities		$	88.0		$	68.3
		Capital expenditures		(60.7	)		(42.3	)
		Acquisition of businesses		(18.7	)		(4.6	)
		Other, net		(0.7	)		(0.5	)
	Cash used in investing activities			(80.1	)		(47.4	)
		Increase in corporate credit facility, net		45.0			-
		Repayment of debt		(40.0	)		(51.3	)
		Preferred stock dividends		(2.6	)		(2.6	)
		Common stock repurchase		(16.7	)		-
		Other, net		(0.4	)		(0.5	)
	Cash used in financing activities			(14.7	)		(54.4	)
	Net decrease in cash and cash equivalents			(6.8	)		(33.5	)
	Cash and cash equivalents at beginning of period			26.1			79.4
	Cash and cash equivalents at end of period		$	19.3		$	45.9
	Reconciliation of GAAP Cash Flow to Free Cash Flow (as defined by the company)
	Net decrease in cash and cash equivalents		$	(6.8	)	$	(33.5	)
	Less adjustments:
		Increase in corporate credit facility		(45.0	)		-
		Repayment of debt		40.0			51.3
		Common stock repurchase		16.7			-
		Acquisition of businesses		18.7			4.6
		Free cash flow (as defined by the company)	$	23.6		$	22.4
	Income tax payments		$	0.1		$	0.1

Cincinnati Bell Inc.
Reconciliation of Adjusted EBITDA (Non-GAAP) to Operating Income (GAAP)
(Unaudited)
(Dollars in millions)
			Three Months Ended March 31, 2008
			Wireline			Wireless		Technology Solutions		Corporate			Total Company
	Operating Income (GAAP)		$	46.7		$	12.3	$	3.2	$	(5.1	)	$	57.1
	Add:
		Depreciation and amortization		25.1			9.0		3.2		-			37.3
		Restructuring and asset impairment charges		24.4			0.4		0.3		0.1			25.2
	EBITDA (Non-GAAP)		$	96.2		$	21.7	$	6.7	$	(5.0	)	$	119.6
			Three Months Ended March 31, 2007
			Wireline			Wireless		Technology Solutions		Corporate			Total Company
	Operating Income (GAAP)		$	72.1		$	7.5	$	2.5	$	(4.2	)	$	77.9
	Add:
		Depreciation and amortization		25.8			9.2		1.3		-			36.3
		Restructuring charges		2.4			-		-		0.1			2.5
	EBITDA (Non-GAAP)		$	100.3		$	16.7	$	3.8	$	(4.1	)	$	116.7
	Year-over-year dollar change in EBITDA			($4.1	)	$	5.0	$	2.9		($0.9	)	$	2.9
	Year-over-year percentage change in EBITDA			(4%)			30%		76%		22%			2%

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
							Special Items
																Three
				Three												Months Ended
				Months Ended												March 31, 2008
				March 31,									Gain on			Before Special Items
				2008 (GAAP)			Restructuring			Asset Impairment			Debt Extinguishment			(Non-GAAP)
							A			B			C
	Revenue			$	348.5		$	-		$	-		$	-		$	348.5
	Costs and expenses
		Cost of services and products			158.8			-			-			-			158.8
		Selling, general and administrative			70.1			-			-			-			70.1
		Depreciation and amortization			37.3			-			-			-			37.3
		Restructuring charges			24.0			(24.0	)		-			-			-
		Asset impairment			1.2			-			(1.2	)		-			-
			Operating income		57.1			24.0			1.2			-			82.3
	Interest expense				36.3			-			-			-			36.3
	Other income, net				(1.2	)		-			-			1.1			(0.1	)
	Income before income taxes				22.0			24.0			1.2			(1.1	)		46.1
	Income tax expense				9.1			9.6			0.5			(0.4	)		18.8
	Net income				12.9			14.4			0.7			(0.7	)		27.3
	Preferred stock dividends				2.6			-			-			-			2.6
	Net income applicable to common shareowners			$	10.3		$	14.4		$	0.7		$	(0.7	)	$	24.7
	Weighted average diluted common shares				252.8			252.8			252.8			252.8			252.8
	Diluted earnings per common share			$	0.04		$	0.06		$	-		$	-		$	0.10
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Represents charge for voluntary early retirement program for union employees and curtailment charge for union pension and postretirement plans.
B	Represents asset impairment charge for discontinued software.
C	Gain on extinguishment of 8 3/8% Senior Subordinated Notes.

Cincinnati Bell Inc.
Normalized Statements of Operations (Non-GAAP) - Reconciliation to Reported Results
(Unaudited)
(Dollars in millions, except per share amounts)
							Special Items
													Three
				Three									Months Ended
				Months Ended									March 31, 2007
				March 31,			Restructuring			Dividend From			Before Special Items
				2007 (GAAP)			Charge			Investment			(Non-GAAP)
							A			B
	Revenue			$	315.3		$	-		$	-		$	315.3
	Costs and expenses
		Cost of services and products			133.1			-			-			133.1
		Selling, general and administrative			65.5			-			-			65.5
		Depreciation and amortization			36.3			-			-			36.3
		Restructuring charges			2.5			(2.5	)		-			-
			Operating income		77.9			2.5			-			80.4
	Interest expense				40.1			-			-			40.1
	Other income, net				(2.0	)		-			1.9			(0.1	)
	Income before income taxes				39.8			2.5			(1.9	)		40.4
	Income tax expense				17.2			1.0			(0.8	)		17.4
	Net income				22.6			1.5			(1.1	)		23.0
	Preferred stock dividends				2.6			-			-			2.6
	Net income applicable to common shareowners			$	20.0		$	1.5		$	(1.1	)	$	20.4
	Weighted average diluted common shares				255.0			255.0			255.0			255.0
	Diluted earnings per common share			$	0.08		$	0.01		$	(0.01	)	$	0.08
	Normalized results have been adjusted for the following (pretax adjustments are tax effected at 40%):
A	Represents employee separation expense primarily related to the outsourcing of certain accounting functions and the reduction in workforce of various other administrative functions.
B	Represents one-time dividend received from cost investment.

Cincinnati Bell Inc.
Reconciliation of Adjusted EBITDA (Non-GAAP) Guidance to Operating Income (GAAP) Guidance
(Unaudited)
(Dollars in millions)
			2008
	Consolidated 2008 Operating Income (GAAP) Guidance		$	300
	Add:
		Depreciation and amortization		156
		Restructuring charges		28
		Asset impairment		1
	Consolidated 2008 Adjusted EBITDA Guidance		$	485

CONTACT:
Cincinnati Bell Inc.
Investor / Media contact
Traci Bolte, 513-397-1195
traci.bolte@cinbell.com

EX-99.2

Exhibit 99.2

1 Cincinnati Bell 1st Quarter 2008 Review April 30, 2008

2 Agenda Performance Highlights Jack Cassidy, President & CEO 2. Operational & Financial Overview Brian Ross, Chief Financial Officer 3. Q & A

3 Safe Harbor Certain of the statements and predictions contained in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act. In particular, any statements, projections or estimates that include or reference the words “believes,” “anticipates,” “plans,” “intends,” “expects,” “will,” or any similar expression fall within the safe harbor for forward-looking statements contained in the Reform Act. Actual results or outcomes may differ materially from those indicated or suggested by any such forward-looking statement for a variety of reasons, including but not limited to, Cincinnati Bell’s ability to maintain its market position in communications services, including wireless, wireline and internet services; general economic trends affecting the purchase or supply of communication services; world and national events that may affect the ability to provide services; changes in the regulatory environment; any rulings, orders or decrees that may be issued by any court or arbitrator; restrictions imposed under various credit facilities and debt instruments; work stoppages caused by labor disputes; adjustments resulting from year-end audit procedures; and Cincinnati Bell’s ability to develop and launch new products and services. More information on potential risks and uncertainties is available in recent filings with the Securities and Exchange Commission, including Cincinnati Bell’s Form 10-K report, Form 10-Q reports and Forms 8-K. The forward-looking statements included in this presentation represent estimates as of the date on the first slide. It is anticipated that subsequent events and developments will cause estimates to change.

4 Performance Highlights Jack Cassidy President & CEO

Title: 1Q08 Accomplishments Overview Technology Solutions Wireless Wireline Grew revenue 11% Increased Adjusted EBITDA by 2.5% Improved EPS excluding special items by 22% 7th consecutive qtr Adjusted EBITDA growth from core ops Purchased 4M shares in 1Q08 Grew service revenue by 16% Improved Adjusted EBITDA 30% Expanded Adjusted EBITDA margins by 3 pts to 28% Increased postpaid subscriber base by 8% Increased DSL subs by 10% Grew wireline data revenue by 8% Increased long distance and VoIP revenue by 30% Increased revenue by 54% Grew Adjusted EBITDA by 76% Increased data center capacity by 38K sq ft Began billing 21K sq ft in the quarter

6 1Q08 Revenue Growth 16% increase in Wireless service revenue +$8M, 15% postpaid +$2M, 20%  prepaid Wireline Data/Other +8% data growth +30% LD and VoIP growth 54% increase in Technology Solutions +$17M/ 53% Telecom and IT equipment +$7M/ 51% data center/ managed services ($’s in millions) * May not foot due to rounding

1Q08 Adjusted EBITDA Growth +30% Wireless Adjusted EBITDA due to +$10M service revenue growth +$3M Technology Solutions +$26M revenue growth +.6% improvement in GP margin -$4M Wireline Driven by local voice revenue decline mostly offset by growth in data and long distance ($’s in millions) * May not foot due to rounding

Title: Earnings per Share Growth Body: EPS (excluding special items) up $.02 EBITDA up $3M Interest expense down $4M 1Q08 Special Items EPS effect -$.06 in 1Q08 primarily due to restructure charge

9 Continued Revenue Diversification Consumer Wireline Voice -4 pts. to 15% Wireless & Technology Solutions +7 pts. to combined 43% (before inter-company eliminations) (includes Long Distance) 15% 19% 22% 21% 9% 14% * May not foot due to rounding

Diversification Driving Profits

Title: 1Q08 Revenue by Market Increasing business % of total (before inter-company eliminations) Consumer 41% Business 59% Body: Business +5 pts to 59% Business 20% y/y growth 18% organic growth 53% Telecom & IT Equip Distribution 43% Managed Services & Data Center, excluding GramTel 22% Wireless

Title: Data Center Build Out Update Data Center Capacity (sq ft) (in thousands) by qtr end 182K sq ft capacity 38K sq ft commissioned in 1Q08 66K sq ft under construction 50K sq ft to be commissioned in 2009 – New Lebanon facility 9K sq ft GramTel commissioned in 2Q08 7K sq ft commissioned in 2Q08 85% utilization 21K sq ft new billing contracts in the first quarter; up 15% Sales Funnel Strong Essentially all of the 27K sq ft of inventory is under final contract negotiations or committed to customers (in thousands)

13 2008 Focus Areas Grow Defend De-lever/ Balance Sheet Minimize in territory consumer access line loss Continue ongoing cost reduction initiatives Leverage new integrated products Continue de-levering the balance sheet Execute up to $150M stock repurchase over 2 years Focus on Enterprise/SMB Grow Wireless revenue, margins, and subscriber metrics Increase data center capacity and utilization

14 Operational & Financial Overview Brian Ross Chief Financial Officer

Segment Financials ($’s in millions) Excludes corporate and eliminations

Title: Wireless Revenue and Adjusted EBITDA Body: Continued double digit service revenue and Adjusted EBITDA growth Service revenue up 16% from 1Q07 and over $2M from 4Q07 Postpaid subs up 8% ARPU higher 6% postpaid 17% prepaid 13% 14% 12% ($’s in millions) 15% 28% 48% 48% 35% 16% 30%

1Q08 Y/Y Wireless Margin Expansion Adjusted EBITDA and margin growth due to expanding service revenue, supply chain efficiencies, and fewer gross adds in 1Q08 2008 service revenue will continue to drive margin growth toward 30% ($’s in millions) * May not foot due to rounding 27.6% 24.4%

Title: Postpaid Wireless Growth Body: 15% growth in postpaid service revenue Subscribers up 8% ARPU up 6% 4K Net adds # of subscribers with “smart phones” increased 72% from 1Q07…7.6% penetration of total postpaid subs Postpaid churn at 1.56% Data ARPU up 34% 16% of total Positive contributions from SMS/blackberry/ringtones (in thousands) 13% 9% 15% 12% 8%

Title: Prepaid Wireless 20% growth in prepaid service revenue Subscribers flat ARPU up 17% y/y Data now 29% of total ARPU (vs 24% in 1Q07) 4K net adds Focus has been on higher ARPU subscribers and profitability Prepaid Service Revenue ($’s in millions)

20 Technology Solutions Revenue Segment revenue +54% y/y Telecom and IT equipment up 53% y/y Large accounts and data center relationships driving increase Data Center and Managed Services revenue increased 51% y/y Increased billing data center space by 69k sq ft from 1Q07 ($’s in millions)

Title: Technology Solutions Profit Gross profit +$6M Driven by hardware revenue and growth of billable data center square footage +76% Adjusted EBITDA y/y Down $3M sequentially Q1 traditionally weaker quarter ($’s in millions)

Wireline Adjusted EBITDA Voice revenue down 10% Access line loss = ($7.5M) ARPU = ($4.2M) Bundle/promotional discounts and directory assistance Data revenue up 8% 10% DSL subscriber growth 9% data transport growth Expense $5M increase to support growth in “off-net” revenues $2M decrease in labor costs, primarily lower benefits ($’s in millions) * May not foot due to rounding

23 CLEC Success Leads to Recent Acquisitions ($’s in millions) (units in thousands)

Title: DSL Subscriber Activity Body: 10% subscriber base growth y/y 228,000 subscribers at year end 6K net adds Down 3K y/y on lower gross and slightly higher churn 44% penetration of CBB in-territory consumer primary lines 8 percentage points higher vs 1Q07 Reflects retention of higher value customers and proof that bundling strategy works 1.7% 1.9% 2.1% 2.0% (in thousands) 1.8%

25 ILEC Access Line Loss Total access line loss was 6.3% y/y 8.1% ILEC loss 21% increase in CLEC lines Business lines up 2% Gross adds trend appears to be stabilizing Churn continues to remain well below 2% (in thousands) * May not foot due to rounding

Title: Recent Restructure Charges Costs associated with initiative to align future cost structure with anticipated revenue Retirement Offer to Management and Union Curtailment - Accelerated recognition of pension and post retirement expense Other workforce reductions Restructure requires additional funding of $25-$30M over next 7 years $20M already funded in December 2007 through pension contribution Factored into 2008 guidance

Title: Future Cost Savings Body: Initiatives CWA Labor Agreement – ratified February 27th Provided a cumulative 4.5 percent wage increase over the three years Maintained current healthcare plan designs with modest premium increases over the life of the contract Restructured base pay for call center employees Created a new wage, benefit and working condition agreement for bargaining unit employees hired on or after February 1, 2008 Offer an early retirement option to eligible bargaining unit employees Continued Outsourcing Productivity Improvements/Early Retirement Offer Total Annualized Labor Savings of approximately $45M Expected in 3 years Need these initiatives to maintain wireline margin trends

28 Capital Expenditures Total Capital up $19M vs 1Q07 Combined Wireline and Wireless spending up $9M Mostly due to wireless 3G spend Technology Solutions up $9M vs 1Q07 Data Center investment, including $16M building purchase in 1Q08 for future capacity requirements ($ in millions) * May not foot due to rounding $42 $48 $62 $81 $61

Title: 1Q08 Free Cash Flow ($ in millions) * May not foot due to rounding Free Cash Flow +$2M Adjusted EBITDA +$3M Customer Prepay +$22M Final of 2 data center and managed services customer prepayments received in 1Q08 Interest payments $5M lower Due to both lower interest rate and debt balance Capex up $19M

Title: 1Q08 Sources and Uses of Cash Acquisitions closed in 1Q08 primarily eGIX $17M stock repurchase 4.1M shares 8.38% bond retirement Bought at $2M discount to par Net Debt +$11M to $1,992M

2008 Guidance

32 Non-GAAP Reconciliations (please refer to the Earnings Financials)