Newton-based Iowa Telecommunications Services Inc.’s net income for the first quarter of 2008 was $7 million, or 22 cents per share, compared with $10.5 million, or 33 cents per share, in the first quarter of 2007. Operating revenues fell to $60.8 million, compared with $66.5 million a year ago. Network access services revenues fell 22.6 percent from the previous quarter primarily due to $4.8 million of one-time revenues from the resolution of certain non-recurring network access billing matters with connecting carriers in first-quarter 2007. Local services revenues fell 6.1 percent, data and Internet services revenues rose 16.3 percent and toll services revenues rose 8.9 percent. Operating costs and expenses increased 1.1 percent. Total access lines decreased by 3,700 during the quarter. For more information or a replay of this morning’s earnings call, go to ir.iowatelecom.com and click on “investor relations.”

Lithia Motors Inc. reported today that first-quarter 2008 sales fell 9.7 percent to $699.3 million, compared with the year-ago period. The company lost $1.9 million from continuing operations compared with earnings of $7.2 million a year ago. The company had a one-time after-tax expense of $1.3 million related to a recently completed investigation. “Spring and summer will help give us what we need to push through the current economic challenges just as we have in past recessionary environments,” Lithia Chairman and CEO Sid DeBoer said in a press release. “We are continuing necessary cost-cutting measures, largely in the area of personnel.” The company has acquired several car dealerships in Greater Des Moines in the past couple of years. For more information, visit www.lithia.com and click on “investor relations.”

The Home Depot Inc. halted its growth plans and will fire about 1,300 workers after closing 15 stores as the housing slump has caused sales and earnings of the largest home-improvement retailer to fall, Bloomberg reported. Home Depot will spend $586 million on these changes, which mostly took place in the first quarter. The company also said it is abandoning plans to build 50 stores and will cut investments in new locations by about $1 billion over the next three years.

Ag Leader Technology Inc., a manufacturer of precision farming equipment, recently broke ground on an expansion at its Ames facility. The 96,000-square-foot addition will more than double the size of its current facility and add about 58 new jobs. The expansion will increase its manufacturing capacity as well as add space for its engineering, marketing, sales and support staff. It is expected to be complete in December 2008.

E.I. du Pont de Nemours & Co. shareholders narrowly rejected a proposal that would have given them a say on executive pay, which was one of several proposals voted down at the company’s annual meeting yesterday, the Associated Press reported. Shareholders of the parent company of Johnston-based Pioneer Hi-Bred International Inc. also voted down proposals to separate the roles of board chairman and CEO, to study the impact on communities where DuPont has closed or sold its plants and to prepare a report on what the company has done to reduce its impact on climate change. They also rejected an amendment to the company’s human rights policy to recognize seed sharing among agricultural communities in developing countries. DuPont asks farmers planting its seeds covered by patents not to replant the grain, which allows the company to recoup its investment in research, but some believe DuPont needs to respect the cultural traditions of farmers who rely on seed sharing.

In its first year, ConocoPhillips’ eight-year $22.5 million research program at Iowa State University, has supported 26 research projects. It provided $1.75 million to begin 14 research projects last year and $3 million to begin another 12 this year. The projects are in 11 departments or programs at Iowa State and are looking at various biofuel production technologies, technical and economic analyses of different types of biorefineries, production of crops for conversion to biofuels, sustainable growing of crops and biomass, the harvest, storage and transportation of biomass and the combustion performance of biofuels in engines.

Wells Fargo & Co.’s board of directors has declared a regular quarterly dividend of 31 cents per share, payable June 1 to shareholders of record as of May 9.