Hawaiian Telcom’s revenue was steady in the first quarter, but charges related to debt restructuring cut into its earnings, the state’s largest phone company said today.

Hawaiian Telcom reported net income of $207,000, or 2 cents a share, for the January-through-March period, down from $5.54 million, or 51 cents a share, during the same period a year earlier.

The first-quarter net income included a one-time, $5.1 million, cost the company incurred when it refinanced $300 million in debt. The refinancing allowed Hawaiian Telcom to reduce its interest rate and extend the repayment period.

Excluding the expense, Hawaiian Telcom’s net income was $5.3 million in the first quarter, the company said in a news release.

The company, which emerged from bankruptcy in October 2010, pulled in $97.6 million in revenue during the first quarter compared with $98.5 million in the first quarter of 2011.

“I am pleased with our first quarter results and the progress we are making to improve our revenue composition and transform our growth profile from legacy to next-generation services, said Eric Yeaman, Hawaiian Telcom’s president and chief executive officer.

Investors welcomed the announcement, boosting Hawaiian Telcom’s shares 42 cents to $20.47 in trading on the Nasdaq Stock Market.