CINCINNATI (AP) — Shares of Cincinnati Bell Inc. jumped to a four-year high Wednesday after the regional telephone company announced plans to spin off the subsidiary that operates its data center business through an initial public offering.

The news of the spinoff came as the phone company reported an 83 percent decline in its second-quarter net income.

Its shares rose 21 cents, or 5.6 percent, to $3.95 in trading Wednesday after rising as high as $4.27 earlier in the session, their highest level since July 2008.

Cincinnati Bell said it filed a registration statement with the Securities and Exchange Commission detailing its plans to spin off CyrusOne Inc. The company said that some of the proceeds from the IPO will be used to pay off CyrusOne's debts to Cincinnati Bell.

Morgan Stanley & Co. and BofA Merrill Lynch will act as joint underwriters.

Also on Wednesday, Cincinnati Bell said its second-quarter net income fell 83 percent to $1.9 million, or 1 cent per share, in the three months ended June 30, down from $10.9 million, or 5 cents per share, in the same quarter last year.

Revenue edged up to $368.2 million compared with $367.5 million in the year-ago period.

The results fell short of Wall Street predictions. Analysts, on average, expected a profit of 6 cents per share on $370 million in revenue, according to a FactSet poll.

Data center collection revenue rose 20 percent to $54 million, but the business posted an operating loss of $2 million largely related to costs stemming from a past acquisition, the company said.

Cincinnati Bell backed its full-year revenue prediction of $1.5 billion. Analysts expect $1.46 billion.