SBC reports today that its first-quarter profit dropped 61 percent from the comparable period a year ago. But the San Antonio-based telecom says the year-ago results were enhanced by an accounting change. The nation`s Number Two local-phone provider`s results still easily surpassed expectations. SBC says it earned $1.9 billion dollars for the three months ended March 30th -- or 59 cents per share. Both quarters included significant gains from selling holdings in overseas telecom ventures. Not counting the one-time gains, SBC`s earnings of 37 cents a share in the latest quarter was five cents below the same period a year ago. But they exceeded the 32 cents expected by analysts surveyed by Thomson First Call. SBC posted revenue of more than ten billion dollars in the quarter, down fractionally from last year`s quarter. Arkansas is among the states served by SBC.