Itel Corp. said its income before federal...

Itel Corp. said its income before federal taxes was $6.3 million for the first quarter of 1988, contrasted with a loss of $6.8 million a year ago. After a non-cash provision in lieu of federal tax, first-quarter income was $3.2 million, or a loss of 2 cents per common share after preferred dividends of $3.7 million. Federal income tax is not accruable or payable by Itel because income that would otherwise be taxable is offset by the utilization of its substantial pre-reorganization tax-loss carryforwards.