Yahoo Earnings Call at 2 p.m. PDT, CEO Bartz's First Sassy Quip 2:01 p.m.: BoomTown Will Be Liveblogging!

BoomTown is assembling all the popcorn and treats at All Things Digital HQ for Yahoo’s first-quarter earnings call later today, looking forward to hearing what CEO Carol Bartz will say about how she is turning around the Internet giant.

It is actually the 99-day mark since Bartz took over in January, which means I might also invite the Yahoo sacred cows over for festive cupcakes too.

For the more serious-minded, there should be news about more cost-cutting, including the possibility of additional layoffs, as well as questions on Yahoo’s talks with Microsoft (MSFT) about a search and advertising partnership.

Frankly, I am most excited to see what pistol-packing remark Bartz will make to those listening in about the Silicon Valley icon and its prospects.

She has turned out to be the Midwestern version of Oscar Wilde of the Internet when waxing poetic on Yahoo (YHOO), including the classic: “This is not a company that needs to be pulled apart and left for the chickens.”

Although, truth be told, Wall Street is expecting more chicken scratch than feed today from Yahoo.

Analysts are expecting $1.2 billion in revenue and profit of eight cents a share for the quarter, which are significant declines on both counts due to the company’s lackluster online display ad business.

In these tough economic times, investors will be looking at the steepness of the declines for clue of performance, as well as what is to come. Any upside surprise will be a big deal.

Here is a simple cheat sheet: Bunny Hill steep good, Black Diamond steep bad!

The earnings press release will come out at 1:20 p.m. PDT, after the market is closed, while the call starts at 2 p.m.

You can tune in here at Yahoo’s investor relations site if you want to listen to the call, as well as get the press release, but BoomTown will be liveblogging so you don’t have to!