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Alltel adds 1 million subscribers, posts notable earnings

Sections: Cellular Providers, Communications, Mobile

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Alltel, normally perceived to be at the back of the nationwide carriers pack, posted record customer growth in Q1, adding more than 1 million customers for the second consecutive quarter (up 26% from last year), now totaling over 13 million subscribers.

President and CEO Scott Ford said, “We are pleased with our results across the board, and I am extremely proud of our team for staying focused in our first full quarter under new ownership. We are off to a strong start for the year, with consolidated EBITDA up 18 percent year-over-year.”

Revenues rose to $2.3 billion, an 11% growth from last year. However, the company reported a net loss of $125 million, due primarily to significant increases in interest costs and depreciation and amortization expense following the completion of the merger with an affiliate of TPG Capital and GS Capital Partners in November 2007. The company has ceased trading on the New York Stock Exchange.

The company’s consolidated EBITDA (earnings before interest, taxes, depreciation and amortization) was at $847 million, 18% higher than previous year.

Via [electronista]

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