WEST POINT, Ga.-Powertel Inc., a wireless personal communications services provider in the southeastern United States, announced its financial results for the fourth quarter, ended Dec. 31.
Company revenue and sales grew from $53.3 million in the fourth quarter of 1998 to $85.1 million in 1999, with revenue for the year growing from $175.4 million in 1998 to $283.4 million for 1999.
Powertel also reported its net loss was down from $88.5 million, or $3.26 per diluted share, in the fourth quarter of 1998, to $72.4 million, or $2.43 per diluted share, in the same quarter of 1999.
For the year, net loss was down 50 percent, from $270.1 million in 1998 to $134.4 million in 1999.
“1999 was an exceptional year for Powertel,” said Allen Smith, president and chief executive officer of Powertel. “In early December, we passed 500,000 total PCS subscribers, adding a record number of net new PCS subscribers in the fourth quarter. Our total wireless subscriber base grew more than 85 percent over the prior year and generated an increase in total revenue and sales of more than 61 percent over last year.”
