LITTLE ROCK, Ark.-Alltel Corp. reported record first-quarter financial results from current businesses, excluding one-time adjustments, for the quarter ended March 31.
Company revenue and sales increased from $1.4 billion in the first quarter of 1999 to $1.6 billion this year.
Net income also grew from $186.3 million to $216 million during the same time period, with earnings per diluted share rising from 59 cents per share in 1999 to 68 cents in 2000.
“Alltel posted solid financial results in the first quarter of 2000,” commented Joe Ford, chairman and chief executive officer of Alltel. “We also significantly increased our potential for future growth as well as our opportunities to provide bundled communications products in our geographically clustered markets.”
For the year, ended March 31, company revenue was up from $5.8 billion in 1999 to $6.4 billion this year.
Net income increased to $813.1 million compared with $605.3 million last year, with earnings per diluted share growing from $1.95 in 1999, to $2.56 per share this year.
Alltel noted that in April it had completed the initial transaction with Bell Atlantic/GTE making it the fifth largest wireless provider in the country and enabling the company to offer a profitable national one-rate wireless plan covering 95-percent of the population.
