ATLANTA-AirGate PCS Inc. reported $137.2 million in revenue for the fourth quarter of last year, more than double the $63.2 million the Sprint PCS affiliate reported for the same quarter in 2001. For the year, AirGate posted revenues of $456.6 million last year compared with $172.1 million in revenue for 2001.
Net losses increased from $25 million during the fourth quarter of 2001, a loss of $1.88 per share, to $615 million for the fourth quarter of 2002, a loss of $23.83 per share. For the year net losses jumped from $111 million in 2001, a loss of $8.48 per share, to $996.6 million during 2002, a loss of $41.96 per share.
The 2001 results did not include fellow affiliate iPCS Inc., which AirGate purchased during the fourth quarter of 2001. AirGate’s management noted net losses last year included a $556.2 million charge during the fourth quarter and $817.4 million for the year associated with the impairment of goodwill and tangible and intangible assets related to iPCS Inc.
AirGate said it added 22,387 net customers during the fourth quarter, compared with 69,215 net additions during the fourth quarter of 2001, ending last year with 554,833 subscribers. Average revenue per user increased from $54 during the fourth quarter of 2001 to $60 last year, while customer churn increased from 3 percent to 4 percent over the same time frame.
AirGate also added that Sprint PCS notified the company that it is decreasing the reciprocal roaming rate between the two carriers from 10 cents per minute to 5.8 cents per minute beginning Jan. 1, 2003.
