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AirGate PCS reports positive 2Q metrics

ATLANTA-Sprint PCS affiliate AirGate PCS Inc. said it expects to report 7,909 net customer additions during its second fiscal quarter ended March 31, compared with 5,755 net additions last year, and that it will end the latest quarter with 367,807 total customers. The carrier added that it expects to report a year-over-year decrease in customer churn from 3.69 percent in 2003 to 2.92 percent this year, which will offset a slight drop in gross customer additions.

AirGate’s management also noted that balance of cash and cash equivalents at the end of the quarter exceeded $45 million and included a $10 million pre-payment on the carrier’s credit facility, $5.1 million in debt restructuring-related payments and a $3.3 million principal payment on its credit facility.

Analysts noted AirGate’s guidance could be a prelude to similar positive quarterly announcements by Sprint PCS and its other affiliates.

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