WEST POINT, Ga.-Powertel Inc. reported revenues for the second quarter ended June 30 of $63.9 million, a significant increase over the $40.8 million reported for second-quarter 1998.
Powertel recorded net earnings of $60.6 million, or $2.19 per basic share, compared with a net loss of $58 million, or $2.15 per basic share, for the same time the previous year.
During the quarter, Powertel completed two asset sales, which resulted in positive net income for the quarter. On April 3, Powertel completed the sale of its InterCel cellular division to Public Service Cellular, a unit of Public Service Telephone Co. of Reynolds, Ga., for $89 million.
On June 2, Crown Castle International Corp. purchased 619 of Powertel’s wireless communications towers for approximately $262 million in cash. In return, Powertel signed a 10-year tenant lease for each of the 619 sites.
The company also said it increased its personal communications services subscriber base by 44,000, bringing the total to 382,000.
