Alltel Net Profits Up 51% in 3rd Quarter
The USA based Alltel Wireless, which is in the process of being taken into the grips of private equity, has posted a 51% increase in net income (GAAP) to US$283 for the third quarter. Revenues were US$2.3 billion, a 14 percent increase from a year ago. Net income from current businesses was US$279 million, a 21 percent increase from a year ago.
"The Alltel team produced another record quarter as we surpassed $2 billion in quarterly wireless service revenues for the first time and achieved post-pay net adds of 213,000, more than doubling post-pay growth over the same period last year," said Alltel President and CEO Scott Ford. "As to our pending merger with TPG Capital and Goldman Sachs, we are very pleased with the progress we have made on this transaction and expect it to close before year-end."
Total net additions were 205,000, up 103 percent. Post-pay net adds were 213,000, a 182 percent increase from a year ago. Post-pay churn was 1.31 percent and total churn was 1.90 percent. Average revenue per wireless customer (ARPU) was $55.96, a 4 percent increase from last year. Data revenue per customer was $6.36, up 70 percent from last year and 13 percent sequentially.
The company also said that it expects its buy-out by TPG Capital and Goldman Sachs to be approved by the FCC shortly.
Posted to the site on 19th October 2007
