WHITE PLAINS, N.Y.-PriCellular reported revenue of $49.8 million and record net subscriber additions of 28,200, as well as a net loss of $7.6 million for the fourth quarter ended Dec. 31.
Annual revenue grew about 60 percent, from $112.6 million in 1996 to $181 million in 1997. The fourth-quarter revenue figure is also about 60 percent more than the $31.4 million reported a year earlier.
The net loss is a 22-percent improvement on the net loss of $9.8 million during the same quarter of 1996.
The net loss of $13.6 million in 1997, which includes a gain of $8.5 million on the sale of cellular systems in Florence, Ala., is 41 percent less than the $23 million it reported a year earlier.
“In all areas of operation, our managers have performed exceedingly well during 1997, improving churn to 1.5 percent-a low level by industry standards,” commented Steve Price, president and chief executive officer of White Plains, N.Y.-based PriCellular.
PriCellular, which operates under the Cellular One brand name, earlier this month agreed to be acquired by a newly formed company, American Cellular Corp.
