LITTLE ROCK, Ark.—Alltel Corp. reported fourth-quarter wireless revenues of $974.2 million, a 3-percent increase from the previous year. The telecom company attributed its growth to its “higher-yielding” Total Freedom and Regional Freedom rate plans.
Net customer additions for the quarter totaled 95,042 subscribers, below analysts’ forecasts of around 140,000 net additions for the quarter. Alltel ended the year with 6.68 million wireless customers. Average revenue per user fell from $48 during the fourth quarter of 2000 to $47.38 last year, which was partially offset by a drop in customer acquisition costs from $311 to $305 over the same time frame. Churn remained steady at 2.3 percent.
Alltel also announced Chairman and Chief Executive Officer Joe Ford will retire effective July 1, though he will retain a position on the company’s board of directors. Scott Ford, Alltel’s president and chief operating officer, will succeed Joe Ford.
