WALL, N.J.-Centennial Communications Corp. reported an increase in net revenues for its second fiscal quarter ended Nov. 30 from $173.4 million last year to $180.7 million this year, a majority of which came from the company’s Caribbean wireless operations, which increased from $54.6 million last year to $62 million this year. Centennial’s U.S. wireless operations reported a $1.1 million increase in revenues to $86.2 million compared with last year.
Net losses dropped from $20.3 million during the second quarter last year, a loss of 21 cents per share, to $ 13.5 million this year, a loss of 14 cents per share.
Wireless customer additions were mixed as Centennial’s Caribbean operations added 16,900 customers during the quarter, while its U.S. operations lost 3,900 subscribers due to a reduction in its prepaid customers. Overall, Centennial ended the quarter with approximately 896,800 subscribers.
Centennial also reported it had entered into a multi-year roaming agreement with AT&T Wireless Services Inc. for analog TDMA and GSM traffic, which along with a recently signed deal with Cingular Wireless L.L.C., required Centennial to overlay its existing U.S. wireless network with GSM technology during the next several years.
Centennial said the terms of the agreement would substantially improve the economics of nationwide rate plans for the company and would not alter its previous guidance for $150 million in capital expenditures and $75 million in roaming revenue for fiscal 2003.
