LITTLE ROCK, Ark.-Alltel Corp. reported $1.1 billion in wireless revenue for the fourth quarter of 2002, which was a 15 percent increase compared with the fourth quarter of 2001, and $4.2 billion in wireless revenue for all of last year, a nine percent increase compared with 2001.
The regional operator said it added 42,669 net customers during the fourth quarter of 2002 compared with 95,042 net customer additions for the fourth quarter of 2001. For the year, Alltel added 918,634 customers, including 752,784 subscribers added through acquisitions, compared with 441,369 customers added in 2001.
Average revenue per user fell 1 percent from $47.38 during the fourth quarter of 2001 to $46.98 during the fourth quarter of 2002, but remained stable year-over-year at $46.97. Customer churn increased 15 percent from 2.41 percent during the fourth quarter of 2001 to 2.76 percent during the fourth quarter of 2002, and increased from 2.41 percent during all of 2001 to 2.5 percent last year.
Alltel also reported that it has agreed to sell the financial services division of its Information Services subsidiary to Fidelity National Financial Inc. for $1.05 billion, payable as $775 million cash and $275 million in Fidelity National common stock. The deal is expected to close March 31.
“The decision to sell the financial services division of Alltel Information Services improves Alltel’s financial flexibility and allows our company to focus on expanding the communications business,” explained Scott Ford, president and chief executive officer of Alltel.
