NEW YORK-Verizon Wireless reported 964,000 net customer additions during the fourth quarter of 2002, a 34.8 percent increase compared with the 715,000 customers added during the fourth quarter of 2001. The company added 3.1 million customers during 2002, ending the year with approximately 32.5 million customers. The fourth quarter net additions include 929,000 direct customers, 6,000 customers from property acquisitions and 35,000 subscribers from reseller operations.
Verizon Wireless said average revenue per user increased 6 percent from the fourth quarter of 2001 to more than $49, while customer churn fell from 2.7 percent during the fourth quarter of 2001 to 2.1 percent during the fourth quarter of 2002.
Total wireless revenues increased more than 16 percent, from $4.4 billion during the fourth quarter of 2001 to $5.2 billion during the final three months of 2002, and jumped nearly 11 percent for the year, from $17.4 billion in 2001 to $19.3 billion last year.
Earnings before interest, taxes, depreciation and amortization increased 34.1 percent, from $1.4 billion during the fourth quarter of 2001 to $1.9 billion during the fourth quarter of 2002, and were up more than 15 percent for the year, from $6 billion in 2001 to $6.9 billion last year.
Verizon Wireless also withdrew the registration statement for its much-delayed initial public offering citing strong cash flow and the lack of significant funding requirements.
