CONSHOHOCKEN, Pa.-UbiquiTel Inc. reported $60.1 million in revenues for the fourth quarter of 2002, a 48-percent increase compared with the $45.8 million the carrier reported for the same quarter of 2001. For the year UbiquiTel’s revenues increased from $93.6 million in 2001 to $220.8 million last year.
Net loss during the fourth quarter dropped from $39.9 million in 2001, a loss of 49 cents per share, to $26.1 million last year, a loss of 32 cents per share. Net loss for the year increased from $107.7 million in 2001 to a loss of $117.4 million last year. Net loss per share for the year dropped from $1.53 in 2001 to $1.45 last year due to an increase in outstanding common shares.
UbiquiTel previously announced it added 22,400 net customers during the fourth quarter of 2002 and ended the year with 257,000 total subscribers.
Customer churn was reported at 3.9 percent for the final three months of last year, which was in line with fourth-quarter 2001 results and down from the 4.3-percent churn the carrier reported during the third quarter of 2002. Average revenue per user dropped from $60 during the fourth quarter of 2001 to $57 during the fourth quarter of 2002.
UbiquiTel’s management also noted that prime credit class subscribers on its network increased from 58 percent at the end of 2001 to 71 percent at the end of last year, which it expects will help improve operating metrics throughout this year.
