LAKE CHARLES, La.-US Unwired Inc. reported $148.8 million in revenues for the fourth quarter of 2002 and $534.1 million for the full-year compared with $81.2 million and $259.2 million respectively during 2001.
Net losses increased from $25.6 million during the fourth quarter of 2001, a loss of 30 cents per share, to $450.6 million last year, a loss of $3.50 per share. For the year, net losses increased from $97.6 million in 2001, a loss of $1.17 per share, to $582.5 million last year, a loss of $4.93 per share.
The carrier noted it recorded $402.5 million in write-downs during the fourth quarter of last year in the carrying value of goodwill and intangible assets associated with its IWO Holdings Inc. subsidiary.
US Unwired posted 19,881 net customer additions during the fourth quarter of 2002, more than half the 41,070 the carrier reported for the fourth quarter of 2001. For the year net customer additions dropped from 151,030 during 2001 to 73,799 last year.
Contributing to the lackluster customer growth was an increase in customer churn from 2.5 percent during the fourth quarter of 2001 to 4.2 percent last year and full-year churn rising from 1.9 percent in 2001 to 4 percent in 2002.
