CHILLICOTHE, Ohio-Sprint PCS affiliate Horizon PCS Inc. reported $59.2 million in total revenues during the first quarter of 2003 compared with $48.2 million the carrier reported for the first three months of 2002. Net losses applicable to stockholders also increased from $39.6 million last year, a loss of 68 cents per share, to $42.3 million this year, a loss of 72 cents per share.
Horizon also reported net customer additions dropped from 28,600 subscribers during the first quarter of 2002 to 24,000 subscribers this year, and it ended the first quarter of 2003 with 294,900 total customers. In addition, the carrier reported customer churn dropped from 3.2 percent last year to 2.9 percent this year.
Horizon’s management also noted that while the carrier is currently in compliance with its outstanding debt covenants, it believes it will probably violate one or more covenants under its secured credit facility this year. Horizon previously announced it had engaged investment banking firm Berenson & Co. to assist the company’s efforts to restructure its equity, debt and other contractual obligations.
