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AirGate PCS increases revenues, decreases net loss

ATLANTA-Sprint PCS affiliate AirGate PCS Inc. posted a 1.7-percent year-over-year increase in total revenues from $76.7 million during its second fiscal quarter ended March 31, 2003 to $78 million this year boosted by a 37-percent increase in net customer additions from 5,755 subscribers last year to 7,909 subscribers this year.

The subscriber numbers were helped by a drop in customer churn from 3.3 percent to 2.92 percent and a slight increase in average revenue per user from $56.38 last year to $56.48 this year. Roaming revenues, which are generated primarily from Sprint PCS, dropped year over year from $13.9 million to $13.5 million.

Net losses also improved from $21 million last year, a loss of $4.05 per share, to $9.9 million this year, a loss of $1.21 per share. A majority of the improvement in net losses was attributed to a $14.3 million charge AirGate took last year from discontinued operations related to its stake in iPCS Inc.

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