ATLANTA-AirGate PCS Inc. posted $133.1 million in revenue for its first fiscal quarter of 2003 ended Dec. 31, 2002, an increase from the $81.7 million the Sprint PCS affiliate reported for the first quarter of 2002. Net losses also increased from $29.6 million during the final three months of 2001, a loss of $1.68 per share, to $47.7 million last year, a loss of $1.85 per share.
Net customer additions dropped from 68,712 subscribers during the first fiscal quarter of 2002 to 34,604 this year even though the carrier posted slightly higher gross customer addition results for the first quarter of 2003. The net customer decrease was attributed to an increase in customer churn from 2.2 percent in the first quarter of 2002 to 3.5 percent in 2003.
Average revenue per user dropped $3 to $56 during the first quarter of 2003, while cash cost per user dropped $10 to $56 and cost per gross addition increased $10 to $359.
