Dobson Communications Announces Record Second Quarter Results

Rural Wireless Provider Passes One Million Subscriber Milestone

Oklahoma City, Oklahoma, UNITED STATES


OKLAHOMA CITY, July 31, 2000 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today announced record results for its second quarter ended June 30, 2000, including gains of 45 percent in total revenues and 46 percent in EBITDA compared with the second quarter last year. Revenues for the period reached $128.7 million, versus $89.0 million last year, and EBITDA was $53.4 million, compared with $36.6 million in the second quarter of 1999.

EBITDA represents earnings before interest, taxes, depreciation, amortization, equity in earnings of unconsolidated subsidiaries, loss from discontinued operations, and any extraordinary items. The revenue and EBITDA totals above do not reflect Dobson's 50 percent joint venture ownership in American Cellular Corporation, which Dobson accounts for on an equity basis (Table 1).

The Company reported a second quarter net loss applicable to common shareholders of $43.3 million, or $0.46 per share, based on average shares of 93.5 million. The net loss includes payment in kind of $16.6 million in preferred stock dividends and a $12.1 million loss from investment in the American Cellular joint venture. In the second quarter last year, Dobson recorded a net loss applicable to common shareholders of $47.2 million, or $0.86 per share (based on an average 54.8 million shares), after payment in kind of $17.8 million in preferred stock dividends. In last year's second quarter, no joint venture-related loss was recorded because the Dobson/AT&T Wireless (NYSE:AWE) joint venture completed its acquisition of American Cellular in the first quarter of 2000.

Roaming revenues of $55.5 million were particularly strong for the second quarter - 58 percent higher than the same quarter in 1999, despite the impact of scheduled reductions in the roaming rates paid to Dobson by its major roaming partners.

Proportionate, Pro Forma Results

Second quarter results were also very strong when Dobson's 50 percent ownership in the American Cellular joint venture and other acquisitions are fully reflected on a proportionate, pro forma basis(1) (Table 3). On this basis, Dobson reported total revenues of $179.3 million, an increase of 27 percent over the same quarter last year. EBITDA was $81.3 million, 29 percent higher than EBITDA in last year's second quarter.

Roaming revenues of $76.0 million represented a 36 percent increase over the second quarter last year. This increase reflects a 63 percent gain in roaming minutes-of-use (MOUs), which more than offset scheduled reductions in the roaming rates paid to Dobson by its major roaming partners.

"We are on target with our operating plan for the year," said Everett Dobson, chairman and chief executive officer. "We expect strong performance in the final six months of 2000, based on normal seasonal trends and promotions and new product introductions that we have had planned for the last half of the year."

Dobson added 35,000 net subscribers for the quarter on a proportionate, pro forma basis. Net subscriber growth slowed from the first quarter due to less aggressive marketing promotions in certain markets. Despite this, however, net subscriber adds for the second quarter increased 6.4 percent over net adds for the same period last year.

The second quarter net adds increased Dobson's subscriber base to 800,900, a 12-month gain of 24 percent (proportionate, pro forma). Second quarter churn remained at 1.7 percent, in line with both the first quarter of 2000 and the second quarter last year.

Growth in net adds continued to reflect increasing demand for digital products and services. As of the end of the second quarter of 2000, digital post-pay customers represented 22 percent of Dobson's subscriber base, compared with 16 percent as of March 31, 2000. The Company expects demand for digital products and services to continue driving the growth of its subscriber base.

As of June 30, 2000, Dobson owns FCC licenses for markets with approximately 9.0 million POPs (proportionate, pro forma). Including all markets under Dobson management (100 percent of American Cellular), the Company owns or manages properties covering approximately 11.5 million POPs.

Dobson's customer average revenue per unit (ARPU) was $40 in the second quarter (proportionate, pro forma) compared with $38 in the first quarter of the current year and to $42 in the second quarter of 1999. Digital ARPU increased during the quarter to $58, while analog ARPU was $36.

"Our second quarter results are consistent with our plan for 2000 and our long-term operating and strategic growth goals," CEO Dobson said. "During the second quarter, we continued to integrate the American Cellular properties and to acquire important new markets in Texas, Oklahoma and Kansas. We significantly increased the Company's capital resources, which will help us maintain our rapid growth. Finally, in the second quarter we continued to strengthen the service capabilities and coverage of our network, which will enable us to roll out new wireless data and voice products in the second half, enhancing our long-term growth prospects."

Other Highlights


  -- In May the Company completed the acquisition of the Texas 9 Rural
     Service Area (RSA), and in June it entered into a definitive
     agreement to acquire the FCC cellular license and related assets
     of the Oklahoma 6 RSA for approximately $72.0 million.  The
     Oklahoma 6 RSA covers a total population of approximately 221,000
     in seven counties in central and eastern Oklahoma.  The Oklahoma
     6 acquisition should be completed early in the fourth
     quarter 2000.
 
     During the second quarter and early in the third quarter, Dobson
     also participated in two smaller acquisitions covering a total of
     273,000 POPs.  Through the American Cellular joint venture, it
     acquired PCS spectrum that will essentially cover the Oklahoma 4
     RSA in northeastern Oklahoma and several adjacent counties in
     southeastern Kansas.  Dobson also acquired the western portion of
     Missouri 2 RSA.
 
 --  On June 22 Dobson completed a private placement of $300 million
     principal amount of 10 7/8% Senior Notes due 2010.  The
     transaction resulted in net proceeds to the Company of
     approximately $290.2 million, which it used to pay down bank debt
     and for working capital and other general corporate purposes.
 
 --  During the second quarter, Dobson continued to enhance the
     capacity and coverage of its network.  The Company installed 60
     new cell sites, bringing its total of owned and managed cell
     sites to approximately 1,150.  By the end of the quarter, all
     but two of Dobson's owned or managed markets had digital voice
     services available, bringing the total digital coverage to more
     than 98 percent of Dobson's owned or managed POPs.  Dobson also
     completed the installation of CDPD (cellular digital packet
     data) radios in the majority of its owned or managed cell sites
     during the quarter.  These will be instrumental to the planned
     third-quarter roll-out of Dobson's wireless data products.

Dobson Communications will host its second quarter conference call on Tuesday, August 1, at 8:30 a.m. (EDT). To participate, please call (800) 946-0705; the confirmation code is 625645. A replay of the call will be available at approximately noon on August 1 through the 15th, by dialing (888) 203-1112 and using the same confirmation code.

Dobson Communications is a leading provider of cellular phone services to rural markets in the United States. Headquartered in Oklahoma City, the rapidly growing Company owns or manages wireless operations in 18 states. For the year ended December 31, 1999, Dobson reported total revenues of $359.3 million; EBITDA of $137.9 million; and a net loss of $127.6 million, which included a loss from discontinued operations and extraordinary expense.

For additional information on the Company and its operations, please visit its web site at www.dobson.net.

This press release contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company's plans, intentions and expectations. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. A discussion of the risk factors that could impact these areas and the Company's overall business and financial performance can be found in the Company's reports filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.

(1) Second quarter 2000 proportionate, pro forma data include Dobson's 50 percent ownership in American Cellular Corporation and the results of its acquisition of Texas 9 RSA as if the property has been acquired at the beginning of the period. Supporting data available upon request.


 Table 1
                  Dobson Communications Corporation
                       Statements of Operations
               ($ in thousands, except per share data)
                             (unaudited)
 
          (Includes American Cellular ownership on an equity
          basis and second quarter acquisitions on the basis
                of actual impact only, not pro forma)
 
 
                         Three Months Ended      Six Months Ended
                              June 30,                June 30,
                         -----------------       -----------------
                           2000       1999        2000       1999
                           ----       ----        ----       ----
 Operating Revenue
  Service revenue    $    66,846  $  51,097  $  123,172  $  96,966
  Roaming revenue         55,527     35,208      99,325     63,305
  Equipment &
   other revenue           6,297      2,738      11,525      6,018
                     -----------  ---------  ----------  ---------
    Total                128,670     89,043     234,022    166,289
 
 Operating Expenses
  (excluding
   depreciation &
   amortization)
   Cost of service        29,206     21,670      52,229     42,027
   Cost of equipment      11,232      6,042      22,555     11,859
   Marketing & selling    16,988     11,500      33,622     21,710
   General &
    administrative        17,885     13,254      33,912     26,067
                     -----------  ---------  ----------  ---------
     Total                75,311     52,466     142,318    101,663
 
 EBITDA                   53,359     36,577      91,704     64,626
  Depreciation &
   amortization          (42,881)   (34,173)    (78,096)   (69,900)
                     -----------  ---------  ----------  ---------
 Operating income
  (loss)                  10,478      2,404      13,608     (5,274)
 
  Minority interest       (1,236)      (925)     (2,297)    (1,480)
  Loss from investment
   in joint venture(1)   (12,118)      --       (17,959)      --
  Other income             2,114        295       4,982      1,904
                     -----------  ---------  ----------  ---------
 Loss before interest
  & income taxes            (762)     1,774      (1,666)    (4,850)
  Interest expense       (34,949)   (27,168)    (66,140)   (55,528)
  Income tax benefit       8,965      9,646      18,942     22,940
                     -----------  ---------  ----------  ---------
 Loss from continuing
  operations             (26,746)   (15,748)    (48,864)   (37,438)
  Loss from discontinued
   operations, net of
   income tax               --      (13,725)       --      (25,779)
  Extraordinary expense,  
   net of income tax        --         --       (20,387)      --
                     -----------  ---------  ----------  ---------
 Net Loss                (26,746)   (29,473)    (69,251)   (63,217)
  Dividends on
   preferred stock       (16,564)   (17,756)    (91,971)   (31,872)
                     -----------  ---------  ----------  ---------
 Net loss applicable
  to common
  shareholders       $   (43,310) $ (47,229) $ (161,222) $ (95,089)
                     ===========  =========  ==========  =========
 Basic net loss
  applicable to          
  common shareholders
  per common share:
   Continuing
    operations       $     (0.28) $   (0.29) $   (0.58)  $   (0.68)
   Discontinued
    operations              --        (0.25)      --         (0.47)
   Extraordinary
    expense                 --         --        (0.24)        --
   Dividends on
    Preferred stock        (0.18)     (0.32)     (1.08)      (0.58)
                     -----------  ---------  ---------   -----------
 Basic net loss
  applicable to
  common share-
  holders per
  common share:      $     (0.46) $   (0.86) $   (1.90) $    (1.73)
                     ===========  =========  =========  ===========
 Basic weighted
  average common
  shares
  outstanding         93,532,473 54,823,354 84,985,029  54,823,354
                      ========== ========== ==========  ==========
 
 (1) Represents the Company's 50% ownership in the Net Loss from
     American Cellular.
     Detailed as follows:
                                      For the three months
                                      ended June 30, 2000
                                      --------------------
 EBITDA                                      54,573
 Depreciation and Amortization              (46,120)
 Interest Expense                           (38,710)
 Other Income, net                              123
 Provision for income taxes                   5,898
                                            -------
   Net Loss of American Cellular (100%)     (24,236)
                                            =======
 
 Table 2
                  Dobson Communications Corporation
                       Selected Financial Data
 
                                                    June 30, 2000
                                                  -----------------
                                                   ($ in millions)
 Cash Equivalents and Restricted Cash
  Unrestricted cash and cash
   equivalents                                       $    170.3
  Escrow for towers sold to
   American Tower Company                                   2.7
  Escrow for Interest on Dobson/Sygnet
   Senior Notes                                            35.4
                                                       --------
   Total Cash                                        $    208.4
                                                       ========
 Long-term debt: (1)
  Dobson Operating Co., L.L.C. credit facility       $    628.9
  Dobson/Sygnet credit facility                           364.2
  DCC 10.875% Senior Notes                                297.7
  Dobson/Sygnet Senior Notes                              200.0
  Other                                                     4.0
                                                       --------
   Total debt                                        $  1,494.8
                                                       ========
 
  Senior Exchangeable Preferred Stock
    12.25%                                           $    293.4
    13.00%                                                193.3
                                                       --------
     Total Senior Exchangeable Preferred Stock       $    486.7
                                                       ========
 
                                                  Six Months Ended
                                                    June 30, 2000
                                                 -----------------
                                                   ($ in millions)
 
 Capital Expenditures                                 $     61.9
                                                        ========
 
 (1)  Does not include our proportionate interest in American
      Cellular's long-term debt of $1.66 billion.
 
 Table 3
                  Dobson Communications Corporation
                Proportionately Consolidated Pro Forma
                    Selected Financial Information
             ($ in thousands except per subscriber data)
                             (unaudited)
 
           (Includes 50% of American Cellular's operations
          to represent proportionate ownership and pro forma
          effect of all acquisitions as if they had occurred
                   at the beginning of the periods)
 
                                 For the Quarter Ended     
                     6/30/99   9/30/99  12/31/99   3/31/00   6/30/00
 Operating Revenue
  Service revenue  $  79,643 $  83,606  $ 83,777 $  85,236 $  94,457
  Roaming revenue     55,954    73,246    60,937    62,266    76,019
  Equipment &
   other revenue       5,395     6,695     7,402     7,325     8,801
                   --------- ---------   -------  --------- ---------
   Total             140,992   163,547   152,116   154,827   179,277
                          
 Operating Expenses       
  (excluding depreciation 
  & amortization)         
                                                          
 Cost of service      32,719    38,390    30,915    32,680    37,785
 Cost of equipment     8,832    10,041    14,176    14,340    14,488
 Marketing &
  selling             16,049    17,962    20,969    21,151    21,614
 General &       
  administrative      20,557    22,347    21,811    23,757    24,117
                   --------- ---------  -------- --------- ---------
   Total              78,157    88,740    87,871    91,928    98,004
                   --------- ---------  -------- --------- ---------
 EBITDA (1)        $  62,835 $  74,807  $ 64,245 $  62,899 $  81,273
                   ========= =========  ======== ========= =========
 EBITDA Margin        44.57%    45.74%    42.23%    40.63%    45.33%
         
 Pops              8,595,000 8,913,000 9,044,000 9,044,000 9,044,000
            
 Post-paid   
  Gross Adds          64,300    70,300    86,200    80,300   73,800
  Net Adds            33,200    33,700    45,500    43,700   33,800
  Subscribers        641,800   676,500   715,500   759,200  793,000
  Churn                1.66%     1.85%     1.96%     1.65%    1.71%
  Average Service     
   Revenue per                                                
   Subscriber         $   42    $   42    $   40   $    38   $   40
  Average Service                                    
   and Roaming     
   Revenue per
    Subscriber        $   72    $   79    $   69   $    67   $   73
              
 Pre-paid    
  Net Adds              (300)       --       500     1,600     1,200
  Subscribers          4,600     4,600     5,100     6,700     7,900
                                                                    
 Total                                                              
  Net Adds            32,900    33,700    46,000    45,300    35,000
  Subscribers        646,400   681,100   720,600   765,900   800,900
  Penetration          7.52%     7.64%     7.97%     8.47%     8.86%

 (1)  Includes $1.6 million, $1.3 million $1.5 million, $1.7 million
      and $2.0 of EBITDA for the quarters ended June 30, 1999,
      September 30, 1999, December 31, 1999, March 31, 2000 and June
      30, 2000, respectively, related to minority interests.
 
 Table 4
                   Dobson Communications Corporation
              Consolidated Pro Forma Financial Information
       for cellular operations applicable to Dobson Communications
    13% Senior Exhangeable Preferred Stock and 10.875% Senior Notes
              ($ in thousands except per subscriber data)
                              (unaudited)
 
       (100% of Dobson Communications - includes both DOC LLC and
            Dobson/Sygnet on a pro forma basis as if all acquisitions
                had occurred at the beginning of the periods;
                      no American Cellular operations)
 
                                For the Quarter Ended     
                      6/30/99   9/30/99  12/31/99   3/31/00   6/30/00
 Operating Revenue     
  Service revenue   $  58,516 $  60,959 $  59,770 $  61,259 $  67,578
  Roaming revenue      40,802    51,843    42,713    46,328    56,011
  Equipment &
   other revenue        3,933     4,884     5,386     5,469     6,315
                    --------- --------- --------- --------- ---------
   Total              103,251   117,686   107,869   113,056   129,904
                                                  
 Operating Expenses 
 (excluding 
 depreciation       
 & amortization)    
  Cost of service      26,206    30,628    25,739    25,097    29,434
  Cost of
   equipment            6,652     7,485    11,062    11,741    11,288
  Marketing &
   selling             12,351    14,146    16,416    17,240    17,052
  General & 
   administrative      15,198    16,654    16,719    17,664    18,143
                    --------- --------- ---------  -------- ---------
    Total              60,407    68,913    69,936    71,742    75,917
                    --------- --------- ---------  -------- ---------
                                                  
 EBITDA (1)         $  42,844 $  48,773 $  37,933 $  41,314 $  53,987
                    ========= ========= ========= ========= =========
 EBITDA Margin         41.49%    41.44%    35.17%    36.54%    41.56%
                                                                     
 Pops               6,140,000 6,458,000 6,589,000 6,589,000 6,589,000
                    
 Post-paid          
  Gross Adds           44,100    49,400    59,200    57,900    49,700
  Net Adds             22,000    22,100    28,800    31,600    20,700
  Subscribers         454,400   477,500   499,900   531,500   552,200
  Churn                 1.67%     1.95%     2.09%     1.70%     1.79%
  Average Service
   Revenue per
   Subscriber          $   44    $   43    $   41    $   39    $   41
  Average Service
   and Roaming
   Revenue per                             
   Subscriber          $   74    $   80    $   70    $   69    $   76
                                                                     
 Pre-paid                                                            
  Net Adds               (400)     (600)       --       300       900
  Subscribers           3,900     3,300     3,300     3,600     4,500
                                                                     
 Total                                                               
  Net Adds             21,600    21,500    28,800    31,900    21,600
  Subscribers         458,300   480,800   503,200   535,100   556,700
  Penetration           7.46%     7.45%     7.64%     8.12%     8.45%
  
  
 (1) Includes $1.6 million, $1.3 million $1.5 million, $1.7 million
     and $2.0 of EBITDA for the quarters ended June 30, 1999,
     September 30, 1999, December 31, 1999, March 31, 2000 and
     June 30, 2000, respectively, related to minority interests.
 
 Table 5
                     American Cellular Corporation
                   Consolidated Financial Information
              ($ in thousands except per subscriber data)
                              (unaudited)
 
       (100% American Cellular, exclusive of Dobson operations)
 
                                  For the Quarter Ended
                     6/30/99   9/30/99   12/31/99   3/31/00   6/30/00
 Operating Revenue
  Service revenue    $42,254   $45,295    $48,014   $47,953   $53,759
  Roaming revenue     30,304    42,807     36,447    31,877    40,015
  Equipment &
   other revenue       2,925     3,623      4,033     3,712     4,972
                     -------   -------    -------   -------   -------
   Total              75,483    91,725     88,494    83,542    98,746
 
 Operating Expenses
 (excluding depreciation
  & amortization)
  Cost of service     13,025    15,524     14,799    15,166    16,701
  Cost of equipment    4,360     5,111      6,227     5,196     6,400
  Marketing &
   selling             7,396     7,632      9,106     7,822     9,124
  General
   & administrative   10,717    11,387     10,785    12,186    11,948
                     -------   -------    -------   -------    ------
    Total             35,498    39,654     40,917    40,370    44,173
                     -------   -------    -------   -------    ------
 EBITDA              $39,985   $52,071    $47,577   $43,172   $54,573
                     =======   =======    =======   =======   =======
 
 EBITDA Margin        52.97%    56.77%     53.76%    51.68%    55.27%
 
 Pops              4,911,000 4,911,000  4,911,000 4,911,000 4,911,000
 Post-paid
  Gross Adds          40,300    41,800     54,000    44,700    48,100
  Net Adds            22,400    23,200     33,300    24,100    26,300
  Subscribers        374,800   397,900    431,200   455,300   481,600
  Churn                1.66%     1.63%      1.70%     1.60%     1.55%
  Average Service
   Revenue per
   Subscriber      $      39 $      39   $     39  $     36  $     38
  Average Service
   and Roaming
   Revenue per
   Subscriber      $      67 $      76   $     68  $     60  $     67
 Pre-paid
  Net Adds               200     1,000      1,000     2,800       600
  Subscribers          1,500     2,500      3,500     6,300     6,900
 
 Total
  Net Adds            22,600    24,200     34,300    26,900    26,900
  Subscribers        376,300   400,400    434,700   461,600   488,500
  Penetration          7.66%     8.15%      8.85%     9.40%     9.95%
 
 
 Table 6
                Dobson Operating Company LLC (DOC LLC)
              Pro Forma Financial Information for cellular
             operations applicable to Dobson Communications
               12.25% Senior Exchangeable Preferred Stock
              ($ in thousands except per subscriber data)
                               (unaudited)
 
       (Includes DOC LLC on a pro forma basis as if all acquisitions
             had occurred at the beginning of the periods;
             excludes Dobson/Sygnet and American Cellular)
 
                                  For the Quarter Ended
                      6/30/99   9/30/99  12/31/99   3/31/00   6/30/00
 
 Operating Revenue
  Service revenue     $34,170   $35,509   $35,063   $36,068   $39,010
  Roaming revenue      31,859    40,188    34,229    37,739    46,260
  Equipment
   & other revenue      2,539     3,524     3,449     3,359     3,658
                      -------   -------   -------   -------    ------
 Total Revenue         68,568    79,221    72,741    77,166    88,928
 
 Costs & Expenses
  Cost of service      18,624    22,513    18,764    18,812    21,025
  Cost of equipment     4,249     4,244     5,891     6,363     6,389
  Marketing & selling   6,945     8,409     9,848    10,233    11,044
  General &
   administrative      10,172    11,668    12,235    11,921    12,090
                      -------   -------   -------   -------   -------
 Total Costs
  & Expenses           39,990    46,834    46,738    47,329    50,548
                      -------   -------   -------   -------   -------
 
 EBITDA (1)        $ 28,578   $ 32,387  $ 26,003   $ 29,837   $38,380
                    =======    =======   =======    =======   =======
 EBITDA Margin       41.68%     40.88%    35.75%     38.67%    43.16%
 
 Pops             3,766,000  4,084,000 4,227,000  4,227,000 4,227,000
 Post-paid
  Gross Adds         25,300     28,700    33,000     32,500    32,100
  Net Adds            9,800     10,300    15,100     16,800    15,200
  Subscribers       255,000    266,200   276,100    293,100   308,300
  Churn               2.07%      2.36%     2.21%      1.84%     1.87%
  Average Service
   Revenue per
   Subscriber          $ 45       $ 45      $ 43       $ 42      $ 43
  Average Service
   and Roaming
   Revenue per
   Subscriber          $ 87       $ 96      $ 86       $ 86      $ 94
 Pre-paid
  Net Adds             (400)      (600)       --        300       900
  Subscribers         3,900      3,300     3,300      3,600     4,500
 Total
  Net Adds            9,400      9,700    15,100     17,100    16,100
  Subscribers       258,900    269,500   279,400    296,700   312,800
  Penetration         6.87%      6.60%     6.61%      7.02%     7.40%
 
 (1)  Includes $1.6 million, $1.3 million $1.5 million, $1.7 million
      and $2.0 of EBITDA for the quarters ended June 30, 1999,
      September 30, 1999, December 31, 1999, March 31, 2000 and June
      30, 2000, respectively, related to minority interests.
 
 
 Table 7
                            Dobson/Sygnet
                        Financial Information
                for cellular operations applicable to
                  Dobson/Sgynet 12.25% Senior Notes
             ($ in thousands except per subscriber data)
                              (unaudited)
 
               (Excludes DOC LLC and American Cellular)
 
                                 For the Quarter Ended  
                     6/30/99   9/30/99  12/31/99    3/31/00   6/30/00
 Operating Revenue                                                 
  Service revenue    $ 24,346  $ 25,450  $ 24,706  $ 25,191   $28,568
  Roaming revenue       8,943    11,655     8,484     8,589     9,751
  Equipment  
   other revenue        1,394     1,360     1,937     2,110     2,657
                     --------  --------  --------  --------  --------
 Total Revenue         34,683    38,465    35,127    35,890    40,976
                                                                   
 Costs & Expenses                                                  
  Cost of service       7,582     8,115     6,975     6,285     8,408
  Cost of equipment     2,404     3,242     5,171     5,379     4,899
  Marketing & selling   5,406     5,737     6,568     7,007     6,008
  General &
   administrative       5,026     4,986     4,484     5,743     6,053
                     --------  --------  --------  --------  --------
 Total Costs
  & Expenses           20,418    22,080    23,198    24,414    25,368
                     --------  --------  --------  --------  --------
                                                                   
 EBITDA              $ 14,265  $ 16,385  $ 11,929  $ 11,476   $15,608
                     ========  ========  ========  ========  ========
 EBITDA Margin         41.13%    42.60%    33.96%    31.98%    38.09%
 Pops (1)           2,374,000 2,374,000 2,362,000 2,362,000 2,362,000
 Post-paid                                                          
  Gross Adds           18,900    20,700    26,300    25,400    17,700
  Net Adds             12,200    11,800    13,700    14,800     5,500
  Subscribers         199,500   211,300   223,800   238,400   243,900
  Churn                 1.15%     1.43%     1.93%     1.52%     1.68%
  Average Service
   Revenue per                                          
   Subscriber            $ 42      $ 41      $ 38      $ 36      $ 39
  Average Service
   and Roaming                                       
   Revenue per
   Subscriber            $ 57      $ 60      $ 51      $ 49      $ 53
  Penetration           8.40%     8.90%     9.48%    10.09%    10.33%


        

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