Dobson Communications Announces Record Third Quarter Results

ARPU Increases to $42 -- Digital Subscribers Reach 31.6 Percent of Base


OKLAHOMA CITY, Nov. 9, 2000 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today announced record results for its third quarter ended September 30, 2000, including gains of 42 percent in total revenues and 52 percent in EBITDA, compared with the third quarter last year. Revenues for the period reached $143.7 million, versus $101.0 million last year, and EBITDA was $61.5 million, compared with $40.4 million in the third quarter of 1999.

EBITDA represents earnings before interest, taxes, depreciation, amortization, equity in earnings of unconsolidated subsidiaries, loss from discontinued operations, and 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 as a "loss from investment in joint venture" (Table 1).

The Company's third quarter net loss applicable to common shareholders was $44.1 million, or $0.47 per share, based on average shares of 93.8 million. The net loss includes payment in kind of $17.1 million in preferred stock dividends and a $12.5 million loss from investment in the American Cellular joint venture. In the third quarter last year, Dobson recorded a net loss applicable to common shareholders of $44.4 million, or $0.81 per share (based on an average 54.8 million shares), after a $16.0 million loss from discontinued operations and payment in kind of $18.6 million in preferred stock dividends. Last year's third quarter included no joint venture-related loss, because the Dobson/AT&T Wireless (NYSE:AWE) joint venture acquired American Cellular in the first quarter of 2000.

"The Company has made significant progress in achieving its goals for the year," said Everett Dobson, chairman and chief executive officer. "We continue to enjoy strong growth in revenues and EBITDA, to acquire strategic properties that should support future growth, and to build out the most powerful wireless network in the rural sector.

"Our rapid transition to digital continues to drive higher average revenue per unit," he said. "The integration of American Cellular has been smooth, and our partnership with AT&T Wireless obviously remains a cornerstone of our strategic growth plan. Today, nine months after our IPO, we are more encouraged than ever by the opportunities immediately ahead. Dobson is well positioned to capitalize on them."

On November 8, 2000, Dobson filed Form 8-K documents with the Securities and Exchange Commission. The filing disclosed a contingent sale of $200 million in Series A Convertible Preferred Stock that, if approved, would further strengthen Dobson's financial resources as it prepares to participate in the Federal Communications Commission C and F Block Broadband Spectrum Auction (FCC Auction No. 35). Dobson has been "grand-fathered" as a Designated Entity to participate in the auction, which is scheduled to commence on December 12, 2000.

Proportionate, Pro Forma Results

Dobson's proportionate, pro forma results for the third quarter, including its 50 percent ownership in the American Cellular joint venture and other acquisitions, reflected even greater progress toward key objectives (Table 3). On this basis, Dobson reported total revenues of $202.1 million, an increase of 21 percent over the same quarter last year.

The Company added approximately 80,000 gross subscribers during the quarter, of which 74 percent were digital. In the immediately previous quarter, 60 percent of gross adds were digital, and, through early November, 85-to-90 percent of Dobson's fourth quarter gross adds have been digital.

Net additions for the third quarter were 28,500, bringing Dobson's total base to 854,100 at September 30, 2000. Based on October results and normal holiday season trends, the Company expects fourth quarter net subscriber additions of at least 43,000 (see Fourth Quarter Outlook below).

From June 30 to September 30, 2000, the digital component of Dobson's subscriber base increased from approximately 176,500 to 270,000 subscribers -- or from 22.0 percent of its total base to 31.6 percent. This reflects in part the Company's success in transitioning analog customers to digital calling plans.

The remainder of Dobson's subscriber base at September 30, 2000 consisted of 67.2 percent analog subscribers and 1.2 percent prepaid.

The strong growth in Dobson's digital segment strengthened average revenue per unit (ARPU) to $42 for the third quarter, on par with ARPU for the same period last year and four percent higher than ARPU for the second quarter ended June 30, 2000. Digital ARPU for the third quarter was $49, higher by 39 percent than analog ARPU of $36.

Third quarter churn increased to 2.15 percent, compared with 1.86 percent last year (proportionate, pro forma). In the Dobson/Sygnet markets in Ohio, Pennsylvania and western New York, average monthly churn increased to 2.4 percent.

Roaming revenues increased 20 percent to $88.4 million, driven by a 41 percent gain in roaming minutes-of-use (MOUs). Offsetting the strong growth in MOUs were scheduled reductions in the roaming rates paid to Dobson by its major roaming partners. Roaming MOU growth was stronger and roaming yield declined less in the Dobson standalone properties than in the American Cellular properties.

EBITDA was $91.4 million, 20 percent higher than EBITDA in last year's third quarter on a proportionate, pro forma basis. EBITDA margin was particularly strong in the Dobson standalone properties, reflecting operating efficiencies in two key areas -- general and administrative expenses and cost of service in operating the Company's network. These gains were offset partially by higher digital equipment subsidies. On the American Cellular side, EBITDA margin declined due to higher equipment costs, more aggressive marketing and higher cost of network service, in line with the Company's strategy for these markets.

Dobson also continued to enhance the capacity and coverage of its network in the third quarter, with capital expenditures of $37.8 million in the Dobson standalone properties and $23.1 million in the American Cellular properties. The Company installed 67 new cell sites, bringing its total of owned and managed cell sites to 740 in the Dobson markets and 480 in the American markets at September 30, 2000. During the quarter the Company also added nearly 3,500 voice paths to its total managed network. Forty-four percent of its approximately 29,000 voice paths are now digital, constituting the rural wireless sector's most powerful backbone for new voice and data services. Digital voice technology is now deployed in 100 percent of Dobson's owned and managed markets.

Dobson also significantly increased the number of cellular digital packet data radios during the quarter, extending CDPD coverage to more than 75 percent of its voice coverage area. This was important to initiating the roll-out of its "WebMagic" wireless data product during the third quarter.

Capital expenditures year-to-date total $99.7 million in Dobson standalone and $46.3 million in American Cellular.

Fourth Quarter Outlook

Dobson expects continued strong growth in the quarter ending December 31, 2000, and in fiscal 2001. The Company expects fourth quarter operating metrics (proportionate, pro forma) to include:


 -- Total revenues in a range of $180 million to $190 million,
    compared with $155.3 million in the fourth quarter of 1999. The
    Company's revenue expectation is based on continued growth in
    service revenues and normal seasonal declines in roaming MOUs,
    which normally reduces roaming revenues from the third quarter to
    the fourth.

 -- Higher operating costs due to normal seasonal increases in growth
    subscriber additions, and increases in selling expenses and cost
    of service. 

 -- EBITDA in a range of approximately $70 million to $75 million, in
    line with historical trends and seasonal factors. This compares
    with EDITDA for last year's fourth quarter of $62.5 million.

 -- Further increases in depreciation and amortization costs and
    interest costs, primarily due to the acquisition of the
    Georgia 1 RSA; and

 -- Net adds of 45,000 to 50,000. Dobson experienced strong gross
    subscriber additions and improvement in churn in October, the
    first month of the fourth quarter. These two trends and the
    expectation of strong holiday sales support Dobson's anticipation
    of stronger gross adds and net adds in the fourth quarter.

Dobson plans to discuss its guidance for the fourth quarter and fiscal 2001 on its third quarter conference call, as well as commenting on its general outlook for FCC Auction No. 35.

Conference Call and Guidance to Be Web-Cast

Dobson Communications will host its third quarter conference call on Friday, November 10, at 8:00 a.m. (ET). To participate, please call (800) 946-0712; the confirmation code is 797921. The third quarter conference call will also be web-cast live through Dobson's web site at www.dobson.net.

A replay of the call will be available at approximately noon on Friday, the 10th, by dialing (888) 203-1112, using the same confirmation code. The Company plans to archive the conference call on its web site shortly after the actual event.

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 19 states. 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. These risks include increased levels of competition, shortages of cellular handsets and other key equipment, restrictions on the Company's ability to finance its growth and other factors. A more extensive 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.


 Table 1
 
 Dobson Communications Corporation 
 Statements of Operations 
 
 (Includes American Cellular ownership on an equity basis and other
 acquisitions on the basis of actual impact only, not pro forma)
 
                        Three Months Ended        Nine Months Ended
                          September 30,             September 30,
                        2000         1999         2000         1999
                        ----         ----         ----         ----
                          ($ in thousands, except per share data)
                                        (unaudited)
 Operating Revenue
  Service revenue  $    72,839  $    53,066  $   196,012  $   150,032
  Roaming revenue       64,474       43,991      163,798      107,296
  Equipment & other
   revenue               6,425        3,934       17,950        9,952
                   -----------  -----------  -----------  -----------
    Total              143,738      100,991      377,760      267,280
 
 Operating Expenses
 (excluding deprecia-
  tion & amortization)
   Cost of service      35,928       25,876       88,157       67,903
   Cost of equipment    11,284        6,703       33,839       18,562
   Marketing & selling  17,102       13,247       50,724       34,957
   General &
    administrative      17,916       14,728       51,828       40,795
                   -----------  -----------  -----------  -----------
     Total              82,230       60,554      224,548      162,217
 
 EBITDA                 61,508       40,437      153,212      105,063
 
 Depreciation &
   amortization        (44,779)     (30,120)    (122,875)    (100,020)
                   -----------  -----------  -----------  -----------
 Operating income       16,729       10,317       30,337        5,043
 
 Minority interest      (1,407)        (645)      (3,704)      (2,125)
 Loss from investment
  in joint venture(1)  (12,477)        --        (30,436)        --
 Other income            2,515        1,508        7,497        3,411
                   -----------  -----------  -----------  -----------
 Income before interest
  & income taxes         5,360       11,180        3,694        6,329
   Interest expense    (41,238)     (26,836)    (107,378)     (82,364)
   Income tax benefit    8,892        5,952       27,834       28,892
                   -----------  -----------  -----------  -----------
 Loss from continuing
  operations           (26,986)      (9,704)     (75,850)     (47,143)
 Loss from discontinued
  operations,
  net of income tax       --        (16,032)        --        (41,811)
 Extraordinary expense,
  net of income tax       --           --        (20,387)        --
                   -----------  -----------  -----------  -----------
 Net Loss              (26,986)     (25,736)     (96,237)     (88,954)
 Dividends on
  preferred stock      (17,100)     (18,641)    (109,071)     (50,513)
                   -----------  -----------  -----------  -----------
 Net loss applicable
  to common share-
  holders          $   (44,086) $   (44,377) $  (205,308) $  (139,467)
                   ===========   ==========  ===========  =========== 
 Basic net loss
  applicable to
  common share-
  holders per common
  share:
   Continuing
    operations     $     (0.29) $     (0.18) $     (0.86) $     (0.86)
   Discontinued
    operations            --          (0.29)        --          (0.76)
   Extraordinary
    expense               --           --          (0.23)        --
   Dividends on
    preferred
    stock                (0.18)       (0.34)       (1.24)       (0.92)
                   -----------  -----------  -----------  -----------
 Basic net loss
  applicable to
  common share-
  holders per
  common share:    $     (0.47) $     (0.81) $     (2.33) $     (2.54)
                   -----------  -----------  -----------  -----------
 Basic weighted
  average common
  shares
  outstanding       93,788,684   54,823,354   87,941,001   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 September 30, 2000
                                          ------------------------
  EBITDA                                          57,589
  Depreciation and Amortization                  (45,039)
  Interest Expense                               (43,829)
  Other Income, net                                   88
  Income tax benefit                               6,237
                                                 -------
    Net Loss of American Cellular (100%)         (24,954)
                                                 =======




 Table 2
 
 Dobson Communications Corporation
 Selected Financial Data

                                                    September 30, 2000
                                                    ------------------
                                                      ($ in millions)

 Cash Equivalents and Restricted Cash
  Unrestricted cash and cash equivalents                 $   148.8
  Escrow for towers sold to American Tower Company             2.0
  Escrow for Interest on Dobson/Sygnet Senior Notes           35.9
                                                         ---------
   Total Cash                                            $   186.7
                                                         =========
 Long-term debt: (1)
  Dobson Operating Co., L.L.C. credit facility           $   705.3
  Dobson/Sygnet credit facility                              341.3
  DCC 10.875% Senior Notes, net                              297.9
  Dobson/Sygnet Senior Notes                                 200.0
  Other                                                        3.9
                                                         ---------
   Total debt                                            $ 1,548.4
                                                         =========

 Senior Exchangeable Preferred Stock
  12.25%                                                 $   303.2
  13.00%                                                     199.8
                                                         ---------
   Total Senior Exchangeable Preferred Stock             $   503.0
                                                         =========

                                                     Nine Months Ended
                                                    September 30, 2000
                                                    ------------------
                                                      ($ in millions)

 Capital Expenditures                                       $ 99.7
                                                         =========

 (1)  Does not include our proportionate interest in American
      Cellular's long-term debt of $1.67 billion.


 Table 3

 Dobson Communications Corporation
 Proportionately Consolidated Pro Forma Selected Financial Information

 (Includes 50% of American Cellular's operations to represent
 proportionate ownership and pro forma effect of all acquisitions,
 including Oklahoma 6 RSA, as if they had occurred at the beginning
 of the periods presented)

 For the
 Quarter Ended        9/30/99   12/31/99  3/31/00   6/30/00   9/30/00

                         ($ in thousands except per subscriber data)
                                           (unaudited)

 Operating Revenue
  Service revenue    $ 86,476  $ 86,485  $ 88,217  $ 97,287  $104,760
  Roaming revenue      73,575    61,221    62,361    76,325    88,371
  Equipment &
   other
   revenue              6,850     7,554     7,518     8,948     8,937
                     --------  --------  --------  --------  --------
    Total             166,901   155,260   158,096   182,560   202,068
 
 Operating Expenses
  (excluding
   depreciation
   & amortization)
   Cost of service     39,737    34,304    33,816    38,962    47,823
   Cost of equipment   10,216    14,407    14,557    14,696    15,768
   Marketing &
    selling            18,605    21,755    21,707    22,197    23,398
   General &
    administrative     22,372    22,311    23,895    24,273    23,658
                     --------  --------  --------  --------  --------
     Total             90,930    92,777    93,975   100,128   110,647
                     --------  --------  --------  --------  --------
 EBITDA (1)          $ 75,971  $ 62,483  $ 64,121  $ 82,432  $ 91,421
                     ========  ========  ========  ========  ========
 EBITDA Margin          45.52%    40.24%    40.56%    45.15%    45.24%
 
 Pops (000s)            9,134     9,265     9,265     9,265     9,265
 
 Post-paid 
  Gross Adds           72,300    88,000    82,200    75,300    80,000
  Net Adds             34,100    45,100    42,900    33,400    26,300
  Subscribers         702,500   741,200   784,200   817,700   844,000
  Churn                  1.86%     1.99%     1.72%     1.74%     2.15%
  Average Service
   Revenue per
   Subscriber        $     42  $     40  $     38  $     40  $     42
  Average Service
   and Roaming
   Revenue per
   Subscriber        $     78  $     68  $     66  $     72  $     77
 Pre-paid
  Net Adds               --         500     1,600     1,200     2,200
  Subscribers           4,600     5,100     6,700     7,900    10,100

 Total
  Net Adds             34,100    45,600    44,500    34,600    28,500
  Subscribers         707,100   746,300   790,900   825,600   854,100
  Penetration            7.74%     8.05%     8.54%     8.91%     9.22%


 (1) Includes $1.3 million, $1.5 million, $1.7 million, $1.9 million
     and $2.1 million of EBITDA for the quarters ended September 30,
     1999, December 31, 1999, March 31, 2000, June 30, 2000 and
     September 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 
 
 (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 and no American Cellular
 operations) 

 For the
  Quarter Ended     9/30/99    12/31/99  3/31/00   6/30/00   9/30/00

                        ($ in thousands except per subscriber data)
                                        (unaudited)

 Operating Revenue
  Service revenue   $ 63,829   $ 62,477  $ 64,240  $ 70,408  $ 75,283
  Roaming revenue     52,171     42,998    46,423    56,317    64,958
  Equipment &
   other revenue       5,038      5,538     5,662     6,462     6,574
                    --------   --------  --------  --------  --------
   Total             121,038    111,013   116,325   133,187   146,815
 
 Operating Expenses
 (excluding
  depreciation &
  amortization)
   Cost of service    31,975     26,905    26,233    30,611    36,928
   Cost of equipment   7,660     11,293    11,959    11,496    11,552
   Marketing &
    selling           14,789     17,202    17,796    17,635    17,602
   General &
    administrative    16,679     16,918    17,802    18,299    18,106
                    --------   --------  --------  --------  --------
    Total             71,103     72,318    73,790    78,041    84,188
                    --------   --------  --------  --------  --------
 
 EBITDA (1)         $ 49,935   $ 38,695  $ 42,535  $ 55,146  $ 62,627
                    ========   ========  ========  ========  ========
 
 EBITDA Margin         41.26%     34.86%    36.57%    41.40%    42.66%
 
 Pops (000s)           6,679       6,810    6,810     6,810     6,810
 
 Post-paid
  Gross Adds          51,400     61,000    59,800    51,500    55,100
  Net Adds            22,500     28,500    30,800    20,300    13,500
  Subscribers        503,500    525,600   556,600   576,900   590,400
  Churn                 1.96%      2.12%     1.78%     1.83%     2.37%
  Average Service
   Revenue per
   Subscriber       $     43   $     41  $     39  $     41  $     43
  Average Service
   and Roaming
   Revenue per
   Subscriber       $     78   $     69  $     68  $     74  $     80
 
 Pre-paid
  Net Adds              (600)      --         300       900     2,000
  Subscribers          3,300      3,300     3,600     4,500     6,500
 
 Total
  Net Adds            21,900     28,500    31,100    21,200    15,500
  Subscribers        506,800    528,900   560,200   581,400   596,900
  Penetration           7.59%      7.77%     8.23%     8.54%     8.77%
 

 (1) Includes $1.3 million, $1.5 million, $1.7 million, $1.9 million
     and $2.1 million of EBITDA for the quarters ended September 30,
     1999, December 31, 1999, March 31, 2000, June 30, 2000 and
     September 30, 2000, respectively, related to minority interests.



 Table 5

 American Cellular Corporation
 Consolidated Financial Information

 (100% American Cellular, exclusive of Dobson operations)

 For the
  Quarter Ended       9/30/99  12/31/99   3/31/00   6/30/00   9/30/00

                         ($ in thousands except per subscriber data)
                                        (unaudited)

 Operating Revenue
  Service revenue    $ 45,295  $ 48,014  $ 47,953  $ 53,759  $ 58,954
  Roaming revenue      42,807    36,447    31,877    40,015    46,827
  Equipment & 
   other revenue        3,623     4,033     3,712     4,972     4,727
                     --------  --------  --------  --------  --------
   Total               91,725    88,494    83,542    98,746   110,508
 
 Operating Expenses
 (excluding
  depreciation &
  amortization)
   Cost of service     15,524    14,799    15,166    16,701    21,791
   Cost of equipment    5,111     6,227     5,196     6,399     8,431
   Marketing & 
    selling             7,632     9,106     7,822     9,124    11,593
   General & 
    administrative     11,387    10,785    12,186    11,948    11,104
                     --------  --------  --------  --------  --------
     Total             39,654    40,917    40,370    44,172    52,919
                     --------  --------  --------  --------  --------
 
 EBITDA              $ 52,071  $ 47,577  $ 43,172  $ 54,574  $ 57,589
                     ========  ========  ========  ========  ========
 
 EBITDA Margin          56.77%    53.76%    51.68%    55.27%    52.11%
 
 Pops (000s)            4,911     4,911     4,911     4,911     4,911
 
 Post-paid
  Gross Adds           41,800    54,000    44,700    47,500    49,800
  Net Adds             23,200    33,300    24,100    26,300    25,600
  Subscribers         397,900   431,200   455,300   481,600   507,200
  Churn                  1.63%     1.70%     1.60%     1.55%     1.63%
  Average Service
   Revenue per
   Subscriber        $     39  $     39  $     36  $     38  $     40
  Average Service
   and Roaming
   Revenue per
   Subscriber        $     76  $     68  $     60  $     67  $     71
 
 Pre-paid
  Net Adds              1,000     1,000     2,800       600       400
  Subscribers           2,500     3,500     6,300     6,900     7,300
 
 Total
  Net Adds             24,200    34,300    26,900    26,900    26,000
  Subscribers         400,400   434,700   461,600   488,500   514,500
  Penetration            8.15%     8.85%     9.40%     9.95%    10.48%


 Table 6
 
 Dobson Operating Company LLC
 
 Pro Forma Financial Information for cellular operations applicable to
 Dobson Communications 12.25% Senior Exchangeable Preferred Stock

 (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   9/30/99     12/31/99  3/31/00   6/30/00    9/30/00

                        ($ in thousands except per subscriber data)
                                         (unaudited)

 Operating Revenue
  Service revenue  $  38,379   $ 37,771  $ 39,033  $ 41,824  $ 44,274
  Roaming revenue     40,516     34,513    37,834    46,566    53,133
  Equipment &
   other revenue
                       3,679      3,601     3,552     3,805     4,546
                   ---------   --------  --------  --------  --------
 Total                82,574     75,885    80,419    92,195   101,953
 
 Operating Expenses
 (excluding
  depreciation &
  amortization)
   Cost of service    23,760     20,114    19,948    22,203    27,025
   Cost of equipment   4,401      6,074     6,580     6,597     7,477
   Marketing &
    selling            9,070     10,518    10,789    11,627    11,798
   General &
    administrative    11,825     12,401    12,081    12,237    11,568
                   ---------   --------  --------  --------  --------
 Total                49,056     49,107    49,398    52,664    57,868
                   ---------   --------  --------  --------  --------
 
 EBITDA (1)        $  33,518   $ 26,778  $ 31,021  $ 39,531  $ 44,085
                   =========   ========  ========  ========  ========
 
 EBITDA Margin         40.59%     35.29%    38.57%    42.88%    43.24%
 
 Pops (000s)           4,305      4,448     4,448     4,448     4,448
 
 Post-paid
  Gross Adds          30,700     34,700    34,400    33,900    37,200
  Net Adds            10,700     14,800    16,000    14,800    13,000
  Subscribers        292,200    301,800   318,200   333,000   346,000
  Churn                 2.33%      2.26%     1.98%     1.95%     2.38%
  Average Service
   Revenue per
   Subscriber      $      44   $     42  $     42  $     42  $     43
  Average Service
   and Roaming
   Revenue per
   Subscriber      $      91   $     82  $     82  $     90  $     95
 
 Pre-paid
  Net Adds              (600)      --         300       900     1,800
  Subscribers          3,300      3,300     3,600     4,500     6,300
 
 Total
  Net Adds            10,100     14,800    16,300    15,700    14,800
  Subscribers        295,500    305,100   321,800   337,500   352,300
  Penetration           6.86%      6.86%     7.23%     7.59%     7.92%
 
 (1) Includes $1.3 million, $1.5 million, $1.7 million, $1.9 million
     and $2.1 million of EBITDA for the quarters ended September 30,
     1999, December 31, 1999, March 31, 2000, June 30, 2000 and
     September 30, 2000, respectively, related to minority interests.


 Table 7

 Dobson/Sygnet Communications Company
 Financial Information for cellular operations applicable to
 Dobson/Sygnet 12.25% Senior Notes

 (Excludes DOC LLC and American Cellular)

 For the
  Quarter Ended    9/30/99   12/31/99   3/31/00  6/30/00    9/30/00 

                      ($ in thousands except per subscriber data) 
                                      (unaudited)

 Operating Revenue
  Service revenue   $ 25,450  $ 24,706  $ 25,191  $ 28,568   $ 30,995
  Roaming revenue     11,655     8,484     8,589     9,751     11,824
  Equipment &
   other revenue       1,360     1,937     2,110     2,657      2,028
                    --------  --------  --------  --------   --------
 Total                38,465    35,127    35,890    40,976     44,847
 
 Operating Expenses
  (excluding
  depreciation &
  amortization)
   Cost of service     8,115     6,975     6,285     8,408      9,903
   Cost of equipment   3,242     5,171     5,379     4,899      4,075
   Marketing &
    selling            5,737     6,568     7,007     6,008      5,804
   General &
    administrative     4,986     4,484     5,743     6,053      6,501
                    --------  --------  --------  --------   --------
 Total                22,080    23,198    24,414    25,368     26,283
                    --------  --------  --------  --------   --------
 
 EBITDA             $ 16,385  $ 11,929  $ 11,476  $ 15,608   $ 18,564
                    ========  ========  ========  ========   ========
 
 EBITDA Margin         42.60%    33.96%    31.98%    38.09%     41.39%
 
 Pops (1) (000s)       2,374     2,362     2,362     2,362      2,362
 
 Post-paid
  Gross Adds          20,700    26,300    25,400    17,700     17,900
  Net Adds            11,800    13,700    14,800     5,500        500
  Subscribers        211,300   223,800   238,400   243,900    244,400
  Churn                 1.43%     1.93%     1.52%     1.68%      2.37%
  Average Service
   Revenue per
   Subscriber       $     41  $     38  $     36  $     39   $     42
  Average Service
   and Roaming
   Revenue per
   Subscriber       $     60  $     51  $     49  $     53   $     58
  Penetration           8.90%     9.48%    10.09%    10.33%     10.35%


            

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