OKLAHOMA CITY, Sept. 6, 2001 (PRIMEZONE) -- Dobson Communications Corporation (Nasdaq:DCEL) today announced that it has retained Banc of America Securities and Lehman Brothers to assist Dobson in identifying and evaluating various strategic alternatives with the goal of maximizing shareholder value. Alternatives may include a potential merger, sale of all or part of the Company, restructuring, acquisition or strategic alliance. There is no assurance that any transaction will be entered into or completed.
"Over the past five years, we have acquired and built out what we believe are some of the most valuable, strategically attractive wireless assets in the United States," said Everett R. Dobson, chairman and chief executive officer. "Dobson Communications has never been stronger financially and expects to be free cash flow positive in 2002. With the U.S. wireless industry poised for another round of consolidation, we believe it is prudent to explore all of the Company's strategic options."
Dobson Communications is a leading provider of wireless 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. Dobson has expanded rapidly in recent years through internal growth and by acquisition.
Including its proportionate 50 percent ownership in American Cellular Corporation, Dobson reported total revenue of $819.6 million and EBITDA of $312.9 million for the 12 months ended June 30, 2001. Dobson reported a net loss applicable to common shareholders for the 12 months ended June 30, 2001 of $227.3 million. EBITDA represents earnings before interest, taxes, depreciation, amortization and loss from investment in joint venture.
Dobson and American Cellular's networks cover 12.2 million POPs and 1.3 million subscribers. The combined networks have 100-percent digital voice coverage and include approximately 1,600 cell sites and 41,300 voice paths. At June 30, 2001, 61 percent of Dobson and American Cellular's subscribers were on digital calling plans.
For additional information on the Company and its operations, please visit its Website 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, restrictions on the Company's ability to finance its growth, any market changes that would significantly decrease consumer demand for wireless products, 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.