Dobson Communications Increases Fourth Quarter Revenue By 16 Percent and EBITDA By 47 Percent; Company Looks Forward to Continued Growth

Oklahoma City, Oklahoma, UNITED STATES


OKLAHOMA CITY, Feb. 19, 2002 (PRIMEZONE) -- For the quarter ended December 31, 2001, Dobson Communications Corporation (Nasdaq:DCEL) reported total revenue of $150.1 million, an increase of 16 percent over revenue for the same period last year. EBITDA for the final quarter of the year was $59.5 million, 47 percent higher than that for the same quarter of 2000. EBITDA represents earnings before interest, taxes, depreciation, amortization, loss from investment in joint venture and income (loss) from discontinued operations.

These revenue and EBITDA totals include and give effect to the sale of four properties and the planned sale of one additional property to Verizon Wireless (NYSE:VZ) by Dobson Communications and American Cellular. On February 11, 2002, the Company sold single markets in California, Georgia, Ohio and Tennessee to Verizon, and it plans to complete the sale of its partnership interest in the Arizona No. 5 Rural Service Area (RSA) by March 1, 2002. The results of operations from the four properties that were sold and the fifth that is planned for sale are shown in Table 1 as discontinued operations, in accordance with Generally Accepted Accounting Principles (GAAP).

Dobson accounts for its 50 percent interest in American Cellular on an equity basis (Table 1). Dobson and AT&T Wireless (NYSE:AWE) acquired American Cellular in February 2000.

Dobson's fourth quarter net loss applicable to common shareholders was $52.3 million, or $0.56 per share, based on 93.4 million average shares outstanding. The net loss included non-cash preferred stock dividends of $22.9 million and a loss related to American Cellular of $18.6 million.

In the fourth quarter last year, the net loss applicable to common shareholders was $66.2 million, or $0.71 per share, based on an average 93.8 million shares outstanding. This included non-cash preferred stock dividends of $17.6 million and a loss related to American Cellular of $19.2 million.

"Our performance was again strong in the fourth quarter, despite the economic slowdown and weakened consumer confidence," said Everett Dobson, chairman and chief executive officer. "In 2001, we delivered four quarters of consistent growth and excellent operating performance, setting the stage for another strong year in 2002."

With the beginning of 2002, Dobson added two other key achievements. On January 28, the Company announced a new, 10-year roaming agreement with Cingular Wireless, its second largest roaming partner, under which Dobson expects increased roaming traffic from Cingular on its networks. Dobson also committed to further upgrading the voice and data service capabilities of its networks with 2.5-generation, GSM/GPRS technology.

"By adding GSM/GPRS to our state-of-the-art TDMA network, we will have the opportunity to provide roaming services to three of the six national wireless carriers and broaden the range of service offerings that we can provide to our own subscribers," Mr. Dobson said.

For the year ended December 31, 2001, Dobson reported $599.4 million in total revenue, compared with $475.9 million in the previous year; and a net loss applicable to common shareholders of $214.6 million, or $2.28 per share, compared with a net loss applicable to common shareholders of $271.5 million, or $3.04 per share, for the year 2000. The most recent year's net loss applicable to common shareholders included $1.3 million in income from discontinued operations, net of taxes, and $86.3 million in dividends on preferred stock. The year 2000 net loss applicable to common shareholders included a $5.9 million loss from discontinued operations, net of taxes; a $20.4 million extraordinary expense; and $126.7 million in dividends on preferred stock.

Proportionate 4Q Results

Dobson's proportionate results for the fourth quarter also reflected strong increases in revenue, EBITDA and the other key metrics related to its growth strategy. Proportionate results reflect Dobson's 50 percent ownership in American Cellular (Table 3) and include and give effect to the sale of four properties and the planned sale of one additional property to Verizon Wireless.

Proportionate total revenue for the fourth quarter was $202.3 million, a 15 percent increase over revenue of $175.5 million for the same period last year. Fourth quarter EBITDA rose to $78.5 million, a 38 percent increase over EBITDA of $57.0 million for the same period last year (proportionate).

Growth in service revenue related primarily to Dobson's increased base of digital subscribers and the higher service ARPU paid by customers on digital calling plans. ARPU was $41 for the fourth quarter (proportionate, postpaid), compared with $40 in the same quarter last year. Digital customers were particularly important to this increase, generating average monthly revenue of $46 in the fourth quarter of 2001, compared with analog ARPU of $27.

Revenue growth was also supported by continued strength in roaming revenue, based on 236 million roaming minutes-of-use (MOUs) during the quarter (proportionate), an increase of 34 percent over roaming MOUs for the fourth quarter of 2000. For the year as a whole, roaming MOUs were 914 million, a 52 percent increase over proportionate roaming MOUs in 2000.

Fourth quarter gross subscriber additions (proportionate, postpaid) were approximately 98,350. Customer churn remained at 2.0 percent (proportionate, postpaid) for the quarter, well below the average for the U.S. wireless industry and the rural sector. This was in line with churn of in the fourth quarter last year.

Dobson generated approximately 42,600 proportionate net subscriber additions in the fourth quarter of 2001. The Company increased its total year-end proportionate subscriber base to 1.0 million. Again, these totals exclude the operating results of the four properties that were sold and the one that is planned for sale to Verizon Wireless.

Dobson's continuing shift to digital was further enhanced with the migration of approximately 26,550 analog customers to digital calling plans during the quarter. Consequently, as of year-end 2001, 74 percent of Dobson's proportionate subscriber base was digital, compared with 44 percent at the end of 2000.

For the year 2001, Dobson's proportionate total revenue was $808.0 million, compared with $630.6 million for the previous year. EBITDA on a proportionate basis was $313.1 million for 2001, compared with $254.6 million for 2000.

Dobson's net loss and net loss applicable to common shareholders, on a proportionate basis, is identical to its GAAP reporting for 2000 and 2001 (Table 1).

2001 Performance versus Guidance

This strong fourth quarter enabled Dobson to achieve its key goals for 2001 as a whole, in terms of increased subscribers, revenue and EBITDA.

In contrast with the rest of this report, which is reported on a GAAP basis, the following measures include the operating results of the four properties that were sold and the fifth property that is planned for sale to Verizon Wireless (see Table 8). Thus, the following results are non-GAAP. They are proportionate, so they include Dobson's 50 percent interest in American Cellular, which is consistent with the Company's original guidance in early 2001.


 --  Total net subscriber additions for 2001 were 165,600, compared to
     a guided range of 162,000 to 172,000.

 --  Average customer churn was 1.9% for the year, even more favorable
     than the guided range of 2.0% to 2.25%.

 --  2001 ARPU was $42, compared to projected ARPU of approximately
     $40.

 --  Total revenue for 2001 was $902 million, a 20 percent increase.
     Dobson originally projected revenue to increase between 16 and 18
     percent, or a range of $870 million to $885 million. And,

 --  EBITDA of $356 million was on target with the projected range of
     $355 million to $361 million, which represented growth of 16 to
     18 percent.

"I'm very pleased with how well our employee team executed our plan for 2001," Mr. Dobson said.

Network Development

Apart from the properties sold or planned for sale to Verizon, fourth quarter capital expenditures were $12.7 million in the Dobson network and $11.5 million in the American Cellular networks. This brought full-year capital expenditures to $93.0 million and $74.9 million respectively.

This investment has resulted in a remarkable strengthening of Dobson's managed networks:


 --  In the past year, the Company increased total cell sites by 28
     percent, from 1,235 at the beginning of the year to 1,576.

 --  The number of total voice paths in the combined networks
     increased from 29,410 to 45,329 during the year, or 54 percent.
 
 --  In line with Dobson shifting its subscriber base to 74 percent
     digital, the number of digital voice paths in the combined
     networks grew from 14,409 to 30,204 at year-end, an increase of
     110 percent.

 --  And, at December 31, 2000, digital voice traffic was 65 percent
     of total network traffic -- this grew to 87 percent a year later,
     and continues to trend upward.

Dobson's two-year digital build-out was critical to the signing of a new, 10-year roaming agreement with Cingular. In addition, the Company's planned GSM/GPRS overlay will further enhance the networks' capabilities for Dobson's key roaming partners, provide opportunities to establish new roaming relationships, and enhance service to the subscribers on its networks.

Conference Call To Include Guidance

Dobson plans to conduct a conference call to discuss its fourth quarter results on Wednesday, February 20, beginning at 9 a.m. ET (8 a.m. CT). The call will also be broadcast on the Internet. Those interested may access the call by dialing:


    Conference call Nos. (800) 289-0730 
    Pass code            567966 

The call may also be accessed via the internet through the Investor Relations page of Dobson's Website at www.dobson.net. A replay of the call will be available later in the day via Dobson's Website or by phone.


    Replay No.           (888) 203-1112 
    Pass code            567966 

As part of the conference call, the Company expects to discuss its operating outlook and guidance for 2002, and other strategic issues.

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 17 states. 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, but are not limited to, increased levels of competition, shortages of 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)

                       Three Months Ended            Year Ended
                           December 31,             December 31,
                    -----------------------   -----------------------
                        2001        2000          2001        2000
                        ----        ----          ----        ----
 Operating Revenue
   Service revenue  $   85,359   $   70,535   $  329,029   $  253,223
   Roaming revenue      59,943       52,803      247,630      199,049
   Equipment & 
    other revenue        4,820        6,617       22,745       23,674
                    ----------   ----------   ----------   ---------- 
        Total          150,122      129,955      599,404      475,946
                    ----------   ----------   ----------   ---------- 
 Operating Expenses
 (excluding 
   depreciation
   & amortization)
   Cost of service      41,688       34,794      164,198      113,496
   Cost of equipment    11,939       15,955       50,754       48,125
   Marketing & 
    selling             18,915       20,801       74,798       67,442
   General & 
    administrative      18,033       17,810       74,483       65,354
                    ----------   ----------   ----------   ---------- 
       Total            90,575       89,360      364,233      294,417
                    ----------   ----------   ----------   ---------- 

 EBITDA                 59,547       40,595      235,171      181,529

   Depreciation &
   amortization        (48,121)     (44,644)    (184,427)    (157,022)
                    ----------   ----------   ----------   ---------- 
 Operating income 
  (loss)                11,426       (4,049)      50,744       24,507

   Minority interest    (1,497)      (1,115)      (5,895)      (4,215)
   Loss from 
    investment
    in joint 
    venture (a)        (18,565)     (19,185)     (69,901)     (49,622)
   Other (expense)
    income, net         (3,898)         876        1,791        5,519
                    ----------   ----------   ----------   ---------- 
 Loss before 
  interest &
   income taxes        (12,534)     (23,473)     (23,261)     (23,811)
   Interest expense    (31,670)     (39,716)    (143,020)    (136,636)
   Income tax 
    benefit              9,585       16,653       36,650       41,916
                    ----------   ----------   ----------   ---------- 
 Loss from 
  continuing
   operations          (34,619)     (46,536)    (129,631)    (118,531)
   Income (loss) 
    from
    discontinued 
    operations,
    net of taxes         5,236       (2,066)       1,337       (5,922)
   Extraordinary 
    expense, net 
    of income tax         --           --           --        (20,387)
                    ----------   ----------   ----------   ---------- 
 Net Loss              (29,383)     (48,602)    (128,294)    (144,840)
   Dividends on
    preferred 
    stock              (22,893)     (17,616)     (86,326)    (126,686)
                    ----------   ----------   ----------   ---------- 
  Net loss
   applicable 
   to common 
   shareholders     $  (52,276)  $  (66,218)  $ (214,620)  $ (271,526)
                    ==========   ==========   ==========   ==========

 Basic net 
  loss
  applicable
  to common 
  shareholders
  per common 
  share:
   Continuing 
    operations      $    (0.37)  $    (0.50)  $    (1.37)  $    (1.32)
   Discontinued 
    operations            0.06        (0.02)        0.01        (0.07)
   Extraordinary 
    expense               --           --           --          (0.23)
   Dividends on 
    preferred 
    stock                (0.25)       (0.19)       (0.92)       (1.42)
                    ----------   ----------   ----------   ---------- 
 Basic net 
  loss 
  applicable
  to common 
  shareholders 
  per common 
  share             $    (0.56)  $    (0.71)  $   (2.28)   $    (3.04)
                    ==========   ==========   ==========   ==========
 Basic weighted 
  average common 
  shares 
  outstanding       93,384,356   93,816,208   93,969,310   89,417,829
                    ==========   ==========   ==========   ==========

 (a) Represents the Company's 50% ownership in the Net Loss from 
     American Cellular. Detailed as follows:       

 EBITDA                     37,939     32,714     155,947    146,163
 Depreciation and
  Amortization             (47,713)   (44,120)   (182,637)  (147,257)
 Interest Expense          (41,657)   (41,695)   (165,457)  (132,447)
 Other Income, net           1,245         18       3,723        536
 Income tax benefit         14,470     15,191      52,200     32,929
 Income (loss) from
  Discontinued
  operations, net
  of taxes                    (150)      (478)     (1,439)       832
 Dividends on
  preferred stock           (1,264)      --        (2,139)      --
                          --------   --------    --------   --------
 Net Loss of
 American Cellular (100%)  (37,130)   (38,370)   (139,802)   (99,244)
                          ========   ========    ========   ========

 Table 2

 Dobson Communications Corporation
 Selected Financial Data
                                                   December 31, 2001
                                                 --------------------
                                                   ($ in millions)

 Cash and cash equivalents                       $             161.6
                                                 ===================
 Total Debt: (a)
   Dobson Operating Co., L.L.C 
    credit facility                              $             822.3
   Dobson/Sygnet credit facility                               300.1
   DCC 10.875% Senior Notes, net                               298.1
   Dobson/Sygnet Senior Notes                                  200.0
   Other                                                         0.4
                                                 -------------------
      Total debt                                 $           1,620.9
                                                 ===================
  Preferred Stock:
   Series AA Preferred Stock, 5.96%              $             200.0
   Senior Exchangeable Preferred Stock,
    12.25%, net                                                356.9
   Senior Exchangeable Preferred Stock,
    13.00%                                                     235.0
                                                 -------------------
      Total preferred stock                      $             791.9
                                                 ===================


                                                      Year Ended
                                                   December 31, 2001
                                                 --------------------
                                                    ($ in millions)
 
 Capital Expenditures: (b)                       $              93.0
                                                 ====================

 (a) Does not include our proportionate interest in American
     Cellular's total debt of $1.81 billion. 
 (b) Does not include our proportionate share of American Cellular's 
     capital expenditures for the year ended December 31, 2001 
     totaling $74.9 million.


 Table 3

 Dobson Communications Corporation
 Proportionately Consolidated Selected Financial Information
  (Includes 50% of American Cellular's operations to represent 
   proportionate ownership)

 For the Quarter Ended     
                 12/31/00    3/31/01    6/30/01    9/30/01   12/31/01
                     ($ in thousands except per subscriber data)
                                        (unaudited) 
 Operating 
 Revenue
  Service 
   revenue      $  99,554  $ 104,043  $ 115,831  $ 122,869  $ 119,553
  Roaming
   revenue         67,098     64,200     81,801     92,286     75,468
 Equipment &
  other revenue     8,850      8,062      8,699      7,963      7,249
               ---------- ---------- ---------- ---------- ----------
      Total       175,502    176,305    206,331    223,118    202,270
               ---------- ---------- ---------- ---------- ----------
 Operating 
  Expenses
  (excluding
  depreciation 
  & amorti-
  zation)
  Cost of 
   service         44,749     47,976     54,450     59,034     56,092
  Cost of
   equipment       21,568     18,778     17,792     17,060     15,715
  Marketing &
   selling         28,032     25,538     25,585     25,968     25,937
  General &
   Admini-
    Strative       24,202     26,096     25,849     27,000     26,010
               ---------- ---------- ---------- ---------- ----------
       Total      118,551    118,388    123,676    129,062    123,754
               ---------- ---------- ---------- ---------- ----------

 EBITDA(a)      $  56,951  $  57,917  $  82,655  $  94,056  $  78,516
               ========== ========== ========== ========== ==========

 EBITDA Margin       32.5%      32.9%      40.1%      42.2%      38.8%

 Pops           8,722,800  8,852,500  8,852,500  8,852,500  8,852,500

 Post-paid
   Gross Adds     102,750     83,900     83,950     90,250     98,350
   Net Adds        54,450     34,700     36,200     38,950     40,150
   Subscribers    852,750    887,450    923,650    962,600    999,300
   Churn              2.0%       2.0%       1.7%       1.8%       2.0%
   Average 
    Service
    Revenue per
    Subscriber  $      40  $      40  $      42  $      43  $      41
   Average 
    Service
    and Roaming
    Revenue per
    Subscriber  $      67  $      64  $      73  $      76  $      66

  Pre-paid
    Net Adds        2,900      2,300      2,150        400      2,450
    Subscribers    12,550     14,850     17,000     17,400     16,950

  Total
   Net Adds        57,350     37,000     38,350     39,350     42,600
   Subscribers(b) 865,300    902,300    940,650    980,000  1,016,250
   Penetration        9.9%      10.2%      10.6%      11.1%      11.5%

 (a)  Includes $1.5 million, $1.6 million, $2.0 million $2.1 million 
      and $1.9 million of EBITDA for the quarters ended December 31, 
      2000, March 31, 2001, June 30, 2001, September 30, 2001 and 
      December 31, 2001 respectively, related to minority interests.
 (b)  Billing reconciliation included in fourth quarter 2001
     subscribers.

 Table 4

 Dobson Communications Corporation

 For the Quarter Ended
             12/31/00     3/31/01     6/30/01     9/30/01    12/31/01
                    ($ in thousands except per subscriber data)
                                      (unaudited)
 Operating
 Revenue
  Service
   revenue $   70,535  $   74,485  $   82,222  $   86,963  $   85,359
  Roaming
   revenue     52,803      50,837      64,641      72,209      59,943
  Equipment
   & other
   revenue      6,617       5,839       6,414       5,672       4,820
           ----------  ----------  ----------  ----------  ----------
    Total     129,955     131,161     153,277     164,844     150,122
           ----------  ----------  ----------  ----------  ----------
 Operating 
 Expenses
 (excluding
 deprecia-
 tion &
 amorti-
 zation)
  Cost of
   service     34,794      36,304      41,359      44,846      41,688
  Cost of
   equipment   15,955      13,294      12,842      12,679      11,939
  Marketing
   & selling   20,801      18,487      18,737      18,659      18,915
  General &
   admini-
   strative    17,810      19,056      18,391      19,004      18,033
           ----------  ----------  ----------  ----------  ----------
    Total      89,360      87,141      91,329      95,188      90,575
           ----------  ----------  ----------  ----------  ----------

 EBITDA(a) $   40,595  $   44,020  $   61,948  $   69,656  $   59,547
           ==========  ==========  ==========  ==========  ==========

 EBITDA
  Margin         31.2%       33.6%       40.4%       42.3%       39.7%

 Pops       6,354,000   6,354,000   6,354,000   6,354,000   6,354,000

 Post-paid
  Gross Adds   70,200      56,300      58,400      62,000      69,900
  Net Adds     34,800      20,300      23,200      26,000      27,700
  Sub-
   scribers   590,500     610,800     634,000     660,000     685,600
  Churn           2.1%        2.1%        1.8%        1.9%        2.1%
  Average
   Service
   Revenue
   per Sub-
   scriber $       41  $       41  $       44  $       45  $       42
  Average 
   Service
   and
   Roaming
   Revenue
   per Sub-
   scriber $       72  $       69  $       78  $       82  $       72

 Pre-paid
  Net Adds      3,100       2,300       2,700         600       2,700
  Subscribers   9,200      11,500      14,200      14,800      14,600

 Total
  Net Adds     37,900      22,600      25,900      26,600      30,400
  Sub-
   Scrib-
   ers(b)     599,700     622,300     648,200     674,800     700,200
  Pene-
   tration        9.4%        9.8%       10.2%       10.6%       11.0%

 (a) Includes $1.5 million, $1.6 million, $2.0 million $2.1 million
     and $1.9 million of EBITDA for the quarters ended December 31,
     2000, March 31, 2001, June 30, 2001, September 30, 2001 and
     December 31, 2001 respectively, related to minority interests.
 (b) Billing reconciliation included in fourth quarter 2001
     subscribers.

 Table 5

 American Cellular Corporation

 For the Quarter Ended
             12/31/00     3/31/01     6/30/01     9/30/01    12/31/01
                    ($ in thousands except per subscriber data)
                                      (unaudited)
 Operating
 Revenue
  Service
   revenue $   58,037  $   59,117  $   67,219  $   71,812  $   68,389
  Roaming
   revenue     28,589      26,727      34,320      40,154      31,050
  Equipment
   & other
   revenue      4,468       4,446       4,568       4,583       4,858
           ----------  ----------  ----------  ----------  ----------
   Total       91,094      90,290     106,107     116,549     104,297
           ----------  ----------  ----------  ----------  ----------
 Operating
 Expenses
 (excluding
 deprecia-
 tion &
 amorti-
 zation)
  Cost of
   service     19,909      23,343      26,181      28,375      28,807
  Cost of
   equipment   11,227      10,968       9,900       8,762       7,552
  Marketing
   & selling   14,460      14,103      13,696      14,619      14,045
  General &
   admini-
   strative    12,784      14,081      14,917      15,993      15,954
           ----------  ----------  ----------  ----------  ----------
   Total       58,380      62,495      64,694      67,749      66,358
           ----------  ----------  ----------  ----------  ----------

 EBITDA    $   32,714  $   27,795  $   41,413  $   48,800  $   37,939
           ==========  ==========  ==========  ==========  ==========

 EBITDA
  Margin         35.9%       30.8%       39.0%       41.9%       36.4%

 Pops       4,737,600   4,997,000   4,997,000   4,997,000   4,997,000

 Post-paid
  Gross Adds   65,100      55,200      51,100      56,500      56,900
  Net Adds     39,300      28,800      26,000      25,900      24,900
  Sub- 
   scribers   524,500     553,300     579,300     605,200     627,400
  Churn           1.7%        1.9%        1.6%        1.7%        1.7%
  Average
   Service
   Revenue
   per Sub-
   scriber $       38  $       36  $       39  $       40  $       37
  Average
   Service
   and
   Roaming
   Revenue
   per Sub-
   scriber $       57  $       53  $       60  $       63  $       54

 Pre-paid
  Net Adds       (400)       --        (1,100)       (400)       (500)
  Subscribers   6,700       6,700       5,600       5,200       4,700

 Total
  Net Adds     38,900      28,800      24,900      25,500      24,400
  Sub-
   Scrib-
   ers(a)     531,200     560,000     584,900     610,400     632,100
  Pene-
   tration       11.2%       11.2%       11.7%       12.2%       12.6%

 (a) Billing reconciliation included in fourth quarter 2001
     subscribers.

 Table 6

 Dobson Operating Company LLC
 
 For the Quarter Ended
             12/31/00     3/31/01     6/30/01     9/30/01    12/31/01
                    ($ in thousands except per subscriber data)
                                     (unaudited)
 Operating
 Revenue
  Service
   revenue $   39,933  $   43,525  $   48,799  $   51,476  $   50,591
  Roaming
   revenue     42,459      41,040      53,645      59,094      47,753
  Equipment
   & other
   revenue      4,558       3,881       4,766       4,033       3,169
           ----------  ----------  ----------  ----------  ----------
   Total       86,950      88,446     107,210     114,603     101,513
           ----------  ----------  ----------  ----------  ----------
 Operating
 Expenses
 (excluding
 deprecia-
 tion &
 amorti-
 zation)
  Cost of
   service     26,197      26,732      30,226      33,096      30,289
  Cost of
   equipment    7,416       7,349       8,039       7,424       5,975
  Marketing
   & selling   13,613      12,173      12,545      12,391      12,045
  General &
   admini-
   strative    11,414      11,967      11,404      12,025      11,704
           ----------  ----------  ----------  ----------  ----------
   Total       58,640      58,221      62,214      64,936      60,013
           ----------  ----------  ----------  ----------  ----------

 EBITDA(a) $   28,310  $   30,225  $   44,996  $   49,667  $   41,500
           ==========  ==========  ==========  ==========  ==========

 EBITDA
  Margin         32.6%       34.2%       42.0%       43.3%       40.9%

 Pops       3,996,300   3,996,300   3,996,300   3,996,300   3,996,300

 Post-paid
  Gross Adds   40,800      34,100      38,400      39,400      38,000
  Net Adds     20,600      16,200      18,700      17,400      13,600
  Subscribers 331,800     348,000     366,700     384,100     395,900
  Churn           2.1%        1.9%        1.7%        2.0%        2.1%
  Average
   Service
   Revenue
   per Sub-
   scriber $       41  $       42  $       45  $       45  $       43
  Average
   Service
   and
   Roaming
   Revenue
   per Sub-
   scriber $       85  $       82  $       95  $       98  $       84

 Pre-paid
  Net Adds      2,800       2,200       2,500         300       2,400
  Subscribers   8,700      10,900      13,400      13,700      14,000

 Total
  Net Adds     23,400      18,400      21,200      17,700      16,000
  Sub-
   Scrib-
   ers(b)     340,500     358,900     380,100     397,800     409,900
  Pene-
   tration        8.5%        9.0%        9.5%       10.0%       10.3%

 (a) Includes $1.5 million, $1.6 million, $2.0 million $2.1 million
     and $1.9 million of EBITDA for the quarters ended December 31,
     2000, March 31, 2001, June 30, 2001, September 30, 2001 and
     December 31, 2001 respectively, related to minority interests.
 (b) Billing reconciliation included in fourth quarter 2001
     subscribers.

 Table 7

 Dobson/Sygnet Communications Company

 For the Quarter Ended
             12/31/00     3/31/01     6/30/01     9/30/01    12/31/01
                   ($ in thousands except per subscriber data)
                                   (unaudited)
 Operating
 Revenue
  Service
   revenue $   30,590  $   30,956  $   33,404  $   35,484  $   34,769
  Roaming
   revenue     10,345       9,797      10,996      13,115      12,189
  Equipment
   & other
   revenue      2,058       1,958       1,667       1,639       1,651
           ----------  ----------  ----------  ----------  ----------
   Total       42,993      42,711      46,067      50,238      48,609
           ----------  ----------  ----------  ----------  ----------
 Operating
 Expenses
 (excluding
 deprecia-
 tion &
 amorti-
 zation)
  Cost of
   service      8,597       9,572      11,134      11,750      11,399
  Cost of
   equipment    8,538       5,946       4,802       5,255       5,964
  Marketing
   & selling    7,189       6,314       6,192       6,268       6,870
  General &
   admini-
   strative     6,240       7,065       6,995       6,986       6,332
           ----------  ----------  ----------  ----------  ----------
   Total       30,564      28,897      29,123      30,259      30,565
           ----------  ----------  ----------  ----------  ----------
 EBITDA    $   12,429  $   13,814  $   16,944  $   19,979  $   18,044
           ==========  ==========  ==========  ==========  ==========

 EBITDA
  Margin        28.91%      32.34%      36.78%      39.77%      37.12%

 Pops       2,357,700   2,357,700   2,357,700   2,357,700   2,357,700

 Post-paid
  Gross Adds   29,400      22,200      20,000      22,600      31,900
  Net Adds     14,200       4,100       4,500       8,600      14,100
  Sub-
   scribers   258,700     262,800     267,300     275,900     289,700
  Churn           2.0%        2.3%        1.9%        1.7%        2.1%
  Average
   Service
   Revenue
   per Sub-
   scriber $       41  $       40  $       42  $       44  $       41
  Average
   Service
   and
   Roaming
   Revenue
   per Sub-
   scriber $       54  $       52  $       56  $       60  $       55

 Pre-paid
  Net Adds        300         100         200         300         300
  Subscribers     500         600         800       1,100         600

 Total
  Net Adds     14,500       4,200       4,700       8,900      14,400
  Sub-
   Scrib-
   ers(a)     259,200     263,400     268,100     277,000     290,300
  Pene-
   tration       11.0%       11.2%       11.4%       11.8%       12.3%

 (a) Billing reconciliation included in fourth quarter 2001
     subscribers.

 Table 8
 
 Dobson Communications Corporation
 Proportionately Consolidated Selected Financial Information including
 results from discountued operations 
  (Includes 50% of American Cellular's operations to represent
  proportionate ownership and the results from markets sold to Verizon
  during 2002, which will be presented as discontinued operations
  under GAAP)
 

                               For the quarter        For the year
                               ended 12/31/01        ended 12/31/01
                          ($ in thousands except per subscriber data)
                                          (unaudited)
 Operating Revenue
   Service revenue           $   127,851              $   494,741
   Roaming revenue                92,113                  372,540
   Equipment & other 
    revenue                        7,884                   34,419
                             -----------              -----------
 Total                           227,848                  901,700
                             -----------              -----------

 Operating Expenses
 (excluding depreciation 
  & amortization)
   Cost of service                61,382                  239,639
   Cost of equipment              17,401                   76,597
   Marketing & selling            28,267                  112,864
   General 
    & administrative              28,650                  116,914
                             -----------              -----------
 Total                           135,700                  546,014
                             -----------              -----------

 EBITDA                      $    92,148              $   355,686
                             ===========              ===========

 EBITDA Margin                     40.44%                   39.45%

 Pops                          9,856,100                9,856,100

 Post-paid
   Gross Adds                    106,700                  384,300
   Net Adds                       43,100                  157,700
   Subscribers                 1,067,200                1,067,200
   Churn                             2.0%                     1.9%
   Average Service 
    Revenue per
    Subscriber               $        41              $        42
   Average Service 
    and Roaming
    Revenue per 
    Subscriber               $        70              $        73

 Pre-paid
   Net Adds                        2,200                    7,900
   Subscribers                    21,800                   21,800

 Total
   Net Adds                       45,400                  165,600
   Subscribers(a)              1,089,000                1,089,000
   Penetration                      11.1%                    11.1%

 (a) Billing reconciliation included in fourth quarter 2001
     subscribers.


        

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