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Alltel earnings rise 21 percent in third quarter Saturday, Oct 20, 2007 Arkansas News Bureau LITTLE ROCK - Alltel Corp. posted a 21 percent rise in third-quarter earnings Friday, in what could be the company's last earnings report as a publicly-traded business. Net income from current businesses was $279.5 million, compared to $230.2 million in the same quarter last year. Alltel, which expects to close a $24.7 billion buyout by two private equity firms by the end of the year, attributed the rise in earnings to customer additions beyond expectations. Total net customer additions were 205,000, a 103 percent increase from a year ago. Average revenue per customer was up 4 percent, to $55.96. Data revenue per customer was $6.36, up 70 percent from last year. Alltel posted record revenue of $2.28 billion, up 14 percent from $2.01 billion a year ago. The company is still awaiting Federal Communications Commission approval for the pending buyout by TPG Capital and Goldman Sachs. The FCC has scheduled a meeting for Oct. 31 but has yet to publish an agenda for the meeting. The pending deal cost Alltel $2.5 million in the third quarter, according to the company's earnings report. So far in 2007, Alltel has spent $35.6 million on costs related to the sale, mainly in financial advisory, legal and regulatory filing fees. Alltel said it expects to spend another $65 million in expenses related to the buyout. Alltel officials did not take questions during Friday's conference call to discuss earnings. TPG and Goldman Sachs have offered Alltel $71.50 per share for the telecom's stock. Shares of Alltel (NYSE: AT) closed Friday at $70.83, up 12 cents. |
