Wednesday, February 23, 2011

MetroPCS Reaches 8.1 Million Users

MetroPCS Communications ended 2010 with over 8.1 million subscribers. The Company reported full year net income of $193 million, or $0.54 per common share, which includes approximately $59 million in net charges and gains recognized on FCC license exchanges consummated during the year.

On a non-GAAP basis, excluding the loss on extinguishment of debt and gains on FCC license exchanges, net income would have been $252 million, or $0.70 per common share.

"We generated record full year net subscriber additions of over 1.5 million during 2010 and full year consolidated Adjusted EBITDA of approximately $1.18 billion; also a record for the Company. Introduced at the beginning of 2010, adoption of our Wireless for All service plans primarily drove these record results and also contributed to a 190bps decline in full year churn to 3.6%. Our focus on execution, combined with the success of our Wireless for All initiatives, drove approximately 23% year over year subscriber growth and 23% year over year consolidated Adjusted EBITDA growth. Importantly, over the past five years, we have generated impressive results with a CAGR of 29% subscriber growth and 31% Consolidated Adjusted EBITDA growth, both significant accomplishments for a wireless company," said Roger D. Linquist, Chairman, President and Chief Executive Officer of MetroPCS.


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