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July 20, 2005

Cingular Reports Gains In Profits, Subscribers

Courtesy of Mobile Pipeline

Cingular Wireless Wednesday reported modest gains in revenues and strong increases in profits and the number of new subscribers in the most recent quarter.

The company boasted a gain of 1.1 million new subscribers in the second quarter of 2005, giving it a total of 51.6 million. Those customers are apparently more satisfied as the company reported a "churn rate" of 1.8 percent, significantly lower than its similar rates in previous quarters. Churn rate is the rate at which customers leave one cellular carrier and migrate to another.

The company reported net income of $317 million, compared to a loss of $152 million in the previous quarter. In that previous quarter, the company was still absorbing AT&T Wireless, which it acquired last fall. Cingular reported revenue of $8.6 billion compared to $8.2 billion in the same quarter a year ago. It also represents a 4.6 percent increase over the previous quarter.

Stan Sigman, Cingular's CEO, said the quarterly results bode well for the company.

"These results show once again that our merger is working," Sigman said in a statement. "We are making progress and growing the business, though we of course have a long way to go before our work is done. The complex tasks of integrating networks, systems, processes, and people continue to go well and are on or ahead of schedule."

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