On June 5, Alltel announced that the company was being acquired by Verizon Wireless.

 

While the deal still must undergo final regulatory approval, the company reportedly says it’s experiencing strong customer growth in the third quarter. For the fourth consecutive quarter, the company has recorded an addition of more than 1 million gross customers.

 

Recording a 10 percent increase from the same period a year ago, the company registered revenue of $2.5 billion. But due to considerable increases in interest costs and depreciation and amortization expenses, Alltel (News - Alert) had to bear a loss of $55.2 million. This came after the completion of the company’s November 2007 merger with an affiliate of TPG Capital and GS Capital Partners.

 

Registering a 28 percent increase from a year ago, the company was able to bring in more than 1 million gross customers through internal growth. Post-pay net additions were 255,299, up 20 percent year-over-year, and prepay net adds were 52,722. Post-pay churn was 1.33 percent, and total churn was 2.02 percent. Total net adds were 335,152. Reseller net adds were 27,131.

 

Providing voice and advanced data services all over the United States, Alltel says it’s America’s largest wireless network. The company has nearly 14 million customers and is headquartered in Little Rock, Arkansas. The company has registered an increase of 63 percent in the net customers this year. Also, the company is posting a 13 percent increase in the consolidated earnings, at $929.8 million.

 

Meanwhile, officials at Verizon (News - Alert) say they’re tackling the sluggish economy by offering low-cost bundled offers to customers.

 

“The Alltel team delivered another terrific quarter, and I continue to admire their ability to execute in a fiercely competitive marketplace,” said President and Chief Executive Officer Scott Ford. “Once again we had strong customer additions and record consolidated EBITDA.”