Alltel reports falling earnings

Alltel Corp. has come out with their latest revenue report and the company has said that their profits from wireless business rose. The company gained from sales and added customers in its fourth quarter.

However, the company suffered from falling earnings by around 12%.

Alltel reported profits of $215.9 million, or 58 cents per share. This is down from $255.1 million, 66 cents per share in the same period previous year.

The revenues are up to $2.09 billion, compared to $1.84 billion a year before.

Alltel President and Chief Executive Officer Scott Ford added in a statement that they are currently reviewing “a broad spectrum of options” for their future initiatives.

Ford added: “Our Company’s growth in revenues and earnings, for both the fourth quarter and for the full year, was driven by record-level customer additions as Alltel became a wireless-only business. In total, Alltel returned more than $6.7 billion in cash and Windstream stock to our shareholders. We ended the year with only $2.7 billion in outstanding debt and $1.8 billion in outstanding net debt, maintaining one of the strongest balance sheets in our industry. And, once completed, our share buyback will be one of the largest relative share repurchases over the past decade.”

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