MetroPCS Reports Q4

DALLAS -- MetroPCS Communications, Inc. (NYSE: PCS), the nation's leading provider of unlimited, flat-rate wireless communications service with no annual contract, today announced financial and operational results for the quarter and year ended December 31, 2010. MetroPCS reported full year 2010 growth in consolidated Adjusted EBITDA of 23% over 2009 and finished 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 related to the extinguishment of our 9 1/4% Senior Notes due 2014 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. The Company reported fourth quarter 2010 net income of $14 million, or $0.04 per common share, which includes approximately $60 million in net charges related to the extinguishment of our 9 1/4% Senior Notes and a gain recognized on a FCC license exchange consummated during the quarter. On a non-GAAP basis, excluding the loss on extinguishment of debt and gain on the FCC license exchange, net income would have been $74 million, or $0.20 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 AllSM 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.

MetroPCS Inc. (NYSE: PCS)