iPCS, an affiliate of Sprint Nextel, today reported a loss of $7.5 million on revenue of $132.1 million for Q3 2008.
The results represent a large drop from the same quarter last year, when iPCS lost $2.4 million on revenue of $142.1 million.
However, good news came from the customer front, where the company added about 20,400 customers. Also, the company reported churn was 2.3%, down from 2.8% last year.
“We are pleased with subscriber activity for the quarter, which showed good growth over the prior year and prior quarter and continuing positive momentum in our sales efforts,” said CEO Timothy Yager. “However, we are disappointed with our adjusted EBITDA, as a number of items moved against our outlook for the quarter. We saw higher than expected customer care credits and lower bad debt recoveries passed on to us by Sprint, in addition to higher roaming expense.”
Yager said iPCS continues to discuss these issues with Sprint, but hasn’t yet reached a satisfactory resolution.