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Full Year Revenues of $1.26 Billion, Up 1%; Full Year Retail Revenues Up 5% to $795.6 Million
Total Ending Subscribers of 9.6 Million, Down 8% Year Over Year From 10.4 Million
2012 Adjusted EBITDA Loss Improved by $157.0 Million Year Over Year to $(156.9) Million
BELLEVUE, Wash., Feb. 12, 2013 (GLOBE NEWSWIRE) --
Clearwire Corporation (Nasdaq:CLWR), a leading provider of 4G wireless broadband services in the U.S., today reported its financial and operating results for fourth quarter and full year 2012.
"In fourth quarter 2012, we have once again delivered solid results resulting in top-line growth and 50% year over year improvement in full year Adjusted EBITDA loss in 2012," said Erik Prusch, President and CEO of Clearwire. "Our full year 2012 results demonstrate our continued focus on reducing costs, managing revenues and liquidity, and providing exceptional service to our customers during a transition period as we build an LTE network equipped to provide wireless consumers the speeds and capacity they desire."
Total revenue for full year 2012 increased 1% year over year to $1.26 billion driven by retail revenues which increased 5% to $795.6 million in 2012 from $758.3 million in 2011. Fourth quarter 2012 total revenue declined 14% year over year to $311.2 million primarily due to the expected year over year decline in wholesale revenue. Fourth quarter wholesale revenue of $116.6 million, was relatively flat compared to third quarter 2012 wholesale revenue of $116.5 million, and down 29% year over year, reflecting the fixed wholesale WiMAX revenue terms of the 4G MVNO Agreement with Sprint which took effect in 2012 and will continue through 2013. Retail revenue and other revenue decreased 2% year over year to $194.7 million in fourth quarter 2012. Retail average revenue per user (ARPU) was $44.10 representing a decrease of $2.59 year over year compared to $46.69 in fourth quarter 2011 primarily due to lower equipment lease and activation revenue under the no-contract offering which was fully launched in 2012.