Alltel Comes Up Short

Adjusted earnings are 77 cents a share.
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Alltel

(AT) - Get Report

shares dipped Friday on a fourth-quarter earnings shortfall.

The Little Rock telco posted a net income of $255 million, or 66 cents a share, on sales of $2.58 billion. Excluding one-time charges for hurricane and integration costs, the company's adjusted profit was 77 cents a share, missing analysts' expectations for 83 cents for the quarter ended last month.

Alltel says it added 147,000 cell phone subscribers in the quarter. With the addition of wireless operations in nine new states, the company now has more than 10 million mobile phone users.

Last month, Alltel decided to go all wireless and said it was spinning off its conventional phone business to

Valor

(VCG)

and retaining its cellular operation.

"This was a busy year strategically for our company and I am very proud of the entire team for all that we accomplished," said CEO Scott Ford in a press release Friday.

Alltel shares fell 80 cents, to $60.68 in premarket trading Friday.