Sprint wireless affiliate UbiquiTel restated past financials and turned in a solid fourth-quarter performance.
The Conshohocken, Pa., cell-phone service says a review of its accounting for antenna leases for the past three years would add $1.5 million in deferred rent liability. The company restated its numbers for 2002, 2003 and half of 2004 to reflect the adjusted bookkeeping.
For the fourth quarter, UbiquiTel posted an adjusted net loss of $1.4 million, or a penny a share, on sales of $98.3 million. Analysts had been looking for a penny loss on $100 million in sales.
The company added 15,000 net new subscribers and saw its monthly customer defection rate fall to 2.9% from 3.1% in the previous quarter.
Looking ahead to 2005, the company expects to swing to a profit on about $440 million in total revenue. Analysts had expected $429 million, according to Thomson First Call.
UbiquiTel shares closed up 3 cents at $6.70 Monday.