Subscriber revenues for the first quarter were $30.5 million, up 49 percent over the previous quarter and up 292 percent over the first quarter of 2000. Alamosa had previously announced on April 10, 2001 that subscribers grew to 261,345 at the end of the first quarter, up 128,405 subscribers, or 97 percent, over subscribers at the end of the previous quarter. Subscribers at March 31, 2001 were 210,833 greater than subscribers at the end of the first quarter of 2000 for an increase of 417 percent. This includes 27,817, 11,864 and 50,202 subscribers acquired in the mergers of Roberts Wireless, Washington Oregon Wireless and Southwest PCS, respectively.
During the quarter ended March 31, 2001, Alamosa accomplished the following:
Issued $250 million of Senior Notes in January;
Closed the mergers with Roberts Wireless (Roberts) and Washington Oregon Wireless (WOW) on February 14th and closed on a $280 million Senior Secured Credit Facility;
Announced the merger with Southwest PCS on March 9th and closed the transaction on March 30th and concurrently increased the Senior Secured Credit Facility to $333 million.
Financial results for the first quarter include the results of Roberts and WOW since February 14, 2001 when these mergers were closed and accounted for under the purchase method of accounting. The merger with Southwest PCS was closed on March 30, 2001 and was accounted for under the purchase method of accounting. As such, first quarter financial results do not include any operating results of Southwest PCS.
Total revenue for the first quarter of 2001 was $45.8 million, including subscriber revenue of $30.5 million, roaming revenue of $11.4 million and product sales of $3.9 million. Subscriber revenue represented a 49 and 292 percent increase over the previous quarter and the first quarter of 2000, respectively while roaming revenue grew 79 percent and 353 percent, respectively. Earnings before interest, taxes, depreciation and amortization, or EBITDA, excluding non-cash compensation were negative ($16.7) million for the first quarter of 2001. Excluding customer acquisition costs and charges for merger and acquisition expenses, resulting EBITDA was a positive $6.0 million for the quarter.
Average monthly revenue per user (ARPU) was $82 for the first quarter including roaming and $60 without roaming, as compared to $84 and $63 for the first quarter of 2000. Average minutes of use per month in the first quarter were 488 per average subscriber including roaming and 398 without roaming. Churn was approximately 2.5 percent, and total system minutes of use were approximately 249 million for the quarter. Licensed POPs were 15.6 million and covered POPs totaled approximately 9.2 million.
At the end of the quarter, Alamosa had cash and short-term investments of approximately $197 million and committed but unused credit facilities of approximately $130 million. Capital expenditures for the first quarter were $34.4 million. Alamosa continues to be significantly over funded through its estimated EBITDA breakeven point.
We are extremely pleased with the great strides that we have made during the first quarter, said David E. Sharbutt, chairman and chief executive officer. In closing the mergers with Roberts Wireless, Washington Oregon Wireless and Southwest PCS during the quarter, we are now the largest Sprint affiliate with a contiguous footprint from the southwestern region of the United States through the Midwest.
