Categories
Company Analysis

AT&T Market Analysis

AT&T is bringing it all together for consumers, from revolutionary smartphones to next-generation TV services and sophisticated solutions for multi-national businesses. AT&T’s portfolio of services โ€” perhaps the most robust in the marketplace โ€” delivers choice, value and convenience across a range of options. Millions of consumers have chosen our comprehensive service bundles because of our competitive pricing and the convenience of a single bill for wired and wireless voice and data, broadband Internet, TV and messaging services (AT&T, 2013).
The backbone network carries a full range of IP-based services, including wireless data, business video, data and voice services, private line and wavelength traffic, as well as IP-based residential services and Internet access for AT&T’s more than 16.4 million total broadband customers. AT&Tโ€™s consistent dominance in the industry is the reason this firm was chosen as the topic (AT&T, 2013).


AT&T in the Industry
For more than a century, AT&T has consistently provided innovative, reliable, high-quality products and services and excellent customer care. Today, AT&Tโ€™s mission is to connect people with their world, everywhere they live and work, and do it better than anyone else. They are fulfilling this vision by creating new solutions for consumers and businesses and by driving innovation in the communications and entertainment industry (AT&T, 2013).
AT&T is recognized as one of the leading worldwide providers of IP-based communications services to businesses. They also have the nations largest 4G network โ€” covering 275 million people, and 2,000 more 4G cities and towns than Verizon, and the largest international coverage of any U.S. wireless carrier, offering the most phones that work in the most countries. AT&T operates the nationโ€™s largest Wi-Fi network including more than 30,000 AT&T Wi-Fi Hot Spots at popular restaurants, hotels, bookstores and retailers, and provides access to more than 220,000 hotspots globally through roaming agreements. The opportunity market for the US wireless telecommunications services industry is expected to grow by 5 to 8 percent in 2013 according to multiple industry forecast (Wolinsky, 2013).

The Competition
Major national carriers should look to maintain their lead. AT&T Inc. and Verizon Wireless led the US wireless industry, in both subscribers and total revenues in the third quarter of 2012. Between them, the two carriers had roughly 65% of all US subscribers.
AT&T is the second-largest wireless voice and data carrier in the US by subscribers (after Verizon), AT&T serves about 107 million mobile users over a nationwide network that spans all major metropolitan areas. AT&T sold a total of 6.1 million smartphones, trailing the 6.8 million smart phones Verizon last quarter. AT&T holds that it experienced a โ€œrecord sales quarterโ€ for Windows and Android phones; it is obvious that iPhone is the bigger part of the picture at AT&T than it is at its competitorโ€™s Verizon. AT&T also provides international network coverage for its subscribers in more than 200 countries through partnerships with other carriers (Wolinsky, 2013).

Methods used to Analyze Market Structure and Competitiveness
Being in the communication industry, AT&T remains at the top position especially in relation to the way it is performing in the market. Nevertheless, this does not mean that AT&T will maintain its trend. Competition would always come into account and this includes competition with already large companies and other challengers that are still entering the industry. To be able to know how the company performs in the market, several market analysis methods could be applied. One of which is through the Structure-Conduct-Performance Paradigm. Through this process of managing market analysis there are three particular focal points: analysis of market size, analysis of market trend, and analysis of the market growth rate, including the distinction of market profitability and performance.

Analysis of Market Size
A companyโ€™s market share in the wireless industry is measured in terms of the number of individuals who utilize the products and services offered to consumers. The market size reflects the total number of subscribers in the industry, noted as 321.7 million in 2012 (Hoovers, 2013). Other factors to consider include diversification of the market, the different products a company has to offer, as well as the cost a business needs to operate. The identity of a business and its capacity to remain in the industry can be measured according to how many members in the market accept the value, and what it has to offer. The number of wireless subscribers and the years they commit to a specific carrier define the reputation and recognition of a companyโ€™s capacity to remain in the industry. With 107 million subscribers, AT&T services 1/3 of the market with only 1.35% turnover reported in 2012 (Hoovers 2013).

Analysis of Market Trend
The market trend is defined as the process by which the entire industry grows through time. The developments incurred by the industry as a whole provide a clear sense of direction as to where the business might like to head. Realizing the current trends in the market shall provide the business a sense of urgency on identifying how they are supposed to adjust current operations to be able to make sure that they are able to provide what the market wants at the right timing. This is also known as a business’ conduct, and takes a lot into consideration. Some factors include merger policies, current R&D, and product pricing. All of these factors should be taken into consideration when analyzing AT&T’s market trend.
Realizing how the industry grows as a whole provides a defining factor on the path the industry is taking. Considering this rate, the business could attempt to pioneer in certain innovations that they think would have a great impact on the marketโ€™s perception in the future. This is also where a business’s advertising campaign also comes into account. This particular sense of defining the future of the business according to how the whole market grows shall provide the organization a great source of confidence as they define the market in the years to come; often through the new innovative products created for target consumers.

Market Opportunity and Profitability
Industry expectations and knowledge is a key advantage for business organizations. AT&T in particular best benefits from this aspect through seeing what else can be done to improve both their products and services. Foreseeing the marketโ€™s perception against the current situation in the society provides businesses like AT&T an edge in defining their way of operating for the market and for their organization as well. This way, the company has the ability to establish a remarkable name that others will follow, rather than simply create a reputation that follows what the others have already done.
In consideration with operating in a highly diversified industry, it could be analyzed that AT&Tโ€™s procedures of market analysis would provide it a better edge on how to represent the name it hopes to establish among its clients. Potential investors must see the continued efficiency, as well as long-term equity of AT&T. It simply has staying power. People who are ready to accept what the company offers are then given a sense of confidence due to recognition of the innovative culture the business has continued to adapt to. This makes it easier for the market to decide on choosing them, their services, and the products they offer simultaneously.

Analysis
Four-Firm Concentration
C๏ทฉ4๏ทง= 127,434+115,846+70,154+35,345๏ทฉ499,240.4๏ทง=0.69 ๐’๐’“ ๐Ÿ”๐Ÿ—%
The four largest firms in the wireless industry include AT&T (S1), Verizon (S2), Cellco Partnership (S3), and Sprint Nextel (S4). Adding their annual sales and dividing the sum by the total industry sales (ST), reveals the four-firm concentration ratio (Hoovers, 2013).
Herfindahl-Hirschman index (HHI)
๐‘ฏ๐‘ฏ๐‘ฐ=๐Ÿ๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ ๐šบ S๏ทฉi๏ทง๏ทฉ S๏ทฉT๏ทง๏ทง๏ทง๐Ÿ2๏ทง= ๐Ÿ๐ŸŽ,๐ŸŽ๐ŸŽ๐ŸŽ 0.1492๏ทง= ๐Ÿ,๐Ÿ’๐Ÿ—๐Ÿ
where Si is firm iโ€™s sales and ST is total sales in the industry (Hoovers, 2013). The Herfindahl-Hirschman index calculated above does not take into account the thousands of companies world wide in the wireless industry.
With the four-firm concentration ratio of 69% and HHI of 1,492, the wireless industry is highly concentrated. Even though there are hundreds of competitors, the top four largest firms make up 69% of the industry sales and 90% of the market share in terms of number of subscribers (Hoovers, 2013).
AT&T Financial Data
๐‘ต๐’†๐’• ๐‘ท๐’“๐’๐’‡๐’Š๐’• ๐‘ด๐’‚๐’“๐’ˆ๐’Š๐’= ๐‘ต๐’†๐’• ๐‘ฐ๐’๐’„๐’๐’Ž๐’† (millions)๏ทฉ Revenue(๐’Ž๐’Š๐’๐’๐’Š๐’๐’๐’”)๏ทง=$7,264๏ทฉ$127,434๏ทง=5.7%
The Net Profit Margin of 5.7% means that for every dollar of sales, AT&T has a net income of $0.057 (Hoovers, 2013).
๐‘ฎ๐’“๐’๐’”๐’” ๐‘ท๐’“๐’๐’‡๐’Š๐’• ๐‘ด๐’‚๐’“๐’ˆ๐’Š๐’= ๐‘น๐’†๐’—๐’†๐’๐’–๐’†โˆ’๐‘ช๐’๐’”๐’• ๐’๐’‡ ๐‘ฎ๐’๐’๐’…๐’” ๐‘บ๐’๐’๐’… (๐‘ช๐‘ถ๐‘ฎ๐‘บ) R๐’†๐’—๐’†๐’๐’–๐’†
Given that the Gross Profit Margin is 56.67% and Revenue is $127,434 million, the Cost of Goods Sold equates to $55,217 million.
๐‘ช๐‘ถ๐‘ฎ๐‘บ=๐‘น๐’†๐’—๐’†๐’๐’–๐’† ๐Ÿโˆ’๐‘ฎ๐’“๐’๐’”๐’” ๐‘ท๐’“๐’๐’‡๐’Š๐’• ๐‘ด ๐’‚ ๐’“ ๐’ˆ ๐’Š ๐’ ๏ทง =$๐Ÿ๐Ÿ๐Ÿ•,๐Ÿ’๐Ÿ‘๐Ÿ’ ๐Ÿ โˆ’๐ŸŽ .๐Ÿ“ ๐Ÿ” ๐Ÿ” ๐Ÿ• ๏ทง =$๐Ÿ“๐Ÿ“,๐Ÿ๐Ÿ๐Ÿ“
The COGS can be translated as the variable costs since it is dependent on the number of subscribers (or quantity). The fixed costs based on expenses for selling, general and administrative costs are $41,079 million. Therefore, the total costs were $96,294 million. Since AT&T had 107 million subscribers in 2012, the average total cost and the price can be calculated from average total cost and revenue formula.
๐‘จ๐’—๐’†๐’“๐’‚๐’ˆ๐’† ๐‘ป๐’๐’•๐’‚๐’ ๐‘ช๐’๐’”๐’•= ๐‘ป๐’๐’•๐’‚๐’ ๐‘ช ๐’ ๐’” ๐’• ๏ทฉ ๐‘ธ ๐’– ๐’‚ ๐’ ๐’• ๐’Š ๐’• ๐’š ๏ทง = $๐Ÿ— ๐Ÿ” ,๐Ÿ ๐Ÿ— ๐Ÿ’ ๏ทฉ ๐Ÿ ๐ŸŽ ๐Ÿ• ๏ทง =$๐Ÿ–๐Ÿ—๐Ÿ—.๐Ÿ—๐Ÿ’
๐‘ท๐’“๐’Š๐’„๐’†= ๐‘น ๐’† ๐’— ๐’† ๐’ ๐’– ๐’† ๏ทฉ ๐‘ธ ๐’– ๐’‚ ๐’ ๐’• ๐’Š ๐’• ๐’š ๏ทง= $๐Ÿ ๐Ÿ ๐Ÿ•, ๐Ÿ’ ๐Ÿ‘ ๐Ÿ’ ๏ทฉ ๐Ÿ ๐ŸŽ ๐Ÿ• ๏ทง =$๐Ÿ,๐Ÿ๐Ÿ—๐ŸŽ.๐Ÿ—๐Ÿ• ๐’‘๐’†๐’“ ๐’š๐’†๐’‚๐’“=$๐Ÿ—๐Ÿ—.๐Ÿ๐Ÿ– ๐’‘๐’†๐’“ ๐’Ž๐’๐’๐’•๐’‰
Marginal Cost can be derived using fixed costs ($41,079 million) as the total cost at Q0 and the $96,294 million calculated above as the total cost at Q107.
๐‘ด๐’‚๐’“๐’ˆ๐’Š๐’๐’‚๐’ ๐‘ช๐’๐’”๐’•= ๐šซ ๐‘ช ๏ทฉ ๐šซ ๐‘ธ ๏ทง = ๐Ÿ— ๐Ÿ” ,๐Ÿ ๐Ÿ— ๐Ÿ’ โˆ’๐Ÿ’ ๐Ÿ ,๐ŸŽ ๐Ÿ• ๐Ÿ— ๏ทฉ ๐Ÿ ๐ŸŽ ๐Ÿ• โˆ’๐ŸŽ ๏ทง =$๐Ÿ“๐Ÿ๐Ÿ”.๐ŸŽ๐Ÿ
The Lerner index can be calculated using the price and marginal cost results above. The Lerner index can then be applied in deriving the mark-up factor.
๐‘ณ๐’†๐’“๐’๐’†๐’“ ๐’Š๐’๐’…๐’†๐’™= ๐‘ท๐’“๐’Š๐’„๐’†โˆ’๐‘ด๐’‚๐’“๐’ˆ๐’Š๐’๐’‚๐’ ๐‘ช ๐’ ๐’” ๐’• ๏ทฉ ๐‘ท ๐’“ ๐’Š ๐’„ ๐’† ๏ทง = $๐Ÿ ,๐Ÿ ๐Ÿ— ๐ŸŽ .๐Ÿ— ๐Ÿ• โˆ’$๐Ÿ“ ๐Ÿ ๐Ÿ” .๐ŸŽ ๐Ÿ ๏ทฉ $๐Ÿ ,๐Ÿ ๐Ÿ— ๐ŸŽ .๐Ÿ—๐Ÿ• ๏ทง =๐ŸŽ.๐Ÿ“๐Ÿ•
๐‘ด๐’‚๐’“๐’Œ๐’–๐’‘ ๐‘ญ๐’‚๐’„๐’•๐’๐’“= ๐Ÿ ๏ทฉ ๐Ÿ โˆ’๐‘ณ ๏ทง = ๐Ÿ ๏ทฉ ๐Ÿ โˆ’๐ŸŽ .๐Ÿ“ ๐Ÿ• ๏ทง = ๐Ÿ.๐Ÿ‘๐Ÿ
Based on the Lerner index for AT&T, for every $1 of wireless services sold, $0.57 is markup. Alternatively, the price of wireless services from AT&T is 2.31 times the actual marginal cost of production.
Companies that have a high Lerner index and markup factor also have a high Dansby-Willig (DW) Performance index. Even though the DW Performance index could not be calculated for AT&T, the assumption can be made that the DW index would be high meaning that social welfare would improve if AT&T expanded output in a socially efficient manner.

Conclusion
Although arguable, the mobility industry in the United States is highly competitive. The competition in this market is not as much based on a high number of suppliers as much as the competition amongst the suppliers. Comparing the Average Revenue Per User (ARPU) across all major providers shows approximately a plus or minus 10% variance, which is not large considering the relatively low price for the service.
Evaluating, the ARPU across all carriers over the last several years shows a connected movement in pricing. For example, when the price for wireless voice services started to go down all providers had to stay close in their pricing models or risk losing significant market share. The chart below shows a study decline in the average revenue per user for wireless voice services of all users (Statista, 2013). This shows both connected movement downward in pricing as well as competition helping to drive prices down.

Figure 1 Wireless Voice Services ARPU Statista 2013

Conversely, with the tight variance of plus or minus 10% on pricing, for a relatively low price service, no single supplier is able to move their price up significantly and maintain their market share as competitors will not follow. According to the TIAโ€™s 2012 ICT Market Review and Forecast, the combined ARPU for voice and data services showed a decline 2005 through 2010 but will continue to rise through 2015 (TIA, 2012). This increase is price is tied to the increasing marginal cost (MC) of providing wireless services such as the recent large investments into LTE technology that facility based providers have had to make.

Figure 2 Wireless Voice and Data ARPU
As there are only a few firms in the industry, combined with the characteristic of barriers to entry exist, differentiated products and each firm believing competitors will match price cuts but will not follow price increases the mobility industry in the United States appears to follow the Sweezy Oligopoly model. One of the implications of a Sweezy Oligopoly is that there will be a range in which changes in MC do not affect the profit-maximizing level of output. Firms have no incentive to change their pricing when marginal costs remain in a given range. In other words, price is not a direct relationship to MC as suppliers may keep their price constant for a period or range until such time that MC falls out of the accepted range.
With the demonstration of competition lowering prices in the more mature wireless voice services, the continued investment and innovation by the industry as well as the offers by both AT&T and T Mobile to divest assets to as may be requested by the DOJ why did the Department of Justice sue to stop the AT&T โ€“ T Mobile acquisition?
Deputy Attorney General Jim Cole said in a press conference that the merger โ€œwould result in tens of millions of consumers all across the United States facing higher prices, fewer choices and lower quality products for their mobile wireless services (Ovide, 2011)โ€. If AT&T bought T-Mobile, Cole said there would only be three companies with 90% market share of mobile connections in the U.S. โ€œPreserving competition among them is crucial,โ€ Cole said in the press conference. He said, AT&T and T-Mobile compete in 97 of top 100 cellular phone markets (Ovide, 2011).
Additionally, the Federal government had expressed concern over a loss of jobs normally associated with an acquisition during a time of high unemployment in the United States, even though AT&T had indicated that approving this transaction would have provided enough economies of scale and scope to bring many jobs back to the United States.

References
AT&T. (2013). AT&T Inc. Company Information. Retrieved from http://www.att.com/gen/investor-relations?pid=5711
AT&T. (2013). AT&T Inc. Financial Review 2012. Retrieved from http://www.att.com/Investor/ATT_Annual/2012/downloads/att_ar_2012_financials.pdf
Baye, M. Chapter 7: Managerial Economics & Business Strategy / Edition 7.
Hooverโ€™s. (2013). AT&T Inc. Report. Retrieved from http://subscriber.hoovers.com.webpro.ctx.edu/H/company360/overview.html?companyId=11379000000000
Hooverโ€™s. (2013). Wireless Telecommunications Services Report. http://subscriber.hoovers.com.webpro.ctx.edu/H/industry360/overview.html?industryId=1594
Grether, E. T. (1970). Industrial Organization: Past History and Future Problems. American Economic Review, 60(2), pp. 83-89.
Ovide, S. (2011). Government explains why it wants to block AT&T T Mobile deal . Wall Street
Journal. http://blogs.wsj.com/deals/2011/08/31/government-explains-why-it-wants-to block-attt-mobile-deal/
Statista. (2013). Average voice ARPU forecast in the United States from 2008 to 2012 (in U.S.
dollars). Statista. http://www.statista.com/statistics/209144/average-voice-arpu-forecast-
in-the-us/
TIA. (2012). Wireless Monthly ARPU in the United States. ICT Market Review and Forecast.
http://www.totaltele.com/Res/image/_TTo%20news%20images/Charts%202012/TIA%2
0Mar%202012.jpg
Weiss, L. W. (1979). The Structure-Conduct-Performance Paradigm and Antitrust. The University of Pennsylvania Law Review. pp. 1104โ€“1140.
Wolinsky, J. (2013). AT&T thriving amid fierce competition. 10 (January). Retrieved from http://beta.fool.com/valuewalk/2013/01/10/att-thriving-amid-fierce-competition/20772/

Appendix
AT&T Financial Data (in millions)
At Dec 31 for the year ended 2012
Operating revenues $127,434
Operating expenses $114,437
Operating income (loss) $12,997
Interest expense $3,444
Equity in net income of affiliates $752
Other income (expense) – net $134
Income tax expense (benefit) $2,900
Net Income (Loss) $7,539
Less: Net Income Attributable to Noncontrolling Interest $(275)
Net Income (Loss) Attributable to AT&T $7,264

Total assests $272,315
Long-term debt $66,358
Total debt $69,844
Construction and capital expenditures $19,728
Divendends declared per common share 1.77
Book value per common share 16.61
Ratio of earning to fixed charges 2.93
Debt ratio 43%

2,012
Operating Revenues 127,434
Operatin Expenses
– Cost of services and sales 55,215
– Selling, general and administrative 41,079
– Depreciation and amortization 18,143
Total Operating Expenses 114,437
Operating Income 12,997
Interest expense 3,444
Equity in net income of affiliates 752
Other income (expense) – net 134
Income from continuing operations before taxes 10,439
Income from continuing operations 7,539
Net income Attributable to AT&T 7,264
2012 Key Numbers
AT&T
Annual Sales $127.43B
Employees 242,000
Market Cap $188.15B
2012 Profitability
AT&T Industry Median Market Median1
Gross Profit Margin 56.67% 62.55% 34.80%
Pre-Tax Profit Margin 8.19% 9.12% 10.10%
Net Profit Margin 5.70% 4.68% 6.58%
Return on Equity 7.34% 7.45% 10.58%
Return on Assets 2.68% 2.56% 1.95%
Return on Invested Cap 2.87% 4.08% 5.68%
2012 Valuation
AT&T Industry Median Market Median1
Price/Sales Ratio 1.65 1.02 1.27
Price/Earnings Ratio 28.90 26.39 27.32
Price/Book Ratio 2.15 1.63 2.01
Price/Cash Flow Ratio 5.37 4.63 8.94
2012 Operations
AT&T Industry Median Market Median1
Days of Sales Outstanding 37.61 52.85 44.47
Inventory Turnover — 15.73 6.99
Days Cost of Goods Sold in Inventory — 23.21 52.25
Asset Turnover 0.47 0.55 0.30
Net Receivables Turnover Flow 9.70 6.91 8.21
Effective Tax Rate 27.78% 9.40% 28.52%
2012 Financial
AT&T Industry Median Market Median1
Current Ratio 0.71 0.96 1.44
Quick Ratio 0.55 3.74 4.92
Leverage Ratio 2.95 2.76 5.56
Total Debt/Equity 0.76 0.81 0.93
Interest Coverage 4.03 3.57 6.51

ยฉ2013 Morningstar, Inc. Financial Data provided by

Industry Data
Company Location Sales (in millions) (Si/ST)2
AT&T Inc. Dallas, TX 127,434.00 0.065155516
Verizon Communications Inc. New York, NY 115,846.00 0.053844660
Cellco Partnership Basking Ridge, NJ 70,154.00 0.019746286
Sprint Nextel Corporation Overland Park, KS 35,345.00 0.005012294
T-Mobile USA, Inc. Bellevue, WA 19,164.52 0.001473589
CenturyLink, Inc. Monroe, LA 18,376.00 0.001354823
The Southern Company Atlanta, GA 16,537.00 0.001097221
GTE CORPORATION New York, NY 10,173.10 0.000415229
SBC TELEHOLDINGS, INC Chicago, IL 6,466.70 0.000167782
BELLSOUTH CORPORATION Atlanta, GA 6,207.70 0.000154612
NII Holdings, Inc. Reston, VA 6,086.46 0.000148631
Harris Corporation Melbourne, FL 5,451.30 0.000119229
Telephone and Data Systems, Inc. Chicago, IL 5,345.28 0.000114636
MetroPCS Communications, Inc. Richardson, TX 5,101.28 0.000104409
United States Cellular Corporation Chicago, IL 4,452.08 0.000079526
Bellsouth Cellular Corp Atlanta, GA 3,800.00 0.000057936
MCI COMMUNICATIONS CORPORATION Ashburn, VA 3,729.50 0.000055806
Leap Wireless International, Inc. San Diego, CA 3,142.34 0.000039617
AT&T Mobility LLC Atlanta, GA 3,130.50 0.000039319
Qwest Government Services, Inc. Denver, CO 2,027.80 0.000016498
Qwest Communications International Inc. Monroe, LA 2,021.10 0.000016389
XO Holdings, Inc. Herndon, VA 1,529.24 0.000009383
Cincinnati Bell Inc. Cincinnati, OH 1,473.90 0.000008716
NEXTEL COMMUNICATIONS, INC. Reston, VA 1,411.90 0.000007998
Clearwire Corporation Bellevue, WA 1,264.69 0.000006417
ALLTEL CORPORATION Little Rock, AR 1,035.40 0.000004301
Southern New England Telecommunications Corporation New Haven, CT 1,034.50 0.000004294
The Montana Power Company Butte, MT 999.71 0.000004010
BELLSOUTH TELECOMMUNICATIONS, INC. Atlanta, GA 794.80 0.000002535
Omnipoint Corporation Bethesda, MD 782.57 0.000002457
Atlantic Tele-Network, Inc. Salem, MA 741.37 0.000002205
General Communication, Inc. Anchorage, AK 710.18 0.000002024
Virgin Media Holdings, Inc New York, NY 648.60 0.000001688
USA Mobility Wireless, Inc. Springfield, VA 613.00 0.000001508
American Cellular Corporation Oklahoma City, OK 518.49 0.000001079
Tad Telecommunications Inc Cambridge, MA 500.00 0.000001003
Syniverse Technologies, Inc. Tampa, FL 482.99 0.000000936
NTELOS Holdings Corp. Waynesboro, VA 453.99 0.000000827
Asurion Corporation Nashville, TN 416.70 0.000000697
U S Cellular Inc Chicago, IL 384.50 0.000000593
Iridium Communications Inc. Mclean, VA 383.52 0.000000590
The Mobile Solution Corporation San Diego, CA 375.26 0.000000565
RealNetworks, Inc. Seattle, WA 375.20 0.000000565
Alaska Communications Systems Group, Inc. Anchorage, AK 367.83 0.000000543
Stallion Oilfield Services Ltd. Houston, TX 318.80 0.000000408
A T & T Communications of New Jersey Inc Bedminster, NJ 314.30 0.000000396
Southwestern Bell Mobile Systems, LLC Plano, TX 305.70 0.000000375
Embarq Management Company Shawnee Mission, KS 305.70 0.000000375
Multiband Corporation New Hope, MN 300.19 0.000000362
Shenandoah Telecommunications Company Edinburg, VA 288.08 0.000000333
Primus Telecommunications Group, Incorporated Mclean, VA 260.55 0.000000272
SBC GLOBAL SERVICES, INC. Chicago, IL 211.40 0.000000179
Commnet Cellular Inc Greenwood Village, CO 210.98 0.000000179
DOBSON/SYGNET COMMUNICATIONS COMPANY Oklahoma City, OK 202.81 0.000000165
Horry Telephone Cooperative, Inc. Conway, SC 191.80 0.000000148
NEXTEL WEST CORP Redmond, WA 182.70 0.000000134
Cellular Communications of Puerto Rico New York, NY 180.20 0.000000130
Pricellular Wireless Corp White Plains, NY 179.04 0.000000129
Centennial Communications Corp. Wall Township, NJ 173.10 0.000000120
Hawaiian Telcom Communications, Inc. Honolulu, HI 165.90 0.000000110
ALLTEL COMMUNICATIONS, INC. Little Rock, AR 161.90 0.000000105
RigNet, Inc. Houston, TX 161.67 0.000000105
FLORIDA DIGITAL NETWORK, INC Maitland, FL 146.50 0.000000086
SOHEL DISTRIBUTORS NY, LLC Yonkers, NY 138.02 0.000000076
Farmers Telephone Cooperative, Inc. Kingstree, SC 136.16 0.000000074
Qwest Corporation Bellevue, WA 135.80 0.000000074
Stx Wireless Operations, LLC San Diego, CA 125.70 0.000000063
BELLSOUTH COMMUNICATION SYSTEMS, LLC Roanoke, VA 122.70 0.000000060
BELLSOUTH BUSINESS SYSTEMS, INC. Atlanta, GA 122.30 0.000000060
Cavalier Telephone Mid-Atlantic, L.L.C. Richmond, VA 110.60 0.000000049
Next Communications, Inc. Miami, FL 108.97 0.000000048
ENMR-Plateau Telecommunications Clovis, NM 106.55 0.000000046
Buccaneer Holdings, Inc. Washington, DC 105.90 0.000000045
Liberty Cellular, Inc Salina, KS 104.03 0.000000043
Boingo Wireless, Inc. Los Angeles, CA 102.51 0.000000042
Suncom Wireless Holdings, Inc. Bellevue, WA 100.90 0.000000041
FLAIR DATA SYSTEMS INC Plano, TX 100.00 0.000000040
Matanuska Telephone Association, Inc. Palmer, AK 98.93 0.000000039
NEXTEL OF TEXAS INC Austin, TX 95.30 0.000000036
LICT Corporation Rye, NY 92.61 0.000000034
McLeodusa Incorporated Cedar Rapids, IA 91.60 0.000000034
Verizon Cambridge, MA 90.20 0.000000033
Birch Telecom, Inc. Kansas City, MO 89.40 0.000000032
McLeodusa Holdings, Inc Hiawatha, IA 88.20 0.000000031
Russell Cellular, Inc. Battlefield, MO 88.00 0.000000031
BELL ATLANTIC GLOBAL WIRELESS, INC. Philadelphia, PA 86.90 0.000000030
Dobson Communications Corporation Oklahoma City, OK 82.80 0.000000028
Aerial Communications Inc Chicago, IL 82.10 0.000000027
Chickasaw Holding Company Oklahoma City, OK 81.43 0.000000027
5LINX Enterprises, Inc. Rochester, NY 81.36 0.000000027
Smith Bagley, Inc. Show Low, AZ 80.97 0.000000026
Touchstone Wireless Repair and Logistics, LP Plainfield, IN 79.00 0.000000025
Globalstar, Inc. Milpitas, CA 76.32 0.000000023
Western Wireless LLC Little Rock, AR 76.30 0.000000023
FiberTower Corporation San Francisco, CA 76.12 0.000000023
Verizon Delaware LLC Wilmington, DE 72.30 0.000000021
Kaztranscom AO Almaty, Kazakhstan 71.92 0.000000021
American P C S, L P Herndon, VA 71.84 0.000000021
BellSouth Malaysia, Inc. Atlanta, GA 71.53 0.000000021
NATIONWIDE MOTOR SALES CORP. Lutherville Timonium, MD 70.30 0.000000020
TELIGENT, INC Herndon, VA 68.70 0.000000019
Union Telephone Company Mountain View, WY 68.13 0.000000019
Sprint Communications Company L.P. San Mateo, CA 68.00 0.000000019
AmeriVision Communications, Inc. Norfolk, VA 64.14 0.000000017
PowerNet Global Communications Cincinnati, OH 64.00 0.000000016
Cellular Dynamics Telephone Company of Los Angeles, Inc Inglewood, CA 63.98 0.000000016
Nextel of New York, Inc. Elmsford, NY 62.60 0.000000016
Centennial Puerto Rico Operations Corp Wall Township, NJ 61.50 0.000000015
Horizon Cellular Telephone Company, L.P. Malvern, PA 61.50 0.000000015
Salt Lake Cellular Telephone Company (inc) Salt Lake City, UT 60.00 0.000000014
TW Telecom of Colorado LLC Littleton, CO 59.80 0.000000014
Northwestern University Information Technologies Evanston, IL 58.90 0.000000014
Nextel South Corp Norcross, GA 57.80 0.000000013
Xfone, Inc. Lubbock, TX 57.66 0.000000013
Centel-Texas, Inc Shawnee Mission, KS 55.90 0.000000013
COMCAST TELEPHONY COMMUNICATIONS, INC. Philadelphia, PA 55.80 0.000000012
Alltel Communications of Virginia, Inc. Little Rock, AR 55.80 0.000000012
PCC Management Oceanside, CA 55.00 0.000000012
Charys Holding Company, Inc. Atlanta, GA 53.10 0.000000011
Cortland Cellular Communications Corp Henderson, NV 52.50 0.000000011
RURAL CELLULAR CORPORATION Alexandria, MN 51.50 0.000000011
Global Crest Communications, Inc North Miami, FL 49.64 0.000000010
Horizon Pcs, Inc Chillicothe, OH 49.38 0.000000010
NEXTEL OF CALIFORNIA, INC. Reston, VA 49.10 0.000000010
Sumter Electric Membership Corporation Americus, GA 48.54 0.000000009
SRT Communications, Inc. Minot, ND 47.94 0.000000009
C M T Partners Redmond, WA 47.40 0.000000009
GCI Communication Corp. Anchorage, AK 47.20 0.000000009
Velocita Wireless LLC Iselin, NJ 47.10 0.000000009
GCI Cable Inc Anchorage, AK 47.10 0.000000009
E Ritter Communications Holdings Inc Marked Tree, AR 46.13 0.000000009
Ubta-Ubet Communications Inc. Roosevelt, UT 45.85 0.000000008
Atlantic Cellular Company L P Providence, RI 45.09 0.000000008
Youghiogheny Communications-Texas, LLC San Antonio, TX 42.10 0.000000007
Metropcs Wireless, Inc. Richardson, TX 41.90 0.000000007
Nokia Telecommunications Inc Irving, TX 41.70 0.000000007
Professional Teleconcepts Inc Norwich, NY 41.60 0.000000007
Cellular Information Systems Inc New York, NY 41.50 0.000000007
Aeronautical Radio, Inc. Annapolis, MD 40.70 0.000000007
Cybertel Corporation Saint Louis, MO 40.50 0.000000007
Crown Communication Llc. Canonsburg, PA 40.10 0.000000006
Mobile Telesys, Inc. San Diego, CA 39.76 0.000000006
Simply Wireless, Inc. Mc Lean, VA 39.60 0.000000006
FTC Communications, LLC Kingstree, SC 39.00 0.000000006
TRIANGLE TELEPHONE COOPERATIVE ASSOCIATION, INC. Havre, MT 38.99 0.000000006
NeuLion, Inc. Plainview, NY 38.98 0.000000006
United Telephone Company of New Jersey, Inc. Shawnee Mission, KS 38.40 0.000000006
ALLTEL COMMUNICATIONS CORPORATION Newark, OH 38.40 0.000000006
TracFone Wireless, Inc. Miami, FL 38.40 0.000000006
S&B Industry Technologies Limited Partnership Fort Worth, TX 38.00 0.000000006
Blackfoot Telephone Cooperative, Inc. Missoula, MT 37.80 0.000000006
The United Telephone Company of Pennsylvania LLC Shawnee Mission, KS 37.50 0.000000006
T C I of Pennsylvania, Inc. Pittsburgh, PA 37.10 0.000000006
CenturyTel of The Northwest, Inc. Monroe, LA 37.00 0.000000005
Quality One Wireless, LLC Orlando, FL 36.00 0.000000005
Interoute USA Inc New York, NY 36.00 0.000000005
Auto Club Cellular Corporation Newtown, PA 35.49 0.000000005
United Telephone Company of Ohio Shawnee Mission, KS 35.00 0.000000005
Teletouch Communications, Inc. Fort Worth, TX 34.42 0.000000005
Cincinnati Bell Wireless Company. Cincinnati, OH 34.20 0.000000005
Cwork Solutions, LP Wayne, PA 34.10 0.000000005
Cricket Communications, Inc. San Diego, CA 34.00 0.000000005
First Wireless Group, Inc. Ronkonkoma, NY 33.90 0.000000005
Diamond Wireless, LLC Sandy, UT 33.50 0.000000005
United Telephone Company of Kansas Shawnee Mission, KS 33.50 0.000000005
Shenandoah Personal Communications, LLC Edinburg, VA 33.40 0.000000004
Wireless Matrix USA Inc. Herndon, VA 33.33 0.000000004
Accelera Wireless Westwood, MA 33.00 0.000000004
Truestone, LLC Herndon, VA 32.30 0.000000004
United Cellular Inc Grapevine, TX 32.20 0.000000004
Advanced Telecom Solutions Inc Los Angeles, CA 32.00 0.000000004
Orlando Cellular Telephone Company (inc) Altamonte Springs, FL 32.00 0.000000004
Nemont Communications, Inc. Scobey, MT 31.90 0.000000004
Sji, Inc. Larose, LA 31.20 0.000000004
Livetv Airfone, LLC Oak Brook, IL 31.00 0.000000004
United States Cellular Company of Columbia Columbia, MO 31.00 0.000000004
Bell Atlantic Mobile Systems Inc Bedminster, NJ 30.70 0.000000004
Pioneer Telephone Cooperative, Inc. Kingfisher, OK 30.50 0.000000004
Infinity Voip Inc Ocoee, FL 30.00 0.000000004
XIUS-bcgi Bedford, MA 29.74 0.000000004
Ipcs Equipment, Inc. Schaumburg, IL 29.50 0.000000003
Millicom Incorporated New York, NY 29.48 0.000000003
Mobile Communications Corporation of America Ridgeland, MS 29.20 0.000000003
Dentsu Holdings Usa, Inc. New York, NY 28.90 0.000000003
US Unwired Inc. Overland Park, KS 28.80 0.000000003
Shenandoah Network Company Edinburg, VA 28.40 0.000000003
Sprint Telecenters Inc Maitland, FL 28.30 0.000000003
Kore Telematics Inc Alpharetta, GA 28.00 0.000000003
Penn Telecom, Inc. Gibsonia, PA 28.00 0.000000003
Bearcom Operating, LLC Garland, TX 28.00 0.000000003
THE CELLULAR NETWORK COMMUNICATIONS GROUP, INC. Long Island City, NY 27.80 0.000000003
North State Communications High Point, NC 27.70 0.000000003
Rig Telephones, Inc Scott, LA 27.58 0.000000003
Quality Distributors, LLC Phoenix, AZ 27.40 0.000000003
Century Tel of Odon, Inc Lorain, OH 27.40 0.000000003
Rock Hill Telephone Company Rock Hill, SC 27.10 0.000000003
Formus International Inc Denver, CO 26.90 0.000000003
Reagan Wireless Corporation Deerfield Beach, FL 26.87 0.000000003
Madison River Communications Corp Mebane, NC 26.80 0.000000003
Embarq Minnesota, Inc Overland Park, KS 26.50 0.000000003
Prime Communications, L.P. Sugar Land, TX 26.20 0.000000003
Broadpoint, LLC Friendswood, TX 26.20 0.000000003
Celltex Cellular, Inc. Georgetown, TX 26.20 0.000000003
Eclipse Telecommunications Inc Newport News, VA 26.09 0.000000003

TOTAL 499,240.40 0.149285177