Alltel Hits Estimates, Initiates Layoffs

[UpInArms]

http://www.wirelessweek.com/index.asp?layout=document&doc_id=130595&verticalID=34&vertical=Business+and+Finance&industry=

Alltel posted a fourth-quarter profit, thanks in part to a strong showing from its wireless services business. The wireless division also revealed a reorganization strategy that will result in handing out some pink slips.

The company's net income for the fourth quarter rang in at $259 million, or 83 cents a share, up 1 percent from the $257 million, or 82 cents a share, posted a year ago. Revenue totaled $2 billion. Its wireless business recorded revenue of $1.2 billion, up 6 percent from numbers recorded a year ago. By comparison, Alltel's wireline revenue was up just 1 percent from a year ago to $616 million.

Marking its best quarter in two years, Alltel added 95,000 net wireless customers in the fourth quarter.

<snip>

Alltel says it plans to focus its efforts on "service delivery" and "customer satisfaction." The company's decision to revamp its organizational structure will result in the elimination of between 400 and 600 positions throughout the company. Alltel expects to take a pre-tax charge of $15 million in the first quarter, but says the reorganization will end up saving it about $20 million for full-year 2004.

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and here's a two-fer

http://www.whotv.com/Global/story.asp?S=1613442&nav=2HABKN7s

Packing Plant Layoffs

Des Moines, January 23rd, 2004 - Hundreds of people in Des Moines are waking up wondering if they'll still have a job by the end of the day.

That's because Des Moines' Iowa Packing Company has been sold, and half of the more than 500 employees may not get their jobs back.

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welcome to the bushed recovery!