alltel 05 all telannual
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annual review 2005
the power of two
In 2005, over a decade of carefully executed acquisition and growth culminated in Alltel owning and
operating the nation’s largest wireless network, covering more of the country than any other company. This
strategic milestone, cemented by the merger with Western Wireless, also paved the way for a historic spin-off
of our 60-year-old wireline business. Going forward, both our wireless and wireline businesses will be free to
deliver optimum shareholder value.
In Alltel’s final full year as an integrated wireless and wireline
company, I am pleased to report solid results for 2005 and an exciting
outlook for the future. Even with a major equity unit conversion and a
record level of mergers and acquisitions, we increased our fully diluted
earnings per share under Generally Accepted Accounting Principles
(GAAP) to $3.87 and earnings per share from current businesses
to $3.41. The Alltel Board of Directors also increased our dividend for
the 45th consecutive year, raising the indicated annual rate by 1.3
percent to $1.54 per common share.
Our consolidated revenues and operating income from current
businesses grew 15 percent and 11 percent, respectively, led by a
24 percent increase in wireless revenue and a 23 percent increase in
wireless segment income. Our wireline operations saw decreases of
two percent in revenues and segment income. We improved our
already solid balance sheet, ending the year with 1.4 times net debt
to operating income (before depreciation and amortization) and net
debt to total capitalization of just 28 percent.
operational highlightsUnder the banner of a new logo and new brand, each of our
communications businesses made significant advances in 2005.
In our wireless business, we added two million new customers,
driven mainly by the acquisition of Western Wireless. Average
revenue per customer grew five percent to $50.42 in our heritage
markets (excluding markets acquired in 2005) and increased seven
percent to $51.44 overall, reflecting our continued commitment to
industry-leading customer care and increased revenue from data
services. Overall post-pay churn declined to 1.8 percent. With the
announced $1 billion acquisition of Midwest Wireless, which we
expect to finalize in the first half of this year, we will add an
additional 400,000 customers, bringing our total wireless customer
base to more than 11 million customers in 34 states.
Although we had a slight decline in our wireline access lines, this
was offset by the addition of a record 154,000 broadband customers.
With just under 400,000 total broadband customers, we have one of
the highest penetration rates and fastest growth rates in the industry.
Feature revenue per eligible line increased five percent, contributing
to an average revenue per wireline customer of $67.21, a two
percent increase over last year. In October we introduced DISH
Network satellite TV service in our wireline markets, giving our
customers the opportunity to package video entertainment with
local, long-distance and broadband service, all on one bill.
letter to shareholders
1
the power of twoAlltel employees should take special pride in having delivered these results while also tackling several major strategic initiatives
leading up to our transition from one company to two. The first was the purchase of four properties from Cingular, a
challenging transaction requiring a complex technology conversion and handset change-out program. It was, however, a strategically
essential catalyst for the $6.5 billion merger with Western Wireless, which we completed on August 1. We also completed smaller
transactions with US Cellular and Public Service Cellular. Together, these acquisitions confirmed Alltel’s position as the nation’s fifth
largest carrier in terms of customers served and number one in terms of geographical coverage. By year-end, we completed or signed
agreements to sell substantially all of Western Wireless’s international operations for approximately $2.2 billion.
In last year’s letter, I wrote that we would conduct a thorough evaluation of our wireline business and its capital structure. After
a long, arduous and – given Alltel’s history – a somewhat emotional process, we announced on December 9 that our wireline
operations would merge with VALOR Communications to form a new wireline company. For shareholders, customers and employees,
I have no doubt this strategy is the most likely of all scenarios considered to create long-term value in the very different environments
in which the wireless and wireline businesses now compete. We expect this transaction to close mid-year.
The new company will be ideally positioned to play a leading role in the rural telecommunications industry as it enters the next
phase of consolidation. With its expanded geographic footprint, favorable rural characteristics and strong financial position, the new
company will continue the Alltel tradition of conservative management and superior customer service. It will be led by an outstanding
management team, primarily from Alltel, whose commitment to sound financial stewardship and proven expertise in mergers and
acquisitions will serve the company well.
As Alltel begins operating as a pure-play wireless company, we too will hold steadfastly to the guiding principles which have been
the hallmark of our history. With the financial flexibility to explore investments in new technologies and services, we look forward
to continued growth and enhanced customer and shareholder value by exploiting the full potential of this rapidly evolving
marketplace.
2
past, present
loving every minute Recognizing the need to present ourselves appropriately in today’s marketplace, we made the first major change to the Alltel brand
since its creation in 1983. The new logo was supported by a major advertising campaign, which included specific brand promises for
both our wireless and wireline customers. All of these promises focus squarely on customer value and, for our wireless business, each
is an industry first — proving once again that when Alltel makes a commitment, we deliver.
above and beyond Hurricane Katrina and three other storms had a major impact on our Gulf Coast operations in 2005. While we are no
strangers to storms, the scale of these natural disasters demanded exceptional effort and sacrifice, both personally and
financially. In addition to devoting 32,000 hours and incurring $20 million in incremental costs, primarily to repair damage to
our network and facilities, our focus was locating and ensuring the safety of the 250 Alltel employees who live and work in the
devastated areas. I am proud of everything we did to deliver the best possible communications service throughout the affected areas
and to help those in need.
our continuing pledgeLooking back on the physical impact of Katrina, the cultural impact of our new customer-focused brand, and the historical impact
of our break with 60 years of wireline heritage, there is little doubt that 2005 will be remembered as an exceptional chapter in the
Alltel story. As in every other year, we worked each day mindful of our primary obligation as stewards of our investors’ money and
took the actions we deemed appropriate to maintain the right balance between customer and shareholder value. Even in the most
turbulent market conditions, this focused approach has delivered superior financial performance for many years, and there is no
doubt in my mind that it will continue to successfully guide our two new businesses as they rise to the challenges and opportunities
of the future.
As always, thank you for your continued faith and support.
3
Scott T. Ford
President and Chief Executive Officer
January 31, 2006
and futures
With the acquisition of Western Wireless and
other properties, Alltel’s wireless footprint expanded to
over one-half of the total landmass of the continental
United States. For approximately 11 million new and
existing Alltel wireless customers, our extended
coverage and our commitment to multiple tech-
nologies brought more connections, wider reach and
better value. For the top four wireless carriers, it made
Alltel the leading independent roaming partner in the
nation’s rural markets. And for our shareholders, it
increased the share of Alltel’s revenues generated by
high-growth wireless services to almost 65 percent.
wirelessgrowth and value
reaping the rewards of the nation’s largest network
4
managing growth
2005 saw strong revenue growth in our heritage wireless markets
and the first stages of a process to integrate over two million new
customers from newly acquired properties. Within former Western
Wireless markets we aggressively promoted the added value of
Alltel national service plans, while paving the way for support
system conversions and the addition of 400,000 new customers
from Midwest Wireless, both scheduled for the first half of 2006.
creating loyalty
A $50 million retail makeover included remodeling and rebranding
more than 500 retail locations, new branded attire for our in-
store personnel and extensive training and system improvements
to support our brand promises. These and other changes were
built on Alltel’s commitment to treat customers with fairness and
respect. Employees who showed a commitment to external or
internal customers were recognized through the year as outstanding
customer allies.
driving data
We continued our focus on wireless data with significant investments
in network infrastructure, new products and high-profile marketing
programs. By year-end, over 95 percent of our POPs had 1X data
available to them, allowing customers in most of our heritage
markets to take advantage of our newly-launched BlackBerry®
products and a wide range of messaging, ring tone and other data
services. In 12 markets, we also rolled out the higher-speed EVDO
technology, enabling users to download music, pictures, games and
other applications to a new generation of smartphones and other
data-enabled devices. These include Motorola’s RAZR V3c, which
we launched in conjunction with MobiTV®, allowing customers to
watch live television on this and other CDMA EVDO handsets. We
are evaluating various wireless broadband technologies to ensure
we continue to make appropriate investment decisions as the market
for wireless data continues to grow.
Customer response to these innovations is highly encouraging,
with strong growth in sales of our AxcessSM Messaging Packs that
let customers send and receive any combination of text, picture or
video messages for a flat-rate monthly price. Overall, wireless data
revenues in Alltel’s heritage markets more than doubled to $227
million in 2005 compared to the previous year, accounting for over
four percent of wireless ARPU (average revenue per user). As new
content, applications and devices become available, we expect that
share to rise significantly in 2006 and beyond.
delivering value
As owner and operator of the nation’s largest wireless network,
Alltel is committed to bringing a level of service to our predominantly
rural markets that is equivalent or superior to that offered in major
metropolitan areas. As we embark on the next chapter in the
Alltel story, we intend to show our customers that the wireless
journey has just begun.
anytime plan changesChange your rate plan whenever
you need without extending
your contract.
unlimited calls homeGet unlimited calls between your
wireless and home phone on
select plans.
america’s only network quality guarantee You’ll stay connected or we’ll
pay you back.
5
brand promises
In 2005, innovative services, faster connections and
competitive pricing gave our three million wireline
customers a host of new reasons to choose Alltel
over rival telephone and cable providers. With our
strong broadband penetration, our new, flat-rate long-
distance calling plans and the launch of satellite video
service, they witnessed another major step in Alltel’s
transition from a respected and long-established
telephone company to an innovative provider of
converged digital communications, information and
entertainment.
wirelinetriple player
voice, data and video for a new generation
6
breaking broadband barriers
In a world where traditional telephony faces increasing
competition from less regulated wireless carriers, cable companies
and VoIP (voice over Internet protocol) providers, increasing pressure
on access line revenues and growth is a simple fact of life.
Because we serve primarily rural markets, our access line decline of
four percent was less than the Regional Bell Operating Companies’
decline of approximately five to six percent. However, the number
of broadband customers we added last year more than offset the
number of access lines lost.
During the year, we rolled out DSL to a record 1,100 new sites,
bringing our overall broadband addressability to approximately
75 percent of our subscribers. With quality voice connections and
data transfer speeds of up to 3 Mb/sec, this investment gives Alltel
customers a genuine alternative to the telephone and Internet access
offerings from local cable companies and one more reason to retain
the communications provider they know and trust. To complete the
picture, we launched DISH Network satellite TV service with more
than 200 channels of 100 percent digitally-delivered audio-visual
entertainment across our entire wireline footprint. With free
installation, Digital Video Recorder functionality, Dolby® Surround
sound, a choice of viewing packages to fit any budget and full
parental control, the new service competes on both quality and price
and fulfills the Alltel brand promise to deliver the “right value, right
now.”
IP in KY
In 2005, we completed the first year of a five-year contract to
build and manage IP networks for the University of Kentucky
(UK) and the Kentucky Postsecondary Education Network (KPEN)
consortium. For UK faculty and students, deployment of
VoIP technology means greater mobility and new services such as
Internet telephony and unified messaging. On a larger scale,
the KPEN provides a statewide transport network that will
interconnect and provide Internet access to educational and
governmental institutions across Kentucky. Our network solution,
which includes managed equipment and security services, is seen
by many as a road map for similar state government projects, and
we expect to roll out further all-IP networks in neighboring states
throughout 2006 and beyond.
this way to the future
2005 provided clear illustrations of Alltel’s commitment to next-
generation wireline communications, both in our major business
solutions and in our innovative residential services. Going forward,
we are confident that our unique combination of local experience
and technological innovation will confirm us as the leading “triple
player” in today’s high-speed rural communications environment.
right value, right nowGet all the products and services
you need at prices you’ll love.
count on usExpect us to personally answer
your question or resolve any
issue quickly.
always reliable connections 99.999% call reliability. 100%
dedicated to the dependability you
expect.
7
brand promises
win-winleaders for the long term
right people, right place, right time
In freeing our wireless and wireline businesses to
make independent investment decisions and cap-
italize on the different strategic, operational and
financial opportunities in their respective markets,
Alltel is continuing its long tradition of corporate and
personal leadership in rural telecommunications.
Following the split, each business will have sufficient
scale to compete on its own and deliver the best
possible value to its customers. And each will
benefit from experienced management teams with
a proven track record of delivering financial results
and a deep commitment to providing quality
communications services.
8
riding the wireless wave
As a pure-play wireless business, Alltel will have about 11
million customers in 34 states, with estimated revenues of
$7.5 billion. With low net debt and an advanced high-speed network
infrastructure already in place, the company will be ideally
positioned to make the investments required to keep it ahead of a
rapidly evolving competitive landscape.
Taking the new Alltel forward, Scott Ford, Kevin Beebe and Jeff
Fox will continue in their present roles and will be joined by other
members of Alltel’s current senior management team. The wireless
business expects to pay an annual dividend of 50 cents per share of
common stock.
a new rural benchmark
The new wireline company will be a major force in rural
communications, with approximately 3.4 million customers in
16 states and estimated revenues of $3.4 billion. Retaining most
of Alltel’s wireline communications products and support services,
including publishing and retail long-distance, the company expects
to pay an annual dividend of $1 per share of common stock, which
equals $1.05 per equivalent Alltel share.
Jeffery Gardner, who previously served as Alltel’s executive vice presi-
dent and chief financial officer, will lead the new organization, and
Alltel board member Dennis Foster will serve on the board of the
wireline company.
9
“This transaction creates new growth opportunities for both the
wireless and wireline businesses as separate entities.”
Results Under GAAPFOR THE YEARS ENDED DECEMBER 31,(Millions, except per share amounts, customers in thousands) Increase (Decrease)
2005 2004 Amount % 2003
UNDER GAAP:
Revenues and sales:
Wireless $ 6,275.9 $ 5,078.1 $1,197.8 24 $ 4,728.4
Wireline 2,379.1 2,419.8 (40.7) (2) 2,436.1
Communications support services 1,025.6 923.8 101.8 11 959.0
Total business segments 9,680.6 8,421.7 1,258.9 15 8,123.5 Less: intercompany eliminations 193.6 175.6 18.0 10 143.6
Total revenues and sales $ 9,487.0 $ 8,246.1 $1,240.9 15 $ 7,979.9
Segment income:
Wireless $ 1,254.6 $ 1,020.2 $ 234.4 23 $ 998.0
Wireline 903.7 926.0 (22.3) (2) 883.9
Communications support services 68.2 62.7 5.5 9 76.4
Total segment income 2,226.5 2,008.9 217.6 11 1,958.3 Less: corporate expenses 76.8 36.4 40.4 111 41.3
integration expenses and other charges 58.7 50.9 7.8 15 19.0
Total operating income $ 2,091.0 $ 1,921.6 $ 169.4 9 $ 1,898.0
Net income $ 1,331.4 $ 1,046.2 $ 285.2 27 $ 1,330.1
Basic earnings per share $3.91 $3.40 $.51 15 $4.27
Diluted earnings per share $3.87 $3.39 $.48 14 $4.25
Weighted average common shares:
Basic 340.8 307.3 33.5 11 311.8
Diluted 344.1 308.3 35.8 12 312.8
Annual dividend per common share $1.54 $1.52 $.02 1 $1.48
CAPITAL EXPENDITURES $ 1,349.6 $ 1,157.7 $ 191.9 17 $ 1,194.4
AT YEAR END:
Total assets $24,013.5 $16,603.7 $7,409.8 45 $16,661.1
Wireless customers 10,662.3 8,626.5 2,035.8 24 8,023.4
Wireline customers 2,885.7 3,009.4 (123.7) (4) 3,095.6
Long-distance customers 1,750.8 1,770.9 (20.1) (1) 1,680.2
Broadband customers 397.7 243.3 154.4 63 153.0
Enterprise value $24,205.5 $17,761.3 $6,444.2 36 $14,563.0
financial highlights
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dollars inbillions
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dollars inbillions dollars
03 04 05 03 04 05 03 04 05
Revenues Net Income Basic Earnings per Share
FOR THE YEARS ENDED DECEMBER 31,
(Millions, except per share amounts) Increase (Decrease)
2005 2004 Amount % 2003
FROM CURRENT BUSINESSES:
Revenues and sales:
Wireless $6,275.9 $5,078.1 $1,197.8 24 $4,728.4
Wireline 2,379.1 2,419.8 (40.7) (2) 2,436.1
Communications support services 1,025.6 923.8 101.8 11 959.0
Total business segments 9,680.6 8,421.7 1,258.9 15 8,123.5 Less: intercompany eliminations 193.6 175.6 18.0 10 143.6
Total revenues and sales $9,487.0 $8,246.1 $1,240.9 15 $7,979.9
Segment income:
Wireless $1,254.6 $1,020.2 $234.4 23 $998.0
Wireline 903.7 926.0 (22.3) (2) 883.9
Communications support services 68.2 62.7 5.5 9 76.4
Total segment income 2,226.5 2,008.9 217.6 11 1,958.3 Less: corporate expenses 37.3 36.4 0.9 2 41.3
Total operating income $2,189.2 $1,972.5 $216.7 11 $1,917.0
Net income $1,171.1 $1,038.1 $133.0 13 $954.4
Basic earnings per share $3.44 $3.38 $.06 2 $3.06
Diluted earnings per share $3.41 $3.37 $.04 1 $3.05
At year end:
Net debt to OIBDA 1.4 1.2 0.2 17 1.3
Net debt to total capitalization 28% 33% (5%) (15) 33%
Current businesses excludes the effects of discontinued operations, special cash dividend received on the Company's investment in Fidelity National Finan-cial, Inc. common stock, gain on the exchange or disposal of assets, debt prepayment costs, hurricane-related costs, a change in accounting for operating leases and conditional asset retirement obligation, reversal of certain income tax contingency reserves and restructuring and other charges.
See the Financial Supplement to Alltel's Form 10-K for the year ended December 31, 2005 for a further discussion of these items.
OIBDA defined as operating income before depreciation and amortization.
Results From Current Businesses
11
Reconciliation of Results of Operations Under GAAP to Results From Current BusinessesFOR THE YEARS ENDED DECEMBER 31,
(Millions, except per share amounts)
2005 2004 2003
Operating income under GAAP $2,091.0 $1,921.6 $1,898.0
Items excluded from measuring segment income:
Incremental hurricane-related costs 19.7 — —
Change in accounting for operating leases with scheduled rent increases 19.8 — —
Restructuring and other charges 58.7 50.9 19.0
Operating income from current businesses 2,189.2 1,972.5 1,917.0
Corporate expenses 37.3 36.4 41.3
Segment income from current businesses $2,226.5 $2,008.9 $1,958.3
Net income under GAAP $1,331.4 $1,046.2 $1,330.1
Items excluded from measuring results from current businesses, net of tax:
Restructuring and other charges 48.1 31.1 11.5
Gain on exchange or disposal of assets (145.8) — (18.9)
Special dividend received on Fidelity National common stock (69.8) — —
Change in accounting for operating leases 12.1 — —
Hurricane-related costs, net of insurance recoveries 8.9 — —
Write-down of investments and other — — 3.9
Termination fees on early retirement of long-term debt — — 4.4
Reversal of income tax contingency reserves — (19.7) —
Cumulative effect of accounting change 7.4 — (15.6)
Income from discontinued operations (30.3) (19.5) (361.0)
Net income from current businesses $1,171.1 $1,038.1 $954.4
Basic earnings per share under GAAP $3.91 $3.40 $4.27
Items excluded from measuring results from current businesses, net of tax:
Restructuring and other charges .14 .10 .04
Gain on exchange or disposal of assets (.43) — (.06)
Special dividend received on Fidelity National common stock (.20) — —
Change in accounting for operating leases .04 — —
Hurricane-related costs, net of insurance recoveries .02 — —
Write-down of investments and other — — .01
Termination fees on early retirement of long-term debt .03 — .01
Reversal of income tax contingency reserves — (.06) —
Cumulative effect of accounting change .02 — (.05)
Discontinued operations (.09) (.06) (1.16)
Basic earnings per share from current businesses $3.44 $3.38 $3.06
Diluted earnings per share under GAAP $3.87 $3.39 $4.25
Items excluded from measuring results from current businesses, net of tax:
Restructuring and other charges .14 .10 .04
Gain on exchange or disposal of assets and other (.40) — (.06)
Special dividend received on Fidelity National common stock (.20) — —
Change in accounting for operating leases .04 — —
Hurricane-related costs, net of insurance recoveries .03 — —
Write-down of investments and other — — .01
Termination fees on early retirement of long-term debt .03 — .01
Reversal of income tax contingency reserves — (.06) —
Cumulative effect of accounting change .02 — (.05)
Discontinued operations (.09) (.06) (1.15)
Diluted earnings per share from current businesses $3.41 $3.37 $3.05
12
13
Other Reconciliations of Non-GAAP Financial Measures
2005 2004 2003
DEBT TO EqUITY RATIO UNDER GAAP(As of December 31, dollars in millions)
Long-term debt, including current maturities (A) $ 5,988.0 $ 5,577.4 $ 5,858.4
Total shareholders’ equity 13,015.4 7,128.7 7,022.2
Total debt and equity (B) $19,003.4 $12,706.1 $12,880.6
Debt to equity ratio under GAAP (A) / (B) 32% 44% 45%
NET DEBT TO TOTAL CAPITALIZATION (As of December 31, dollars in millions)
Long-term debt, including current maturities $ 5,988.0 $ 5,577.4 $ 5,858.4
Cash and short-term investments (989.2) (484.9) (657.8)
Net debt 4,998.8 5,092.5 5,200.6
Assumed conversion of equity units (80% of $1,385.0) — (1,108.0) (1,108.0)
Adjusted net debt (A) $ 4,998.8 $ 3,984.5 $ 4,092.6
Net debt $ 4,998.8 $ 5,092.5 $ 5,200.6
Total shareholders’ equity 13,015.4 7,128.7 7,022.2
Total capitalization (B) $18,014.2 $12,221.2 $12,222.8
Net debt to total capitalization (A) / (B) 28% 33% 33%
NET DEBT TO OPERATING INCOME(12 months ended December 31, dollars in millions)
Long-term debt, including current maturities $ 5,988.0 $ 5,577.4 $ 5,858.4
Cash and short-term investments (989.2) (484.9) (657.8)
Net debt 4,998.8 5,092.5 5,200.6
Assumed conversion of equity units (80% of $1,385.0) — (1,108.0) (1,108.0)
Adjusted net debt (see above) (A) $ 4,998.8 $ 3,984.5 $ 4,092.6
Operating income under GAAP (B) $ 2,091.0 $ 1,921.6 $ 1,898.0
Net debt to operating income (A) / (B) 2.4 2.1 2.2
NET DEBT TO OIBDA FROM CURRENT BUSINESSES(12 months ended December 31, dollars in millions)
Adjusted net debt (see above) (A) $ 4,998.8 $ 3,984.5 $ 4,092.6
Operating income under GAAP $ 2,091.0 $ 1,921.6 $ 1,898.0
Restructuring and other charges 58.7 50.9 19.0
Incremental hurricane-related costs 19.7 - -
Change in accounting for operating leases with scheduled rent increases 19.8 - -
Depreciation and amortization expense 1,482.6 1,299.7 1,247.7
OIBDA from current businesses (B) $ 3,671.8 $ 3,272.2 $ 3,164.7
Net debt to OIBDA from current businesses (A) / (B) 1.4 1.2 1.3
Alltel Wireless
Alltel Wireline
Pending Wireless
Pending Wireline
PensacolaPensacola
AlbanyAlbany
SalinaSalina
TupeloTupelo
Fallon
Durango
Elko
Bishop
Flagstaff
Durango
Flagstaff
Fallon
Elko
Bishop
Pueblo
Savannah
Augusta
Grand RapidsGrand Rapids
Kalamazoo
Rochester
Springfield
Billings
Great Falls
Fayetteville
Fargo
Charleston
Sioux Falls
Amarillo
BrownsvilleMcAllen
Appleton
Eau Claire
Casper
Pueblo
Savannah
Rochester
Springfield
Billings
Great Falls
Fayetteville
Fargo
Charleston
Sioux Falls
Amarillo
BrownsvilleMcAllen
Appleton
Eau Claire
Casper
Lubbock
OdessaSan Angelo
Pueblo
Savannah
Augusta
Rochester
Springfield
FayettevilleFayetteville
Billings
Great Falls
Fayetteville
Fargo
Charleston
Sioux Falls
Amarillo
BrownsvilleMcAllen
Appleton
Eau Claire
Casper
Lubbock
OdessaSan Angelo
Kalamazoo
Mobile
Tucson
Jacksonville
Tampa
WichitaWichitaLexington
New Orleans
Shreveport
Charlotte
Omaha
Albuquerque
AkronCleveland
El Paso
Norfolk
Mobile
Tucson
Jacksonville
Tampa
Lexington
New Orleans
Charlotte
Omaha
Albuquerque
AkronCleveland
El Paso
Norfolk
Mobile
Tucson
Jacksonville
Tampa
Lexington
New Orleans
Charlotte
Omaha
Albuquerque
AkronCleveland
El Paso
Norfolk
Beatrice
Scottsbluff
Beatrice
Scottsbluff
Butte
Missoula
Cedar City
St. George
Roswell
Beatrice
Scottsbluff
Butte
Missoula
Cedar City
St. George
Roswell
DaltonDalton
Traverse CityTraverse City
Montgomery
Little Rock
Phoenix
TallahasseeBaton Rouge
Lansing
JacksonJackson
Helena
Raleigh
BismarckBismarck
Lincoln
Santa Fe
Kittanning
JamestownJamestown
Kittanning
Oklahoma City
Columbia
Pierre
Richmond
Charleston
Cheyenne
Montgomery
Little Rock
Phoenix
TallahasseeBaton Rouge
Lansing
Helena
Raleigh
Bismarck
Lincoln
Santa FeOklahoma City
Columbia
Pierre
Richmond
Charleston
Cheyenne
Montgomery
Little Rock
Phoenix
TallahasseeBaton Rouge
Lansing
Helena
Raleigh
Lincoln
Santa FeOklahoma City
Columbia
Pierre
Richmond
Charleston
Virginia BeachVirginia BeachBristolBristol
Cheyenne
Waco
Texarkana
Shreveport
Waco
Texarkana
Sioux CitySioux City
14
total coverageour wireless network covers more of the country than any other company
15
Alltel Wireless
Alltel Wireline
Pending Wireless
Pending Wireline
PensacolaPensacola
AlbanyAlbany
SalinaSalina
TupeloTupelo
Fallon
Durango
Elko
Bishop
Flagstaff
Durango
Flagstaff
Fallon
Elko
Bishop
Pueblo
Savannah
Augusta
Grand RapidsGrand Rapids
Kalamazoo
Rochester
Springfield
Billings
Great Falls
Fayetteville
Fargo
Charleston
Sioux Falls
Amarillo
BrownsvilleMcAllen
Appleton
Eau Claire
Casper
Pueblo
Savannah
Rochester
Springfield
Billings
Great Falls
Fayetteville
Fargo
Charleston
Sioux Falls
Amarillo
BrownsvilleMcAllen
Appleton
Eau Claire
Casper
Lubbock
OdessaSan Angelo
Pueblo
Savannah
Augusta
Rochester
Springfield
FayettevilleFayetteville
Billings
Great Falls
Fayetteville
Fargo
Charleston
Sioux Falls
Amarillo
BrownsvilleMcAllen
Appleton
Eau Claire
Casper
Lubbock
OdessaSan Angelo
Kalamazoo
Mobile
Tucson
Jacksonville
Tampa
WichitaWichitaLexington
New Orleans
Shreveport
Charlotte
Omaha
Albuquerque
AkronCleveland
El Paso
Norfolk
Mobile
Tucson
Jacksonville
Tampa
Lexington
New Orleans
Charlotte
Omaha
Albuquerque
AkronCleveland
El Paso
Norfolk
Mobile
Tucson
Jacksonville
Tampa
Lexington
New Orleans
Charlotte
Omaha
Albuquerque
AkronCleveland
El Paso
Norfolk
Beatrice
Scottsbluff
Beatrice
Scottsbluff
Butte
Missoula
Cedar City
St. George
Roswell
Beatrice
Scottsbluff
Butte
Missoula
Cedar City
St. George
Roswell
DaltonDalton
Traverse CityTraverse City
Montgomery
Little Rock
Phoenix
TallahasseeBaton Rouge
Lansing
JacksonJackson
Helena
Raleigh
BismarckBismarck
Lincoln
Santa Fe
Kittanning
JamestownJamestown
Kittanning
Oklahoma City
Columbia
Pierre
Richmond
Charleston
Cheyenne
Montgomery
Little Rock
Phoenix
TallahasseeBaton Rouge
Lansing
Helena
Raleigh
Bismarck
Lincoln
Santa FeOklahoma City
Columbia
Pierre
Richmond
Charleston
Cheyenne
Montgomery
Little Rock
Phoenix
TallahasseeBaton Rouge
Lansing
Helena
Raleigh
Lincoln
Santa FeOklahoma City
Columbia
Pierre
Richmond
Charleston
Virginia BeachVirginia BeachBristolBristol
Cheyenne
Waco
Texarkana
Shreveport
Waco
Texarkana
Sioux CitySioux City
more infordirectors
John R. Belk2,4
President and Chief Operating Officer,
Belk, Inc.,
Charlotte, North Carolina
William H. Crown2,3,5
President and Chief Executive Officer,
CC Industries, Inc.,
Chicago, Illinois
Joe T. FordChairman of the Company
Scott T. Ford1
President and Chief Executive Officer
of the Company
Dennis E. Foster1,4
Prinicipal, Foster Thoroughbred Investments,
Lexington, Kentucky
Lawrence L. Gellerstedt III1,2
President – Office/Multi-Family Division,
Cousins Properties, Inc.,
Atlanta, Georgia
Emon A. Mahony, Jr.1,3,5
Chairman of the Board,
Arkansas Oklahoma Gas Corporation,
Fort Smith, Arkansas
John P. McConnell3,4
Chairman and Chief Executive Officer,
Worthington Industries, Inc.,
Columbus, Ohio
Josie C. Natori2,4
President and Chief Executive Officer,
The Natori Company,
New York, New York
Gregory W. PenskePresident, Penske Automotive Group Inc.,
El Monte, California
Warren A. Stephens1
President and Chief Executive Officer,
Stephens Inc. and Stephens Group, Inc.,
Little Rock, Arkansas
Ronald Townsend3,5
Communications Consultant,
Jacksonville, Florida
officers
Joe T. FordChairman
Scott T. FordPresident and Chief Executive Officer
Kevin L. BeebeGroup President – Operations
Jeffrey H. FoxGroup President – Shared Services
C.J. DuvallExecutive Vice President – Human Resources
Sharilyn S. GasawayExecutive Vice President – Chief Financial Officer
Richard N. MasseyExecutive Vice President, General Counsel
and Secretary
Keith A. KostuchSenior Vice President – Strategic Planning
Sue P. MosleyController
John A. EbnerTreasurer
1 Executive Committee | 2 Governance Committee | 3 Audit Committee | 4 Compensation Committee | 5 Pension Trust Investment Committee
16
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more inforinvestor information
corporate headquarters Alltel Corporation One Allied Drive Little Rock, Arkansas 72202 www.alltel.com
annual meeting The Annual Meeting of Alltel Corporation stockholders will be held at 11 a.m. (CDT) on Thursday, April 20, 2006, at Alltel Arena, Washington Street box office entrance, North Little Rock, Arkansas.
investor relations Information requests from investors, security analysts and other members of the investment community should be addressed to:
Investor Relations Department Alltel Corporation One Allied Drive Little Rock, Arkansas 72202 877.446.3628 fax 501.905.5444 e-mail: [email protected]
toll-free investor information line Call 877.4.INFO.AT (877.446.3628) for an automatic connection to Alltel’s investor relations and shareholder services departments, recent news releases, stock quotes and answers to frequently asked questions.
transfer agent, registrar and dividend agent General questions about stockholder accounts, stock certificates, transfer of shares, dividend payments, dividend reinvestment or electronic deposit of dividends may be directed to:
Computershare Investor Services L.L.C2 North LaSalle StreetChicago, IL 60602Domestic: 888.243.5445International: 312.360.5126Fax: 312.601.4332Web: www.computershare.com/contactus
common stock price and dividend information Ticker Symbol AT Newspaper Listing Alltel
market price DividendYear qtr. High Low Close Declared2005 4th $68.19 $58.00 $63.10 $ .385 3rd 66.95 60.45 65.11 .38 2nd 62.36 54.82 62.28 .38 1st 59.85 54.20 54.85 .38
2004 4th $60.62 $53.40 $58.76 $ .38 3rd 55.80 49.23 54.91 .37 2nd 51.95 48.63 50.62 .37 1st 53.28 46.65 49.89 .37
The common stock is listed and traded on the New York and Pacific stock exchanges. The above table reflects the range of high, low and closing prices as reported by Dow Jones & Company, Inc.
annual report and form 10-k requests The 2005 Annual Report and the Form 10-K Annual Report filed with the Securities and Exchange Commission are available elec-tronically at www.alltel.com/investors.
ceo/cfo certificationsIn accordance with NYSE listing standards, Alltel’s CEO certifica-tion required by Section 303A.12(a) of the NYSE Listed Company Manual has been filed with the NYSE. In addition, Alltel’s CEO and CFO certifications required under Section 302 of the Sarbanes- Oxley Act are filed as exhibits to the Form 10-K Annual Report.
latest news about alltel Stock quotes, charts graphing Alltel’s stock trading activity, financial reports, corporate governance information, SEC filings, recent news releases and company presentations are available at www.alltel.com/investors. Registered stockholders may also access their stock account by clicking on Shareholder Services at www.alltel.com/investors.
mation
Alltel Corporation
One Allied Drive
Little Rock, AR 72202
501.905.8000
www.alltel.com