Celutel Inc.

BY THE NUMBERS

March 18, 1992

This Annapolis-based operator of cellular telephone systems in the South and Southwest reported a net loss of $1.7 million for the third quarter, representing an improvement over the $3.5 million loss it reported for the same quarter last year.

Celutel said the decrease in its net loss was the result of improving economies of scale it is experiencing from operations in the Rio Grande Valley in Texas and Jackson, Miss. A reduction in interest expense also contributed to the decrease in its loss, the company said.

Three months ended 1/31/92

... ... ...Revenue... ... ... Net... ... ... ... ...Share

'92... ... 3,452,000... ... (1,729,000)... ... .(0.49)

'91... ... 2,404,000... ... (3,588,000)... ... .(1.37)

% change... . +43.6 .. .. .. .. ..- .. .. .. .. .. .. - ..

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