<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION

                             WASHINGTON, D.C. 20549

================================================================================

                                    FORM 10-Q

                                   (MARK ONE)
 [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934

                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

                                       OR

 [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
     EXCHANGE ACT OF 1934

                  FOR THE TRANSITION PERIOD FROM          TO
                                                 --------    --------
                           COMMISSION FILE NO. 0-28196

                             WEBLINK WIRELESS, INC.
             (Exact name of registrant as specified in its charter)


                  DELAWARE                              75-2575229
                  --------                 (I.R.S. Employer Identification No.)
      (State or other jurisdiction of
       incorporation or organization)

                3333 LEE PARKWAY, SUITE 100                        75219
                       DALLAS, TEXAS                             (Zip code)
                       -------------
         (Address of principal executive offices)

                                 (214) 765-4000
              (Registrant's telephone number, including area code)


                (Former name, former address and former fiscal year, if changed
since last report.)


Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports), and (2) has been subject to such filing
requirements for the past 90 days.

         YES  X                                          NO
             ---                                            ---


As of November 13, 2001, there were 42,568,859, 3,809,363, and 131,250 shares of
the registrant's class A, class B and class D common stock outstanding,
respectively. There were no shares of the registrant's class C common stock
outstanding at November 13, 2001.



================================================================================



<PAGE>



                     WEBLINK WIRELESS, INC. AND SUBSIDIARIES
                               INDEX TO FORM 10-Q

<Table>
<Caption>
PART I.  FINANCIAL INFORMATION                                                                  PAGE
                                                                                                ----
<S>      <C>                                                                                    <C>
Item 1.  Financial Statements

         Condensed Consolidated Balance Sheets at December 31, 2000
              and September 30, 2001..............................................................3

         Condensed Consolidated Statements of Operations for the Three and Nine
                   Months Ended September 30, 2000 and 2001.......................................4

         Condensed Consolidated Statements of Cash Flows for the Nine
               Months Ended September 30, 2000 and 2001...........................................5

         Notes to Condensed Consolidated Financial Statements.....................................6

Item 2.  Management's Discussion and Analysis of
              Financial Condition and Results of Operations......................................12

Item 3.  Quantitative and Qualitative Disclosures about Market Risk..............................22



PART II. OTHER INFORMATION

Item 1.  Legal Proceedings.......................................................................23

Item 2.  Changes in Securities and Use of Proceeds...............................................23

Item 3.  Defaults Upon Senior Securities.........................................................23

Item 4.  Submission of Matters to a Vote of Security Holders.....................................23

Item 5.  Other Information.......................................................................23

Item 6.  Exhibits and Reports on Form 8-K........................................................23
</Table>


                                       2
<PAGE>
                     WEBLINK WIRELESS, INC. AND SUBSIDIARIES
                              DEBTOR-IN-POSSESSION
                      CONDENSED CONSOLIDATED BALANCE SHEETS
               (IN THOUSANDS, EXCEPT SHARE AND PER SHARE AMOUNTS)


<Table>
<Caption>
                                                               December 31, September 30,
                                                                  2000          2001
                                                               ------------ -------------
ASSETS                                                                       (Unaudited)
<S>                                                             <C>         <C>
Current assets:
     Cash and cash equivalents                                   $   7,097    $  15,002
     Accounts receivable, net                                       30,457       17,138
     Inventories                                                    13,828        7,191
     Product sold subject to right of return                         4,742        3,768
     Other current assets, net                                       7,407        4,958
                                                                 ---------    ---------
          Total current assets                                      63,531       48,057

Property and equipment, net                                        223,200      180,365

Narrowband licenses, net                                           125,901      123,406

Other assets                                                        28,843       26,017
                                                                 ---------    ---------
          Total assets                                           $ 441,475    $ 377,845
                                                                 =========    =========

LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY
Current liabilities:
     Accounts payable                                            $  27,403    $   4,027
     Liabilities subject to compromise                                  --      505,022
     Deferred revenue                                               41,550       28,239
     Current maturities of long-term debt                          514,326       88,330
     Other current liabilities                                      43,283       30,060
                                                                 ---------    ---------
          Total current liabilities                                626,562      655,678

Long-term debt                                                       5,356        1,707

Other long-term liabilities                                         12,641       13,097

Commitments and contingencies

Stockholders' (deficit) equity:
     Common stock, $.0001 par value per share, 75,000,000
       shares authorized 46,509,472 issued and  outstanding
       at December 31, 2000 and September 30, 2001                       5            5
     Additional paid-in capital                                    349,779      349,790
     Accumulated deficit                                          (535,559)    (631,684)
     Stock subscriptions receivable                                   (244)         (82)
     Deferred compensation                                         (17,065)     (10,666)
                                                                 ---------    ---------
          Total stockholders' (deficit) equity                    (203,084)    (292,637)
                                                                 ---------    ---------
          Total liabilities and stockholders' (deficit) equity   $ 441,475    $ 377,845
                                                                 =========    =========
</Table>



  The accompanying notes are an integral part of these condensed consolidated
                             financial statements.


                                        3
<PAGE>

                     WEBLINK WIRELESS, INC. AND SUBSIDIARIES
                              DEBTOR-IN-POSSESSION
                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                    (IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                   (UNAUDITED)

<Table>
<Caption>
                                                        Three Months Ended September 30,  ine Months Ended September 30,
                                                        --------------------------------  ------------------------------
                                                              2000         2001                2000          2001
                                                            ---------    ---------           ---------    ---------
<S>                                                         <C>          <C>                 <C>          <C>
Revenues:
    Recurring revenues                                      $  58,988    $  48,023           $ 185,506    $ 157,063
    Network revenues                                              800          769               3,707        2,413
    Equipment revenues                                         11,217        3,225              37,895       15,266
                                                            ---------    ---------           ---------    ---------
          Total revenues                                       71,005       52,017             227,108      174,742

Cost of equipment sold                                         17,858        4,084              50,435       20,463
                                                            ---------    ---------           ---------    ---------

                                                               53,147       47,933             176,673      154,279

Operating expenses:
    Technical                                                  14,789       17,724              48,581       56,432
    General and administrative                                 18,027       20,230              57,364       66,125
    Selling                                                    13,354        6,092              38,527       22,551
    Restructuring charges                                          --        1,951                  --        4,800
    Depreciation and amortization                              19,821       17,717              59,150       58,331
    Amortization of stock compensation                          2,134        2,133               6,400        6,399
                                                            ---------    ---------           ---------    ---------
          Total operating expenses                             68,125       65,847             210,022      214,638
                                                            ---------    ---------           ---------    ---------

          Operating income (loss)                             (14,978)     (17,914)            (33,349)     (60,359)

Other (income) expense:
    Interest expense (contractual interest $18,756 and         16,075        3,280              48,968       32,374
      $54,227 for the three and nine months ended
      September 30, 2001, respectively)
    Interest income                                              (160)          --              (1,057)        (202)
    Gain on sale of Canadian affliate                              --           --              (3,331)          --
    Other                                                          92          626                 612        1,015
                                                            ---------    ---------           ---------    ---------
          Total other (income) expense                         16,007        3,906              45,192       33,187
                                                            ---------    ---------           ---------    ---------

Loss before extraordinary item, accounting change and
    bankruptcy reorganization items                           (30,985)     (21,820)            (78,541)     (93,546)
Extraordinary item:
    Gain from early extinguishment of debt                         --           --               2,322           --
Cumulative effect of accounting change                             --           --                (149)          --
Bankruptcy reorganization items                                    --       (1,408)                 --       (2,579)
                                                            ---------    ---------           ---------    ---------
Net loss                                                    $ (30,985)   $ (23,228)          $ (76,368)   $ (96,125)
                                                            =========    =========           =========    =========

Net loss per share:
    (basic and diluted)
    Loss before extraordinary item, accounting change and
         bankruptcy reorganization items                    $   (0.67)   $   (0.47)          $   (1.73)   $   (2.01)
    Extraordinary gain                                             --           --                0.05           --
    Cumulative effect of accounting change                         --           --               (0.01)          --
    Bankruptcy reorganization items                                --        (0.03)                 --        (0.06)
                                                            ---------    ---------           ---------    ---------
    Net loss                                                $   (0.67)   $   (0.50)          $   (1.69)   $   (2.07)
                                                            =========    =========           =========    =========

Weighted average number
  of shares outstanding
    (basic and diluted)                                        46,441       46,509              45,189       46,509
                                                            =========    =========           =========    =========
</Table>


   The accompanying notes are an integral part of these condensed consolidated
                              financial statements.


                                        4
<PAGE>

                     WEBLINK WIRELESS, INC. AND SUBSIDIARIES
                              DEBTOR-IN-POSSESSION
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (IN THOUSANDS)
                                   (Unaudited)

<Table>
<Caption>
                                                                              Nine Months Ended September 30,
                                                                              -------------------------------
                                                                                     2000        2001
                                                                                   --------    --------
<S>                                                                                <C>         <C>
Cash flows from operating activities:
    Net loss                                                                       $(76,368)   $(96,125)
    Adjustments to reconcile net loss to
       net cash used in operating activities:
         Extraordinary gain                                                          (2,322)         --
         Accounting change                                                              149          --
         Gain on sale of short term investments                                          --        (112)
         Depreciation and amortization                                               59,150      58,331
         Amortization of stock compensation                                           6,400       6,399
         Forgiveness of stock subscription receivable                                    --         162
         Provision for bad debts                                                      7,426      15,091
         Loss on sale of property and equipment                                         526       1,066
         Gain on sale of Canadian affiliate                                          (3,331)         --
         Accretion of discount on senior discount notes                              23,043      11,165
         Amortization of deferred debt issuance costs                                 1,504       1,209
         Utilization of Canadian roaming credits                                        576         415
    Changes in certain assets and liabilities:
       Increase in accounts receivable                                               (2,985)     (1,772)
       (Increase) decrease in inventories                                            (9,006)      6,637
       (Increase) decrease in product sold subject to right of return                (4,711)        974
       (Increase) decrease in other current assets                                     (960)      2,034
       (Increase) decrease in other assets                                           (6,201)        354
       Increase (decrease) in accounts payable                                        9,940        (126)
       Decrease in deferred revenue                                                 (14,361)    (13,311)
       Increase (decrease) in other current liabilities                               6,050      (1,679)
       Increase in other long-term liabilities                                        5,190         456
                                                                                   --------    --------
            Net cash used in operating activities                                      (291)     (8,832)
                                                                                   --------    --------

Cash flows from investing activities:
    Purchases of property and equipment                                             (33,763)    (12,619)
    Proceeds from the sale of property and equipment                                     51          59
    Proceeds from the sale of Canadian affiliate                                      2,560          --
    Proceeds from the sale of short-term investments                                     --         172
    Other                                                                               (27)        (56)
                                                                                   --------    --------
            Net cash used in investing activities                                   (31,179)    (12,444)
                                                                                   --------    --------

Cash flows from financing activities:
    Proceeds from issuance of common stock under
       the stock option plan                                                          8,288          --
    Payments of stock subscriptions receivable                                          221          --
    Borrowings under the Credit Facility                                             23,000      25,101
    Borrowings under the Debtor-in-Possession Financing                                  --       1,000
    Payments on the Debtor-in-Possession Financing                                       --      (1,000)
    Borrowings on the vendor financing arrangement                                       --       5,747
    Payments on the vendor financing arrangement & capital leases                        --      (1,667)
                                                                                   --------    --------
            Net cash provided by financing activities                                31,509      29,181
                                                                                   --------    --------

Net increase in cash and cash equivalents                                                39       7,905

Cash and cash equivalents, beginning of period                                       10,440       7,097

                                                                                   --------    --------
Cash and cash equivalents, end of period                                           $ 10,479    $ 15,002
                                                                                   ========    ========

Supplemental disclosures of cash flow information:
    Cash paid during the period for:
       Interest                                                                    $ 18,753    $ 20,022
       Taxes                                                                             --          --

Supplemental schedule of noncash investing and financing activities:
    Purchase of property through capital leases                                    $     --    $    177
    Issuance of Warrants to Strategic Alliance Partner                                1,422          11
    Common stock issued in exchange for 11 1/4% Senior Subordinated
       Discount Exchange Notes                                                       81,005          --
    Write-off of deferred debt issuance costs-11 1/4% Notes- net amount               1,148          --
    Early extinguishment of 11 1/4% Senior Subordinated Discount Exchange Notes,
       at accreted value                                                             84,475          --
    Equity conversion related to unconsolidated subsidiary                            3,482          --
    Phantom stock awards                                                             25,598          --
    Investment received from the demutalization of MetLife                               --         174
</Table>


   The accompanying notes are an integral part of these condensed consolidated
                             financial statements.


                                        5

<PAGE>

                     WEBLINK WIRELESS, INC. AND SUBSIDIARIES
                             (DEBTOR-IN-POSSESSION)
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                 THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2001

                                   (UNAUDITED)

1. GENERAL

ORGANIZATION

    The predecessor corporation of WebLink Wireless, Inc. ("WebLink") was
incorporated as a Delaware corporation on May 8, 1989, to provide wireless
messaging products and services, under the name PageMart, Inc. ("PageMart"). In
January 1995, PageMart effected a corporate reorganization pursuant to which
PageMart Nationwide, Inc., a Delaware corporation, became the holding company
parent of PageMart. In December 1995, the name of PageMart Nationwide, Inc. was
changed to PageMart Wireless, Inc. ("Wireless"). On January 28, 1998, PageMart
was merged into Wireless with Wireless as the surviving corporation. On December
1, 1999, the name of Wireless was changed to WebLink Wireless, Inc. WebLink and
its subsidiaries are referred to herein as the "Company." The consolidated
financial statements of the Company include the accounts of PageMart PCS, Inc.,
PageMart II, Inc., PageMart Operations, Inc., PageMart International, Inc. and
certain other direct and indirect subsidiaries of WebLink. Each of these
companies is a wholly-owned subsidiary of WebLink. PageMart PCS, Inc. holds
certain narrowband personal communications services licenses. PageMart II, Inc.
holds certain Federal Communications Commission ("FCC") licenses. Other than
these licenses, the subsidiaries of WebLink have no significant assets or
liabilities.

CHAPTER 11 FILING

    On May 23, 2001 (the "Petition Date"), WebLink and its subsidiaries,
PageMart PCS, Inc. and PageMart II, Inc., filed voluntary petitions for relief
under Chapter 11 ("Chapter 11") of title 11 of the United States Code Sections
101-1330, as amended (the "Bankruptcy Code"), and are presently operating their
businesses as debtors-in-possession subject to the jurisdiction of the United
States Bankruptcy Court for the Northern District of Texas, Dallas Division (the
"Bankruptcy Court"). The Chapter 11 cases are being jointly administered for
procedural purposes only before the Bankruptcy Court under Case No.
01-34275-SAF-11. WebLink and its subsidiaries, as debtors-in-possession, have
continued to manage and operate their assets and businesses pending the
confirmation of a reorganization plan and subject to the supervision and orders
of the Bankruptcy Court.

    As part of the Chapter 11 case, the Company routinely files pleadings,
documents and reports with the Bankruptcy Court which may contain updated,
additional or more detailed information about the Company, its assets,
liabilities or financial performance than is contained in this report. Copies of
the filings in the Company's Chapter 11 case are available during regular
business hours at the office of the Clerk of the Bankruptcy Court, United States
Bankruptcy Court for the Northern District of Texas, Dallas Division.

REORGANIZATION PLAN PROCEDURES

    The Company expects to reorganize its affairs under the protection of
Chapter 11, and management expects to file a plan of reorganization in December
2001, which contemplates emergence from bankruptcy. A plan of reorganization
sets forth the means by which claims against the Company, including the
liabilities subject to compromise, can be satisfied. The consummation of a plan
of reorganization is the principal objective of the Company's Chapter 11 case.
However, there can be no assurance that the requisite approvals of a plan of
reorganization proposed by the Company will be obtained or that such a plan will
be confirmed by the Bankruptcy Court, or, if confirmed, that such a plan will be
consummated.

    As provided by the Bankruptcy Code, the Company initially had the exclusive
right to propose a plan of reorganization for 120 days following the Petition
Date. The Company received from the Bankruptcy Court an extension of this period
of exclusivity until December 17, 2001. If the Company fails to file a plan of
reorganization during the extension period (as it may be further extended by the
Bankruptcy Court), or if such plan is not accepted by the requisite numbers of
creditors and equity holders entitled to vote on the plan, other parties in
interest in the Chapter 11 case may be permitted to propose plan(s) of
reorganization for the Company.

    On July 17, 2001, the Bankruptcy Court approved $15 million of
debtor-in-possession ("DIP") financing. In conjunction with the order approving
the DIP financing, the Bankruptcy Court also issued an agreed scheduling order
providing that the Company will, as planned, take steps to proactively seek a
stand alone transaction with new financing, or a merger or a sale transaction
upon which the Company expects to base a plan for emergence from Chapter 11.

     The DIP financing is provided by the two principal lenders on the Company's
outstanding credit facility. The DIP financing is secured by a superpriority
lien on substantially all of the Company's assets, matures on December 31, 2001,
and is conditioned on compliance with financial and other covenants and the
scheduling order. The DIP financing contains restrictive covenants including,
among other things, the maintenance of minimum consolidated



                                       6
<PAGE>


EBITDA (as defined therein), minimum wireless data subscriber levels, and
limitations on capital expenditures (a maximum of $27 million from April 1, 2001
to December 31, 2001). As of September 30, 2001, the Company is not in
compliance with the EBITDA and wireless data subscriber level covenants. The
Company does not plan to "cure" these defaults, as there is no plan to borrow
under the DIP financing before its maturity on December 31, 2001. The DIP
financing bears interest at the bank's prime rate plus 3.0% or at the London
interbank offered rate ("LIBOR") plus 4.0%. The weighted average interest rate
on the DIP financing for the third quarter was 9.4%. During the third quarter,
the Company borrowed and paid back $1.0 million on the DIP financing. Total fees
and interest incurred on the DIP financing in the third quarter was
approximately $486,000.

2. BASIS OF PRESENTATION

    The accompanying unaudited condensed consolidated financial statements have
been prepared by the Company in accordance with generally accepted accounting
principles applicable to a going concern, which principles, except as otherwise
disclosed, assume that assets will be realized and liabilities will be
discharged in the ordinary course of business, are in the form prescribed by the
Securities and Exchange Commission in instructions to Form 10-Q and Article 10
of Regulation S-X, and are in accordance with the American Institute of
Certified Public Accountants Statement of Position 90-7 "Financial Reporting by
Entities in Reorganization under the Bankruptcy Code" ("SOP 90-7"). The interim
unaudited condensed consolidated financial statements do not include all of the
information and footnotes required by generally accepted accounting principles
for complete financial statements and should be read in conjunction with the
audited financial statements of the Company for the year ended December 31,
2000. In the opinion of management, all adjustments considered necessary for a
fair presentation have been included. Operating results for the three and nine
months ended September 30, 2001 are not necessarily indicative of the results
that may be expected for the year ending December 31, 2001.

    As a result of the Chapter 11 case and circumstances relating to this event,
including WebLink's debt structure, default on all pre-petition debt, negative
cash flows, recurring losses, as well as current economic conditions, there is
substantial doubt about the Company's ability to continue as a going concern.
The realization of assets and liquidation of liabilities are subject to
significant uncertainty. The accompanying financial statements do not include
any adjustments relating to the recoverability and classification of asset
carrying amounts or the amount and classification of liabilities that may result
in the event that the Company is unable to continue as a going concern. While
under the protection of Chapter 11, the Company may sell or otherwise dispose of
assets, and liquidate or settle liabilities, for amounts other than those
reflected in the financial statements. Additionally, the amounts reported on the
consolidated balance sheet could materially change because of changes in
business strategies and the effects of any proposed plan of reorganization.

    The appropriateness of using the going concern basis is dependent upon,
among other things, confirmation of a plan of reorganization, future profitable
operations and the ability to generate sufficient cash from operations and
financing arrangements to meet obligations.



LIABILITIES SUBJECT TO COMPROMISE

    In the Chapter 11 case, substantially all unsecured liabilities as of the
Petition Date are subject to compromise or other treatment under a plan of
reorganization, which must be confirmed by the Bankruptcy Court after submission
to and approval, to the extent required, by affected parties. For financial
reporting purposes, those liabilities and obligations whose treatment and
satisfaction are dependent on the outcome of the Chapter 11 case have been
segregated and classified in the consolidated balance sheet as liabilities
subject to compromise under reorganization proceedings. Generally, all actions
to enforce or otherwise require repayment of pre-petition liabilities are stayed
while the Company continues its business operations as debtor-in-possession. The
ultimate amount of and settlement terms for the pre-petition liabilities subject
to compromise are subject to an approved plan of reorganization and may differ
from such amounts as reflected in the Company's accounting records and
accordingly are not presently determinable.

    Under the Bankruptcy Code, the Company may elect to assume or reject real
estate leases, employment contracts, personal property leases, service contracts
and other pre-petition executory contracts, subject to Bankruptcy Court
approval. Claims for damages resulting from the rejection of real estate leases
and other executory contracts are subject to separate bar dates.

    The principal categories of obligations classified as liabilities subject to
compromise to unrelated parties under the Chapter 11 case are identified below.
The amounts below may vary significantly from the amounts stated in the proofs
of claim filed with the Bankruptcy Court and may be subject to future adjustment
depending on the Bankruptcy Court action.

<Table>
<S>                                                                                    <C>
               15% Senior Discount Exchange Notes due 2005                             $ 207,270
               11 1/4% Senior Subordinated Discount Exchange Notes due 2008              262,898
               Trade accounts payable                                                     23,250
               Other current liabilities                                                  11,604
                                                                                       ---------
                                                                                         505,022
                                                                                       =========
</Table>

    As a result of the Chapter 11 filing, no principal or interest payments will
be made on unsecured pre-petition debt without Bankruptcy Court approval or
until a plan of reorganization providing for the repayment terms has been


                                       7
<PAGE>


confirmed by the Bankruptcy Court and becomes effective. Therefore, interest
expense on pre-petition unsecured obligations has not been accrued after the
Petition Date, namely $11.4 million related to its 15% Senior Discount Exchange
Notes due 2005 and $10.5 million on the 11 1/4% Senior Subordinated Discount
Exchange Notes due 2008.

BANKRUPTCY REORGANIZATION ITEMS

    Pursuant to SOP 90-7, revenues and expenses, realized gains and losses, and
provisions for losses resulting from the reorganization of the business are
reported on the condensed consolidated statements of operations separately as
bankruptcy reorganization items. The total amount recorded as bankruptcy
reorganization items for the three and nine months ended September 30, 2001 was
$1.4 million and $2.6 million, respectively. Professional fees are expensed as
incurred.

    Bankruptcy reorganization items for the three and nine months ended
September 30, 2001, consisted of the following (in thousands):

<Table>
<Caption>
                                    Three months ended        Nine months ended
                                      SEPT. 30, 2001           SEPT. 30, 2001
                                    ------------------        -----------------
<S>                                 <C>                       <C>
     Professional fees                     1,481                    2,725
     Interest income
       on accumulated
       cash resulting
       from Chapter
       11 proceedings                         73                      146
                                       ---------                  -------
              Total                        1,408                    2,579
                                       =========                  =======
</Table>

    Operating cash receipts and payments resulting from bankruptcy
reorganization items for the nine months ended September 30, 2001, consisted of
cash paid for professional fees of $1.0 million and cash provided by interest
income of $146,000.

    Also pursuant to SOP 90-7, interest expense is reported only to the extent
that it will be paid upon emergence from bankruptcy or that it is probable that
it will be an allowed claim. See discussion under "Liabilities Subject to
Compromise," above.

RECLASSIFICATIONS

Certain amounts in the prior year's consolidated financial statements have been
reclassified to conform with the current year presentation. Among others, these
reclassifications include adjustments made for the adoption of the Emerging
Issues Task Force's abstract number 00-14 "Accounting for Certain Sales
Incentives" ("EITF 00-14").

3. REVENUE RECOGNITION

NETWORK REVENUES AND NON-RECURRING ENGINEERING FEE

    The Company has entered into strategic alliance agreements with Arch
Wireless, Inc. ("Arch"), Metrocall Inc. ("Metrocall") and Verizon Messaging
("Verizon"). The agreements are organized into two phases. During the first
phase, Arch, Metrocall and Verizon may each market their switch-based wireless
data services utilizing the Company's wireless data network. Metrocall and
Verizon are actively marketing such services. In 2000, Arch acquired Paging
Network, Inc. and its wireless data network. To date, Arch has not substantially
utilized the Company's wireless data network. During the second phase, the
agreements provide that Arch, Metrocall and Verizon will install their own
networks leveraging the Company's infrastructure and sites. Under these
agreements, the companies share certain capital and operating expenses, which
will significantly lower costs for those companies. As of September 30, 2001,
only Verizon had elected to enter into the second phase of its agreement. As
part of the agreements, the companies have agreed to pay a non-recurring
engineering fee ("NRE"), which represents access to WebLink's technology for
constructing a two-way wireless data network. This fee will be recognized by the
Company on a straight-line basis as network revenues over the period from the
election date for the second phase to the end of the contract. As part of the
Verizon agreement, the Company pays Verizon an NRE for the use of some of its
sites, which is recognized on a straight-line basis over a similar period as
technical expense.

    Network revenues are comprised of: (1) NRE fees, (2) construction revenues
related to the installation of transmitting and receiving equipment and (3)
non-airtime service revenues.

SAB 101 - MULTIPLE-ELEMENT ARRANGEMENTS

     In December 1999, the Securities and Exchange Commission issued Staff
Accounting Bulletin No. 101, "Revenue Recognition in Financial Statements" ("SAB
101"), which was adopted during the fourth quarter of 2000, effective January 1,
2000. SAB 101 provides additional guidance on revenue recognition as well as
criteria for when revenue is generally realized and earned. The adoption of SAB
101 resulted in a $149,000 charge in 2000, which was reported as a cumulative
effect of a change in accounting principle. Under the provisions of SAB 101
relating to multiple-element revenue arrangements, the Company is required to
bundle the equipment revenue and airtime revenue


                                       8
<PAGE>


associated with wireless data devices for the following sales channels in the
Wireless Data Division: Field Sales, National Accounts, Reseller and Carrier
Services. The Company recognizes the revenue and related cost of sales over the
expected customer relationship, which the Company estimates is three years.
Sales of one-way devices in the Traditional Paging Division are not bundled. See
discussion of "Revenue Recognition - Equipment Revenue", below.

     As a result of the adoption of SAB 101, the Company is deferring the
recognition of equipment revenue and the related cost of sales, to the extent of
the revenue, over the three year expected life of a subscriber. Any cost of
equipment in excess of revenues from the sale of equipment is recognized at the
time of sale and is not deferred. The deferred revenue is recorded as other
long-term liabilities and has a balance of $13.1 million at September 30, 2001.
The deferred cost of sales is recorded as other assets and has a balance at
September 30, 2001 of $12.5 million.

     Prior to implementing SAB 101, the Company recognized revenue and cost of
sales for equipment upon the sale of the device by the retailer.

SALES INCENTIVES AND REBATES

     During the third quarter of 2000, the Company initiated its national retail
sales efforts for the new Motorola Talkabout T900 product. This sales program
includes certain sales incentives paid to specified retailers when the product
is sold by the retailer. These sales incentives, which result in a loss on the
product, are recorded as a reduction to equipment revenue in the period the
products are shipped to retailers, consistent with the EITF 00-14. However, due
to the newness of this product and the nature of the arrangements with
retailers, the Company is not recognizing revenue on these units until the
retailers sell them to consumers. Hence, equipment revenue received from the
retailer is recorded as deferred revenue until the device is sold to the
consumer. Likewise, product sold subject to right of return by the retailer is
recorded as an asset until sold to the consumer. The Company recorded an asset
of $3.8 million for units held in retailers' inventory at September 30, 2001.
All consumer rebates are recorded upon activation by the customer as a liability
based on the Company's estimated redemption rate. The liability is recognized as
a reduction of airtime revenue over the service period commitment.

EQUIPMENT REVENUE

    The Company's Traditional Paging Division recognizes equipment revenue upon
the shipment of subscriber devices adjusted by allowances for normal returns.
Recurring revenues, including revenue from airtime charges and fees for other
services such as voice mail, customized coverage options and toll-free numbers,
are recognized in the month in which the service is provided. All expenses
related to the sale of equipment are recognized at the time of sale. See
additional discussion under "Sales Incentives and Rebates," above.

DEFERRED REVENUE

    Deferred revenue relates to airtime services and represents advance billings
for services not yet performed. Such revenue is deferred and recognized in the
month in which the service is provided.

4. RESTRUCTURING

     In the first quarter of 2001, the Company closed seventeen field sales
offices and one of the associated support centers and reduced its workforce by
approximately 7% as part of a restructuring of its business. The Company
incurred $0.3 million in restructuring charges related to employee termination
costs.

     In the second quarter of 2001, the Company closed the remaining field sales
offices and reduced its workforce by approximately 15% as part of the Company's
plan to reduce expenses and cash requirements and maximize near term earnings
before interest, taxes, depreciation and amortization, amortization of stock
compensation and restructuring charges ("EBITDA"). The Company incurred $2.5
million in restructuring charges in the second quarter.

     In the third quarter of 2001, the Company announced that it will close its
San Antonio, Texas call center by November 30, 2001 as part of a series of
actions the Company is taking to size its operations to meet current demands and
contain costs to achieve EBITDA targets. The Company also plans to move its
distribution center from its current location in Garland, Texas to the Company's
network operations facility in Plano, Texas and to reduce the size of its
distribution center staff and certain headquarters' staff. The
reduction-in-force totals 232 employees (approximately 20% of the Company's
workforce), of which 151 are employed at the San Antonio call center. The
Company is making these reductions primarily as a result of softness in the
Company's retail consumer market. The Company incurred $2.0 million in
restructuring charges in the third quarter. Also, see Note 12, "Subsequent
Event".

5. EARNINGS PER SHARE

        Net loss per share amounts as reflected on the statements of operations
     are based upon the weighted average number of common shares outstanding.

        Under the provisions of Financial Accounting Standards Board Statement
     No. 128, "Earnings per Share", dilutive securities are excluded from the
     calculation of earnings per share when there is a net loss because their


                                       9
<PAGE>


     inclusion would be anti-dilutive. The securities listed below were not
     included in the computation of diluted loss per share, since the effect
     from the conversion would be anti-dilutive.

<Table>
<Caption>
                                                      SEPTEMBER 30, 2000     SEPTEMBER 30, 2001
                                                      ------------------     ------------------
<S>                                                   <C>                    <C>
                 Stock Options.................              6,678,726             6,635,222
                 Phantom Stock.................              1,075,000             1,075,000
                 Warrants......................              1,134,088             1,134,088
                                                      ------------------     ------------------
                                                             8,887,814             8,844,310
                                                      ==================     ==================
</Table>

6. COMMITMENTS AND CONTINGENCIES

    In March and April of 2001, the Company was served with five lawsuits
against it and John D. Beletic, its chairman, seeking to recover an unspecified
amount of monetary damages allegedly caused by the Company's alleged fraudulent
scheme to artificially inflate the price of the Company's common stock through a
series of alleged false and misleading statements to the market and alleged
material omissions in violation of federal and state securities laws. Four of
the lawsuits are filed in the U.S. District Court for the Northern District of
Texas and seek class action status on behalf of persons who purchased the
Company's common stock on the open market during the period from December 29,
2000, through February 20, 2001. The fifth lawsuit was filed in the Dallas
County Court at Law on behalf of a single stockholder that purchased the
Company's common stock on the open market during the same time period. The fifth
suit has been removed to the same federal court in which the other suits are
filed. No discovery has yet occurred, and the Company believes the lawsuits have
no merit. During the pendancy of the Chapter 11 case, plaintiffs are stayed
under Section 362 of the Bankruptcy Code from pursuing the claims in the
lawsuits.

    On September 29, 2000, the Company entered into a volume purchase agreement
with Glenayre Electronics, Inc. (the "Volume Purchase Agreement") for the
purchase or license of $20.8 million in wireless network infrastructure
equipment and software through December 31, 2001. This equipment and software
will allow the Company to expand its wireless data network capacity and increase
speeds in the system enabling the Company to serve a larger subscriber base. As
of September 30, 2001, the Company had purchased $9.5 million under this
agreement. This contractual agreement will be subject to the provisions of the
Bankruptcy Code and the Company's plan of reorganization.

7. COMPREHENSIVE INCOME (LOSS)

    In January 1998, the Company adopted the Financial Accounting Standards
Board Statement No. 130, "Reporting Comprehensive Income," which establishes
standards for reporting comprehensive income and its components within the
financial statements. Comprehensive income is defined as all changes in the
equity of a business enterprise from transactions and other events and
circumstances, except those resulting from investments by owners and
distributions to owners. The Company's comprehensive income components are
immaterial for the three and nine months ended September 30, 2000 and 2001 and,
therefore, comprehensive income (loss) is the same as net income (loss) for
these periods.

8. RELATED-PARTY TRANSACTIONS

     The Company engaged an affiliate as a financial advisor in connection with
the negotiations of a possible merger with Metrocall and paid such affiliate
$30,000. The affiliate also received fees of approximately $150,000 in
connection with negotiating and finalizing the DIP financing.

    On January 3, 2000, the Company entered into an agreement with the chairman
and chief executive officer providing that all obligations on his indebtedness
to the Company totaling approximately $178,000, including $15,000 of accrued
interest, would be forgiven on January 3, 2001 if he was employed by the Company
on that date. That condition was met and the debt has been forgiven as of
January 3, 2001.

9. SEGMENT REPORTING

    In June 1997, the Financial Accounting Standards Board issued Statement No.
131, "Disclosures about Segments of an Enterprise and Related Information"
("SFAS 131"). The Company adopted SFAS 131 for the fiscal year ending December
31, 1998. SFAS 131 establishes accounting standards for the way that public
business enterprises report information about operating segments in annual
financial statements and requires that those enterprises report selected
information about operating segments in interim financial reports issued to
shareholders. It also establishes standards for related disclosures about
products and services, geographic areas and major customers.

    The Company's reportable segments are divisions that offer different
products and/or services. The Company reports segments based on these divisions,
as management makes operating decisions and assesses individual performances
based on the performance of these segments.

    The Company has three reportable segments: Wireless Data, Traditional Paging
and International Divisions. Through its Wireless Data Division, the Company
offers two-way messaging and internet-based information services. Through its
Traditional Paging Division, the Company provides paging and other one-way
wireless messaging services to its subscribers. Through its International
Division, the Company provides messaging services in selected countries on a
seamless international network. The Company pursues international opportunities
through network affiliation agreements between the Company and the owners of
foreign networks.


                                       10
<PAGE>


    The accounting policies of the segments are the same as those described in
the summary of significant accounting policies except for the allocation of
equity and debt by division.

    The Company has allocated proceeds from equity and debt between its Wireless
Data and Traditional Paging Divisions. The methodology the Company follows
results in the attribution of the proceeds of each offering based on the
specific capital and operating requirements of each division. Free cash flow
("Free Cash Flow"), defined as EBITDA less capital expenditures, generated by a
division is utilized to reduce its respective debt allocation. As of September
30, 2001, $153.1 million and $185.9 million of equity and $519.7 million and
$40.5 million of debt have been allocated to the Wireless Data and Traditional
Paging Divisions, respectively. For the three and nine months ended September
30, 2001, interest expense of $3.3 million and $29.2 million was allocated to
the Wireless Data Division $5,000 and $3.2 million was allocated to the
Traditional Paging Division, respectively.

    Operating expenses are allocated to each segment based on management's
estimate of the utilization of resources by each segment.

    The following table sets forth segment financial information related to the
Company's various operations (in thousands):

<Table>
<Caption>
                                                                THREE MONTHS ENDED SEPTEMBER 30, 2000
                                                      -------------------------------------------------------
                                                      WIRELESS     TRADITIONAL
                                                        DATA         PAGING      INTERNATIONAL   CONSOLIDATED
                                                      ---------    -----------   -------------   ------------
<S>                                                   <C>          <C>           <C>             <C>
     Revenues.....................................    $   9,237    $    61,739   $          29   $     71,005
     Operating (loss) income......................      (26,077)        11,255            (156)       (14,978)
     Interest expense.............................       13,892          2,183              --         16,075
     Interest income..............................          160              -              --            160
     Net (loss) income ...........................      (39,843)         9,014            (156)       (30,985)
     Total assets.................................      311,433        138,394             391        450,218
     Capital expenditures.........................       11,499          1,056              --         12,555
</Table>

<Table>
<Caption>
                                                                THREE MONTHS ENDED SEPTEMBER 30, 2001
                                                      -------------------------------------------------------
                                                      WIRELESS     TRADITIONAL
                                                        DATA         PAGING      INTERNATIONAL   CONSOLIDATED
                                                      ---------    -----------   -------------   ------------
<S>                                                   <C>          <C>           <C>             <C>
     Revenues.....................................    $  22,759    $    29,228   $          30   $     52,017
     Operating loss...............................      (11,624)        (6,163)           (127)       (17,914)
     Interest expense.............................        3,275              5              --          3,280
     Interest income..............................           --             --              --             --
     Loss before bankruptcy reorganization items..      (15,144)        (6,549)           (127)       (21,820)
     Total assets.................................      281,933         95,912              --        377,845
     Capital expenditures.........................          250          1,068              --          1,318
</Table>

<Table>
<Caption>
                                                               NINE MONTHS ENDED SEPTEMBER 30, 2000
                                                      -------------------------------------------------------
                                                      WIRELESS     TRADITIONAL
                                                        DATA         PAGING      INTERNATIONAL   CONSOLIDATED
                                                      ---------    -----------   -------------   ------------
<S>                                                   <C>          <C>           <C>             <C>
     Revenues.....................................    $  25,377    $   201,564   $         167   $    227,108
     Operating (loss) income......................      (62,177)        29,317            (489)       (33,349)
     Interest expense.............................       41,464          7,504              --         48,968
     Interest income..............................          721            336              --          1,057
     (Loss) income before extraordinary item
       and accounting change......................     (104,993)        27,118            (666)       (78,541)
     Total assets.................................      311,433        138,394             391        450,218
     Capital expenditures ........................       26,067          7,696              --         33,763
</Table>

<Table>
<Caption>
                                                               NINE MONTHS ENDED SEPTEMBER 30, 2001
                                                      -------------------------------------------------------
                                                      WIRELESS     TRADITIONAL
                                                        DATA         PAGING      INTERNATIONAL   CONSOLIDATED
                                                      ---------    -----------   -------------   ------------
<S>                                                   <C>          <C>           <C>             <C>
     Revenues.......................................  $  68,325    $   106,361   $          56   $    174,742
     Operating loss.................................    (42,155)      (17, 317)           (887)       (60,359)
     Interest expense...............................     29,226          3,148              --         32,374
     Interest income................................        111             91              --            202
     Loss before bankruptcy reorganization items....    (71,602)       (21,057)           (887)       (93,546)
     Total assets...................................    281,933         95,912              --        377,845
     Capital expenditures including capital leases..      9,703          3,093              --         12,796
</Table>


                                       11
<PAGE>


10. YAHOO! WARRANTS

    On April 16, 2001, the Company received from Yahoo!, Inc., notice of
termination of the agreement between the Company and Yahoo!, Inc. because of the
Company's announced intention to file a Chapter 11 bankruptcy petition and other
alleged breaches of the agreement. Yahoo!, Inc. reserved all rights to which it
may be entitled by law. Therefore, the $0.8 million intangible asset related to
200,000 of the warrants issued to Yahoo!, Inc. was expensed in the second
quarter of 2001. In addition, the 300,000 remaining warrants vested and became
exercisable on the Petition Date. In conjunction with the vesting of these
additional warrants, the Company determined the fair value of the warrants on
the vesting date and recognized $3,668 as cost of equipment sold and $7,335 as
amortization as there were no future benefits associated with the warrants. The
warrants were valued using the Black-Scholes pricing model.

11. NEW ACCOUNTING PRONOUNCEMENTS

    The Financial Accounting Standards Board ("FASB") issued two new
pronouncements in June 2001, Statement of Financial Accounting Standards No.
141, "Business Combinations" ("SFAS 141"), and Statement of Financial Accounting
Standards No. 142, "Goodwill and Other Intangible Assets" ("SFAS 142"). SFAS 141
prescribes the accounting treatment and disclosures to all business combinations
effective after June 2001. SFAS 142 defines the accounting treatment for all
intangible assets, including goodwill, and provides methodology to be used to
assess possible impairment of such intangibles. The adoption of SFAS 142 is
required for fiscal years beginning after December 15, 2001 (fiscal year 2002
for the Company), except for acquisitions entered into after June 30, 2001. The
Company is currently evaluating the potential impact of SFAS 142 on its
financial position and results of operations.

    In June 2001, the FASB issued Statement of Financial Accounting Standards
No. 143, "Accounting for Asset Retirement Obligations" (SFAS 143"). SFAS 143
requires that the fair value of a liability for an asset retirement obligation
be recognized in the period in which it is incurred with the associated asset
retirement costs being capitalized as a part of the carrying amount of the
long-lived asset. SFAS 143 also includes disclosure requirements that provide a
description of asset retirement obligations and reconciliation of changes in the
components of those obligations. The Company is evaluating the future financial
effects of adopting SFAS 143 and will adopt the standard effective January 1,
2003.

    In August 2001, the FASB issued Statement of Financial Accounting Standards
No. 144, "Accounting for the Impairment or Disposal of Long-Lived Assets" ("SFAS
144"). SFAS 144 addresses the accounting and reporting for the impairment or
disposal of long-lived assets and supersedes FASB Statement No. 121, "Accounting
for the Impairment of Long-Lived Assets and for Long- Lived Assets to Be
Disposed Of" and APB Opinion No. 30, "Reporting the Results of Operations -
Reporting the Effects of Disposal of a Segment of a Business, and Extraordinary,
Unusual and Infrequently Occurring Events and Transactions." The objective of
SFAS 144 is to establish one accounting model for long-lived assets to be
disposed of by sale as well as resolve implementation issues related to
Statement No. 121. The Company is evaluating the future financial effects of
adopting SFAS 144 and will adopt the standard effective January 1, 2002.


12. SUBSEQUENT EVENT

    On October 31, 2001, the Company announced an internal restructuring of its
operations that positions the Company to emerge from its Chapter 11 proceedings
either on a stand alone basis or upon consummation of a transaction with an
outside investor. As part of the restructuring, approximately 160 positions will
be eliminated at the end of the year. The cash severance expense associated with
the restructuring is expected to be less than $1.0 million, which will be
recorded in the fourth quarter of 2001. The actions are expected to position the
Company to file a stand alone plan of reorganization if proposals satisfactory
to the Company and its stakeholders for a merger, sale or similar transaction
with third parties are not received in the coming weeks. Confirmation of the
reorganization plan is subject to the requirements of the Bankruptcy Code,
including approval of the Bankruptcy Court. However, implementation of the
internal restructuring is not subject to bankruptcy court approval or
confirmation of any plan of reorganization.

    The Company also announced that N. Ross Buckenham would be promoted to the
additional position of chief executive officer of the Company effective upon
Bankruptcy Court approval. John D. Beletic, currently the Company's chief
executive officer, will continue to serve as chairman of the board.


ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

    This Form 10-Q contains forward-looking statements. In addition to
statements that speak to a time in the future, the words "estimate," "project,"
"plan," "expect," "believe", "anticipate", "intend" and similar expressions are
intended to identify forward-looking statements. Readers are cautioned that such
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934 involve risks
and uncertainties, and are subject to change based on various important factors.
The factors set forth in other filings with the Securities and Exchange
Commission, as well as the following factors, could affect the Company's
financial performance and could cause actual results to differ materially from
those expressed in such forward-looking statements: the effect on the Company's
business of operating while in Chapter 11 bankruptcy proceedings; the ability of
the Company to continue operating as a going concern and successfully emerge
from bankruptcy pursuant to a


                                       12
<PAGE>


reorganization plan that provides for the Company to remain substantially
intact; economic conditions and consumer confidence generally in the United
States; the impact of technological change in the telecommunications industry;
the future cost and availability of network infrastructure and subscriber
devices; the impact of competition from broadband and narrowband personal
communications service providers; pricing pressures on wireless data and paging
products and services; the timely market acceptance of new products and services
such as two-way messaging; changes in regulation by the Federal Communications
Commission ("FCC") and various state regulatory agencies; and potential
technical problems relating to the Company's wireless data network.

    The following is a discussion of the results of operations and financial
condition of the Company for the three and nine months ended September 30, 2000
and 2001. This discussion should be read in conjunction with the Company's
Condensed Consolidated Financial Statements and the Notes thereto included
elsewhere in this report. Certain prior years' amounts have been reclassified to
conform with the current year presentation.

CHAPTER 11 FILING

    On May 23, 2001 (the "Petition Date"), WebLink and its subsidiaries,
PageMart PCS, Inc. and PageMart II, Inc., filed voluntary petitions for relief
under Chapter 11 ("Chapter 11") of title 11 of the United States Code Sections
101-1330, as amended (the "Bankruptcy Code"), and is presently operating its
business as debtors-in-possession subject to the jurisdiction of the United
States Bankruptcy Court for the Northern District of Texas, Dallas Division (the
"Bankruptcy Court"). The Chapter 11 cases are being jointly administered for
procedural purposes only before the Bankruptcy Court under case no.
01-34275-SAF-11. See Note 1 of the "Notes to the Condensed Consolidated
Financial Statements".

    Currently, there is no Company or creditor sponsored plan of reorganization.
There can be no assurance that any plan of reorganization will be confirmed
under the Bankruptcy Code. If the Company is unable to obtain confirmation of a
plan of reorganization, its creditors or equity security holders may seek other
alternatives for the Company. There can be no assurance that upon consummation
of a plan of reorganization there will be improvement in the Company's financial
condition or results of operations. The Company has incurred, and will continue
to incur, professional fees and other cash demands typical in bankruptcy.

    The accompanying condensed consolidated financial statements have been
prepared assuming that the Company will continue as a going concern, which
contemplates continuity of operations, realization of assets and liquidation of
liabilities and commitments in the normal course of business. The Chapter 11
filing and related circumstances, including the Company's debt structure,
default on all pre-petition debt, negative cash flows and recurring losses, as
well as current economic conditions, raise substantial doubt about the Company's
ability to continue as a going concern. The appropriateness of reporting on the
going concern basis is dependent upon, among other things, confirmation of a
plan of reorganization, future profitable operations, and the ability to
generate sufficient cash from operations and financing sources to meet
obligations. See "Liquidity and Capital Resources". As a result of the filing
and related circumstances, however, such realization of assets and liquidation
of liabilities are subject to significant uncertainty. The financial statements
do not include any adjustments relating to the recoverability and classification
of asset carrying amounts or the amount and classification of liabilities that
may result in the event that the Company is unable to continue as a going
concern. While under the protection of Chapter 11, the Company may sell or
otherwise dispose of assets and liquidate or settle liabilities for amounts
other than those reflected in the accompanying condensed consolidated financial
statements. Additionally, the amounts reported on the condensed consolidated
balance sheet could change materially because of changes in business strategies
and the effects of any proposed plan of reorganization.

GENERAL

     Through its Wireless Data Division, the Company has constructed and
operates a wireless data network which covers approximately 90% of the U.S.
population. The Company has incurred significant capital expenditures and
expects to incur additional capital expenditures and operating losses associated
with the implementation and deployment of its wireless data services. Through
its Traditional Paging Division, the Company provides paging and other one-way
wireless messaging services to its subscribers.

    The Company sells or leases wireless messaging end-user devices to
subscribers, retailers and resellers. The Company earns recurring revenues from
subscribers and resellers in the form of fixed periodic fees and incurs
substantial operating expenses in offering its services, including technical,
customer service, and general and administrative expenses.

     Since commencing operations in 1990, the Company has invested heavily in
its wireless communications network and administrative infrastructure in order
to establish nationwide coverage and centralized customer service and
administrative support functions. The Company incurs substantial fixed operating
costs related to its wireless communications infrastructure, which is designed
to serve a larger subscriber base than the Company currently serves in order to
accommodate growth. In addition, the Company incurs costs associated with each
new subscriber addition. The Company has sustained consolidated operating losses
in each year of operations since inception. The Company sustained an aggregate
$92.2 million operating loss from 1998 to 2000 and $17.9 million and $60.4
million operating losses for the three and nine months ended September 30, 2001,
respectively. The Wireless Data Division has generated operating losses each
year beginning in 1995 and management expects this trend to continue throughout


                                       13
<PAGE>


2001 with $11.6 million and $42.2 million operating losses in the three and nine
months ended September 30, 2001. In the third quarter of 1997, the Company began
generating operating profits in its Traditional Paging Division. However, in the
fourth quarter of 2000, the Traditional Paging Division sustained a $1.5 million
operating loss and, in the three and nine months ended September 30, 2001, this
division sustained $6.2 million and $17.3 million operating losses,
respectively, and management expects this trend to continue. The Company expects
consolidated operating losses to continue at least through 2004.

    The Company's strategy is to expand its wireless data subscriber base and to
increase profitability and cash flow through greater utilization of its
nationwide wireless communications network. From the introduction of wireless
data services in December 1998 to September 30, 2001, the number of wireless
data units in service increased to 500,376. None of the Company's growth is
attributable to acquisitions. The Company intends to achieve unit growth by
promoting its wireless data services through its Carrier Services and Business
Sales strategic business units ("SBUs").

    In the fourth quarter of 2001, the Company consolidated its five SBU's into
two. The Carrier Services SBU now includes the former Reseller SBU and Wireless
Control Systems (Telemetry) SBU. The new Business Sales SBU is a combination of
the former National Retail, National Accounts and Field Sales SBUs.

     The Company sells and leases its subscriber units through the following
distribution channels: (i) private brand strategic alliances, wireless data
network alliances, local resellers and telemetry resellers through its Carrier
Services SBU and (ii) direct business accounts and national and regional retail
stores through its Business Sales SBU. The Company's primary emphasis is on
indirect sales through its Carrier Services SBU. Over the coming months the
Company plans to de-emphasize sales to consumers through retail stores and
expects the number of retail stores offering the Company's subscriber units to
be significantly reduced. The Company has closed its business sales offices and
reduced its field sales force, but it maintains a small field sales force that
continues to service existing business accounts and pursues opportunities that
fit the Company's preferred customer profile. At September 30, 2001, 68% of the
Company's domestic units in service originated from the Carrier Services SBU and
32% from its Business Sales SBU.

    The Company has historically sold, rather than leased, most of the
subscriber units used by its subscribers. As a result, the Company has had much
less capital invested in subscriber units than many other paging carriers since
it has recouped a substantial portion of subscriber unit costs upon sale to
subscribers, retailers and resellers. This has resulted in significantly lower
capital expenditures and depreciation expense than if the Company had leased
units to its subscribers. While the Company's capital expenditures for
subscriber units had been increasing as the result of the Company's increased
leased units in wireless data services, the Company expects this trend to
reverse itself since it has de-emphasized marketing to corporate accounts.

     The Company derives its recurring revenue primarily from fixed periodic
fees for services. Consequently, the Company's ability to recoup its initial
selling and marketing costs, to meet operating expenses and to achieve
profitability is dependent on the average length of time that each customer
continues to utilize the Company's service, as operating results benefit from
the recurring payments of the fixed fees without the incurrence of additional
selling expenses by the Company. Conversely, operating results are adversely
affected by customer disconnections. Each month a percentage of the Company's
existing customers have their service terminated for a variety of reasons,
including failure to pay for service, dissatisfaction with service and switching
to a competing service provider. Average monthly disconnect rates are calculated
by dividing (a) the sum of (i) the subscriber disconnections from each of the
Carrier Services SBU's strategic alliance partners, to the extent that each
partner has net disconnections, (ii) net subscriber disconnections from the
local reseller channel, taken as a whole, and (iii) subscriber disconnections
from all national retail and direct sales channels, by (b) the total number of
units in service at the beginning of the period. Disconnect rates are stated as
the monthly average of each period presented.

    The Company's Subscriber Service Agreement provides, "after activation,
neither WebLink nor any retailer will issue customer credits for used or unused
services for which payment has been received". However, it is the Company's
present policy to allow customers 365 days to apply credits for unused services
to future services. Upon the expiration of 365 days, unapplied credit balances
in customer accounts will be recognized as revenue and debit balances in
customer accounts will be written off to allowance for doubtful accounts.

    Approximately 90% of the Company's monthly average revenue per unit ("ARPU")
is attributable to fixed fees for airtime, coverage options and features. The
remainder is dependent on usage. Management anticipates that the Company's
consolidated ARPU will increase as subscriber additions in the Wireless Data
Division increase, since wireless data services yield a significantly higher
ARPU than traditional paging services. Management anticipates that the Company's
Traditional Paging Division's ARPU will decline somewhat in the foreseeable
future.

    EBITDA represents earnings (loss) before interest, taxes, depreciation and
amortization, amortization of stock compensation and restructuring charges.
EBITDA is a financial measure commonly used in the Company's industry. EBITDA is
not derived pursuant to generally accepted accounting principles ("GAAP"), and
therefore should not be construed as an alternative to operating income, as an
alternative to cash flows from operating activities (as determined in accordance
with GAAP), or as a measure of liquidity. The calculation of EBITDA does not
include commitments of the Company for capital expenditures and payment of debt
and should not be deemed to represent funds available to the Company. The
Company's definition of EBITDA may not be comparable to similarly titled
measures used by other companies.


                                       14
<PAGE>


RESULTS OF OPERATIONS

    The following discussion assumes the Company's ability to continue its
operations as a going concern and, as a result, does not include adjustments to
reflect the possible future effects on the recoverability and classification of
assets or the amounts and classification of liabilities that might result from
the outcome of that uncertainty.

WIRELESS DATA DIVISION

    The Company's Wireless Data Division is expected to be the source of the
Company's growth in the future. Nationwide coverage was first offered on
December 15, 1998 with coverage to 70% of the U.S. population. When the wireless
data network was substantially completed in April 1999, approximately 90% of the
U.S. population was covered. The following discussion analyzes the results of
the division's operations, unless otherwise indicated.

Units in Service

    The Company had 227,864 units in service as of September 30, 2000 compared
to 500,376 as of September 30, 2001. The Company received its first shipments of
full two-way wireless data devices in February 2000. In September 2000, the
Company began receiving shipments of the Motorola Talkabout T900 which has
contributed significantly to the unit growth in the Wireless Data Division. In
July 2000, the Company added its first units in telemetry. As of September 30,
2001, the Company had 6,234 telemetry units in service included in total
Wireless Data units in service.

    The Wireless Data Division experienced net unit additions for the three
months ended September 30, 2000 of 81,055 and net unit decreases for the three
months ended September 30, 2001 of 17,135. In the quarter ended September 30,
2001, the Wireless Data Division's average monthly disconnection rate was 2.9%.
Additions for the quarter were reduced by approximately 13,600 net disconnects
from Metrocall, Inc. in September primarily due to a database cleanup. Additions
were also reduced by approximately 30,000 units as a result of the Company
identifying certain delinquent accounts and units, which had not been terminated
and written off pursuant to the Company's automated process. These accounts,
which had been previously reserved, and units were terminated and written off in
the third quarter.

    Management believes the reported churn rate is lower than what the steady
state churn rate will be as churn rate benefits mathematically from the relative
newness of the base because most of the subscribers have used the service less
than one year as of the end of the third quarter.

Revenues

     Revenues for the three and nine months ended September 30, 2000 were $9.2
million and $25.4 million compared to $22.8 million and $68.3 million for the
three and nine months ended September 30, 2001. Recurring revenues for the same
periods were $6.8 million, $15.8 million, $19.7 million and $55.7 million,
respectively. Revenues from equipment sales for the same periods were $1.7
million, $5.9 million, $2.3 million and $10.2 million, respectively. Network
revenues, comprised of: (1) non-recurring engineering fees; (2) construction
revenues related to the installation of transmitting and receiving equipment;
and (3) non-airtime service revenues, for the same periods, were $0.8 million,
$2.7 million, $0.8 million and $2.4 million, respectively. ARPU was $12.04 for
the three months ended September 30, 2000 compared to $12.88 for the same period
in 2001. Management expects Wireless Data's ARPU (excluding telemetry) to be
approximately $13.00 for the remainder of 2001.

    During the third quarter of 2000, the Company initiated its national retail
sales efforts for the new Motorola Talkabout T900. This sales program includes
certain sales incentives paid to retailers when the product is sold by the
retailer. These sales incentives, which result in a loss on the product, are
recorded as a reduction to equipment revenue in the period the products are
shipped to retailers, which is consistent with the Emerging Issues Task Force
00-14, "Accounting for Certain Sales Incentives" ("EITF 00-14"). However, due to
the newness of this product and the nature of the arrangements with retailers,
the Company is not recognizing revenue on these units until the retailers sell
them to consumers. Hence, equipment revenue received from the retailer is
recorded as deferred revenue until the device is sold to the consumer. Likewise,
product sold subject to right of return by the retailer is recorded as an asset
until sale to the consumer. The Company recorded an asset of $3.8 million for
units held in retailers' inventory at September 30, 2001. All consumer rebates
are recorded upon activation by the customer as a liability based on the
Company's estimated redemption rate. The liability is recognized as a reduction
in airtime revenue over the service period commitment. As the Company
de-emphasizes its retail distribution channel, product sales to retailers are
expected to be significantly reduced.

    During the fourth quarter of 2000, the Company adopted Staff Accounting
Bulletin Number 101 ("SAB 101") with an effective date of January 1, 2000. SAB
101 requires the deferral of revenue when the earnings process is not complete.
The earnings process associated with equipment revenue from the sale of wireless
data devices is not complete because airtime is an integral part of the
transaction in instances when the Company sells both the device and airtime to
the same individual. As a result, the Company is deferring the recognition of
equipment revenue over the three year expected life of a wireless data
subscriber. The Company has recorded $13.1 million in deferred revenue
associated with SAB 101 as of September 30, 2001, which is recorded as other
long-term liabilities.


                                       15
<PAGE>


Cost of Equipment Sold

    The cost of equipment sold for the three and nine months ended September 30,
2000 was $7.5 million and $13.1 million compared to $3.4 million and $14.8
million for the three and nine months ended September 30, 2001.

    As a result of the adoption of SAB 101, the Company's cost of equipment sold
decreased. See "Wireless Data Division - Revenues" above. The Company recognizes
an immediate loss in the amount of the cost of equipment sold in excess of
revenue, and the remaining cost of equipment sold is deferred and recognized
over the three year expected life of a subscriber. The Company has recorded
$12.5 million in deferred cost of equipment associated with SAB 101 as of
September 30, 2001, which is recorded as other assets.

Operating Expenses

     Technical expenses were $7.7 million and $22.3 million for the three and
nine months ended September 31, 2000 compared to $7.8 million and $24.6 million
for the three and nine months ended September 30, 2001. As the number of
wireless data units in service grows, additional resources must be allocated to
support those customers, some or all of which will be shifted from the
Traditional Paging Division. This is expected to cause an increase in technical
expenses in the Wireless Data Division in the future.

     General and administrative expenses (including costs associated with
customer service, field administration and corporate headquarters) for the three
and nine months ended September 30, 2000 and 2001 were $3.3 million, $8.9
million, $7.0 million and $20.1 million, respectively. As the number of wireless
data units in service grows, additional resources must be allocated to support
those customers, some or all of which will be shifted from the Traditional
Paging Division. This is expected to cause an increase in general and
administrative expenses in the Wireless Data Division in the future.

    Selling expenses for the three and nine months ended September 30, 2000 were
$4.8 million and $11.4 million compared to $2.4 million and $10.0 million for
the three and nine months ended September 30, 2001. The primary reasons for the
decrease were the closing of sales offices and reduction of the field sales
force in the first half of 2001. However, management expects selling expenses to
increase as resources are moved from the Traditional Paging Division to the
Wireless Data Division.

    Depreciation and amortization was $10.8 million and $31.3 million for the
three and nine months ended September 30, 2000 compared to $11.8 million and
$35.4 million for the three and nine months ended September 30, 2001. Management
anticipates depreciation and amortization expense to increase as it continues to
allocate more of its resources to the expansion and development of wireless data
services.

TRADITIONAL PAGING DIVISION

    The Company provides domestic one-way paging services in its Traditional
Paging Division. This division is a mature business requiring only a maintenance
level of capital investment. Management expects EBITDA from this division to
decline in 2001. The Traditional Paging Division has produced operating profits
for 1998, 1999 and 2000. However, beginning in the fourth quarter of 2000, this
division began incurring operating losses. The following discussion analyzes the
results of the Traditional Paging Division's operations, unless otherwise
indicated.

Units in Service

    Units in service from domestic one-way paging operations were 2,105,282 and
1,193,372 as of September 30, 2000, and 2001, respectively. The Company's
one-way operations experienced a net decrease of 911,910 units in service from
September 30, 2000 to September 30, 2001, as the general market for traditional
paging declines. Unit decreases for the three months ended September 30, 2000
and 2001 were 175,373 and 210,253, respectively. This is a continued trend from
1998 and 1999. In the quarter ended September 30, 2001, the Traditional Paging
Division's average monthly disconnection rate was 5.5%. Approximately 23,000
units of the 210,253 net deletions were due to units that were not terminated
and written off pursuant to the Company's automated process. See discussion
under "Wireless Data Division-Units in Service," above. Management believes
there is a declining market for traditional one-way paging services, and some of
the demand appears to be shifting to the higher quality and greater benefits of
wireless data services. Management expects the significant decline in the
Traditional Paging Division's number of units to continue for at least the next
few quarters, and the Company's bankruptcy filing is likely to cause additional
unit disconnections.

Revenues

     Total revenues for the three and nine months ended September 30, 2000 and
2001 were $61.7 million, $201.6 million, $29.2 million and $106.4 million,
respectively. Recurring revenues for the same periods were $52.2 million, $168.8
million, $28.4 million and $101.4 million, respectively. Revenues from equipment
sales were $9.5 million, $31.8 million, $0.9 million and $5.0 million,
respectively. Recurring revenues dropped primarily due to a decreased subscriber
base. Equipment revenue decreased due to the decrease in demand for traditional
paging services and a


                                       16
<PAGE>


decrease in price of the paging devices. Management expects recurring and
equipment revenues to decrease over the next several quarters as the subscriber
base decreases.

    The Company's ARPU was $7.94 and $7.28 in the third quarter of 2000 and
2001, respectively. The decrease in ARPU is primarily due to the transition of
higher ARPU customers to wireless data services. Management expects ARPU to
decline somewhat in the foreseeable future.

Cost of Equipment Sold

    The cost of equipment sold in the three and nine months ended September 30,
2000 and 2001 was $10.3 million, $37.0 million, $0.7 million and $5.6 million,
respectively. The decrease is primarily due to decreased demand for traditional
paging services. The Company expects subscriber device costs to generally remain
relatively constant. The loss on equipment sold (equipment revenue less cost of
equipment sold) is recognized when subscriber devices are shipped to the
retailers, usually before the devices are placed into service. The Company has
historically sold rather than leased the majority of devices in the Traditional
Paging Division.

Operating Expenses

    Technical expenses were $7.1 million, $26.0 million, $9.9 million and $31.8
million for the three and nine months ended September 30, 2000 and 2001,
respectively. The Traditional Paging Division's technical expenses for the three
months ended September 30, 2000 were favorably affected by a $3.7 million
reduction related to the execution of interconnection arrangements with local
exchange carriers pursuant to the Telecommunications Act of 1996 and associated
Federal Communications Commission and court rulings. The total reduction for the
nine months ended September 30, 2000 was $7.3 million. The Company does not
expect any future reductions in technical expense related to the interconnection
arrangements. Management expects technical expenses to decrease in the future as
resources are transferred to the Wireless Data Division. For both the three and
nine months ended September 30, 2001, the Company incurred $2,000 in technical
expenses associated with international operations.

    General and administrative expenses (including costs associated with
customer service, field administration and corporate headquarters) for the three
and nine months ended September 30, 2000 and 2001 were $14.7 million, $51.3
million, $13.2 million and $45.5 million, respectively. The decrease was largely
due to increased operating efficiencies and the transfer of resources to the
Wireless Data Division. Management expects general and administrative costs to
decline as resources are transferred to the Wireless Data Division. During the
three and nine months ended September 30, 2001, the Company incurred $0 and
$486,000 in general and administrative expenses associated with international
operations.

    Selling expenses for the three and nine months ended September 30, 2000 and
2001 were $8.4 million, $26.8 million, $3.6 million and $12.1 million,
respectively. The primary reasons for the decrease were the closing of sales
offices and reduction of the field sales force in the first half of 2001 and the
transfer of resources to the Wireless Data Division. Management expects this
number to continue to decrease as resources are transferred to the Wireless Data
Division. During the three and nine months ended September 30, 2001, the Company
incurred $128,000 and $399,000 in selling expenses associated with international
operations.

    Depreciation and amortization for the three and nine months ended September
30, 2000 and 2001 were $9.0 million, $27.9 million, $6.0 million and $22.9
million, respectively. The decrease resulted from the spending of only
maintenance levels in capital expenditures. Depreciation and amortization should
decline over the next few years. For both the three and nine months ended
September 30, 2001, the Company incurred $1,000 in depreciation and amortization
expenses associated with international operations.

CONSOLIDATED

Restructuring

     In the first quarter of 2001, the Company closed seventeen field sales
offices and one of the associated support centers and reduced its workforce by
approximately 7% as part of a restructuring of its business. The Company
incurred $0.3 million in restructuring charges related to employee termination
costs.

     In the second quarter of 2001, the Company closed additional offices and
reduced its workforce by approximately 15% as part of the Company's plan to
reduce expenses and cash requirements and maximize near term EBITDA. The Company
incurred $2.5 million in restructuring charges in the second quarter.

     In the third quarter of 2001, the Company announced that it will close its
San Antonio, Texas call center by November 30, 2001 as part of a series of
actions the Company is taking to size its operations to meet current demands and
contain costs to achieve EBITDA targets. The Company also plans to move its
distribution center from its current location in Garland, Texas to the Company's
network operations facility in Plano, Texas and to reduce the size of its
distribution center staff and certain headquarters' staff. The
reduction-in-force totals 232 employees (approximately 20% of the Company's
workforce), of which 151 are employed at the San Antonio call center. The
Company is making these reductions primarily as a result of softness in the
Company's retail consumer market. The Company incurred $2.0 million in
restructuring charges in the third quarter.


                                       17
<PAGE>


    On October 31, 2001, the Company announced an internal restructuring of its
operations that positions the Company to emerge from its Chapter 11 proceedings
either on a stand alone basis or upon consummation of a transaction with an
outside investor. As part of the restructuring, approximately 160 positions will
be eliminated at the end of the year. The cash severance expense associated with
the restructuring is expected to be less than $1.0 million, which will be
recorded in the fourth quarter of 2001. The actions are expected to position the
Company to file a stand alone plan of reorganization if proposals satisfactory
to the Company and its stakeholders for a merger, sale or similar transaction
with third parties are not received in the coming weeks. Confirmation of the
reorganization plan is subject to the requirements of the Bankruptcy Code,
including approval of the bankruptcy court. Implementation of the internal
restructuring is not subject to bankruptcy court approval or confirmation of any
plan of reorganization.

    As a result of these restructurings, the Company expects technical, general
and administrative, and selling expenses to decrease in 2002 from the 2001
levels.

Amortization of Stock Compensation

    On February 10, 2000, 1,075,000 shares of Phantom Stock were granted under
the WebLink Wireless, Inc. 2000 Flexible Incentive Plan with a three-year
vesting period. Based on the closing market price of $23.8125 reported on Nasdaq
on February 10, 2000, these grants have an aggregate market value of $25.6
million. The compensation cost associated with the grants is recorded as
amortization of stock compensation over the vesting period. Accordingly, $8.5
million was incurred in 2000, and will be incurred in 2001 and 2002 at a rate of
$2.1 million per quarter.

Interest Expense

    As of the Petition Date, the Company began recording interest expense only
for debt that will continue to be paid during the Chapter 11 proceeding or that
is probable to be an allowed priority, secured or unsecured claim. Therefore,
the Company is not recording the interest expense associated with the 11 1/4%
Senior Subordinated Discount Exchange Notes due 2008 ("11 1/4% Notes"), the 15%
Senior Discount Exchange Notes due 2005 ("15% Notes"), and the amortization of
the deferred debt issuance costs associated with the 11 1/4% Notes and 15% Notes
("DDIC"). The Company continued to record interest expense related to a vendor
financing arrangement and the credit agreement led by Bankers Trust Company and
Morgan Stanley Senior Funding, Inc., as amended ("Amended Credit Facility"). The
following table details the contractual and actual interest expense for the
three and nine months ended September 30, 2001 and 2000 (dollars in millions).

<Table>
<Caption>
                               CONTRACTUAL INTEREST EXPENSE                    ACTUAL INTEREST EXPENSE
                                Period ended September 30,     Period ended September 30,    Period ended September 30,
                                           2001                           2001                          2000
                               Three Months     Nine Months   Three Months    Nine Months   Three Months    Nine Months
                               ------------     -----------   ------------    -----------   ------------    -----------
<S>                            <C>              <C>           <C>             <C>           <C>             <C>
11 1/4% Notes                    $   7.4          $  21.6         $  --          $ 11.2        $  6.6         $  21.1
15% Notes                            7.8             23.4            --            12.3           7.8            23.1
DDIC for 11 1/4% & 15%               0.3              0.8            --             0.4           0.3             0.9
notes
Vendor financing                     0.3              0.8           0.3             0.8            --              --
Amended Credit Facility              2.4              6.9           2.4             6.9           1.4             3.7
                                 -------          -------         -----          ------        ------         -------
                                 $  18.2          $  53.5         $ 2.7          $ 31.6        $ 16.1         $  48.8
                                 =======          =======         =====          ======        ======         =======
</Table>

     Interest expense was favorably affected by the conversion of $84.5 million
accreted value of the 11 1/4% Notes into equity during March 2000. Interest
expense related to the 11 1/4% Notes is currently non-cash pay, since payment of
interest was to commence in February 2003. For the three and nine months ended
September 30, 2001, interest expense of $3.3 million and $29.2 million was
allocated to the Wireless Data Division and $5,000 and $3.2 million was
allocated to the Traditional Paging Division, respectively.

    The Company incurred approximately $0.5 million of interest and fees in
association with the debtor-in-possession financing for the three and nine
months ended September 30, 2001, discussed under "Liquidity and Capital
Resources." The Company also incurred interest expense on two capital leases for
which payments are currently being made. Total interest for the three and nine
months ended September 30, 2001 was $99,000 and $260,000, respectively.

Net Loss

    The Company sustained consolidated losses before extraordinary item and the
cumulative effect of an accounting change of $31.0 million and $78.5 million for
the three and nine months ended September 30, 2000, respectively, including a
$3.3 million gain recognized from the sale of the Company's investment in its
Canadian affiliate in the first quarter of 2000. An extraordinary gain of $2.3
million was recognized in the first quarter of 2000 in conjunction with the
early retirement of $84.5 million accreted value of the 11 1/4% Notes. In
addition, $0.1 million of expense was recognized as a cumulative effect of
accounting change in connection with the adoption of SAB 101. The Company
sustained consolidated losses before bankruptcy reorganization items for the
three and nine months ended September 30, 2001 of $21.8 million and $93.5
million, respectively. Bankruptcy reorganization items were $1.4 million in the
third quarter of 2001 and $2.6 for the nine months ended September 30, 2001.
Bankruptcy reorganization items consisted principally of legal and professional
fees. Including the extraordinary item and the cumulative effect of an
accounting change, the Company's consolidated net losses for the three and nine
months ended September 30, 2000 were $31.0


                                       18
<PAGE>


million and $76.4 million, respectively. Including the bankruptcy reorganization
items, the Company's consolidated net losses for the three and nine months ended
September 30, 2001 were $23.2 million and $96.1 million, respectively. The
increase in losses were primarily due to increased operating expenses associated
with the operations of the Wireless Data Division and the decrease in
subscribers in the Traditional Paging Division.

Allocation of Debt and Equity to Divisions

    The Company has allocated equity and debt between its Wireless Data and
Traditional Paging Divisions. The methodology the Company follows results in the
attribution of the proceeds of each offering based on the specific capital and
operating requirements of each division. Free cash flow, defined as EBITDA less
capital expenditures ("Free Cash Flow"), generated by a division is utilized to
reduce its respective debt allocation. As of September 30, 2001, $153.1 million
and $185.9 million of equity and $519.7 million and $40.5 million of debt has
been allocated to the Wireless Data and Traditional Paging Divisions,
respectively.

Selected Quarterly Results of Operations

     The table below sets forth management's presentation of the results of the
Wireless Data and Traditional Paging Divisions' operations and other data on a
quarterly basis for the six most recent fiscal quarters. This presentation
should be read in conjunction with the Condensed Consolidated Financial
Statements of the Company and the Notes thereto included elsewhere in this
report and the Company's quarterly reports on Form 10-Q for the corresponding
periods below, and should not be considered in isolation or as an alternative to
results of operations that are presented in accordance with GAAP. (Certain
amounts in the prior quarters have been reclassified to conform with the current
quarter's presentation. These reclassifications include adjustments made for the
adoption of SAB 101 and EITF 00-14.) (in thousands, except other data)

  WIRELESS DATA DIVISION

<Table>
<Caption>
                                                                            THREE MONTHS ENDED
                                        ------------------------------------------------------------------------------------------
                                         June 30,       Sept. 30,        Dec. 31,        Mar. 31,        June 30,        Sept. 30,
                                           2000            2000            2000            2001            2001            2001
                                        ----------      ----------      ----------      ----------      ----------      ----------
                                                                                (unaudited)
<S>                                     <C>             <C>             <C>             <C>             <C>             <C>
Recurring revenues                      $    4,939      $    6,768      $   10,959      $   16,412      $   19,599      $   19,660
Network revenues                             2,253             800           1,028             863             781             769
Equipment revenues                           3,238           1,669           2,730           4,919           2,992           2,330
                                        ----------      ----------      ----------      ----------      ----------      ----------
                                            10,430           9,237          14,717          22,194          23,372          22,759

Cost of equipment sold                       4,312           7,532           6,264           7,002           4,399           3,366
                                        ----------      ----------      ----------      ----------      ----------      ----------

Net revenues                                 6,118           1,705           8,453          15,192          18,973          19,393
Technical expenses                           7,764           7,713           9,228           8,709           8,058           7,816
General and administrative expenses          1,383           3,329           4,348           6,454           6,598           7,040
Selling expenses                             3,858           4,832           6,529           4,852           2,803           2,364
Restructuring charges                           --              --              --             160           1,265             975
Depreciation and amortization               10,398          10,841          10,398          11,790          11,874          11,756
Amortization of stock compensation           1,066           1,067           1,066           1,066           1,067           1,066
                                        ----------      ----------      ----------      ----------      ----------      ----------

Operating loss (EBIT)                   $  (18,351)     $  (26,077)     $  (23,116)     $  (17,839)     $  (12,692)     $  (11,624)
                                        ==========      ==========      ==========      ==========      ==========      ==========

EBITDA (1)                              $   (6,887)     $  (14,169)     $  (11,652)     $   (4,823)     $    1,514      $    2,173
                                        ==========      ==========      ==========      ==========      ==========      ==========

Other data:
Ending units in service                    146,809         227,864         353,780         477,112         517,511         500,376
ARPU (2)                                $    13.66      $    12.04      $    12.56      $    13.17      $    13.14      $    12.88
</Table>

(1) Earnings (loss) before interest, taxes, depreciation and amortization,
    amortization of stock compensation, and restructuring charges.

(2) Calculated by dividing recurring revenues for the quarter by the simple
    average number of units in service during that quarter. Stated as the
    monthly average for the quarter.


                                       19
<PAGE>


  TRADITIONAL PAGING DIVISION

<Table>
<Caption>
                                                                            THREE MONTHS ENDED
                                        ------------------------------------------------------------------------------------------
                                         June 30,       Sept. 30,        Dec. 31,        Mar. 31,        June 30,        Sept. 30,
                                           2000            2000            2000            2001            2001            2001
                                        ----------      ----------      ----------      ----------      ----------      ----------
                                                                                (unaudited)
<S>                                     <C>             <C>             <C>             <C>             <C>             <C>
Recurring revenues                      $   58,639      $   52,220      $   43,440      $   39,068      $   33,961      $   28,363
Equipment revenues                          10,879           9,519           4,695           2,134           1,970             865
                                        ----------      ----------      ----------      ----------      ----------      ----------
                                            69,518          61,739          48,135          41,202          35,931          29,228

Cost of equipment sold                      14,115          10,265           6,550           3,038           1,920             683
                                        ----------      ----------      ----------      ----------      ----------      ----------

Net revenues                                55,403          51,474          41,585          38,164          34,011          28,545
Technical expenses                           9,297           7,076          11,957          10,831          11,110           9,906
General and administrative expenses         18,199          14,698          16,688          16,711          15,637          13,199
Selling expenses                             8,758           8,398           4,849           4,498           4,035           3,600
Restructuring charges                           --              --              --             160           1,264             976
Depreciation and amortization                9,433           8,980           8,502           8,450           8,500           5,960
Amortization of stock compensation           1,066           1,067           1,067           1,067           1,066           1,067
                                        ----------      ----------      ----------      ----------      ----------      ----------

Operating income (EBIT)                 $    8,650      $   11,255      $   (1,478)     $   (3,553)     $   (7,601)     $   (6,163)
                                        ==========      ==========      ==========      ==========      ==========      ==========

EBITDA(1)                               $   19,149(3)   $   21,302(4)   $    8,091      $    6,124      $    3,229      $    1,840
                                        ==========      ==========      ==========      ==========      ==========      ==========

Other data:
Ending units in service                  2,280,655       2,105,282       1,864,560       1,613,704       1,403,625       1,193,372
ARPU(2)                                 $     8.37      $     7.94      $     7.30      $     7.49      $     7.50      $     7.28
</Table>

----------

(1) Earnings (loss) before interest, taxes, depreciation and amortization,
    amortization of stock compensation and restructuring charges.

(2) Calculated by dividing recurring revenues for the quarter by the simple
    average number of units in service during that quarter. Stated as the
    monthly average for the quarter.

(3) Excluding one-time revenues, reductions in technical expense associated with
    the Telecommunications Act of 1996, and the increased equipment losses
    associated with the PerComm launch, EBITDA would have been $14.8 million for
    the quarter.

(4) Excluding reductions in technical expense associated with the
    Telecommunications Act and certain other one-time items, EBITDA would have
    been $14.4 million for the quarter.

SEASONALITY

    Device usage is slightly higher during the spring and summer months, which
is reflected in higher incremental usage fees earned by the Company. Only the
Company's retail sales are generally subject to seasonal fluctuations.

LIQUIDITY AND CAPITAL RESOURCES

    The Company's operations have historically required substantial capital
investment for the development and installation of its wireless communications
network, the procurement of subscriber units, and expansion into new and
existing markets. To date, these investments by the Company have been funded by
the proceeds from the issuance of common stock, preferred stock and notes, and
borrowings under bank and vendor financing arrangements.

    The Company did not expect to have sufficient funds available to fund
operations, cash interest payments, and capital expenditures, so it filed for
Chapter 11 reorganization on May 23, 2001. On July 17, 2001, the Bankruptcy
Court approved $15 million of debtor-in-possession ("DIP") financing. In
conjunction with the order approving the DIP financing, the Bankruptcy Court
also issued an agreed scheduling order providing that the Company will, as
planned, take steps to proactively seek a stand alone transaction with new
financing, or a merger or a sale transaction upon which the Company expects to
base a plan for emergence from Chapter 11.

     The DIP financing is provided by the two principal lenders on the Amended
Credit Facility. The DIP financing is secured by a superpriority lien on
substantially all of the Company's assets, matures on December 31, 2001, and is
conditioned on compliance with financial and other covenants and the scheduling
order. The DIP financing contains restrictive covenants including, among other
things, the maintenance of minimum consolidated EBITDA (as defined therein),
minimum wireless data subscriber levels, and limitations on capital expenditures
(a maximum of $27 million from April 1, 2001 to December 31, 2001). As of
September 30, 2001, the Company is not in compliance with the EBITDA and
wireless data subscriber level covenants. The Company does not plan to "cure"
these defaults, as there is no plan to borrow under the DIP financing before its
maturity on December 31, 2001. The DIP financing bears interest at the bank's
prime rate plus 3.0% or at the London interbank offered rate ("LIBOR") plus
4.0%. The weighted average interest rate on the DIP financing for the third
quarter was 9.4%. During the third quarter, the Company borrowed and paid back
$1.0 million on the DIP financing. Total fees and interest incurred on the DIP
financing in the third quarter was approximately $486,000.

    As of September 30, 2001, the Company had approximately $15.0 million in
cash and cash equivalents.


                                       20
<PAGE>


    Capital expenditures (including capital leases) were $12.6 million and $33.8
million for the three and nine months ended September 30, 2000 and $1.3 million
and $12.8 million for the three and nine months ended September 30, 2001. In
September 2000, the Company signed a Volume Purchase Agreement with Glenayre
Electronics, Inc. ("Glenayre") in which the Company committed to purchase or
license $20.8 million of network infrastructure equipment and software through
December 31, 2001. As of September 30, 2001, the Company had purchased $9.5
million under this agreement. This contractual agreement will be subject to the
provisions of the Bankruptcy Code and the Company's plan of reorganization.

    The Company's net cash used by operating activities for the nine months
ended September 30, 2000 and 2001 was $291,000 compared to $8.8 million,
respectively. Net cash used in investing activities was $31.2 million and $12.4
million for the nine months ended September 30, 2000 and 2001, respectively, and
was primarily for capital expenditures. Net cash provided by financing
activities was $31.5 million and $29.2 million for the nine months ended
September 30, 2000 and 2001, respectively. Net cash provided by financing
activities in 2000 resulted from $8.3 million of proceeds from the issuance of
common stock under the Company's stock option plans and $23.0 million in
borrowings under the Amended Credit Facility. Net cash provided by financing
activities for the nine months ended September 30, 2001 resulted primarily from
$25.1 million in borrowings under the Amended Credit Facility and $5.7 million
from borrowings under the vendor financing arrangement.

    The 11 1/4% Notes, which are unsecured senior subordinated obligations of
the Company, mature in 2008 and were issued at a substantial discount from their
principal amount at maturity. In March 2000, the Company issued 3.8 million
shares of its class A common stock in exchange for $84.5 million accreted value
($115.9 million maturity value) of the 11 1/4% Notes.

    The 15% Notes, which are unsecured senior obligations of the Company, mature
in 2005 and were issued at a substantial discount from their principal amount at
maturity. The 15% Notes were fully accreted by February 1, 2000. From and after
August 1, 2000, interest on the 15% Notes is payable semiannually, in cash. The
August 1, 2001 interest payment was not made.

    On March 23, 2001, Motorola placed the Company on shipping hold and ceased
shipping devices to the Company. In addition, the Company renegotiated its
payment terms with PerComm, Inc. ("PerComm"), one of the Company's providers of
one-way subscriber devices, and PerComm has agreed that it will only ship
devices to the Company on a C.O.D. basis. The success of the Company's business
plan is dependent on its ability to purchase subscriber devices in adequate
quantities to meet its customers' demands. At this time the Company has been
able to meet its customers' needs. However, if in the future the Company is
unable to fulfill customers' orders based on shipment delays or the
unavailability of devices, it would have a materially adverse impact on the
Company's projected units in service, business and results of operations.

     In March 1997, the Company entered into a vendor financing arrangement with
an infrastructure vendor (the "Vendor Financing Arrangement"), providing for the
financing of infrastructure and other equipment over a period of 60 months from
the date of initial drawdown. In September 2000, the maximum aggregate amount
available was amended from $30 million to $10 million and is secured by the
equipment purchased. The interest rate applicable to such financing is equal to
the sum of 7% and LIBOR as published in The Wall Street Journal for three-month
maturities or the sum of 4.25% and the U.S. prime rate of interest as published
in The Wall Street Journal. During the nine months ending September 30, 2001,
the Company borrowed an additional $5.7 million, for a total outstanding of $8.6
million after principal repayments of $0.7 million. Total availability under the
Vendor Financing Arrangement at September 30, 2001, was $0.5 million. The
weighted average interest rate for borrowings outstanding during the three
months ended September 30, 2001 was 13.75%.

    In December 2000, the Company amended its credit facility to provide
borrowings up to $80 million with an additional $20 million upon further
approval of the banks. In the first quarter of 2001, the Company borrowed an
additional $25.1 million to pay the interest due on the 15% Notes and support
general operations. As of September 30, 2001, $78.5 million was outstanding in
the form of term loans and $1.4 million in two letters of credit as security for
the capital leases of computer equipment. As of September 30, 2001, the Company
had no monies available under the Amended Credit Facility without the banks'
prior approval, as the commitment to lend additional amounts expired with the
Company's filing for reorganization. The Amended Credit Facility bears interest
at the bank's prime rate plus 3.5% or at LIBOR plus 4.5%. The weighted average
interest rate on the amounts borrowed for the period from January 1, 2001 to
September 30, 2001 was 10.0%.

    As of September 30, 2001, the Company's principal indebtedness was $262.9
million under the 11 1/4% Notes, $207.3 million under the 15% Notes, $78.5
million under the Amended Credit Facility, $8.6 million under the Vendor
Financing Arrangement and $2.9 million under capital lease obligations. The
Company has classified the outstanding debt on the 11 1/4% Notes and the 15%
Notes as current maturities of long-term debt as of December 31, 2000, because
it was believed that the Company would not be able to comply with existing
covenants through 2001. As of September 30, 2001, these maturities are
classified as liabilities subject to compromise. The amounts borrowed under the
Vendor Financing Arrangement and the Amended Credit Facility are classified as
current maturities of long term debt at September 30, 2001, because the Company
is in default as a result of the Chapter 11 filing.


                                       21
<PAGE>


    The indentures under which the 15% Notes and the 11 1/4% Notes were issued,
the Vendor Financing Arrangement and the Amended Credit Facility contain certain
restrictive covenants that, among other things, limit the ability of the Company
to incur indebtedness, pay dividends, repurchase capital stock, engage in
transactions with stockholders and affiliates, create liens, sell assets, enter
into leases and engage in mergers and consolidations, and the Amended Credit
Facility requires the Company to maintain certain operating and financial
performance measures and limits the ability of the Company to make capital
expenditures. During the pendancy of the Chapter 11 case, lenders may not pursue
remedies for failure to comply with such covenants unless they obtain the
approval of the Bankruptcy Court to lift the automatic stay imposed by Section
362 of the Bankruptcy Code.

    The Company believes that cash on hand and funds from operations will enable
the Company to meet its current liquidity and capital expenditure requirements
during 2001, although no assurances can be given in this regard. Until a plan of
reorganization is approved, the Company's long-term liquidity and adequacy of
its capital resources cannot be determined.

    Inherent in a successful plan of reorganization is a capital structure which
permits the Company to generate sufficient cash flow after reorganization to
meet its restructured obligations and fund the current obligations of the
Company. Under the Bankruptcy Code, the rights and treatment of pre-petition
creditors and stockholders may be substantially altered. At this time, it is not
possible to predict the outcome of the Chapter 11 case, in general, or the
effects of such case on the business of the Company or on the interests of
creditors and stockholders. Management believes that it is highly unlikely that
current equity security holders will receive any distribution under any
reorganization plan as a result of the issuance of new equity to existing
creditors.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

    The Company's investment policy requires investments in high-quality
investment grade securities including obligations of the U.S. Government
guaranteed by the United States of America, money market deposits and corporate
commercial paper. The Company typically invests its surplus cash in these types
of securities for periods of relatively short duration. Although the Company is
exposed to market risk related to changes in short-term interest rates on these
investments, the Company manages these risks by closely monitoring market
interest rates and the duration of its investments. Due to the short-term
duration and the limited dollar amounts exposed to market interest rates,
management believes that fluctuations in short-term interest rates will not have
a material adverse effect on the Company's results of operations. The Company
does not enter into financial investments for speculation or trading purposes
and is not a party to any financial or commodity derivatives.

    The Amended Credit Facility bears interest at the bank's prime rate plus
3.5% or at LIBOR plus 4.5%. The DIP financing bears interest at the U.S. prime
rate plus 3.0% or at LIBOR plus 4.0%. Therefore, the Amended Credit Facility and
the DIP financing are subject to short-term interest rate risk. At September 30,
2001, the balance outstanding under the Amended Credit Facility and the DIP
financing was $78.5 million and zero, respectively. Consequently, a 100 basis
point increase in the bank's prime rate or LIBOR would result in a $785,000
increase in interest expense over a twelve-month period.


                                       22
<PAGE>


                                     PART II

ITEM 1. LEGAL PROCEEDINGS

    In March and April of 2001, the Company was served with five lawsuits
against it and John D. Beletic, its chairman, seeking to recover an unspecified
amount of monetary damages allegedly caused by the Company's alleged fraudulent
scheme to artificially inflate the price of the Company's common stock through a
series of alleged false and misleading statements to the market and alleged
material omissions in violation of federal and state securities laws. Four of
the lawsuits are filed in the U.S. District Court for the Northern District of
Texas and seek class action status on behalf of persons who purchased the
Company's common stock on the open market during the period from December 29,
2000, through February 20, 2001. The fifth lawsuit was filed in the Dallas
County Court at Law on behalf of a single stockholder that purchased the
Company's common stock on the open market during the same time period. The fifth
suit has been removed to the same federal court in which the other suits are
filed. No discovery has yet occurred, and the Company believes the lawsuits have
no merit. During the pendancy of the Chapter 11 case, plaintiffs are stayed
under Section 362 of the Bankruptcy Code from pursuing the claims in the
lawsuits.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS

    None.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES

    On May 23, 2001, WebLink Wireless, Inc. and its subsidiaries, PageMart PCS,
Inc. and PageMart II, Inc. filed voluntary petitions for relief under Chapter 11
of the United States Bankruptcy Code. As a result of these filings, WebLink
Wireless, Inc. and its subsidiaries are in default under (1) the Amended Credit
Facility, (2) the 11 1/4% Notes, (3) the 15% Notes and (4) the Vendor Financing
Arrangement. As of September 30, 2001, $78.5 million in the form of term loans
and $1.4 million in two letters of credit were outstanding under the Credit
Agreement, $262.9 million principal amount of the 11 1/4% Notes was outstanding,
$207.3 million principal amount of the 15% Notes was outstanding and $8.6
million principal amount of the Vendor Financing Arrangement was outstanding.

    As of September 30, 2001, the Company was not in compliance with EBITDA and
wireless data subscriber levels covenants in its debtor-in-possession financing.
At September 30, 2001, the Company had no amounts outstanding under the
debtor-in-possession financing.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

    None.

ITEM 5.  OTHER INFORMATION

    None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits:

         The exhibits listed on the accompanying index to exhibits are filed as
part of this quarterly report.

     (b) Reports on Form 8-K:

         The following reports on Form 8-K were filed by WebLink Wireless, Inc.
         during the quarter ended September 30, 2001:

                  Current report on Form 8-K dated July 25, 2001, disclosing
                  under Item 5 "Other Events", the issuance of the Company's
                  July 20, 2001 press release announcing that the Company had
                  won approval of the Bankruptcy Court of $15 million in
                  debtor-in-possession financing.

                  Current report on Form 8-K dated August 22, 2001, disclosing
                  under Item 5 "Other Events", the issuance of the Company's
                  August 15, 2001 press release.


                                       23
<PAGE>


                                   SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.






WEBLINK WIRELESS, INC.



NOVEMBER 19, 2001              BY:   /s/ JOHN D. BELETIC
                                    -----------------------------
                                         JOHN D. BELETIC
                                         CHAIRMAN AND CHIEF EXECUTIVE OFFICER







NOVEMBER 19, 2001              BY:   /s/ JOHN R. HAUGE
                                    -----------------------------
                                         JOHN R. HAUGE
                                         SENIOR VICE PRESIDENT, FINANCE
                                         CHIEF FINANCIAL OFFICER AND TREASURER
                                         (PRINCIPAL FINANCIAL AND CHIEF
                                         ACCOUNTING OFFICER)


                                       24
<PAGE>


                                  EXHIBIT INDEX

<Table>
<Caption>
EXHIBIT NO.  DESCRIPTION
-----------  -----------
<S>          <C>
10.1         Debtor-In-Possession Credit Agreement dated July 18, 2001 among
             WebLink Wireless, Inc., Various Lenders and Bankers Trust Company
             (filed as an exhibit to the Company's Report on Form 8-K dated July
             25, 2001 and incorporated herein in reference).

10.2         Security Agreement dated July 18, 2001 among WebLink Wireless, Inc.
             and Bankers Trust Company (filed as an exhibit to the Company's
             Report on Form 8-K dated July 25, 2001 and incorporated herein in
             reference).

10.3         Pledge Agreement dated July 18, 2001 among WebLink Wireless, Inc.
             and Bankers Trust Company (filed as an exhibit to the Company's
             Report on Form 8-K dated July 25, 2001 and incorporated herein in
             reference).

10.4         Subsidiary Guarantee dated July 18, 2001 among certain subsidiaries
             of WebLink Wireless, Inc. and Bankers Trust Company (filed as an
             exhibit to the Company's Report on Form 8-K dated July 25, 2001 and
             incorporated herein in reference).

11.1*        Statement regarding computation of per share earnings (loss) for
             the nine months ended September 30, 2001

11.2*        Statement regarding computation of per share earnings (loss) for
             the nine months ended September 30, 2000

11.3*        Statement regarding computation of per share earnings (loss) for
             the three months ended September 30, 2001

11.4*        Statement regarding computation of per share earnings (loss) for
             the three months ended September 30, 2000

12.1*        Computation of ratio of earnings to fixed charges
</Table>



*    Filed herewith



                                       25