<PAGE>



                                                                    Exhibit 99.2

             PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION

The following unaudited pro forma condensed consolidated statements of
operations combine the historical consolidated statements of operations of US
Unwired and IWO. These unaudited pro forma condensed consolidated statements of
operations give effect to our acquisition of IWO using the purchase method of
accounting. These unaudited pro forma condensed consolidated statements of
operations do not give effect to our acquisition of Georgia PCS. To aid in your
analysis of the financial aspects of this transaction, we have presented this
set of unaudited pro forma condensed consolidated statements of operations to
demonstrate the financial aspects of the acquisition. A pro forma condensed
consolidated balance sheet has not been presented as the acquisition of IWO is
reflected in our June 30, 2002 historical condensed consolidated balance sheet.

We derived the statements of operations from our unaudited consolidated
financial statements for the six months ended June 30, 2002, our audited
consolidated financial statements for the year ended December 31, 2001, the
unaudited consolidated financial statements of IWO for the three months ended
March 31, 2002 (since the operations of IWO are included in our operations from
the April 1, 2002 date of acquisition) and the audited consolidated financial
statements of IWO for the year ended December 31, 2001. The historical financial
statements used in preparing the pro forma financial data are summarized and
should be read in conjunction with our complete historical financial statements
and risk factors that are included in the Form 10-K for US Unwired Inc. for the
year ended December 31, 2001, filed on March 5, 2002 with the Securities and
Exchange Commission ("SEC"), and with the complete historical financial
statements and risk factors in the Form 10-K for IWO Holdings, Inc. for the year
ended December 31, 2001, filed on March 26, 2002 with the SEC.

The data from the unaudited pro forma condensed consolidated statements of
operations for the six months ended June 30, 2002 and for the year ended
December 31, 2001 gives effect to the merger using the purchase method of
accounting as if the merger had been consummated at the beginning of the
earliest period presented. Certain reclassifications have been made to IWO's
historical presentation to conform to our presentation. These reclassifications
do not materially impact our or IWO's results of operations for the periods
presented.

The pro forma adjustments, which are based upon available information and upon
certain assumptions that we believe are reasonable, are described in the
accompanying notes. The final purchase price allocation may differ and the
difference may be material. We have engaged a nationally recognized valuation
expert to assist us in determining fair values of identifiable assets and
liabilities.

We are providing the unaudited pro forma condensed consolidated financial
information for illustrative purposes only. The companies may have performed
differently had they been combined during the periods presented. You should not
rely on the unaudited pro forma condensed consolidated financial information as
being indicative of the historical results that would have been achieved had the
companies actually been combined during the periods presented or the future
results that the combined company will experience. The unaudited pro forma
condensed consolidated statements of operations do not give effect to any cost
savings or operating synergies expected to result from the merger or the costs
to achieve such cost savings or operating synergies.

<PAGE>



US UNWIRED INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE FISCAL YEAR ENDED DECEMBER 31, 2001
(UNAUDITED)
(in thousands, except per share data)


<TABLE>
<CAPTION>
                                                                  Historical     Historical     Pro Forma            Pro Forma
                                                                  US Unwired        IWO        Adjustments             Total
                                                                  ----------     ----------    -----------           ---------
<S>                                                                <C>           <C>            <C>                      <C>
Revenues:
       Subscriber                                                  $146,022      $110,145        $(39,278) (1)      $ 213,894
                                                                                                   (2,995)(18)
       Roaming                                                       91,829           ---          32,594  (1)        124,423
       Merchandise sales                                             16,243           ---           6,684  (1)         24,095
                                                                                                    1,168  (2)
       Other revenue                                                  5,080           ---           2,995 (18)          8,075
                                                                   --------      --------        --------           ---------
       Total revenue                                                259,174       110,145           1,168             370,487
Expense:
       Cost of service                                              116,117        88,924         (10,288) (3)        186,192
                                                                                                  (14,000  (1)
                                                                                                    5,439  (7)
       Merchandise cost of sales                                     31,336           ---          14,000  (1)         46,633
                                                                                                    1,168  (2)
                                                                                                      129 (13)
       General and administrative                                    53,251        25,001          10,288  (3)         84,189
                                                                                                   (5,439  (7)
                                                                                                    1,088  (8)
       Sales and marketing                                           71,110        31,749          (1,088) (8)        101,642
                                                                                                     (129)(13)
       Non-cash stock compensation                                    4,894           334             561 (14)          5,789
       Depreciation and amortization                                 55,755        19,102          28,752  (4)        111,839
                                                                                                   11,832  (5)
                                                                                                   (3,500) (6)
                                                                                                   (1,656) (9)
                                                                                                   (1,769)(15)
                                                                                                    3,323 (17)
                                                                                                 --------
       Total operating expense                                      332,463       165,110          38,711             536,284
                                                                   --------      --------        --------           ---------
Operating loss                                                      (73,289)      (54,965)        (37,543)           (165,797)
Other income (expense):
       Interest expense, net                                        (32,744)      (16,884)           (877)(10)        (50,588)
                                                                                                     (893)(11)
                                                                                                     (744)(12)
                                                                                                   (1,769)(15)
                                                                                                    3,323 (17)
       Other income (expense)                                         9,314        (5,092)            ---               4,222
                                                                   --------      --------        --------           ---------
       Total other expense                                          (23,430)      (21,976)           (960)            (46,366)
                                                                   --------      --------        --------           ---------
Loss before income taxes and equity in losses of affiliates
                                                                    (96,719)      (76,941)        (38,503)           (212,163)
Income tax benefit                                                    1,868           ---          50,971 (16)         52,839
Equity in losses of unconsolidated affiliates                        (2,760)          ---             ---              (2,760)
                                                                   --------           ---        --------           ---------
Loss from continuing operations                                    $(97,611)     $(76,941)       $ 12,468           $(162,084)
                                                                   ========      ========        ========           =========
Basic and diluted loss from continuing operations per
common share                                                         $(1.17)                                           $(1.33)
                                                                   ========                                         =========
Weighted average outstanding common shares                           83,310                        38,983 (19)        122,293
                                                                   ========                      ========           =========
</TABLE>


<PAGE>



US UNWIRED INC.
PRO FORMA CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
FOR THE SIX MONTHS ENDED JUNE 30, 2002
(UNAUDITED)
(in thousands, except per share data)

<TABLE>
<CAPTION>
                                                                                  Historical
                                                                                 IWO for the
                                                                                    three
                                                                                   months
                                                                   Historical    ended March     Pro Forma
                                                                   US Unwired      31, 2002     Adjustments         Pro Forma Total
                                                                   -----------   -------------  ------------        ---------------
<S>                                                                  <C>            <C>            <C>         <C>         <C>
Revenues:
       Subscriber                                                    $145,668       $35,113         $(9,148) (1)         $171,633
       Roaming                                                         80,344           ---           7,014  (1)           87,358
       Merchandise sales                                                9,029           ---           2,134  (1)           11,583
                                                                                                        420  (2)
       Other revenue                                                    1,441           ---             ---                 1,441
                                                                     --------      --------         -------             ---------
       Total revenue                                                  236,482        35,113             420               272,015
Expense:
       Cost of service                                                104,836        25,900          (4,229) (3)          122,365
                                                                                                     (4,142) (1)
       Merchandise cost of sales                                       18,307           ---           4,142  (1)           22,884
                                                                                                        420  (2)
                                                                                                         15 (13)
       General and administrative                                      64,066        15,153           4,229  (3)           83,448
       Sales and marketing                                             49,925         8,532             (15)(13)           58,442
       Non-cash stock compensation                                      2,402           ---             281 (14)            2,683
       Depreciation and amortization                                   45,835         5,714           7,188  (4)           60,200
                                                                                                      2,958  (5)
                                                                                                       (875) (6)
                                                                                                       (620) (9)
                                                                                                    -------
       Total operating expense                                        285,371        55,299           9,352               350,022
                                                                     --------      --------         -------             ---------
Operating loss                                                        (48,889)      (20,186)         (8,932)              (78,007)
Other income (expense):
       Interest expense, net                                          (29,886)       (6,650)            (84)(10)          (37,152)
                                                                                                       (329)(11)
                                                                                                       (203)(12)
       Other income (expense)                                               3           ---             ---                     3
                                                                     --------           ---             ---             ---------
       Total other expense                                            (29,883)       (6,650)           (616)              (37,149)
                                                                     --------      --------         -------             ---------
Loss before equity in losses of affiliates                            (78,772)      (26,836)         (9,548)             (115,156)
Equity in income of unconsolidated affiliates                             665           ---             ---                   665
                                                                     --------      --------         -------             ---------
Loss from continuing operations                                      $(78,107)     $(26,836)        $(9,548)            $(114,491)
                                                                     ========      ========         =======             =========
Basic and diluted loss from continuing operations per common
share                                                                  $(0.73)                                             $(0.90)
                                                                      =======                                             =======

Weighted average outstanding common shares                            107,353                                             126,737
                                                                      =======                                             =======
</TABLE>


<PAGE>



US UNWIRED INC.
NOTES TO PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)

(dollars in thousands, except per share amounts)


On April 1, 2002, the Company acquired 100% of the ownership interest in IWO
Holdings, Inc. ("IWO") for approximately $447.8 million. As consideration for
the acquisition, the Company issued to the former stockholders of IWO
approximately 39.0 million shares of the Company's common stock and reserved
approximately 6.9 million additional shares of its common stock for issuance
upon the exercise of options and warrants that the Company assumed or exchanged
in connection with the acquisition. The value of the common shares issued was
based on the market price of the common stock of $10.00 per share at the close
of business on December 19, 2001, the date the terms of the acquisition were
agreed to and announced.

The acquisition has been accounted for using the purchase method of accounting.
The aggregate purchase price has been allocated to the assets acquired and
liabilities assumed based on the Company's initial estimate of their fair
values. The purchase price premium has been allocated to the acquired customer
base, rights to provide service under the Sprint PCS management agreement, and
goodwill. The Company is in the process of obtaining independent valuations from
a national valuation firm to assist in the allocation of the purchase price. The
Company expects to receive final valuation reports from the independent national
valuation firm before December 31, 2002. The Company's historical operating
results include the operating results of IWO from the date of the acquisition,
April 1, 2002.

In June 2001, the FASB issued Statement of Financial Accounting Standards No.
142, "Goodwill and Other Intangible Assets" ("SFAS 142"), which requires
non-amortization of goodwill and intangible assets that have indefinite useful
lives and annual tests of impairment of those assets. The statement also
provides specific guidance about how to determine and measure goodwill and
intangible asset impairment, and requires additional disclosure of information
about goodwill and other intangible assets. The provisions of this statement are
required to be applied starting with fiscal years beginning after December 15,
2001 and applied to all goodwill and other intangible assets recognized in
financial statements at that date. Goodwill and certain intangible assets
acquired after June 30, 2001 are subject to the nonamortization provisions of
the statement.

As a result, no amortization of goodwill resulting from this acquisition has
been included in the accompanying unaudited pro forma condensed consolidated
financial information as the acquisition occurred after June 30, 2001 and such
goodwill will not be amortized subsequent to the closing of the acquisition. Had
such goodwill been subject to amortization, assuming an assigned life of 20
years, goodwill amortization would have increased by $11,046 for the year ended
December 31, 2001.

<PAGE>

The following represents the Company's initial allocation of the purchase
prices:

<TABLE>
<CAPTION>
                                                                                  IWO
                                                                              ----------
<S>                                                                           <C>
    Consideration:
      US Unwired common shares issuable at closing                            38,982,912
      Closing price on December 1, 2001 (a)                                   $    10.00
                                                                              ----------
      Common stock                                                               389,828
      Stock options and warrants (b)                                              49,410
      Cash, including merger related costs                                         8,561
                                                                              ----------
      Total purchase price                                                    $  447,799
                                                                              ==========
    Allocated to:
      Working capital                                                         $   43,289
      Restricted cash and US Treasury obligations                                 28,100
      Investment securities                                                        3,103
      Property and equipment                                                     164,126
      Deferred financing costs and other assets                                   21,768
      Long-term debt (c)                                                       (306,000)
      Acquired customer base (d)                                                  57,500
      Sprint affiliation agreement (e)                                           215,000
      Goodwill                                                                   220,913
                                                                              ----------
      Total                                                                   $  447,799
                                                                              ==========
</TABLE>


(a)  Represents the closing price of US Unwired's stock on December 19, 2001,
     which is the date the terms of the acquisition were agreed to and
     announced.

(b)  The fair value of the warrants was calculated using the following
     assumptions:

     (i)  risk free interest rate of 3.5%;

     (ii) stock price of $10.00;

     (iii) dividend yield of 0%;

     (iv) average remaining life of 5 years; and

     (v)  volatility of 82%.

(c)  IWO long-term debt is comprised of the senior notes and amounts outstanding
     under a senior credit facility. The fair value of the senior notes is
     stated at quoted market value as of April 1, 2002 of $136,000,000 as
     compared to the carrying amount of $152,513,000. The carrying amount of the
     senior credit facility is a reasonable estimate of its fair value primarily
     due to its variable interest rate.

(d)  Allocation to the acquired customer base is calculated on 169,201 existing
     IWO customers valued at $340 per customer, which reflects IWO's average
     cost of acquiring a new customer.

(e)  Allocation to the rights to provide service under the Sprint PCS management
     agreement is based upon a preliminary estimate provided by a national
     valuation firm for the Company's right to use the Sprint PCS spectrum, the
     Sprint PCS brand name, accelerated start-up, network equipment and handset
     discounts, less the affiliation fee we are obligated to pay Sprint PCS.

     1. Represents the reclassification of IWO's roaming and merchandise sales
from net revenues and merchandise costs of sales for consistency in
presentation. Roaming revenue was $7,014 and $32,594 for the three months ended
March 31, 2002 and the fiscal year ended 2001, respectively. Merchandise sales
were $2,134 and $6,684 for the three months ended March 31, 2002 and the fiscal
year ended 2001, respectively. Merchandise cost of sales were $4,142 and $14,000
for the three months ended March 31, 2002 and the fiscal year ended 2001,
respectively.

<PAGE>


     2. Represents the reclassification of IWO's merchandise returns from
merchandise sales to merchandise cost of sales for consistency in presentation.
Merchandise returns were $420 and $1,168 for the three months ended March 31,
2002 and the fiscal year ended 2001, respectively.

     3. Represents the reclassification of IWO's customer care and billing
expenses from cost of service to general and administrative expenses for
consistency in presentation. Customer care and billing expenses were $4,229 and
$10,288 for the three months ended March 31, 2002 and the fiscal year ended
2001, respectively.

     4. Represents amortization expense of the acquired customer base, which is
assumed to be over the average remaining customer life of 24 months.



<TABLE>
<CAPTION>
<S>                                                        <C>                 <C>
Fiscal year ended 2001 amortization:
       Acquired customer base                              $57,500
       Number of months                                         24  Months
       Monthly amortization                                $ 2,396
       Months in year                                           12  Months
                                                           --------
                                                                               $28,752
                                                                               =======
Three months ended March 31, 2002:
       Acquired customer base                              $57,500
       Number of months                                         24  Months
                                                           --------
       Monthly amortization                                $ 2,396
       Months in period                                          3  Months
                                                           --------
                                                                               $ 7,188
                                                                               =======
</TABLE>

     5. Represents amortization expense of the rights to provide services under
the Sprint PCS management agreement, which is assumed to be approximately 18
years, the remaining life in the initial term of the IWO management agreement
with Sprint PCS.

<TABLE>
<CAPTION>
<S>                                                        <C>                 <C>
Fiscal year ended 2001 amortization:
       Acquired customer base                              $215,000
       Number of months                                         218  Months
       Monthly amortization                                $    986
       Months in year                                            12  Months
                                                           ---------
                                                                               $11,832
                                                                               =======
Three months ended March, 2002:
       Acquired customer base                              $215,000
       Number of months                                         218  Months
                                                           ---------
       Monthly amortization                                $    986
       Months in period                                           3  Months
                                                           ---------
                                                                               $ 2,958
                                                                               =======
</TABLE>


     6. Represents the elimination of IWO's amortization expense related to its
historical purchased subscriber list in the amount of $875 and $3,500 for the
three months ended March 31, 2002 and the fiscal year ended 2001, respectively.

     7. Represents the reclassification of IWO's Sprint PCS management fees from
general and administrative expense to cost of service for consistency in
presentation for fiscal year ended 2001 only. Sprint PCS management fees were
$5,439 for the fiscal year ended 2001.

     8. Represents the reclassification of IWO's activation, e-commerce and
telesales fees from sales and marketing to general and administrative expenses
for consistency in presentation for fiscal year ended 2001 only. Activation,
e-commerce and telesales were $1,088 for the fiscal year ended 2001.

<PAGE>



     9. Represents reduced depreciation expense for IWO resulting from the
reduction of the carrying amount of IWO property and equipment to fair value.
Depreciation expense was reduced by $620 and $1,656 for the three months ended
March 31, 2002 and the fiscal year ended 2001, respectively.

     10. Represents reduced interest income on cash used by IWO and the Company
to fund the transaction costs of approximately $18.6 million assuming an average
rate of 1.8% and 4.7% in the amount of $84 and $877 for the three months ended
March 31, 2002 and the fiscal year ended 2001, respectively.

     11. Represents increased discount accretion on IWO's senior notes resulting
form the reduction of the senior notes to fair value. Interest expense was
increased by $329 and $893 for the three months ended March 31, 2002 and the
fiscal year ended 2001, respectively.

     12. Represents increased premium amortization in IWO's restricted and
unrestricted investment portfolios resulting from increasing the securities to
fair value. The decrease in interest income was $203 and $744 for the three
months ended March 31, 2002 and the fiscal year ended 2001, respectively.

     13. Represents the reclassification of IWO's inventory adjustment costs
from selling and marketing expenses to merchandise cost of sales for consistency
in presentation. Inventory adjustment costs were $15 and $129 for the three
months ended March 31, 2002 and fiscal year ended 2001, respectively.

     14. Represents the adjustment to record noncash stock compensation related
to unvested IWO stock options assumed by US Unwired at the acquisition date in
the amount of $281 and $561 for the six months ended June 30, 2002 and the
fiscal year ended 2001, respectively.

     15. Represents the reclassification of IWO's other debt financing fees to
interest expense for consistency in presentation. Other debt financing fees were
$1,769 for the fiscal year ended 2001.

     16. Represents the recognition of the estimated income tax benefit, using
an effective tax rate of 38%, for US Unwired for the fiscal year ended 2001. No
additional income tax benefit in excess of deferred income tax liabilities has
been recorded as such future benefits would be offset by a full valuation
allowance.

     17. Represents the reclassification of IWO's amortization of debt issuance
cost to depreciation and amortization expense for consistency in presentation.
Amortization of debt issuance costs was $3,323 for the fiscal year ended 2001.

     18. Represents the reclassification of IWO early termination fees from
subscriber revenue to other revenue for consistency in presentation in the
amount of $2,995 for the fiscal year ended 2001.

     19. The reconciliation of weighted-average common shares before the merger
to weighted-average common shares after the merger is set forth below:

<TABLE>
<CAPTION>
                                                                                     For the Six Months
                                                               For the Year Ended          Ended
                                                               December 31, 2001        June 30,2002
                                                               ------------------    ------------------
<S>                                                                  <C>                 <C>
Weighted-average outstanding US Unwired common shares
before the merger                                                    83,310,000          107,352,969
US Unwired common shares issuable at closing                         38,982,912                  ---

Incremental effect of US Unwired Commons shares issued                      ---           19,383,736
                                                                    -----------         ------------
April 1, 2002 outstanding for the entire six month period
Weighted-average outstanding common shares after the merger         122,292,912          126,736,705
                                                                    ===========          ===========
</TABLE>