<PAGE>
                                                                    EXHIBIT 99.1

                     TRANSCRIPT OF EARNINGS CONFERENCE CALL
                             HELD BY US UNWIRED INC.
                                ON APRIL 1, 2003

Operator:           Good morning ladies and gentlemen, and welcome to US
                    Unwired's fourth quarter earning conference call. At this
                    time all lines have been placed on a "listen only" mode and
                    the floor will be open for questions and comments following
                    the presentation.

                    It is now my pleasure to turn the floor over to your host,
                    Mr. Ed Moise. Sir, you may begin.

Mr. Moise:          Thank you, Shawanna. Welcome to US Unwired's conference call
                    to discuss financial and operating results for the fourth
                    quarter of 2002. I'm Ed Moise and joining me is Robert
                    Piper, US Unwired's Chief Executive Officer, and Jerry
                    Vaughn, US Unwired's Chief Financial Officer.

                    Before we begin, you should be aware that our discussion
                    this morning will likely contain forward-looking statements.
                    Forward-looking statements often include words like
                    believes, belief, expects, plans, anticipates, intends,
                    projects, estimates, may, might, would, or similar words.
                    Forward-looking statements are made pursuant to the
                    "safe-harbor" provisions of the Private Securities
                    Litigation Reform Act of 1995. Since these forward looking
                    statements are based on factors that involve risks and
                    uncertainties, actual results may differ materially from
                    those expressed or implied by such forward looking
                    statements. For a detailed discussion of the factors, risks
                    and uncertainties that could cause actual results to differ
                    from those described in our discussion please refer to our
                    SEC filings that are specified in our press release
                    yesterday.

                    In addition, discussions during today's conference call may
                    reference certain financial measures not recognized by
                    Generally Accepted Accounting Principles, or GAAP. A
                    reconciliation of those measures to GAAP can be found on the
                    investor relation section of the company's website,
                    www.usunwired.com/investor.

                    That said, I give you Mr. Robert Piper.

Mr. Piper:          Thank you, Ed and good morning everyone. Jerry and I welcome
                    you to US Unwired's fourth quarter and year-end 2002
                    conference call. You know as many investors and analysts
                    have abandoned the wireless sector, you prepare for these
                    calls wondering if anyone will be on the other end to
                    listen. So for those of you on the other end, and there are
                    many, US Unwired is appreciative of your continued interest
                    in our company. Rest assured, despite current economic
                    conditions, we still believe there is value in our business
                    plan and we are working diligently to obtain it.

                    Clearly, for Sprint PCS Affiliates, 2002 was a difficult
                    year. We could sit here this morning and blame some of our
                    poor results on a weak national economy. We could

<PAGE>


                    talk about slowing wireless growth overall -- but these are
                    concerns outside of our control. US Unwired can't, by
                    itself, better the country's economy nor can we increase
                    overall demand for wireless. We can, however, even given the
                    economic environment we find ourselves in, improve our
                    operating performance. Last year was marred by lower than
                    expected subscriber growth, higher than expected churn, and
                    higher than expected expenses including bad debt and
                    unanticipated charges from Sprint PCS. These are issues
                    we've taken steps to correct and if the fourth quarter is
                    any indication, the steps we've taken are beginning to have
                    a positive impact.

                    We spent the last half of 2002 working to make sure our base
                    had a more acceptable mix of prime subscribers. We have
                    refocused our distribution and it is paying off. At the end
                    of the fourth quarter 2002, our subscriber base was 63%
                    prime subscribers versus 52% the same time last year. 62% of
                    the gross additions during the fourth quarter 2002 were
                    considered prime versus 48% a year ago. Having read our
                    press release, you know the fourth quarter yielded net
                    subscriber additions of almost 20,000 but within that number
                    are net prime subscriber additions of almost 29,000. These
                    are positive numbers indicating a positive trend.

                    We ended the year with a PCS subscriber base of 561,200 and
                    including 26,500 cellular customers, and 13,200 Virgin
                    mobile resell subscribers, our total wireless base exceeded
                    600,000 subscribers.

                    As we bolstered the subscriber mix, US Unwired also worked
                    to make sure our sub-prime subscribers had a more palatable
                    option than the Clear Pay services. As most of you know, we
                    eliminated the No Deposit ASL offering from all our
                    properties last year with the final cut coming in September.
                    The impact of other Clear Pay services has been somewhat
                    limited by US Unwired not participating in various rebate
                    programs and restructuring commission programs in our local
                    agent and retail stores. At the same time, however, we
                    sought and received Sprint's approval to launch, and in some
                    properties re-launch, our prepay product, Chat Pak. Those of
                    you that have followed US Unwired since inception know that
                    prior to our conversion to Sprint's customer care and
                    billing services, we offered the industries' most successful
                    prepay platform. It was characterized by ARPUs over $40,
                    lower activation costs than postpay and zero bad debt. In
                    the fourth quarter we re-launched Chat Pak in much of our
                    southern properties. It accounted for about 12% of the gross
                    adds in the south and yielded almost a $43.00 ARPU. That's
                    an ARPU number that includes minimal roaming expense and
                    compares very favorably to the industry average of about
                    $20.00 and Sprint PCS's prepay product, called My Wireless,
                    which is currently yielding US Unwired about $12.00 in ARPU.
                    In the first quarter we launched Chat Pak in the former
                    Georgia PCS properties and expect shortly to complete the
                    launch in the former IWO properties.

                    Our distribution mix shows a bigger slice of our gross adds
                    coming from our national third parties -- 34% in the fourth
                    quarter versus 32% in the third. 41% came from our retail
                    stores in the fourth quarter compared to 44% in the previous
                    quarter and our local agents continued to decline providing
                    14% in the fourth quarter compared to 16% in the third
                    quarter. The balance came from some of the other Sprint
                    channels. The reduction in the local agent production is by
                    design because historically their mix of prime and sub-prime
                    subscribers has been too heavily weighted to sub-prime.

<PAGE>

                    Postpay PCS churn for the fourth quarter was 4.2% and
                    although it is a number that remains unacceptable, it did
                    decrease from 4.7% in the third quarter. We expect, as we
                    continue to sift through our sub-prime customer concerns,
                    that churn will continue to decrease.

                    Our network continues to reap the benefits of our 3G
                    upgrade. First, its performance measured in blocked and
                    dropped calls, despite increased usage, continues to
                    improve. Now in both categories we are slightly above 2%.
                    Secondly, as Jerry will talk about in more detail shortly,
                    the data component of ARPU increased in the fourth quarter
                    by 59% over the third quarter. Moving from 81(cent) to
                    $1.29.

                    Before I turn this over to Jerry for a detailed layout of
                    some of the financial metrics and the balance sheets, let me
                    just mention again this interesting phenomenon that takes
                    place in a business when times become more challenging or
                    more competitive and it is that innately you get a little
                    stronger, you get a little wiser, you become more attentive
                    to detail and generally you find yourself as a company doing
                    more with less. We've scrutinized even more than before each
                    capital expenditure and finished the year having spent fewer
                    dollars than originally anticipated. In 2002 we streamlined
                    our organizational chart and removed over $11 million
                    dollars of annual costs. We've realigned our distribution
                    channels focusing on least costs while achieving a better
                    prime subscriber mix. As Jerry discusses our EBITDA in a few
                    minutes, you'll see these cost-saving measures have had a
                    positive impact. A positive impact even in a quarter that
                    because of the high number of gross adds typically
                    challenges EBITDA.

                    This scrutiny of expenses will continue and expand in 2003.
                    We are evaluating each of our existing retail stores
                    expecting to consolidate some of our weaker performing
                    stores with some of our stronger performing stores. We will
                    continue to downsize our local agent network to eliminate
                    those that fail to meet our minimum performance
                    requirements. We will continue to abstain from national
                    third party promotions if we feel they don't meet our
                    subscriber goals or economic return requirements.

                    And finally, we will be more demanding of our largest
                    vendor, Sprint PCS. In the past, in an effort to retain the
                    spirit of the affiliation, to retain the goodwill that
                    existed at the outset of the affiliation program, we have
                    not treated the Sprint PCS invoices with the same resolve
                    typically used with other vendors. This can no longer be the
                    case. We will do our best to hold Sprint PCS accountable to
                    perform our back-office services of billing and customer
                    care to a defined set of standards. Each invoice sent from
                    Sprint will require detailed justification to ensure the
                    charges are accurate and allowed for in the affiliation
                    agreement. We believe our affiliation agreement provides
                    avenues to require both accountability and justification.
                    Our relationship with Sprint PCS is critical and we will
                    stay focused on improving it.

                    And with that, let me turn the call over to Jerry.

Mr. Vaughn:         Thank you, Robert. As Robert reported, we ended 2002 with
                    approximately 60,000 wireless subscribers, an increase of
                    290,000 over 2001 representing an increase of over 90% in
                    year-over-year subscriber growth.

<PAGE>

                    Total revenues for the fourth quarter were $149 million and
                    for the full year 2002 were $534 million as compared to $81
                    million in the fourth quarter of 2001 and $259 million for
                    the full year 2002 -- 2001, pardon me. Fourth quarter
                    subscriber revenue was $92 million and roaming revenue
                    totaled $51 million.

                    On a consolidated basis, the fourth quarter produced
                    $7.4Million of EBITDA, excluding non-cash compensation. For
                    the quarter, US Unwired classic, excluding IWO, generated
                    $9.2 million in EBITDA versus a loss of $3.7 million in the
                    same period of last year. Our southern PCS operations
                    produced $7.8 million of EBITDA versus a loss of $6.2
                    million for the same quarter of last year.

                    For the full year 2002, on a consolidated basis, we
                    generated $6.7 million of positive EBITDA, excluding, again,
                    non-cash compensation. US Unwired classic, again, excluding
                    IWO, produced $15.2 million of positive EBITDA with our PCS
                    property accounting for $6.4 million dollars.

                    Total roaming revenue for the quarter was $51 million,
                    resulting in a net roaming position of $13.4 million dollars
                    and continues to be positively impacted by increased usage
                    from customers of other PCS carriers. Roaming minutes
                    totaled 332 million for the quarter versus 336 million
                    minutes in the prior quarter. Our customers traveled off our
                    network a total of 242 million minutes, representing a
                    favorable ratio of 1.4 to 1. As previously reported and
                    effective January 1, 2003, Sprint reduced the roaming rate
                    to 5.8(cent) per minute from 20(cent) per minute in most of
                    our southern markets and from 10(cent) per minute in our
                    northern markets.

                    PCS cost of service and general and administrative expenses
                    decreased by $7.7 million from the third quarter, driven
                    primarily by a $7 million dollar decrease in bad debt. Bad
                    debt totaled $2.9 million for the quarter equaling 3.2% of
                    subscriber revenue. For the full year of 2002, bad debt
                    losses totaled $25 million dollars or 7.9% of subscriber
                    revenue driven primarily by involuntary churn of sub-prime
                    customers.

                    PCS cash cost per user, or CCPU, was $61.00 for the quarter.
                    Excluding roaming, CCPU was $38.00 including approximately
                    $2.00 in bad debt. PCS post-pay ARPU, including roaming, was
                    $85.30 compared to $86.70 in the third quarter. Without
                    roaming, post-pay ARPU was $54.70 versus $55.00 in the
                    previous quarter.

                    PCS sales and marketing expenses were $29 million dollars
                    compared to $27 million dollars in the prior quarter. CPGA
                    decreased to $342.00 from $378.00 due primarily to a higher
                    level of gross subscriber additions.

                    Our PCS network was used a total of 1.1 billion minutes, the
                    third consecutive quarter of over a billion minutes of use.
                    The increase in network usage was from higher subscriber
                    usage. Our average customer used 618 million minutes
                    compared to 607 minutes in the third quarter with 471
                    minutes being used on our network and 147 minutes used while
                    traveling off our network, primarily on the Sprint network.
                    Our cell sites averaged 62,000 minutes of roaming per month
                    versus 64,000 minutes in the third quarter.

                    We spent $25 million dollars in CAPEX to expand our network
                    coverage and capacity and to continue the expansion of the
                    network in the northeast. At the end of

<PAGE>


                    the quarter, we had 1796 cell sites on the air and had a
                    total of 232 second carriers having added 42 new cell sites
                    and an additional 32 second carriers during the quarter. For
                    full year 2002, we spent a total of $124 million dollars on
                    our network, which is $19 million dollars lower than
                    originally planned. To date, our cumulative CAPEX per
                    covered POP is $49.00.

                    At the end of the quarter, US Unwired stand-alone had cash
                    and cash equivalents of $27 million dollars and an
                    additional $76 million dollars available under a revolving
                    credit facility. We were in compliance with all covenants at
                    year-end. However, our current business model indicates that
                    we are likely to fail certain financial covenants during
                    2003. We have initiated discussions with the US Unwired
                    banking group regarding amending the covenants. However,
                    there can be no assurance we will be able to negotiate
                    amendments on terms acceptable to the banking group and us.
                    At this time it would be imprudent to provide more detail.

                    At the end of the quarter, IWO had approximately $76 million
                    dollars in cash and cash equivalents; including $33 million
                    dollars restricted in escrow for interest payments on IWO
                    cash pay bonds through January 2003 -- 2004, pardon me, plus
                    an additional $8 million restricted for IWO's banks. In
                    November we made a draw request of $15 million dollars under
                    IWO's revolving credit facility. One bank failed to fund its
                    $1.8 million dollar share of the request. We have reserved
                    our rights on this failure to fund.

                    IWO will likely not be in compliance with its minimum
                    subscriber covenant for the first quarter and the remaining
                    quarters for 2003. We are working with the IWO banks and
                    bondholders to arrive at an acceptable restructuring of its
                    balance sheet. At this time, it would be premature to
                    provide further details.

                    We have previously announced that we have received notice
                    from the NASDAQ of our failure to comply with the $1.00
                    minimum listing requirement. While we continue to work with
                    the NASDAQ for continued listing status, we are reviewing
                    alternate listing exchanges. We will keep you apprised of
                    our efforts to address our listing situation.

                    In the fourth quarter, pursuant to FASB 142 and 144, we
                    performed a fair value assessment of goodwill and other
                    long-lived assets for both US Unwired and IWO. We concluded
                    that there was no impairment at US Unwired. We further
                    concluded that IWO had an impairment and recorded a charge
                    of $402 million dollars in the quarter.

                    Operator, would you please provide instructions for
                    questions.

Operator:           Thank you, the floor is now open for questions. If you do
                    have a question or comment at this time you may press the
                    numbers 1, followed by 4 on your touch-tone phone. I do ask
                    that while you pose your question pick up your handset to
                    provide optimum sound quality.

                    Please hold while we take our first question. Our first
                    question of the morning is coming from Steve Amaro from
                    Morgan Stanley. Please pose your question or your comment at
                    this time.

<PAGE>

Mr. Amaro:          Good morning, guys. Good progress. I just had a couple of
                    questions. I know some you probably won't address, but I
                    figured I'd take a shot anyway.

                    First, on any kind of guidance that you would give -- you
                    know we're definitely through March so if not for, you know,
                    maybe the quarter, but maybe if you don't want to take a
                    stab a the quarter -- looking at the whole year, kind of
                    what you guys think you're going to achieve and then
                    secondly, just on the covenants, you mentioned that IWO you
                    thought that the rest to your first quarter subscriber
                    covenant. I was wondering if you could give us some same
                    kind of color at least on the US Unwired territories, the
                    original southern territories, what kind of covenants you're
                    looking at there?

Mr. Piper:          Steve, we did provide a little bit of guidance in the script
                    and I guess I'll reiterate that. We expect the churn to
                    continue to go down as we work through our sub-prime
                    subscriber issues. We are going to spend a good deal of this
                    year continuing to get our expenses in order. So we would
                    expect to see some positive movement there as well. But
                    that's about as far as we're going to go today in talking
                    about guidance, either quarterly or annually.

Mr. Amaro:          Okay.

Mr. Vaughn:         Yeah, Steve, we have a lot of moving parts as you can well
                    imagine right now.

Mr. Amaro:          Sure.

Mr. Vaughn:         And attempting to do this right now would be probably an
                    impractical situation, one which we'd have to change later
                    on and we don't want to be held accountable for something so
                    early in the year that may have some movement in it later
                    on.

Mr. Amaro:          This I understand, but, you know, with -- we're at the end
                    of March. You guys have obviously had a chance to look at
                    what's happened in the earlier parts of the year. Any color
                    there? If not specific numbers, just are you happy with what
                    you're seeing in churn so far, or -- and I realize there's a
                    lot more to go, but just some sort of color would be great.

Mr. Piper:          Well, Steve, we expect churn to go down and we want you to
                    eagerly anticipate our conference call, which should be
                    about 45 days from now. We want to make sure you're
                    attending, so we'll share our performance then.

Mr. Amaro:          Well, I'll definitely be there.

Mr. Vaughn:         Okay. Moving on to your question about covenants. Steve, I
                    think we realize and probably sent some pretty strong
                    signals to the marketplace that we stopped offering the NDSL
                    product in the north in September of last year. We knew at
                    that point in time we were about to be significantly
                    challenged to get the minimum subscriber covenants. We could
                    have chosen to pursue the path of other people and chase
                    that subscriber covenant. We didn't think that was in the
                    company's best interest. We didn't think it was fair to our
                    banks and our bondholders at that point in time didn't have
                    the kind of controls on us that they needed to. So we
                    basically knew what we were facing at that point in time and
                    as far as we're concerned, we think we made the most
                    practical decision possible. We continue to work, as I said,
                    with our banks and

<PAGE>

                    our bondholders to, you know, use as a leverage point to
                    start the negotiations and the discussions to date. As far
                    as USU goes, once again, we switched over to Stage II
                    covenants in 2003. We've probably, because of some of the
                    setbacks that Robert referred to in our business plan,
                    probably did not reach the maturity level to really go to
                    Stage II covenants and, as such, some of them are really
                    problematic of whether we could ever achieve in today's
                    environment and, again, we have sat down with our bank group
                    and are constructively working through amending those
                    covenants.

Mr. Amaro:          Great. Thanks a lot.

Operator:           Thank you. Our next question is coming from Igor Volshteyn
                    of Tejas Securities Group. Please pose your question or your
                    comment at this time.

Mr. Volshteyn:      Hi. Good morning, guys. I wanted to say good job on the
                    operational improvement in the fourth quarter. It looks like
                    things are starting to take hold. I have a few questions.
                    One, I wanted to see if you guys could break out churn for
                    US Unwired and IWO on a standalone basis as well as the bad
                    debt expense for each for the quarter.

Mr. Piper:          Yeah, churn has typically been somewhat higher in our
                    southern markets than in the northern markets. The blended
                    churn in the north for the quarter was 3.7% and for the
                    south, 4.6%.

Mr. Vaughn:         I think your other question had to deal with bad debt.

Mr. Volshteyn:      Yes, correct.

Mr. Vaughn:         In the south the bad debt was, of that $2.9 million I
                    referenced, $2 million was in the south and the other
                    $900,000 was in the north.

Mr. Volshteyn:      Okay. Great. The other thing I wanted to ask was if you guys
                    could walk us through the sources and uses of cash for US
                    Unwired. I guess the problem that I was struggling with is
                    looking at the EBITDA there in the south, which was about
                    $9.2 million against cap ex of about $11 million and what
                    looks like cash expense of about $1 million. Looks like a
                    net cash burn of about $3 million, but it looks like there
                    was about $8 million of total cash uses in the south and I
                    want to understand where that $5 million delta comes from. I
                    didn't know if it was just a working capital issue or
                    something else.

Mr. Vaughn:         I would surmise that's probably what it is. I don't have it
                    right off the top of my head.

Mr. Volshteyn:      Okay. Because it wasn't as clear on the cash flow statement
                    apparently.

Mr. Vaughn:         There was some working capital adjustments, as Robert eluded
                    to, there's issues going on with unanticipated charges by
                    Sprint and timing of that.

Mr. Volshteyn:      Okay. So would you expect those to kind of get reversed
                    coming into the first quarter?

Mr. Vaughn:         Working capital will always have a position out there.

<PAGE>

Mr. Volshteyn:      Sure.

Mr. Vaughn:         As we do because we do a lot of things here out of necessity
                    by accrual method.

Mr. Volshteyn:      Okay. No problem and then the last question I have is, I
                    know we touched on covenants in the previous question, but
                    just really wanted to understand. Is this a first quarter
                    2003 issue or is this an issue that arises a little bit
                    later? Because I guess first quarter is when a lot of the
                    staged covenants kicked in and the covenant I thought that
                    you guys might be in trouble with is the total leverage and
                    I want to understand if that is it just the covenant that's
                    causing a problem?

Mr. Vaughn:         As Robert said, we're not prepared at this time to go into
                    any kind of guidance that may give you some guidance. We
                    will be dealing with the covenants as a package. Remember,
                    we're the last affiliate to have to address our covenants.
                    You know, even in some pretty bad times we were able to deal
                    effectively with meeting those covenants and I just think
                    that with the way the market has changed, the way our
                    business has changed, that it's imprudent for us to address
                    the covenants whether it's a first quarter issue or whether
                    it's a third quarter issue.

Mr. Volshteyn:      Okay. Wonderful. Thank you very much.

Operator:           Thank you. Our next question is coming from Ric Prentiss of
                    Raymond James. Please pose your question or your comment at
                    this time.

Mr. Prentiss:       Good morning, guys.

Mr. Piper:          Hey, Ric.

Mr. Vaughn:         Hey, Ric.

Mr. Prentiss:       Couple of questions for you, kind of following on those same
                    paths. Jerry, do you have some timeframe you guys are
                    operating under as far as when you'd like to try and get the
                    banks to sign on the line on some covenant changes? How long
                    are we looking at? When we're back on the call in 45 days,
                    like Robert was saying, should we expect to hear something
                    by then, or is this a longer process?

Mr. Vaughn:         Well, we don't know that. We've had a very positive working
                    relationship with our banks over the years and they've been
                    around since, you know, `98. We've never borrowed any money
                    on our revolver. We've paid them a substantial amount of
                    commitment fees in that period of time. It remains a very
                    healthy relationship but, you know, in today's environment
                    things get scrutinized a little more than perhaps they would
                    a year ago and I just can't predict right now, nor do I
                    think it would be appropriate for us to try to pin our banks
                    down to some kind of a timeframe. They're as anxious as we
                    are to get this issue behind them.

Mr. Prentiss:       Right. But there's active discussions going on, is that fair
                    to say?

Mr. Vaughn:         As we said, we're in discussions with our banks.

<PAGE>

Mr. Prentiss:       Okay. Second question, Robert, you've mentioned going to
                    take a lot, I guess, tougher stance with the Sprint PCS
                    bills. Can you elaborate a little bit for us what all it
                    involved there, what the process is and what the impact
                    could be as far as on your balance sheet?

Mr. Piper:          Yeah, Rick, I'll just make a couple of comments outside of
                    what was scripted. The Sprint expenses make up a substantial
                    portion of our annual expense and, in fact, I think
                    including the travel expense it's over 40% of our expenses
                    in 2002. If you exclude the travel it's still about 25% of
                    our expenses for the year and, you know, we need to I guess
                    address those. In today's economic environment, in today's
                    operational environment, it requires us to be a little bit
                    more vigorous in our approach to those invoices. You know,
                    in the past we had felt it more important to retain the
                    spirit of the affiliation, to retain the goodwill in the
                    affiliation, to build on that goodwill and we did that and
                    we felt it better not to challenge each decision at Sprint
                    in order to do that. Now we have to be a little bit more
                    cognizant of exactly what we're getting billed for. We have
                    to make sure that the affiliation agreement allows for those
                    type of bills and we have to make sure that we're being
                    provided the services that we're paying for and that's going
                    to be our approach. I don't know if tougher is the right
                    word to use that you used, but we're going to be more
                    diligent in our process.

Mr. Prentiss:       Okay. With the change of the guard at Sprint have you
                    noticed any changes in the last couple of weeks as far as
                    this issue at the executive level now that they have a
                    change at the CEO level? Any perceived changes yet or is it
                    still too early from that side?

Mr. Piper:          Well, I think we're excited about Len Lauer and we're
                    excited specifically about his customer care initiatives and
                    his commitment to make Sprint one of the better performing
                    wireless carriers as it relates to customer care.
                    Historically there have been issues with customer care at
                    Sprint and we think that's one of our largest concerns. So
                    we're excited about the change. We look forward to the
                    programs he's going to implement and I think he'll do a good
                    job.

Mr. Prentiss:       All right. From an operational standpoint, can you share
                    with us a little bit on the data product? You mentioned that
                    data ARPU had gone up fifty-something percent from about
                    80(cent) to about a buck thirty ($1.30) worth of ARPU from
                    third quarter to fourth quarter. Can you talk a little bit
                    about how many of your customers are taking the PCS Vision
                    product, how many of them are staying on the plan once the
                    free trial expires and have you implemented that 60 day free
                    trial instead of the 90 day free trial like Sprint has done?

Mr. Piper:          Yes to your last part of that question. We have implemented
                    the 60-day free trial. In the fourth quarter we had about
                    63% of our gross adds were 3G subscribers. We ended the year
                    with about 18,000 new subscribers or converted subscribers
                    to Vision plans.

Mr. Vaughn:         And, Rick, those are split about half and half between
                    conversions and new subscribers.


<PAGE>

Mr. Prentiss:       Okay and as people are coming up to their 60, old 90 but now
                    60-day free period, what kind of take rate are you getting?
                    How many people are saying, "Yes, I'm willing to pay that
                    ten bucks ($10.00) extra, or whichever plan they're on?

Mr. Piper:          Yeah, I don't know if we're late enough into the process to
                    have that number. I don't have that number today. We've, I
                    guess, taken the approach that we need to give that a little
                    bit more time.

Mr. Prentiss:       Uh-huh (yes).

Mr. Piper:          Having just signed up in December, I don't know that we have
                    that number available today. I need to clarify one other
                    thing, Rick. I said 63%. I hope I said of gross adds during
                    the quarter or phone sales during the quarter.

Mr. Vaughn:         Right.

Mr. Prentiss:       Yeah, you did.

Mr. Piper:          All right.

Mr. Prentiss:       Okay. So that's obviously an area we're all keen on seeing
                    if people are staying on it. Anecdotally, now that you've
                    got January, February and March behind you, is there comfort
                    that people are keeping these services, that the free trials
                    are working and people are finding value in them?

Mr. Piper:          Well, I'll tell you, I think what the tell tale sign of
                    that, is what's happening with your data usage as a piece of
                    ARPU and our increase suggests that people are using it and
                    as long as people use it, we expect they're going to
                    continue to use it going forward. So I think that the
                    initial signs are very positive, that they will continue on
                    the service after their trial expires.

Mr. Prentiss:       Final question for you, some other companies have kind of
                    floated the idea that maybe some of the Sprint affiliates
                    might combine together at some point in time. Have you had
                    any discussions or do you see any benefits in combining
                    together with other Sprint affiliates?

Mr. Piper:          We haven't had any discussions, Rick. We probably not even
                    evaluated that internally about what would be the pros and
                    cons of the combination of affiliates today. We have other
                    issues that we are very focused on.

Mr. Prentiss:       All right. So look for the stable future, you guys have
                    focused on your covenants, your operations, getting the
                    expenses down and just trying to get back on the operational
                    path?

Mr. Piper:          That's a great summary.

Mr. Prentiss:       All right. Thanks, guys, good luck.

Mr. Piper:          Okay.

<PAGE>

Operator:           Thank you. Our next question is coming from Jeff Gavarkovs
                    of Bank of Montreal. Please pose your question or your
                    comment at this time.

Mr. Gavarkovs:      Thank you very much. Could you please provide us a split of
                    the roaming minutes in the US Unwired territory, both
                    inbound and outbound?

Mr. Piper:          Sure. We have in our southern properties out inbound MOUs
                    were 234 million.

Mr. Gavarkovs:      Uh-huh (yes).

Mr. Piper:          Our outbound MOUs, 169 million.

Mr. Gavarkovs:      Okay.

Mr. Vaughn:         I think you want the home market MOUs, do you not, Jeff?
                    That's 534 million minutes.

Mr. Gavarkovs:      Okay. When I say home, I mean the local.

Mr. Gavarkovs:      And also a break out of CPGA by north and south.

Mr. Vaughn:         The CPGA in the south was $344 and in the north was $340.

Mr. Gavarkovs:      Okay and what does that bring the cumulative customer mix in
                    both regions?

Mr. Piper:          As far as what?

Mr. Gavarkovs:      The prime/sub-prime.

Mr. Piper:          Prime/sub-prime? Is that --

Mr. Gavarkovs:      Yeah.

Mr. Vaughn:         In the south the ending subscribers were 59% of prime and
                    the north that same number was 69%. But you have to
                    understand, Jeff, that in the south Robert said we offer our
                    pre-pay product.

Mr. Gavarkovs:      Uh-huh (yes).

Mr. Vaughn:         While that serves the same sub-prime customer as Sprint's
                    ASL product does, you do have different risk situations
                    there, but when I gave that 59% I included the pre-pay in
                    sub-prime.

Mr. Gavarkovs:      Okay. Thank you very much.

Operator:           Thank you. Our next question is coming from Anton Anikst
                    from Morgan Stanley. Please pose your question or your
                    comment at this time.

Mr. Anikist:        New to the story so please bear with me. But I do have two
                    questions for you. One is really more of a business model
                    question. It is my understanding that you're probably paying
                    somebody in the neighborhood of $8.00 or $9.00 a month per

<PAGE>

                    subscriber to Sprint for billing and customer service. So my
                    question is, do you have any flexibility in trying to
                    outsource to another provider and what would be the
                    migration costs and do you have any, you know, legal
                    restrictions with respect to your existing agreements with
                    Sprint to doing that? And second is just a quick
                    clarification. The $75.3 million available on the Unwired
                    revolver, is that a year-end figure or is that a as of today
                    figure, and do you believe that you're now disclosed, you
                    know, projected violations of covenants on both facilities,
                    the IWO and Unwired, would, you know, impede your ability to
                    fund where you're trying to tap the revolver at this
                    juncture? Thanks.

Mr. Piper:          Anton, let me deal with the first part of your question, the
                    customer care and the billing and, since you're new to this
                    sector, let me just give you a little historical view of US
                    Unwired. When we started this affiliate, US Unwired did its
                    own back office services, performed its own of customer care
                    and billing. We did those in-house. In our agreement today
                    it allows for us to have those services performed where we
                    think it is done best. We migrated to Sprint's customer care
                    and billing back office about a year and a half ago now, or
                    a little bit longer than that. But we do have the
                    opportunity to move our customer care to another service
                    provider. There are other issues associated with that. You
                    asked about the cost, the expense, how would Sprint work if
                    we were to do that. Those are areas that we are in the
                    process of discussing today, so I'm going to defer any
                    further comment on that and turn it over to you.

Mr. Vaughn:         As far as the revolver, that $76 million number was a
                    year-end number. We still have some revolver availability in
                    the IWO properties that are 25 million. We're under the
                    assumption, after discussions, that revolver availability at
                    IWO is not available to us. It's still questionable whether
                    the south's revolver availability is. Remember, what we said
                    is we're dealing with certain covenants at certain times
                    during 2003 and I do not believe that necessarily
                    constitutes an inability to access that revolver. What we're
                    focused on though is not the revolver itself, but the
                    amendments, to get the amendments more in line for both the
                    company and the banks.

Mr. Anikist:        Got it. But there's been no draws on the revolver since
                    year-end, right? In the last three months?

Mr. Vaughn:         That is correct.

Mr. Anikist:        Thank you.

Operator:           Thank you. Our next question is coming from Jim Rice of
                    Appaloosa Management. Please pose your question or your
                    comment at this time.

Mr. Rice:           Hi, guys. Can you just give a little more balance sheet
                    information in terms of, you know, what the accounts
                    receivable and tray table was at the end of the year?

Mr. Vaughn:         What are you specifically looking for, Jim?

Mr. Rice:           Well, would like to know what your DSOs are running at and
                    would like to know what the balance of the accounts payable
                    and tray table are.

Mr. Vaughn:         I don't have the DSO number with me right now.

<PAGE>

Mr. Rice:           Okay and do you have any other balance sheet information you
                    can share?

Mr. Vaughn:         Well, if you're looking at the payable section in
                    particular, we have some accrued expenses with Sprint. We
                    have a fair amount at about $19 million in unearned revenue.
                    We have accrued commissions of about $15 million dollars and
                    then we accrued the interest on the IWO bonds and that's
                    about $11 million dollars. There was a payment due in
                    January of 2003.

Mr. Rice:           Okay. There weren't any significant payables to handset
                    providers or anything like that?

Mr. Vaughn:         Not out of the normal course of business, no.

Mr. Rice:           Okay. Just curious on the roaming rate reduction, you said
                    you were running 10(cent) in the northern markets and
                    20(cent) in the south and it's going to 5.8(cent). What was
                    your blended rate for the fourth quarter?

Mr. Piper:          The blended rate was about 16(cent) including long distance.

Mr. Rice:           And are you getting some offset -- is there going to be any
                    offset to that in terms of what you pay for your customers
                    to roam on Sprint's network with the rate?

Mr. Piper:          Yeah, the 5.8(cent) is a reciprocal rate.

Mr. Rice:           Okay. So what sort of impact do you think that'll have to --
                    if that had happened at the beginning of the fourth quarter,
                    what do you think revenues would have been?

Mr. Piper:          Well, I don't know exactly how to answer that question, but
                    the 16(cent) includes long distance.

Mr. Rice:           Okay.

Mr. Piper:          If you take the 5.8 and you include long distance, that
                    makes that 5.8(cent) about 7(cent). So whatever percentage
                    that is, it's obviously more than a 50% reduction.

Mr. Rice:           Okay and how many roaming minutes did you have, again, in
                    the quarter?

Mr. Vaughn:         169 million in the south.

Mr. Rice:           And do you provide what the long distance minutes were too
                    for roaming?

Mr. Vaughn:         Yeah, that's about 50% of those minutes are long distance.

Mr. Rice:           Okay. Great, thanks, guys.

Mr. Vaughn:         I'm getting a signal here it's a little bit higher than
                    that, Jim.

Mr. Piper:          I think it's around 70% of the traffic is LD traffic.

Mr. Rice:           Okay.

<PAGE>

Mr. Piper:          When you're traveling.

Mr. Rice:           All right, great. Thanks, guys.

Mr. Piper:          Okay.

Operator:           Our next question is coming from Ryan Langdon of AIG. Please
                    pose your question or your comment at this time.

Mr. Langdon:        Hi. I've got a few questions actually. In terms of the Type
                    II costs, do you have a timeframe in terms of sort of a drop
                    dead on Sprint, pricing its services at a market rate or at
                    least getting the quality of those services up to the market
                    rate? Or have you put them on notice yet that you'll be
                    taking those away from them? And if IWO files, or whatever
                    it does, if it restructures, you know, are you planning to
                    try and retain that in any way? And if you don't, does that
                    have any cash impact on the Unwired -- the traditional
                    Unwired issuer? And I guess that's it.

Mr. Piper:          Yeah, Ryan, I just to answer your questions about Sprint, we
                    are in constant negotiations with Sprint, have been since
                    the outset of the affiliation agreement in `98 about a
                    number of different issues. One of those today includes --
                    or is customer care. You know, I can't really comment about
                    where we are in dealing with that, but we do feel as though
                    these are not unanticipated, I guess, disputes. In fact, we
                    allowed for a dispute process when we originally drafted the
                    affiliation agreement. So we feel like we have avenues
                    available to both Sprint and US Unwired today to resolve our
                    issues and we are going down those paths.

                    As far as what we expect to be doing with IWO, the year's
                    kind of bring a number of different challenges and changes.
                    But we operate IWO today and we expect to continue to
                    operate IWO as we do today.

Mr. Langdon:        Let us then, for the sake of argument, if IWO's debt
                    investors take that company over via restructuring and you
                    no longer have the opportunity to manage it, does that have
                    a other cash benefits or costs that are arranged with the
                    traditional Unwired credit that will then be a benefit or a
                    negative in that case?

Mr. Piper:          Well, I think when you combine properties like there there's
                    certainly some kind of deferred expense from a senior
                    management level that you're able to allocate over more POPs
                    rather than less POPs. So there will be some expense that US
                    Unwired no longer would allocate to the IWO properties.

Mr. Langdon:        Okay. So that's basically just senior management and then on
                    the Type II, is that 90 days notice for you to take it away
                    if that's what you feel like you want to do, or is it
                    longer?

Mr. Piper:          I'm not exactly sure of the timeframe. I think it's longer
                    than that.

Mr. Langdon:        Okay. All right, thanks.

Operator:           That answers your question, sir?


<PAGE>

Mr. Langdon:        It does, thank you.

Operator:           Thank you. Once again, if you do have a question or a
                    comment at this time, please press the numbers 1 followed by
                    4 on your touch-tone phone.

                    Our next question is coming from Ryan Lessard of Aetna.
                    Please pose your question or your comment at this time.

Mr. Lessard:        Good morning. A couple of questions; first, could you
                    explain any sort of cross defaults that would be impacted
                    from IWO upon US Unwired if IWO does end up having to
                    restructure in a Chapter 11, or are there any complications
                    or is it completely clean and separate?

Mr. Vaughn:         Yes, they're completely clean and separate based on the debt
                    perspective.

Mr. Lessard:        Great and could you just spend a couple of seconds
                    explaining why the Chat Pak product has been successful for
                    you and you've exhibited zero bad debt, whereas the Clear
                    Pay was an unmitigated disaster?

Mr. Piper:          I don't know if we used that terminology, Bryan, but we'll
                    go with it anyway. Yeah, we have -- and you may have to cut
                    me off because I can talk for a long time about Chat Pak.
                    But we have been -- I guess we implemented our first pre-pay
                    platform back in `96. We've been in the wireless for quite
                    some time and we became very frustrated because about 30 to
                    40% of our customers walking into our store walked out
                    without product because they couldn't meet our credit
                    requirement. So we had been testing and perfecting this
                    platform now for six or seven years and we offered a little
                    bit differently than what everybody else has done. There's
                    two key areas that we think enhance the ARPU numbers and the
                    churn numbers associated with Chat Pak. One is that we
                    require the customer to make a commitment financially before
                    they walk out of our store with the service. Okay? We think
                    that this type of customer needs to think about the service
                    a little bit longer. They need to understand that they're
                    going to have a substantial up-front outlay so that this is
                    not a one month, two month purchase, this is a longer-term
                    commitment and secondly, we've never bought off on this
                    philosophy that you penalize or charge those customers that
                    pre-pay a premium for the service. You know, many of the
                    services out there are 25(cent), 50(cent) a minute if you're
                    a pre-pay subscriber. Well, that just does not make economic
                    sense. In fact, we're one of the only industries that
                    historically has penalized you to pay early. Most industries
                    give you some kind of discount or incentive to pay early. So
                    I could go on and on, but those are two of the primary
                    reasons that our pre-pay has done well.

Mr. Lessard:        I mean, do you subsidize handsets? Do you make people
                    literally pre-pay where they're -- it's almost like
                    depositing the cash before they can use the minutes?

Mr. Piper:          Yes.

Mr. Lessard:        Like a phone card?

Mr. Piper:          Yes. You pay before you use and we subsidize the handset and
                    there's some subsidy to the sale, but not near the subsidy
                    that we have on our postpay sales and I think that's one of
                    the reasons you saw that our CPGA did so well in the fourth
                    quarter is

<PAGE>

                    that, as I mentioned, 13% of our gross adds were Chat Pak
                    adds and they have less subsidy associated with those than
                    do our postpay subscribers and since you buy in advance you
                    don't leave us owing us any money.

Mr. Lessard:        Okay and if I could bother you for two more questions,
                    that's what would be the fourth quarter cap ex for the US
                    Unwired excluding IWO and what would it have been in the
                    fourth quarter interest for US Unwired excluding IWO?

Mr. Vaughn:         The cap ex number for the south was $11 -- or $10.9 million
                    dollars.

Mr. Lessard:        Okay.

Mr. Vaughn:         Let me look up the interest number on that and we'll come
                    back while we answer other questions on that.

Mr. Lessard:        Thank you very much.

Operator:           You have a follow-up question coming from Jeff Gavarkovs
                    from Bank of Montreal.

Mr. Gavarkovs:      Jeff Gavarkovs, thanks very much. Thank you for the
                    follow-up. Could you provide the roaming minutes in US
                    Unwired in Q2 and Q3? My second question is, what number of
                    -- or what point would your cellular operations no longer be
                    EBITDA positive? What number of subscribers? And lastly,
                    have there been any efforts to monotize any of the minority
                    interests or spectrum assets? Thank you.

Mr. Vaughn:         Jeff, we'll answer your question. Let me get back and answer
                    Bryan's open question on the interest. There's a little over
                    $2 million, Bryan, in the interest at US Unwired. That's
                    cash interest. Sorry, Jeff.

Mr. Piper:          Jeff, let me address your roaming question and I don't have
                    Quarter 2 in front of me, but I do have Quarter 3 and in the
                    south our inbound roaming MOUs were 229 million, our
                    outbound 162 million and the prior quarter in the northeast,
                    inbound was 103 million, outbound was 70 million.

Mr. Gavarkovs:      Okay.

Mr. Piper:          And maybe if you could ask the other components of your
                    question again?

Mr. Gavarkovs:      Sure. At what point would the cellular operations no longer
                    be EBITDA positive? What level of subscribers, or ...

Mr. Piper:          Yeah, I don't know that we would guestimate on that. A lot
                    of our EBITDA comes from our roaming arrangements, so I
                    don't know that we would measure the EBITDA performance
                    strictly on the number of subscribers.

Mr. Gavarkovs:      Okay and what's the roaming rate that you receive on a
                    monthly basis?

Mr. Piper:          That's going to be higher than what we're getting at the PCS
                    operation, but I'm not exactly sure of that blended roaming
                    rate today.

Mr. Gavarkovs:      Okay and have there been any efforts to monotize the
                    minority interest or spectrum?

<PAGE>

Mr. Vaughn:         We have look occasionally at doing some. Some of the
                    minority interests we have are in other -- there's one other
                    interest we have in another PCS affiliate, Sprint PCS
                    affiliate, just sitting to the east of us. We also have
                    small minority interest in a very small cellular property
                    that I think pays us a quarter million dollars a quarter for
                    doing nothing. So I don't see why they ever want to monotize
                    that. As far as looking at the licenses, we've looked at
                    things at various times, Jeff. As you know, we had a very
                    successful monotization of our towers at US Unwired about a
                    year and a half ago. But the market has changed. Just as the
                    market has changed for us, it's changed for the value of
                    licenses, it's changed for the value of towers and it's
                    probably even changed for the value of cellular properties.

Mr. Gavarkovs:      Well, given perhaps a need for liquidity, would you
                    entertain selling them even though you may be a little
                    displeased with the current market levels?

Mr. Vaughn:         Well, all of those assets you're talking about are in US
                    Unwired.

Mr. Gavarkovs:      Uh-huh (yes).

Mr. Vaughn:         And I don't think we have -- I think we have said in our
                    release that we have sufficient cash for the balance of
                    2003.

Mr. Gavarkovs:      Okay.

Mr. Vaughn:         Without the bank facility. So, yes, we -- if the right offer
                    came in we're not, you know, wed to any of these things.

Mr. Gavarkovs:      Okay.

Mr. Vaughn:         But I think the way it works though is that if right now we
                    were to sell them, all we'd do is pay down bank debt. It
                    does not stay in the operations.

Mr. Gavarkovs:      Okay. Thank you for the call out on that.

Mr. Piper:          Operator, I think we have time for one more call, or one
                    more question.

Operator:           Gentlemen, I show no more questions at this time.

Mr. Piper:          Well, let me just wrap up very quickly. Again, we appreciate
                    those of you that have stuck with us through a difficult
                    2002. Rest assured, we remain committed to our business
                    plan, we remain committed to the Sprint PCS affiliation
                    agreement and we look forward to a better 2003. We'll talk
                    to you again around the middle of May. Thank you.

Operator:           Thank you. This does conclude today's teleconference. You
                    may disconnect your lines at this time and have a wonderful
                    afternoon.