UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C.
                20549

FORM 10-Q

(Mark One)

[X]
                         
                         QUARTERLY REPORT UNDER SECTION 13 OR
                                15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTER ENDED MARCH 31,
                                2003.OR[ ]
                         
                         TRANSITION REPORT PURSUANT TO SECTION 13
                                OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


COMMISSION FILE NUMBER: 005-58523

ALAMOSA (DELAWARE), INC.(Exact name of registrant as
                specified in its charter)

DELAWARE
                         
                         
                         
                         75-2843707(State or other jurisdiction
                                ofIncorporation or organization)
                         
                         
                         
                         (I.R.S. Employer Identification
                                No.)


5225 SOUTH LOOP
                289, SUITE 120 LUBBOCK, TEXAS 79424 (Address of principal executive
                offices, including zip code)

(806)
                722-1100(Registrant's telephone number,
                including area code)

Indicate by check mark whether the registrant: (1) has filed all reports
                required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
                1934 during the preceding 12 months (or for such shorter period that the
                registrant was required to file such reports), and (2) has been subject to such
                filing requirements for the past 90 days.     YES
                [X]    NO
                [ ]

Indicate by check mark whether the registrant is an accelerated filer (as
                defined in Rule 12b-2 of the Exchange Act).     YES
                [ ]    NO
                [X]

There is currently no public market for the registrant's common stock.

As of May 15, 2003, 100 shares of common stock, $0.01 par value per
                share, were issued and outstanding.

The registrant meets the conditions set forth in General Instructions
                H(1)(a) and (b) of Form 10-Q and therefore is filing this form with the reduced
                disclosure format.

ALAMOSA (DELAWARE), INC.

TABLE OF CONTENTS

PAGEPART
                                I    FINANCIAL INFORMATIONItem 1.
                         
                         Financial StatementsConsolidated Balance Sheets at March
                                31, 2003 (unaudited) and December 31, 2002
                         
                         
                         3Consolidated Statements of Operations
                                for the three months ended March 31, 2003 and 2002 (unaudited)
                         
                         
                         4Consolidated Statements of Cash Flows
                                for the three months ended March 31, 2003 and 2002 (unaudited)
                         
                         
                         5Notes to the Consolidated Financial
                                Statements
                         
                         
                         6Item 2.
                         
                         Management's Discussion and Analysis
                                of Financial Condition and Results of Operations
                         
                         
                         23Item 3.
                         
                         Quantitative and Qualitative
                                Disclosures About Market Risk
                         
                         
                         34Item 4.
                         
                         Controls and Procedures
                         
                         
                         34PART II    OTHER
                                INFORMATIONItem 1.
                         
                         Legal Proceedings
                         
                         
                         36Item 2.
                         
                         Changes in Securities and Use of
                                Proceeds
                         
                         
                         36Item 3.
                         
                         Defaults Upon Senior Securities
                         
                         
                         36Item 4.
                         
                         Submission of Matters to a Vote of
                                Security Holders
                         
                         
                         36Item 5.
                         
                         Other Information
                         
                         
                         36Item 6.
                         
                         Exhibits and Reports on Form 8-K
                         
                         
                         37SIGNATURES
                         
                         
                         38CERTIFICATIONS
                         
                         
                         39


PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

ALAMOSA (DELAWARE), INC. CONSOLIDATED BALANCE SHEETS (dollars in
                thousands, except share information)

|                                                                                                                                        |  |                |           |                   |  |   |           |   |  | 
|--------------------------------------------------------------------------------------------------------------------------------------- |  | -------------- | --------- | ----------------- |  | - | --------- | - |  | 
|                                                                                                                                        |  | March 31, 2003 |           | December 31, 2002
|                                                                                                                                        |  | (unaudited)    |           |                  
|ASSETS                                                                                                                                  |  |                |           |                   |  |   |           |  
|Current assets:                                                                                                                         |  |                |           |                   |  |   |           |  
|Cash and cash equivalents                                                                                                               |  | $              | 78,883    |                   |  | $ | 60,525    |  
|Restricted cash                                                                                                                         |  |                | 9,921     |                   |  |   | 34,725    |  
|Customer accounts receivable, net                                                                                                       |  |                | 23,977    |                   |  |   | 27,926    |  
|Receivable from Sprint                                                                                                                  |  |                | 18,958    |                   |  |   | 30,322    |  
|Interest receivable                                                                                                                     |  |                | 135       |                   |  |   | 973       |  
|Inventory                                                                                                                               |  |                | 5,135     |                   |  |   | 7,410     |  
|Prepaid expenses and other assets                                                                                                       |  |                | 8,401     |                   |  |   | 7,239     |  
|Deferred customer acquisition costs                                                                                                     |  |                | 7,945     |                   |  |   | 7,312     |  
|Deferred tax asset                                                                                                                      |  |                | 5,988     |                   |  |   | 5,988     |  
|                                                                                                                                        | 
|Total current assets                                                                                                                    |  |                | 159,343   |                   |  |   | 182,420   |  
|                                                                                                                                        | 
|Property and equipment, net                                                                                                             |  |                | 450,839   |                   |  |   | 458,946   |  
|Debt issuance costs, net                                                                                                                |  |                | 32,136    |                   |  |   | 33,351    |  
|Intangible assets, net                                                                                                                  |  |                | 478,404   |                   |  |   | 488,421   |  
|Other noncurrent assets                                                                                                                 |  |                | 7,937     |                   |  |   | 7,802     |  
|Total assets                                                                                                                            |  | $              | 1,128,659 |                   |  | $ | 1,170,940 |  
|                                                                                                                                        |  |                |           |                   |  |   |           |  
|LIABILITIES AND STOCKHOLDER'S
                         EQUITY                                                                           |  |                |           |                   |  |   |           |  
|Current liabilities:                                                                                                                    |  |                |           |                   |  |   |           |  
|Accounts payable                                                                                                                        |  | $              | 22,052    |                   |  | $ | 27,203    |  
|Accrued expenses                                                                                                                        |  |                | 36,475    |                   |  |   | 34,903    |  
|Payable to Sprint                                                                                                                       |  |                | 24,926    |                   |  |   | 24,649    |  
|Interest payable                                                                                                                        |  |                | 9,174     |                   |  |   | 22,242    |  
|Deferred revenue                                                                                                                        |  |                | 20,888    |                   |  |   | 18,901    |  
|Current installments of capital leases                                                                                                  |  |                | 1,050     |                   |  |   | 1,064     |  
|                                                                                                                                        | 
|Total current liabilities                                                                                                               |  |                | 114,565   |                   |  |   | 128,962   |  
|                                                                                                                                        |  |                |           |                   |  |   |           |  
|Long term liabilities:                                                                                                                  |  |                |           |                   |  |   |           |  
|Capital lease obligations                                                                                                               |  |                | 1,159     |                   |  |   | 1,355     |  
|Other noncurrent liabilities                                                                                                            |  |                | 10,356    |                   |  |   | 10,641    |  
|Deferred tax liability                                                                                                                  |  |                | 22,041    |                   |  |   | 27,694    |  
|Senior secured debt                                                                                                                     |  |                | 200,000   |                   |  |   | 200,000   |  
|12 7/8% senior discount notes                                                                                                           |  |                | 277,414   |                   |  |   | 268,862   |  
|12 1/2% senior notes                                                                                                                    |  |                | 250,000   |                   |  |   | 250,000   |  
|13 5/8% senior notes                                                                                                                    |  |                | 150,000   |                   |  |   | 150,000   |  
|                                                                                                                                        | 
|Total long term liabilities                                                                                                             |  |                | 910,970   |                   |  |   | 908,552   |  
|                                                                                                                                        | 
|Total liabilities                                                                                                                       |  |                | 1,025,535 |                   |  |   | 1,037,514 |  
|                                                                                                                                        |  |                |           |                   |  |   |           |  
|Commitments and contingencies (see
                         Note 11)                                                                    |  |                | —         |                   |  |   | —         |  
|Stockholder's equity:                                                                                                                   |  |                |           |                   |  |   |           |  
|Preferred stock, $.01 par value; 1,000
                         shares authorized; noshares issued                                      |  |                | —         |                   |  |   | —         |  
|Common stock, $.01 par value; 9,000
                         shares authorized, 100 and 100 shares issued and outstanding, respectively |  |                | —         |                   |  |   | —         |  
|Additional paid-in capital                                                                                                              |  |                | 799,279   |                   |  |   | 799,403   |  
|Accumulated deficit                                                                                                                     |  |                | (694,540  | )                 |  |   | (664,133  | )
|Unearned compensation                                                                                                                   |  |                | (253      | )                 |  |   | (294      | )
|Accumulated other comprehensive loss,
                         net of tax                                                               |  |                | (1,362    | )                 |  |   | (1,550    | )
|                                                                                                                                        | 
|Total stockholder's equity                                                                                                              |  |                | 103,124   |                   |  |   | 133,426   |  
|                                                                                                                                        | 
|Total liabilities and stockholder's
                         equity                                                                     |  | $              | 1,128,659 |                   |  | $ | 1,170,940 |  
|                                                                                                                                       

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

3

ALAMOSA (DELAWARE), INC. CONSOLIDATED STATEMENTS OF OPERATIONS
                (UNAUDITED) (dollars in thousands)

For the three months ended March
                                31,2003
                         
                         2002Revenues:Subscriber revenues
                         
                         $
                         104,024
                         
                         
                         $
                         93,498Roaming revenues
                         
                         
                         31,790
                         
                         
                         
                         26,568Service revenues
                         
                         
                         135,814
                         
                         
                         
                         120,066Product sales
                         
                         
                         5,294
                         
                         
                         
                         8,321Total revenue
                         
                         
                         141,108
                         
                         
                         
                         128,387Costs and expenses:Cost of service and operations
                                (excluding non-cash compensation of $4 and $0 for 2003 and 2002, respectively)
                         
                         
                         79,317
                         
                         
                         
                         78,529Cost of products sold
                         
                         
                         12,844
                         
                         
                         
                         14,117Selling and marketing (excluding
                                non-cash compensation of $4 and $0 for 2003 and 2002, respectively)
                         
                         
                         28,146
                         
                         
                         
                         28,897General and administrative expenses
                                (excluding non-cash compensation of $33 and $0 for 2003 and 2002,
                                respectively)
                         
                         
                         3,525
                         
                         
                         
                         3,735Depreciation and amortization
                         
                         
                         26,882
                         
                         
                         
                         24,863Loss on disposal of property and
                                equipment
                         
                         
                         360
                         
                         
                         
                         —Non-cash compensation
                         
                         
                         41
                         
                         
                         
                         —Total costs and expenses
                         
                         
                         151,115
                         
                         
                         
                         150,141Loss from operations
                         
                         
                         (10,007
                         )
                         
                         
                         (21,754
                         )Interest and other income
                         
                         
                         369
                         
                         
                         
                         1,333Interest expense
                         
                         
                         (26,537
                         )
                         
                         
                         (24,854
                         )Loss before income tax benefit
                         
                         
                         (36,175
                         )
                         
                         
                         (45,275
                         )Income tax benefit
                         
                         
                         5,768
                         
                         
                         
                         17,142Net loss
                         
                         $
                         (30,407
                         )
                         
                         $
                         (28,133
                         )


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

4

ALAMOSA (DELAWARE), INC. CONSOLIDATED STATEMENTS OF CASH FLOWS
                (UNAUDITED) (dollars in thousands)

For the three months ended March
                                31,2003
                         
                         2002Cash flows from operating
                                activities:Net loss
                         
                         $
                         (30,407
                         )
                         
                         $
                         (28,133
                         )Adjustments to reconcile net loss to
                                net cash provided by (used in) operating activities:Non-cash compensation
                         
                         
                         41
                         
                         
                         
                         —Provision for bad debts
                         
                         
                         6,500
                         
                         
                         
                         8,200Non-cash interest benefit on
                                derivative instruments
                         
                         
                         (114
                         )
                         
                         
                         (206
                         )Depreciation and amortization of
                                property and equipment
                         
                         
                         16,865
                         
                         
                         
                         14,931Amortization of intangible assets
                         
                         
                         10,017
                         
                         
                         
                         9,932Amortization of financing costs
                                included in interest expense
                         
                         
                         1,116
                         
                         
                         
                         1,038Amortization of discounted
                                interest
                         
                         
                         99
                         
                         
                         
                         99Deferred tax benefit
                         
                         
                         (5,768
                         )
                         
                         
                         (17,142
                         )Interest accreted on discount notes
                         
                         
                         8,552
                         
                         
                         
                         7,546Loss on disposal of property and
                                equipment
                         
                         
                         360
                         
                         
                         
                         —Increase (decrease) in:Receivables
                         
                         
                         9,651
                         
                         
                         
                         (10,440
                         )Inventory
                         
                         
                         2,275
                         
                         
                         
                         (364
                         )Prepaid expenses and other assets
                         
                         
                         (1,930
                         )
                         
                         
                         (3,360
                         )Decrease in:Accounts payable and accrued expenses
                         
                         
                         (13,011
                         )
                         
                         
                         (14,771
                         )Net cash provided by (used in)
                                operating activities
                         
                         
                         4,246
                         
                         
                         
                         (32,670
                         )Cash flows from investing
                                activities:Proceeds from sale of assets
                         
                         
                         19
                         
                         
                         
                         329Purchases of property and equipment
                         
                         
                         (10,377
                         )
                         
                         
                         (30,657
                         )Other
                         
                         
                         —
                         
                         
                         
                         (205
                         )Net cash used in investing activities
                         
                         
                         (10,358
                         )
                         
                         
                         (30,533
                         )Cash flows from financing
                                activities:Borrowings under senior secured debt
                         
                         
                         —
                         
                         
                         
                         12,838Capital contribution from parent
                         
                         
                         —
                         
                         
                         
                         401Capital distribution to parent
                         
                         
                         (124
                         )
                         
                         
                         —Payments on capital leases
                         
                         
                         (210
                         )
                         
                         
                         (165
                         )Change in restricted cash
                         
                         
                         24,804
                         
                         
                         
                         23,236Net cash provided by financing
                                activities
                         
                         
                         24,470
                         
                         
                         
                         36,310Net increase (decrease) in cash and
                                cash equivalents
                         
                         
                         18,358
                         
                         
                         
                         (26,893
                         )Cash and cash equivalents at beginning
                                of period
                         
                         
                         60,525
                         
                         
                         
                         104,672Cash and cash equivalents at end of
                                period
                         
                         $
                         78,883
                         
                         
                         $
                         77,779Supplemental disclosure of non-cash
                                financing andinvesting activities:Capitalized lease obligations incurred
                         
                         $
                         —
                         
                         
                         $
                         365Change in accounts payable for
                                purchases of property and equipment
                         
                         $
                         (1,240
                         )
                         
                         $
                         (14,415
                         )


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

5

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL
                STATEMENTS(dollars in thousands, except as noted)

|   |                                                                                          
|-- | -----------------------------------------------------------------------------------------
|1. | BASIS
                         OF PRESENTATION OF UNAUDITED INTERIM FINANCIAL INFORMATION

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         unaudited consolidated balance sheet as of March 31, 2003, the unaudited
                         consolidated statements of operations for the three months ended March 31, 2003
                         and 2002, the unaudited consolidated statements of cash flows for the three
                         months ended March 31, 2003 and 2002, and related footnotes, have been prepared
                         in accordance with accounting principles generally accepted in the United
                         States of America for interim financial information and Article 10 of
                         Regulation S-X. Accordingly, they do not include all of the information and
                         footnotes required by accounting principles generally accepted in the United
                         States of America. The financial information presented should be read in
                         conjunction with the audited consolidated financial statements as of and for
                         the year ended December 31, 2002. In the opinion of management, the interim
                         data includes all adjustments (consisting of only normally recurring
                         adjustments) necessary for a fair statement of the results for the interim
                         periods. Operating results for the three months ended March 31, 2003 are not
                         necessarily indicative of results that may be expected for the year ending
                         December 31, 2003.

| |                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Certain
                         reclassifications have been made to prior period balances to conform to current
                         period presentation.

|   |                                                              
|-- | -------------------------------------------------------------
|2. | ORGANIZATION
                         AND BUSINESS OPERATIONS

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Alamosa
                         (Delaware), Inc. is a direct wholly owned subsidiary of Alamosa PCS Holdings,
                         Inc. and an indirect wholly owned subsidiary of Alamosa Holdings, Inc.
                         ("Alamosa Holdings"). Alamosa Holdings was formed in July 2000. Alamosa
                         Holdings is a holding company and through its subsidiaries provides wireless
                         personal communications services, commonly referred to as PCS, in the
                         Southwestern, Northwestern and Midwestern United States. Alamosa (Delaware),
                         Inc. ("Alamosa (Delaware)"), was formed in October 1999 under the name "Alamosa
                         PCS Holdings, Inc." to operate as a holding company in anticipation of its
                         initial public offering. On February 3, 2000, Alamosa (Delaware) completed its
                         initial public offering. Immediately prior to the initial public offering,
                         shares of Alamosa (Delaware) were exchanged for Alamosa PCS, LLC's ("Alamosa
                         LLC") membership interests, and Alamosa LLC became wholly owned by Alamosa
                         (Delaware). These financial statements are presented as if the reorganization
                         had occurred as of the beginning of the periods presented. Alamosa (Delaware)
                         and its subsidiaries are collectively referred to in these financial statements
                         as the "Company."

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         December 14, 2000, Alamosa (Delaware) formed a new holding company pursuant to
                         Section 251(g) of the Delaware General Corporation Law. In that transaction,
                         each share of Alamosa (Delaware) was converted into one share of the new
                         holding company, and the former public company, which was renamed "Alamosa
                         (Delaware), Inc." became a wholly owned subsidiary of the new holding company,
                         which was renamed "Alamosa PCS Holdings, Inc."

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         February 14, 2001, Alamosa Holdings became the new public holding company of
                         Alamosa PCS Holdings, Inc. ("Alamosa PCS Holdings") and its subsidiaries
                         pursuant to a reorganization transaction in which a wholly owned subsidiary of
                         Alamosa Holdings was merged with and into Alamosa PCS Holdings. As a result of
                         this reorganization, Alamosa PCS Holdings became a wholly owned subsidiary of
                         Alamosa Holdings, and each share of Alamosa PCS Holdings common stock was
                         converted into one share of Alamosa Holdings common stock. Alamosa Holdings'
                         common stock is quoted on the Over-the-Counter Bulletin Board under the symbol
                         "ALMO." Alamosa (Delaware) remains the issuer of the Company's public
                         debt.

|   |                                                         
|-- | --------------------------------------------------------
|3. | LIQUIDITY
                         AND CAPITAL RESOURCES

| |                                                                                                                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Since
                         inception, the Company has financed its operations through capital
                         contributions from owners, through debt financing and through proceeds
                         generated from public offerings of common stock. The

6

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Company has incurred substantial net losses and negative cash flow from
                         operations since inception. Expenses are expected to exceed revenues until the
                         Company establishes a sufficient subscriber base. Management expects operating
                         losses to continue for the foreseeable future. However, management expects
                         operating losses to decrease in the future as the Company obtains more
                         subscribers.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As
                         of March 31, 2003, the Company had $78,883 in cash and cash equivalents plus an
                         additional $9,921 in restricted cash held in escrow for debt service
                         requirements. The Company also had $25,000 remaining on the revolving portion
                         of the Senior Secured Credit Facility subject to the restrictions discussed
                         below.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         September 26, 2002 the Company entered into the sixth amendment to the amended
                         and restated credit agreement relative to the Senior Secured Credit Facility
                         which among other things, extended Stage I covenants for an additional quarter
                         through March 31, 2003 and modified certain financial and statistical covenants
                         as discussed in Note 7. Specifically, the new agreement modified the covenant
                         addressing minimum subscribers such that the minimum subscriber requirement is
                         now 620,000 at March 31, 2003. As a result of the amendment, the Company is
                         required to maintain a minimum cash balance of $10,000.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         September 26, 2002 amendment also placed restrictions on the ability to draw on
                         the $25,000 revolving portion of the Senior Secured Credit Facility. The first
                         $10,000 can be drawn if cash balances fall below $15,000 and the Company
                         substantiates through tangible evidence the need for such advances. The
                         remaining $15,000 is available only at such time as the leverage ratio is less
                         than or equal to 5.5 to 1. As of March 31, 2003, the Company's leverage ratio
                         was 14.8 to 1.

| |                                                                                                                                                                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Although
                         management does not currently anticipate the need to raise additional capital
                         in the upcoming year, the Company's funding status is dependent on a number of
                         factors influencing projections of earnings and operating cash flows including
                         the following:

| | • | Average
                         monthly revenue per user ("ARPU") is a measure used to determine the monthly
                         subscriber revenue earned for subscribers based in our territory. This measure
                         is determined based on subscriber revenues in our consolidated statement of
                         operations and our average subscribers during the period.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Cash
                         cost per user ("CCPU") is a measure of the costs to operate the Company's
                         business on a per user basis consisting of costs of service and operations and
                         general and administrative expenses in the consolidated statement of
                         operations, plus handset subsidies on equipment sold to existing subscribers.
                         These costs are allocated across average subscribers during the period to
                         calculate this measure.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Customer
                         churn is used to measure the rate at which subscribers based in the Company's
                         territory deactivate service on a voluntary or involuntary basis. Churn is
                         calculated based on the number of subscribers deactivated (net of transfers out
                         of our service area and those who deactivated within 30 days of activation) as
                         a percentage of the average subscriber base during the period.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Cost
                         per gross addition ("CPGA") is used to measure the costs incurred to add new
                         subscribers in the Company's territory. This measure includes handset subsidies
                         on new subscriber activations, commissions, rebates and other selling and
                         marketing costs and is calculated based on product sales revenue, cost of
                         products sold and selling and marketing expenses in the consolidated statement
                         of operations net of handset subsidies on equipment sold to existing
                         subscribers allocated over the total number of subscribers activated in the
                         Company's territory during the period.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| |                                                                                                                                                                                                                                                                                 
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Should
                         actual results differ significantly from these assumptions, the Company's
                         liquidity position could be adversely affected and the Company could be in a
                         position that would require it to raise

7

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | additional capital which may or may not be available on terms acceptable to the
                         Company, if at all, and could have a material adverse effect on the Company's
                         ability to achieve its intended business objectives.

|   |                                                  
|-- | -------------------------------------------------
|4. | STOCK-BASED
                         COMPENSATION

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                 
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         Company has elected to follow Accounting Principles Board Opinion ("APB") No.
                         25, "Accounting for Stock Issued to Employees" and related interpretations in
                         accounting for its employee stock options. No stock-based employee compensation
                         cost is reflected in the consolidated statements of operations for the three
                         months ended March 31, 2003 or 2002, as all options granted by the Company had
                         an exercise price equal to or greater than the market value of the underlying
                         common stock on the date of grant. The following table illustrates the effect
                         on net loss if the Company had applied the fair value recognition provisions of
                         Statement of Financial Accounting Standards ("SFAS") No. 123, "Accounting for
                         Stock-Based Compensation," to stock-based employee compensation.

For the three months ended March
                                31,2003
                         
                         2002(unaudited)
                         
                         (unaudited)Net loss — as reported
                         
                         $
                         (30,407
                         )
                         
                         $
                         (28,133
                         )Less stock-based employee compensation
                                expense determined under fair value method for all awards, net of related tax
                                effects
                         
                         
                         (1,431
                         )
                         
                         
                         (1,650
                         )Net loss — pro forma
                         
                         $
                         (31,838
                         )
                         
                         $
                         (29,783
                         )


|   |                                             
|-- | --------------------------------------------
|5. | ACCOUNTS
                         RECEIVABLE

| |                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Customer accounts receivable—
                         Customer accounts receivable represent amounts owed to the Company by
                         subscribers for PCS service. The amounts presented in the consolidated balance
                         sheets are net of an allowance for uncollectible accounts of $8.2 million and
                         $8.5 million at March 31, 2003 and December 31, 2002, respectively.

| |                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Receivable from Sprint—
                         Receivable from Sprint in the accompanying consolidated balance sheets consists
                         of the following:

March 31, 2003
                         
                         December 31, 2002(unaudited)Net roaming receivable
                         
                         $
                         6,410
                         
                         
                         $
                         3,554Access and interconnect revenue
                                receivable (payable)
                         
                         
                         (199
                         )
                         
                         
                         (188
                         )Accrued service revenue
                         
                         
                         3,423
                         
                         
                         
                         3,345Customer payments due from Sprint
                         
                         
                         9,324
                         
                         
                         
                         21,136Other amounts due from Sprint
                         
                         
                         —
                         
                         
                         
                         2,475$
                         18,958
                         
                         
                         $
                         30,322


| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Net
                         roaming receivable includes net travel revenue due from Sprint relative to PCS
                         subscribers based outside of the Company's licensed territory who utilize the
                         Company's portion of the PCS network of Sprint. The travel revenue receivable
                         is net of amounts owed to Sprint relative to the Company's subscribers who
                         utilize the PCS network of Sprint outside of the Company's licensed territory.
                         In addition, net roaming receivable also includes amounts due from Sprint which
                         have been collected from other PCS providers for their customers' usage of the
                         Company's portion of the PCS network of Sprint.

8

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Access
                         and interconnect revenue receivable represents net amounts due from Sprint for
                         calls originated by a local exchange carrier ("LEC") or an interexchange
                         carrier ("IXC") that terminate on the Company's network. Under the Company's
                         affiliation agreements with Sprint, Sprint collects this revenue from other
                         carriers and remits 92% of those collections to the Company. The $199 and $188
                         amounts owed to Sprint at March 31, 2003 and December 31, 2002, respectively,
                         are the result of rate adjustments on previously collected amounts.

| |                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Accrued
                         service revenue receivable represents the Company's estimate of airtime usage
                         and other charges that have been earned but not billed at the end of the
                         period.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Customer
                         payments due from Sprint relate to amounts that have been collected by Sprint
                         at the end of the period which were not remitted to the Company until the
                         subsequent period. Customer payments are processed daily by Sprint and the
                         Company receives its share of such collections on a weekly basis under the
                         terms of the affiliation agreements.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Included
                         in the December 31, 2002 balance of customer payments due from Sprint is
                         $12,209 in amounts that were due to the Company related to payments that Sprint
                         had collected from customers from April 2000 to December 2002 that had not been
                         passed on to the Company due to the methodology that had been previously used
                         by Sprint to allocate cash received from customers. These amounts were
                         collected during the three months ended March 31, 2003.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Other
                         amounts due from Sprint at December 31, 2002 related to a refund of fees paid
                         to Sprint during 2002 for services such as billing and customer care. These
                         fees are determined at the beginning of each year based on estimated costs and
                         are adjusted based on actual costs incurred by Sprint in providing the
                         respective services. These amounts were collected during the three months ended
                         March 31, 2003.

|   |                                                
|-- | -----------------------------------------------
|6. | PROPERTY
                         AND EQUIPMENT

| |                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Property
                         and equipment are stated net of accumulated depreciation of $139.2 million and
                         $122.9 million at March 31, 2003 and December 31, 2002, respectively.

|   |                                           
|-- | ------------------------------------------
|7. | INTANGIBLE
                         ASSETS

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         connection with acquisitions completed during 2001, the Company allocated
                         portions of the respective purchase prices to identifiable intangible assets
                         consisting of (i) the value of the Sprint agreements in place at the acquired
                         companies and (ii) the value of the subscriber base in place at the acquired
                         companies.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         value assigned to the Sprint agreements is being amortized using the
                         straight-line method over the remaining original terms of the agreements that
                         were in place at the time of acquisition or approximately 17.6 years. The value
                         assigned to the subscriber bases acquired is being amortized using the
                         straight-line method over the estimated life of the acquired subscribers or
                         approximately 3 years.

9

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                       
| | ------------------------------------------------------
| | Intangible
                         assets consist of:

March 31, 2003
                         
                         December 31, 2002(unaudited)Sprint affiliation and other
                                agreements
                         
                         $
                         532,200
                         
                         
                         $
                         532,200Accumulated amortization
                         
                         
                         (63,017
                         )
                         
                         
                         (55,458
                         )Subtotal
                         
                         
                         469,183
                         
                         
                         
                         476,742Subscriber base acquired
                         
                         
                         29,500
                         
                         
                         
                         29,500Accumulated amortization
                         
                         
                         (20,279
                         )
                         
                         
                         (17,821
                         )Subtotal
                         
                         
                         9,221
                         
                         
                         
                         11,679Intangible assets, net
                         
                         $
                         478,404
                         
                         
                         $
                         488,421


| |                                                                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Amortization
                         expense relative to intangible assets was $10,017 for the three months ended
                         March 31, 2003 and will be $30,050 for the remainder of 2003.

| |                                                                                                                                                         
| | --------------------------------------------------------------------------------------------------------------------------------------------------------
| | Aggregate
                         amortization expense relative to intangible assets for the periods shown will
                         be as follows:

Year ended December 31,2003
                         
                         $
                         40,0672004
                         
                         
                         32,0792005
                         
                         
                         30,2342006
                         
                         
                         30,2342007
                         
                         
                         30,234Thereafter
                         
                         
                         325,573$
                         488,421


|   |                                        
|-- | ---------------------------------------
|8. | LONG-TERM
                         DEBT

| |                                                                   
| | ------------------------------------------------------------------
| | Long-term
                         debt consists of the following:

March 31, 2003
                         
                         December 31, 2002(unaudited)12 7/8% senior discount notes
                         
                         $
                         277,414
                         
                         
                         $
                         268,86212 1/2% senior notes
                         
                         
                         250,000
                         
                         
                         
                         250,00013 5/8% senior notes
                         
                         
                         150,000
                         
                         
                         
                         150,000Senior secured debt
                         
                         
                         200,000
                         
                         
                         
                         200,000Total debt
                         
                         
                         877,414
                         
                         
                         
                         868,862Less current maturities
                         
                         
                         —
                         
                         
                         
                         —Long-term debt, excluding current
                                maturities
                         
                         $
                         877,414
                         
                         
                         $
                         868,862


SENIOR UNSECURED
                OBLIGATIONS

| |                                                                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Senior Discount Notes — On
                         December 23, 1999, Alamosa (Delaware) filed a registration statement with the
                         Securities and Exchange Commission for the issuance of $350 million face amount
                         of Senior Discount Notes (the "12 7/8% Notes Offering"). The 12 7/8% Notes
                         Offering was completed on

10

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | February 8, 2000 and generated net proceeds of approximately $181 million after
                         underwriters' commissions and expenses of approximate $6.1 million. The 12 7/8%
                         senior discount notes ("12 7/8% Senior Discount Notes") mature in ten years
                         (February 15, 2010) and carry a coupon rate of 12 7/8% Senior Discount Notes,
                         and provide for interest deferral for the first five years. The 12 7/8% Senior
                         Discount Notes will accrete to their $350 million face amount by February 8,
                         2005, after which, interest will be paid in cash semiannually. The proceeds of
                         the 12 7/8% Senior Discount Notes Offering were used to prepay the existing
                         credit facility, to pay costs to build out additional areas within the
                         Company's existing territories, to fund operating working capital needs and for
                         other general corporate purposes.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 12 1/2% Senior Notes— On
                         January 31, 2001, Alamosa (Delaware) consummated the offering (the "12 1/2%
                         Notes Offering") of $250 million aggregate principal amount of senior notes
                         (the "12 1/2% Senior Notes"). The 12 1/2% Senior Notes mature in ten years
                         (February 1, 2011), carry a coupon rate of 12 1/2%, and are payable
                         semiannually on February 1 and August 1, beginning on August 1, 2001. The net
                         proceeds from the sale of the 12 1/2% Senior Notes were approximately $241
                         million, after deducting the commissions and estimated offering expenses.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                             
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Approximately
                         $59.0 million of the proceeds of the 12 1/2% Senior Notes Offering were used by
                         Alamosa (Delaware) to establish a security account (with cash or U.S.
                         government securities) to secure on a pro rata basis the payment obligations
                         under the 12 1/2% Senior Notes and the 12 7/8% Senior Discount Notes, and the
                         balance was used for general corporate purposes of Alamosa (Delaware),
                         including, accelerating coverage within the existing territories of Alamosa
                         (Delaware); the build-out of additional areas within its existing territories;
                         expanding its existing territories; and pursuing additional telecommunications
                         business opportunities or acquiring other telecommunications businesses or
                         assets.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | 13 5/8% Senior Notes— On August
                         15, 2001, Alamosa (Delaware) issued $150 million face amount of Senior Notes
                         (the "13 5/8% Senior Notes"). The 13 5/8% Senior Notes mature in ten years
                         (August 15, 2011) and carry a coupon rate of 13 5/8% payable semiannually on
                         February 15 and August 15, beginning on February 15, 2002. The net proceeds
                         from the sale of the 13 5/8% Senior Notes were approximately $141.5 million,
                         after deducting the commissions and estimated offering expenses. Approximately
                         $66 million of the proceeds were used to pay down a portion of the Senior
                         Secured Credit Facility discussed below. Approximately $39.1 million of the
                         proceeds of the 13 5/8% Senior Notes were used by Alamosa (Delaware) to
                         establish a security account to secure on a pro rata basis the payment
                         obligations under all of the Company's unsecured borrowings. The balance was
                         used for general corporate purposes.

SENIOR SECURED
                OBLIGATIONS

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Senior Secured Credit Facility—
                         On February 14, 2001, Alamosa Holdings, Alamosa (Delaware) and Alamosa
                         Holdings, LLC, as borrower, entered into a $280 million senior secured credit
                         facility (the "Senior Secured Credit Facility") with Citicorp USA, as
                         administrative agent, and collateral agent, Toronto Dominion (Texas), Inc., as
                         syndication agent; Export Development Corporation ("EDC") as co-documentation
                         agent; First Union National Bank, as documentation agent, and a syndicate of
                         banking and financial institutions. On March 30, 2001, the Senior Secured
                         Credit Facility was amended to increase the facility to $333 million. The
                         Senior Secured Credit Facility was again amended in August 2001 concurrent with
                         the issuance of the 13 5/8% Senior Notes to reduce the maximum borrowing to
                         $225 million consisting of a 7-year senior secured 12-month delayed draw term
                         loan facility of $200 million and a 7-year senior secured revolving credit
                         facility in an aggregate principal amount of up to $25 million.

| |                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         September 26, 2002, the Company further amended the Senior Secured Credit
                         Facility, to among other things, extend Stage I covenants for an additional
                         quarter through March 31, 2003 and modify certain financial and statistical
                         covenants. Under the Senior Secured Credit Facility, interest will

11

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | accrue, at Alamosa Holdings, LLC's option: (i) at the London Interbank Offered
                         Rate adjusted for any statutory reserves ("LIBOR"), or (ii) the base rate which
                         is generally the higher of the administrative agent's base rate, the federal
                         funds effective rate plus 0.50% or the administrative agent's base CD rate plus
                         0.50%, in each case plus an interest margin which was initially 4.00% for LIBOR
                         borrowings and 3.00% for base rate borrowings. The applicable interest margins
                         are subject to reductions under a pricing grid based on ratios of Alamosa
                         Holdings, LLC's total debt to its earnings before interest, taxes, depreciation
                         and amortization ("EBITDA"). The interest rate margins will increase by an
                         additional 200 basis points in the event Alamosa Holdings, LLC fails to pay
                         principal, interest or other amounts as they become due and payable under the
                         Senior Secured Credit Facility. As of March 31, 2003 the interest margin was
                         4.00% for LIBOR borrowings and 3.00% for base rate borrowings.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         weighted average interest rate on the outstanding borrowings under this
                         facility at March 31, 2003 is 5.38%. Alamosa Holdings, LLC is also required to
                         pay quarterly in arrears a commitment fee on the unfunded portion of the
                         commitment of each lender. The commitment fee accrues at a rate per annum equal
                         to (i) 1.50% on each day when the utilization (determined by dividing the total
                         amount of loans plus outstanding letters of credit under the Senior Secured
                         Credit Facility by the total commitment amount under the Senior Secured Credit
                         Facility) of the Senior Secured Credit Facility is less than or equal to
                         33.33%, (ii) 1.25% on each day when utilization is greater than 33.33% but less
                         than or equal to 66.66% and (iii) 1.00% on each day when utilization is greater
                         than 66.66%. The Company has entered into derivative hedging instruments to
                         hedge a portion of the interest rate risk associated with borrowings under the
                         Senior Secured Credit Facility as discussed in Note 10.

| |                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Alamosa
                         Holdings, LLC is also required to pay a separate annual administration fee and
                         a fee on the aggregate face amount of outstanding letters of credit, if any,
                         under the revolving credit facility.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                   
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As
                         of March 31, 2003, Alamosa Holdings, LLC had drawn $200 million under the term
                         portion of the Senior Secured Credit Facility. Any amount outstanding at the
                         end of the 12-month period will amortize quarterly beginning May 14, 2004. The
                         September 26, 2002 amendment placed restrictions on the ability to draw the $25
                         million revolving portion. The first $10 million can be drawn if cash balances
                         fall below $15 million and the Company substantiates through tangible evidence
                         the need for such advances. The remaining $15 million is available only at such
                         time as the leverage ratio is less than or equal to 5.5 to 1. No advances have
                         been drawn on the revolving portion of the Senior Secured Credit Facility. The
                         revolving portion of the Senior Secured Credit Facility will begin reducing
                         quarterly in amounts to be agreed beginning May 14, 2004.

| |                                                                                                                                                                                                                                                                                                                                                                                      
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Pursuant
                         to the Senior Secured Credit Facility, the Company is subject to financial and
                         statistical covenants, including covenants with respect to the ratio of EBITDA
                         to total cash interest expense. Stage I covenants were applicable through March
                         31, 2003 and provided for:

| | • | minimum
                         numbers of subscribers;
| | - | --------------------------------------------------------

| | • | providing
                         coverage to a minimum number of residents;
| | - | -----------------------------------------------------------------------------

| | • | minimum
                         service revenue;
| | - | -------------------------------------------------

| | • | minimum
                         EBITDA;
| | - | ----------------------------------------

| | • | ratio
                         of senior debt to total capital;
| | - | ---------------------------------------------------------------

| | • | ratio
                         of total debt to total capital; and
| | - | ------------------------------------------------------------------

| | • | maximum
                         capital expenditures.
| | - | ------------------------------------------------------

| |                                                                                                                                        
| | ---------------------------------------------------------------------------------------------------------------------------------------
| | Beginning
                         March 31, 2003, the Company is subject to the following Stage II
                         covenants:

| | • | ratio
                         of senior debt to EBITDA; and
| | - | ------------------------------------------------------------

| | • | ratio
                         of total debt to EBITDA.
| | - | -------------------------------------------------------

12

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------
| | Beginning
                         April 1, 2003, the Company is subject to the following additional Stage II
                         covenants:

| | • | ratio
                         of EBITDA to total fixed charges (the sum of debt service, capital expenditures
                         and taxes); and
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | ratio
                         of EBITDA to pro forma debt service.
| | - | -------------------------------------------------------------------

|   |                                      
|-- | -------------------------------------
|9. | INCOME
                         TAXES

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                       
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         income tax benefit represents the anticipated recognition of the Company's
                         deductible net operating loss carry forwards. This benefit is being recognized
                         based on an assessment of the combined expected future taxable income of the
                         Company and expected reversals of the temporary differences from acquisitions
                         closed in 2001. Due to the Company's limited operating history and lack of
                         positive taxable earnings, a valuation allowance has been established during
                         2003 as the deferred tax asset is expected to exceed the deferred tax
                         liabilities. The establishment of this valuation allowance in the quarter ended
                         March 31, 2003 has resulted in an effective tax rate of 15.89 percent compared
                         to 37.86 percent for the quarter ended March 31, 2002.

|    |                                                                     
|--- | --------------------------------------------------------------------
|10. | HEDGING
                         ACTIVITIES AND COMPREHENSIVE INCOME

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                      
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         Company follows the provisions of SFAS No. 133, "Accounting for Derivatives and
                         Hedging Activities" in its accounting for hedging activities. The statement
                         requires the Company to record all derivatives on the balance sheet at fair
                         value. Derivatives that are not hedges must be adjusted to fair value through
                         earnings. If the derivative is a hedge, depending on the nature of the hedge,
                         changes in the fair value of the derivatives are either recognized in earnings
                         or are recognized in other comprehensive income until the hedged item is
                         recognized in earnings. Approximately $671 in cash settlements under derivative
                         instruments classified as hedges is included in interest expense for the three
                         months ended March 31, 2003.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | As
                         of March 31, 2003, the Company has recorded $3,200 in "other noncurrent
                         liabilities" relative to the fair value of derivative instruments including
                         $2,202 representing derivative instruments that qualify for hedge accounting
                         under SFAS No. 133. During the three month period ended March 31, 2003, the
                         Company recognized gains of $188 (net of income tax expense of $115) in other
                         comprehensive income. During the three month period ended March 31, 2002, the
                         Company recognized gains of $292 (net of income tax expense of $179) in other
                         comprehensive income. Other comprehensive income appears as a separate
                         component of Stockholder's Equity as "Accumulated other comprehensive income,"
                         as illustrated below:

Three months ended March 31,2003
                         
                         2002(unaudited)
                         
                         (unaudited)Net loss
                         
                         $
                         (30,407
                         )
                         
                         $
                         (28,133
                         )Change in fair values of derivative
                                instruments, net of income tax expense of $115 and $179 respectively
                         
                         
                         188
                         
                         
                         
                         292Comprehensive loss
                         
                         $
                         (30,219
                         )
                         
                         $
                         (27,841
                         )


|    |                                                       
|--- | ------------------------------------------------------
|11. | COMMITMENTS
                         AND CONTINGENCIES

| |                                                                                                                                                                                                                                                                                                                                                                                               
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Access revenue refund— On July
                         3, 2002, the Federal Communications Commission issued a ruling on a dispute
                         between AT&T, as an interexchange carrier ("IXC"), and Sprint Spectrum
                         L.P., a Commercial Mobile Radio Service ("wireless carrier"). This ruling
                         addressed the wireless carrier

13

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | charging terminating access fees to the IXC for calls terminated on a wireless
                         network indicating such fees could be assessed; however the IXC would only be
                         obligated to pay such fees if a contract was in place providing for the payment
                         of access charges. As a result of this ruling, Sprint has requested that the
                         Company refund approximately $1.4 million of a total $5.6 million in amounts
                         that had been previously paid to the Company by Sprint relative to terminating
                         access fees. Although the Company intends to contest the refund of these
                         amounts, a liability has been recorded relative to this contingency in the
                         consolidated financial statements as of March 31, 2003.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                               
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Litigation— The Company has
                         been named as a defendant in a number of purported securities class actions in
                         the United States District Court for the Southern District of New York, arising
                         out of its initial public offering (the "IPO"). Various underwriters of the IPO
                         also are named as defendants in the actions. The action against the Company is
                         one of more than 300 related class actions which have been consolidated and are
                         pending in the same court. The complainants seek to recover damages and allege,
                         among other things, that the registration statement and prospectus filed with
                         the Securities and Exchange Commission for purposes of the IPO were false and
                         misleading because they failed to disclose that the underwriters allegedly (i)
                         solicited and received commissions from certain investors in exchange for
                         allocating to them shares of common stock in connection with the IPO, and (ii)
                         entered into agreements with their customers to allocate such stock to those
                         customers in exchange for the customers agreeing to purchase additional Company
                         shares in the aftermarket at pre-determined prices. On February 19, 2003, the
                         Court granted motions by the Company and 115 other issuers to dismiss the
                         claims under Rule 10b-5 of the Exchange Act which had been asserted against
                         them. The Court denied the motions by the Company and virtually all of the
                         other issuers to dismiss the claims asserted against them under Section 11 of
                         the Securities Act. The Company maintains insurance coverage which may mitigate
                         its exposure to loss in the event that this claim is not resolved in the
                         Company's favor.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                         
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         January 23, 2001, Jerry Brantley, then President and COO of the Company,
                         terminated his employment with the Company at the unanimous request of the
                         board of directors. On April 29, 2002, Mr. Brantley initiated litigation
                         against the Company and the Chairman of the Company, David E. Sharbutt in the
                         District Court of Lubbock County, Texas, 22nd Judicial District,
                         alleging wrongful termination among other things. On September 27, 2002, the
                         Court entered an Agreed Order Compelling Arbitration. The parties are in the
                         process of selecting a panel of three arbitrators. The Company believes that
                         there is no basis for Mr. Brantley's claim and intends to vigorously defend the
                         lawsuit.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         January 8, 2003 a claim was made against the Company by Southwest Antenna and
                         Tower, Inc. ("SWAT") in the Second Judicial District Court, County of
                         Bernalillo, State of New Mexico, for monies due on an open account. SWAT seeks
                         to recover approximately $2.0 million from the Company relative to work
                         performed by SWAT during 2000 for Roberts Wireless Communications, LLC which
                         was acquired by the Company in the first quarter of 2001. The Company is in the
                         process of gathering information relative to this claim and has recorded an
                         estimated liability relative to this contingency in the consolidated financial
                         statements at March 31, 2003.

| |                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         addition to the above, the Company is involved in various claims and legal
                         actions arising in the ordinary course of business. The ultimate disposition of
                         these matters are not expected to have a material adverse impact on the
                         Company's financial position, results of operations or liquidity.

|    |                                                                              
|--- | -----------------------------------------------------------------------------
|12. | EFFECTS
                         OF RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         June 2001, the Financial Accounting Standards Board ("FASB") issued SFAS No.
                         143, "Accounting for Asset Retirement Obligations." SFAS No. 143 requires the
                         fair value of a liability for an asset retirement obligation to be recognized
                         in the period that it is incurred if a reasonable estimate of fair value can be
                         made. The associated asset retirement costs are capitalized as part of the
                         carrying amount of the long-lived asset. SFAS No. 143 is effective for fiscal
                         years beginning after

14

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | June 15, 2002. For the Company's leased telecommunication facilities, primarily
                         consisting of cell sites and switch site operating leases, office and retail
                         locations, the Company has evaluated the impact of the adoption of SFAS No. 143
                         as of January 1, 2003 and determined that a liability cannot be reasonably
                         estimated due to (1) the Company's inability to reasonably assess the
                         probability of the likelihood that a lessor would enforce the remediation
                         requirements upon expiration of the lease term and therefore its impact on
                         future cash outflows, (2) the Company's inability to estimate a potential range
                         of settlement dates due to its ability to renew site leases after the initial
                         lease expiration and (3) the Company's limited experience in abandoning cell
                         site locations and actually incurring remediation costs. The adoption of SFAS
                         No. 143 to leased office and retail locations did not have a material impact on
                         the Company's consolidated results of operations, financial position or cash
                         flows.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         April 2002, the FASB issued SFAS No. 145, "Rescission of FASB Statements No. 4,
                         44 and 64, Amendment of FASB Statement No. 13, and Technical Corrections as of
                         April 2002," which rescinded or amended various existing standards. One change
                         addressed by this standard pertains to treatment of extinguishments of debt as
                         an extraordinary item. SFAS No. 145 rescinds SFAS No. 4, "Reporting Gains and
                         Losses from Extinguishment of Debt" and states that an extinguishment of debt
                         cannot be classified as an extraordinary item unless it meets the unusual or
                         infrequent criteria outlined in Accounting Principles Board Opinion No. 30
                         "Reporting the Results of Operations — Reporting the Effects of Disposal
                         of a Segment of a Business, and Extraordinary, Unusual and Infrequently
                         Occurring Events and Transactions." The provisions of this statement are
                         effective for fiscal years beginning after May 15, 2002 and extinguishments of
                         debt that were previously classified as an extraordinary item in prior periods
                         that do not meet the criteria in Opinion 30 for classification as an
                         extraordinary item shall be reclassified. The adoption of SFAS No. 145 in the
                         quarter ending March 31, 2003 has resulted in a reclassification of the loss on
                         extinguishment of debt that the Company previously reported as an extraordinary
                         item for the year ended December 31, 2001.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                        
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         June 2002, the FASB issued SFAS No. 146 "Accounting for Costs Associated with
                         Exit or Disposal Activities," which requires companies to recognize costs
                         associated with exit or disposal activities when they are incurred rather than
                         at the date of a commitment to an exit or disposal plan. The provisions of this
                         statement are effective for exit or disposal activities initiated after
                         December 31, 2002 and the adoption of this statement did not have a material
                         impact on the Company's results of operations, financial position or cash
                         flows.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                            
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         December 2002, the FASB issued SFAS No. 148 "Accounting for Stock-Based
                         Compensation-Transition and Disclosure," which is an amendment of SFAS No. 123
                         "Accounting for Stock-Based Compensation." This statement provides alternative
                         methods of transition for a voluntary change to the fair value based method of
                         accounting for stock-based employee compensation. In addition, this statement
                         amends the disclosure requirements of SFAS No. 123 to require prominent
                         disclosures in both annual and interim financial statements about the method of
                         accounting for stock-based employee compensation and the effect of the method
                         used on reported results. The provisions of this statement are effective for
                         fiscal years ending after and interim periods beginning after December 15,
                         2002. As the Company continues to account for stock-based employee compensation
                         using the intrinsic value method under APB Opinion No. 25, the Company, as
                         required, has only adopted the revised disclosure requirements of SFAS No. 148
                         as of December 31, 2002 as discussed in Note 4.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                    
| | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133 on
                         Derivative Instruments and Hedging Activities," which amends and clarifies
                         financial accounting and reporting for derivative instruments, including
                         certain derivative instruments embedded in other contracts and for hedging
                         activities under SFAS No. 133, "Accounting for Derivative Instruments and
                         Hedging Activities." This Statement is effective for contracts entered into or
                         modified after June 30, 2003 and

15

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED)(dollars in thousands, except as noted)

| |                                                                                                                                                                                                                                   
| | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | for hedging relationships designated after June 30, 2003 and is not expected to
                         have a material impact on the Company's results of operations, financial
                         position or cash flows.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                     
| | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | The
                         Emerging Issues Task Force ("EITF") of the FASB issued EITF Abstract No. 00-21
                         "Accounting for Revenue Arrangements with Multiple Deliverables" in January
                         2003. This Abstract addresses certain aspects of the accounting by a vendor for
                         arrangements under which it will perform multiple revenue-generating
                         activities. Specifically, it addresses how consideration should be measured and
                         allocated to the separate units of accounting in the arrangement. The guidance
                         in this Abstract is effective for revenue arrangements entered into in fiscal
                         periods beginning after June 15, 2003 and the Company is in the process of
                         evaluating the impact of this Abstract.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                          
| | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | In
                         November 2002, the FASB issued FASB Interpretation No. 45 ("FIN 45"),
                         "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
                         Indirect Guarantees of Indebtedness of Others." FIN 45 requires that upon
                         issuance of a guarantee, a guarantor must recognize a liability for the fair
                         value of an obligation assumed under a guarantee. FIN 45 also requires
                         additional disclosures by a guarantor in its interim and annual financial
                         statements about the obligations associated with guarantees issued. The
                         recognition provisions of FIN 45 are effective for guarantees issued after
                         December 31, 2002, while the disclosure requirements were effective for
                         financial statements for periods ending after December 15, 2002. At December
                         31, 2002, the Company had not entered into any material arrangement that would
                         be subject to the disclosure requirements of FIN 45. The adoption of FIN 45 did
                         not have a material impact on the Company's consolidated financial statements.

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | On
                         January 17, 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46" or the
                         "Interpretation"), "Consolidation of Variable Interest Entities, an
                         interpretation of ARB 51." The primary objectives of FIN 46 are to provide
                         guidance on the identification of entities for which control is achieved
                         through means other than through voting rights ("variable interest entities" or
                         "VIEs") and how to determine when and which business enterprise should
                         consolidate the VIE (the "primary beneficiary"). This new model for
                         consolidation applies to an entity which either (1) the equity investors (if
                         any) do not have a controlling financial interest or (2) the equity investment
                         at risk is insufficient to finance that entity's activities without receiving
                         additional subordinated financial support from other parties. In addition, FIN
                         46 requires that both the primary beneficiary and all other enterprises with a
                         significant variable interest in a VIE make additional disclosures. For public
                         entities with VIEs created before February 1, 2003, the implementation and
                         disclosure requirements of FIN 46 are effective no later than the beginning of
                         the first interim or annual reporting period beginning after June 15, 2003. For
                         VIEs created after January 31, 2003, the requirements are effective
                         immediately. The Company does not believe that the adoption of FIN 46 will have
                         a material impact on its consolidated financial statements.

|    |                                                        
|--- | -------------------------------------------------------
|13. | GUARANTOR
                         FINANCIAL STATEMENTS

| |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                  
| | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
| | Set
                         forth below are consolidating financial statements of the issuer and guarantor
                         subsidiaries and Alamosa Operations, Inc. ("Operations") which is the Company's
                         non-guarantor subsidiary (the "Non-Guarantor Subsidiary") of the 12 7/8% Senior
                         Discounts Notes, the 12 1/2% Senior Notes and the 13 5/8% Senior Notes as of
                         March 31, 2003 and December 31, 2002 and for the three months ended March 31,
                         2003 and 2002. Separate financial statements of each guarantor subsidiary have
                         not been provided because management has determined that they are not material
                         to investors.

16

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL
                STATEMENTS (dollars in thousands, except as noted)

CONSOLIDATING BALANCE SHEET AS OF MARCH 31, 2003 (dollars in
                thousands)

Issuer
                         
                         GuarantorSubsidiaries
                         
                         Non-GuarantorSubsidiary
                         
                         Eliminations
                         
                         ConsolidatedASSETSCurrent Assets:Cash and cash equivalents
                         
                         $
                         26,273
                         
                         
                         $
                         52,587
                         
                         
                         $
                         23
                         
                         
                         $
                         —
                         
                         
                         $
                         78,883Restricted cash
                         
                         
                         9,921
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         9,921Customer accounts receivable, net
                         
                         
                         —
                         
                         
                         
                         23,977
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         23,977Receivable from Sprint
                         
                         
                         —
                         
                         
                         
                         18,958
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         18,958Interest receivable
                         
                         
                         135
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         135Intercompany receivable
                         
                         
                         84,746
                         
                         
                         
                         —
                         
                         
                         
                         394
                         
                         
                         
                         (85,140
                         )
                         
                         
                         —Inventory
                         
                         
                         —
                         
                         
                         
                         5,135
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         5,135Investment in subsidiary
                         
                         
                         648,091
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (648,091
                         )
                         
                         
                         —Prepaid expenses and other assets
                         
                         
                         18
                         
                         
                         
                         8,383
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         8,401Deferred customer acquisition costs
                         
                         
                         —
                         
                         
                         
                         7,945
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,945Deferred tax asset
                         
                         
                         —
                         
                         
                         
                         5,988
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         5,988Total current assets
                         
                         
                         769,184
                         
                         
                         
                         122,973
                         
                         
                         
                         417
                         
                         
                         
                         (733,231
                         )
                         
                         
                         159,343Notes receivable
                         
                         
                         —
                         
                         
                         
                         35,005
                         
                         
                         
                         —
                         
                         
                         
                         (35,005
                         )
                         
                         
                         —Property and equipment, net
                         
                         
                         —
                         
                         
                         
                         450,839
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         450,839Debt issuance costs, net
                         
                         
                         19,881
                         
                         
                         
                         12,255
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         32,136Intangible assets, net
                         
                         
                         —
                         
                         
                         
                         478,404
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         478,404Other noncurrent assets
                         
                         
                         —
                         
                         
                         
                         7,937
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,937Total assets
                         
                         $
                         789,065
                         
                         
                         $
                         1,107,413
                         
                         
                         $
                         417
                         
                         
                         $
                         (768,236
                         )
                         
                         $
                         1,128,659LIABILITIES AND STOCKHOLDER'S
                                EQUITYCurrent Liabilities:Accounts payable
                         
                         $
                         —
                         
                         
                         $
                         22,052
                         
                         
                         $
                         —
                         
                         
                         $
                         —
                         
                         
                         $
                         22,052Accrued expenses
                         
                         
                         53
                         
                         
                         
                         36,422
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         36,475Payable to Sprint
                         
                         
                         —
                         
                         
                         
                         24,926
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         24,926Interest payable
                         
                         
                         7,763
                         
                         
                         
                         1,411
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         9,174Deferred revenue
                         
                         
                         —
                         
                         
                         
                         20,888
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         20,888Intercompany payable
                         
                         
                         711
                         
                         
                         
                         84,429
                         
                         
                         
                         —
                         
                         
                         
                         (85,140
                         )
                         
                         
                         —Current installments of capital
                                leases
                         
                         
                         —
                         
                         
                         
                         1,050
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         1,050Total current liabilities
                         
                         
                         8,527
                         
                         
                         
                         191,178
                         
                         
                         
                         —
                         
                         
                         
                         (85,140
                         )
                         
                         
                         114,565Capital lease obligations
                         
                         
                         —
                         
                         
                         
                         1,159
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         1,159Other noncurrent liabilities
                         
                         
                         —
                         
                         
                         
                         45,361
                         
                         
                         
                         —
                         
                         
                         
                         (35,005
                         )
                         
                         
                         10,356Deferred tax liability
                         
                         
                         —
                         
                         
                         
                         22,041
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         22,041Senior secured debt
                         
                         
                         —
                         
                         
                         
                         200,000
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         200,00012 7/8% senior discounts notes
                         
                         
                         277,414
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         277,41412 1/2% senior notes
                         
                         
                         250,000
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         250,00013 5/8% senior notes
                         
                         
                         150,000
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         150,000Total liabilities
                         
                         
                         685,941
                         
                         
                         
                         459,739
                         
                         
                         
                         —
                         
                         
                         
                         (120,145
                         )
                         
                         
                         1,025,535Stockholder's Equity:Preferred stock
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —Common stock
                         
                         
                         —
                         
                         
                         
                         485
                         
                         
                         
                         —
                         
                         
                         
                         (485
                         )
                         
                         
                         —Additional paid-in capital
                         
                         
                         799,279
                         
                         
                         
                         1,162,593
                         
                         
                         
                         (4,000
                         )
                         
                         
                         (1,158,593
                         )
                         
                         
                         799,279Accumulated (deficit) earnings
                         
                         
                         (694,540
                         )
                         
                         
                         (513,789
                         )
                         
                         
                         4,417
                         
                         
                         
                         509,372
                         
                         
                         
                         (694,540
                         )Unearned compensation
                         
                         
                         (253
                         )
                         
                         
                         (253
                         )
                         
                         
                         —
                         
                         
                         
                         253
                         
                         
                         
                         (253
                         )Accumulated other comprehensive loss,
                                netof tax
                         
                         
                         (1,362
                         )
                         
                         
                         (1,362
                         )
                         
                         
                         —
                         
                         
                         
                         1,362
                         
                         
                         
                         (1,362
                         )Total stockholder's equity
                         
                         
                         103,124
                         
                         
                         
                         647,674
                         
                         
                         
                         417
                         
                         
                         
                         (648,091
                         )
                         
                         
                         103,124Total liabilities and stockholder's
                                equity
                         
                         $
                         789,065
                         
                         
                         $
                         1,107,413
                         
                         
                         $
                         417
                         
                         
                         $
                         (768,236
                         )
                         
                         $
                         1,128,659


17

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED) (dollars in thousands, except as noted)

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED
                MARCH 31, 2003 (dollars in thousands)

Issuer
                         
                         GuarantorSubsidiaries
                         
                         Non-GuarantorSubsidiary
                         
                         Eliminations
                         
                         ConsolidatedRevenues:Subscriber revenues
                         
                         $
                         —
                         
                         
                         $
                         104,024
                         
                         
                         $
                         —
                         
                         
                         $
                         —
                         
                         
                         $
                         104,024Roaming revenues
                         
                         
                         —
                         
                         
                         
                         31,790
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         31,790Service revenues
                         
                         
                         —
                         
                         
                         
                         135,814
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         135,814Product sales
                         
                         
                         —
                         
                         
                         
                         5,294
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         5,294Total revenue
                         
                         
                         —
                         
                         
                         
                         141,108
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         141,108Costs and expenses:Cost of services and operations
                         
                         
                         —
                         
                         
                         
                         79,317
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         79,317Cost of products sold
                         
                         
                         —
                         
                         
                         
                         12,844
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         12,844Selling and marketing
                         
                         
                         —
                         
                         
                         
                         28,146
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         28,146General and administrative expenses
                         
                         
                         88
                         
                         
                         
                         3,437
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         3,525Depreciation and amortization
                         
                         
                         —
                         
                         
                         
                         26,882
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         26,882Loss on disposal of property and
                                equipment
                         
                         
                         —
                         
                         
                         
                         360
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         360Non-cash compensation
                         
                         
                         —
                         
                         
                         
                         41
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         41Loss from operations
                         
                         
                         (88
                         )
                         
                         
                         (9,919
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (10,007
                         )Equity in loss of subsidiaries
                         
                         
                         (8,507
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         8,507
                         
                         
                         
                         —Interest and other income
                         
                         
                         265
                         
                         
                         
                         104
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         369Interest expense
                         
                         
                         (22,077
                         )
                         
                         
                         (4,460
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (26,537
                         )Loss before income tax benefit
                         
                         
                         (30,407
                         )
                         
                         
                         (14,275
                         )
                         
                         
                         —
                         
                         
                         
                         8,507
                         
                         
                         
                         (36,175
                         )Income tax benefit
                         
                         
                         —
                         
                         
                         
                         5,768
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         5,768Net loss
                         
                         $
                         (30,407
                         )
                         
                         $
                         (8,507
                         )
                         
                         $
                         —
                         
                         
                         $
                         8,507
                         
                         
                         $
                         (30,407
                         )


18

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED) (dollars in thousands, except as noted)

CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED
                MARCH 31, 2003 (dollars in thousands)

Issuer
                         
                         GuarantorSubsidiaries
                         
                         Non-GuarantorSubsidiary
                         
                         Eliminations
                         
                         ConsolidatedCash flows from operating
                                activities:Net loss
                         
                         $
                         (30,407
                         )
                         
                         $
                         (8,507
                         )
                         
                         $
                         —
                         
                         
                         $
                         8,507
                         
                         
                         $
                         (30,407
                         )Adjustments to reconcile net loss to
                                netcash provided by (used in) operating activities:Equity in loss of subsidiaries
                         
                         
                         8,507
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (8,507
                         )
                         
                         
                         —Non-cash compensation expense
                         
                         
                         —
                         
                         
                         
                         41
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         41Provision for bad debts
                         
                         
                         —
                         
                         
                         
                         6,500
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         6,500Non-cash interest benefit on
                                derivative instruments
                         
                         
                         —
                         
                         
                         
                         (114
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (114
                         )Depreciation and amortization of
                                property and equipment
                         
                         
                         —
                         
                         
                         
                         16,865
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         16,865Amortization of intangibles assets
                         
                         
                         —
                         
                         
                         
                         10,017
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         10,017Amortization of financing costs
                                included in interest expense
                         
                         
                         504
                         
                         
                         
                         612
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         1,116Amortization of discounted interest
                         
                         
                         99
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         99Deferred tax benefit
                         
                         
                         —
                         
                         
                         
                         (5,768
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (5,768
                         )Interest accreted on discount notes
                         
                         
                         8,552
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         8,552Loss from disposal of property and
                                equipment
                         
                         
                         —
                         
                         
                         
                         360
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         360(Increase) decrease in:Receivables
                         
                         
                         838
                         
                         
                         
                         8,813
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         9,651Inventory
                         
                         
                         —
                         
                         
                         
                         2,275
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         2,275Prepaid expenses and other assets
                         
                         
                         (18
                         )
                         
                         
                         (1,912
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (1,930
                         )Decrease in:Accounts payable and accrued expenses
                         
                         
                         (12,872
                         )
                         
                         
                         (139
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (13,011
                         )Net cash provided by (used in)
                                operating activities
                         
                         
                         (24,797
                         )
                         
                         
                         29,043
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         4,246Cash flows from investing
                                activities:Proceeds from sale of assets
                         
                         
                         —
                         
                         
                         
                         19
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         19Purchases of property and equipment
                         
                         
                         —
                         
                         
                         
                         (10,377
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (10,377
                         )Change in intercompany balances
                         
                         
                         8,569
                         
                         
                         
                         (8,569
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —Net cash provided by (used in)
                                investing activities
                         
                         
                         8,569
                         
                         
                         
                         (18,927
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (10,358
                         )Cash flows from financing
                                activities:Capital distribution to parent
                         
                         
                         (124
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (124
                         )Payments on capital leases
                         
                         
                         —
                         
                         
                         
                         (210
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (210
                         )Change in restricted cash
                         
                         
                         24,804
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         24,804Net cash provided by (used in)
                                financing activities
                         
                         
                         24,680
                         
                         
                         
                         (210
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         24,470Net increase in cash and cash
                                equivalents
                         
                         
                         8,452
                         
                         
                         
                         9,906
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         18,358Cash and cash equivalents at beginning
                                of period
                         
                         
                         17,821
                         
                         
                         
                         42,681
                         
                         
                         
                         23
                         
                         
                         
                         —
                         
                         
                         
                         60,525Cash and cash equivalents at end of
                                period
                         
                         $
                         26,273
                         
                         
                         $
                         52,587
                         
                         
                         $
                         23
                         
                         
                         $
                         —
                         
                         
                         $
                         78,883


19

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL
                STATEMENTS (dollars in thousands, except as noted)

CONSOLIDATING BALANCE SHEET AS OF DECEMBER 31, 2002 (dollars in
                thousands)

Issuer
                         
                         GuarantorSubsidiaries
                         
                         Non-GuarantorSubsidiary
                         
                         Eliminations
                         
                         ConsolidatedASSETSCurrent Assets:Cash and cash equivalents
                         
                         $
                         17,821
                         
                         
                         $
                         42,681
                         
                         
                         $
                         23
                         
                         
                         $
                         —
                         
                         
                         $
                         60,525Short term investments
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —Restricted cash
                         
                         
                         34,725
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         34,725Customer accounts receivable, net
                         
                         
                         —
                         
                         
                         
                         27,926
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         27,926Receivable from Sprint
                         
                         
                         —
                         
                         
                         
                         30,322
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         30,322Interest receivable
                         
                         
                         973
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         973Intercompany receivable
                         
                         
                         93,191
                         
                         
                         
                         587
                         
                         
                         
                         394
                         
                         
                         
                         (94,172
                         )
                         
                         
                         —Inventory
                         
                         
                         —
                         
                         
                         
                         7,410
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,410Investment in subsidiary
                         
                         
                         656,369
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (656,369
                         )
                         
                         
                         —Prepaid expenses and other assets
                         
                         
                         —
                         
                         
                         
                         7,239
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,239Deferred customer acquisition costs
                         
                         
                         —
                         
                         
                         
                         7,312
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,312Deferred tax asset
                         
                         
                         —
                         
                         
                         
                         5,988
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         5,988Total current assets
                         
                         
                         803,079
                         
                         
                         
                         129,465
                         
                         
                         
                         417
                         
                         
                         
                         (750,541
                         )
                         
                         
                         182,420Notes receivable
                         
                         
                         —
                         
                         
                         
                         35,005
                         
                         
                         
                         —
                         
                         
                         
                         (35,005
                         )
                         
                         
                         —Property and equipment, net
                         
                         
                         —
                         
                         
                         
                         458,946
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         458,946Debt issuance costs, net
                         
                         
                         20,484
                         
                         
                         
                         12,867
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         33,351Intangible assets, net
                         
                         
                         —
                         
                         
                         
                         488,421
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         488,421Other noncurrent assets
                         
                         
                         —
                         
                         
                         
                         7,802
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,802Total assets
                         
                         $
                         823,563
                         
                         
                         $
                         1,132,506
                         
                         
                         $
                         417
                         
                         
                         $
                         (785,546
                         )
                         
                         $
                         1,170,940LIABILITIES AND STOCKHOLDER'S
                                EQUITYCurrent Liabilities:Accounts payable
                         
                         $
                         —
                         
                         
                         $
                         27,203
                         
                         
                         $
                         —
                         
                         
                         $
                         —
                         
                         
                         $
                         27,203Accrued expenses
                         
                         
                         3
                         
                         
                         
                         34,900
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         34,903Payable to Sprint
                         
                         
                         —
                         
                         
                         
                         24,649
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         24,649Interest payable
                         
                         
                         20,685
                         
                         
                         
                         1,557
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         22,242Deferred revenue
                         
                         
                         —
                         
                         
                         
                         18,901
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         18,901Intercompany payable
                         
                         
                         587
                         
                         
                         
                         93,585
                         
                         
                         
                         —
                         
                         
                         
                         (94,172
                         )
                         
                         
                         —Current installments of capital
                                leases
                         
                         
                         —
                         
                         
                         
                         1,064
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         1,064Total current liabilities
                         
                         
                         21,275
                         
                         
                         
                         201,859
                         
                         
                         
                         —
                         
                         
                         
                         (94,172
                         )
                         
                         
                         128,962Capital lease obligations
                         
                         
                         —
                         
                         
                         
                         1,355
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         1,355Other noncurrent liabilities
                         
                         
                         —
                         
                         
                         
                         45,646
                         
                         
                         
                         —
                         
                         
                         
                         (35,005
                         )
                         
                         
                         10,641Deferred tax liability
                         
                         
                         —
                         
                         
                         
                         27,694
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         27,694Senior secured debt
                         
                         
                         —
                         
                         
                         
                         200,000
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         200,00012 7/8% senior discounts notes
                         
                         
                         268,862
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         268,86212 1/2% senior notes
                         
                         
                         250,000
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         250,00013 5/8% senior notes
                         
                         
                         150,000
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         150,000Total liabilities
                         
                         
                         690,137
                         
                         
                         
                         476,554
                         
                         
                         
                         —
                         
                         
                         
                         (129,177
                         )
                         
                         
                         1,037,514Stockholder's Equity:Preferred stock
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —Common stock
                         
                         
                         —
                         
                         
                         
                         485
                         
                         
                         
                         —
                         
                         
                         
                         (485
                         )
                         
                         
                         —Additional paid-in capital
                         
                         
                         799,403
                         
                         
                         
                         1,162,593
                         
                         
                         
                         (4,000
                         )
                         
                         
                         (1,158,593
                         )
                         
                         
                         799,403Accumulated (deficit) earnings
                         
                         
                         (664,133
                         )
                         
                         
                         (505,282
                         )
                         
                         
                         4,417
                         
                         
                         
                         500,865
                         
                         
                         
                         (664,133
                         )Unearned compensation
                         
                         
                         (294
                         )
                         
                         
                         (294
                         )
                         
                         
                         —
                         
                         
                         
                         294
                         
                         
                         
                         (294
                         )Accumulated other comprehensive
                                income, net of tax
                         
                         
                         (1,550
                         )
                         
                         
                         (1,550
                         )
                         
                         
                         —
                         
                         
                         
                         1,550
                         
                         
                         
                         (1,550
                         )Total stockholder's equity
                         
                         
                         133,426
                         
                         
                         
                         655,952
                         
                         
                         
                         417
                         
                         
                         
                         (656,369
                         )
                         
                         
                         133,426Total liabilities and stockholder's
                                equity
                         
                         $
                         823,563
                         
                         
                         $
                         1,132,506
                         
                         
                         $
                         417
                         
                         
                         $
                         (785,546
                         )
                         
                         $
                         1,170,940


20

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED) (dollars in thousands, except as noted)

CONSOLIDATING STATEMENT OF OPERATIONS FOR THE THREE MONTHS ENDED
                MARCH 31, 2002 (unaudited) (dollars in thousands)

Issuer
                         
                         GuarantorSubsidiaries
                         
                         Non-GuarantorSubsidiary
                         
                         Eliminations
                         
                         ConsolidatedRevenues:Subscriber revenues
                         
                         $
                         —
                         
                         
                         $
                         93,498
                         
                         
                         $
                         —
                         
                         
                         $
                         —
                         
                         
                         $
                         93,498Roaming revenues
                         
                         
                         —
                         
                         
                         
                         26,568
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         26,568Service revenues
                         
                         
                         —
                         
                         
                         
                         120,066
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         120,066Product sales
                         
                         
                         —
                         
                         
                         
                         8,321
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         8,321Total revenue
                         
                         
                         —
                         
                         
                         
                         128,387
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         128,387Costs and expenses:Cost of services and operations
                         
                         
                         —
                         
                         
                         
                         78,529
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         78,529Cost of products sold
                         
                         
                         —
                         
                         
                         
                         14,117
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         14,117Selling and marketing
                         
                         
                         —
                         
                         
                         
                         28,897
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         28,897General and administrative expenses
                         
                         
                         63
                         
                         
                         
                         3,672
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         3,735Depreciation and amortization
                         
                         
                         —
                         
                         
                         
                         24,863
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         24,863Loss from operations
                         
                         
                         (63
                         )
                         
                         
                         (21,691
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (21,754
                         )Equity in loss of subsidiaries
                         
                         
                         (7,739
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,739
                         
                         
                         
                         —Interest and other income
                         
                         
                         722
                         
                         
                         
                         580
                         
                         
                         
                         31
                         
                         
                         
                         —
                         
                         
                         
                         1,333Interest expense
                         
                         
                         (21,053
                         )
                         
                         
                         (3,801
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (24,854
                         )Net income (loss) before income tax
                                benefit
                         
                         
                         (28,133
                         )
                         
                         
                         (24,912
                         )
                         
                         
                         31
                         
                         
                         
                         7,739
                         
                         
                         
                         (45,275
                         )Income tax benefit
                         
                         
                         —
                         
                         
                         
                         17,142
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         17,142Net income (loss)
                         
                         $
                         (28,133
                         )
                         
                         $
                         (7,770
                         )
                         
                         $
                         31
                         
                         
                         $
                         7,739
                         
                         
                         $
                         (28,133
                         )


21

ALAMOSA (DELAWARE), INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                (CONTINUED) (dollars in thousands, except as noted)

CONSOLIDATING STATEMENT OF CASH FLOWS FOR THE THREE MONTHS ENDED
                MARCH 31, 2002 (unaudited) (dollars in thousands)

Issuer
                         
                         GuarantorSubsidiaries
                         
                         Non-GuarantorSubsidiary
                         
                         Eliminations
                         
                         ConsolidatedCash flows from operating
                                activities:Net income (loss)
                         
                         $
                         (28,133
                         )
                         
                         $
                         (7,770
                         )
                         
                         $
                         31
                         
                         
                         $
                         7,739
                         
                         
                         $
                         (28,133
                         )Adjustments to reconcile net income
                                (loss) to net cash provided by (used in) operating activities:Equity in loss of subsidiaries
                         
                         
                         7,739
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (7,739
                         )
                         
                         
                         —Provision for bad debt
                         
                         
                         —
                         
                         
                         
                         8,200
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         8,200Non-cash interest expense on hedge
                                arrangements
                         
                         
                         —
                         
                         
                         
                         (206
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (206
                         )Depreciation and amortization of
                                propertyand equipment
                         
                         
                         —
                         
                         
                         
                         14,931
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         14,931Amortization of intangible assets
                         
                         
                         —
                         
                         
                         
                         9,932
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         9,932Amortization of financing costs
                                included ininterest expense
                         
                         
                         486
                         
                         
                         
                         552
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         1,038Amortization of discounted interest
                         
                         
                         99
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         99Deferred tax benefit
                         
                         
                         —
                         
                         
                         
                         (17,142
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (17,142
                         )Interest accreted on discount note
                         
                         
                         7,546
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         7,546(Increase) decrease in:Receivables
                         
                         
                         1,825
                         
                         
                         
                         (12,265
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (10,440
                         )Inventory
                         
                         
                         —
                         
                         
                         
                         (364
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (364
                         )Prepaid expenses and other assets
                         
                         
                         (21
                         )
                         
                         
                         (3,339
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (3,360
                         )Increase (decrease) in:Accounts payable and accrued expenses
                         
                         
                         (12,922
                         )
                         
                         
                         (1,849
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (14,771
                         )Net cash provided by (used in)
                                operating Activities
                         
                         
                         (23,381
                         )
                         
                         
                         (9,320
                         )
                         
                         
                         31
                         
                         
                         
                         —
                         
                         
                         
                         (32,670
                         )Cash flows from investing
                                activities:Proceeds from sale of assets
                         
                         
                         —
                         
                         
                         
                         329
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         329Purchases of property and equipment
                         
                         
                         —
                         
                         
                         
                         (30,657
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (30,657
                         )Intercompany receivable
                         
                         
                         84
                         
                         
                         
                         (84
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         —Other
                         
                         
                         —
                         
                         
                         
                         (205
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (205
                         )Net cash used in investing
                                activities
                         
                         
                         84
                         
                         
                         
                         (30,617
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (30,533
                         )Cash flows from financing
                                activities:Borrowings under senior secured debt
                         
                         
                         —
                         
                         
                         
                         12,838
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         12,838Capital contributions
                         
                         
                         —
                         
                         
                         
                         401
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         401Payments on capital leases
                         
                         
                         —
                         
                         
                         
                         (165
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         (165
                         )Change in restricted cash
                         
                         
                         23,311
                         
                         
                         
                         (75
                         )
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         23,236Net cash provided by financing
                                activities
                         
                         
                         23,311
                         
                         
                         
                         12,999
                         
                         
                         
                         —
                         
                         
                         
                         —
                         
                         
                         
                         36,310Net increase (decrease) in cash and
                                cash equivalents
                         
                         
                         14
                         
                         
                         
                         (26,938
                         )
                         
                         
                         31
                         
                         
                         
                         —
                         
                         
                         
                         (26,893
                         )Cash and cash equivalents at beginning
                                of period
                         
                         
                         2,541
                         
                         
                         
                         87,116
                         
                         
                         
                         15,015
                         
                         
                         
                         —
                         
                         
                         
                         104,672Cash and cash equivalents at end of
                                period
                         
                         $
                         2,555
                         
                         
                         $
                         60,178
                         
                         
                         $
                         15,046
                         
                         
                         $
                         —
                         
                         
                         $
                         77,779


22

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

Forward-Looking Statements

This quarterly report on Form 10-Q includes "forward-looking statements"
                within the meaning of Section 27A of the Securities Act of 1933, as amended
                (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934,
                as amended (the "Exchange Act"), which can be identified by the use of
                forward-looking terminology such as "may," "might," "could," "would,"
                "believe," "expect," "intend," "plan," "seek," "anticipate," "estimate,"
                "project" or "continue" or the negative thereof or other variations thereon or
                comparable terminology. All statements other than statements of historical fact
                included in this quarterly report on Form 10-Q regarding our financial position
                and liquidity are forward-looking statements. These forward-looking statements
                also include:

| | • | forecasts
                         of growth in the number of consumers using wireless personal communications
                         services and in estimated populations;
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | statements
                         regarding our anticipated revenues, expense levels, liquidity, capital
                         resources and operating losses; and
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | statements
                         regarding expectations or projections about markets in our territories.
| | - | -----------------------------------------------------------------------------------------------------------

Although we believe that the expectations reflected in such
                forward-looking statements are reasonable, we can give no assurance that such
                expectations will prove to have been correct. Important factors with respect to
                any such forward-looking statements, including certain risks and uncertainties
                that could cause actual results to differ materially from our expectations
                ("Cautionary Statements") are further disclosed in our annual report on Form
                10-K for the year ended December 31, 2002 under the sections "Item 1. Business"
                and "Item 7. Management's Discussion and Analysis of Financial Condition and
                Results of Operations." Important factors that could cause actual results to
                differ materially from those in the forward-looking statements included herein
                include, but are not limited to:

| | • | our
                         dependence on our affiliation with Sprint;
| | - | -----------------------------------------------------------------------

| | • | the
                         ability of Sprint to alter fees paid or charged to us under our affiliation
                         agreements;
| | - | ---------------------------------------------------------------------------------------------------------------------------------------------

| | • | our
                         limited operating history and anticipation of future losses;
| | - | -----------------------------------------------------------------------------------------

| | • | our
                         dependence on back office services provided by Sprint;
| | - | -----------------------------------------------------------------------------------

| | • | potential
                         fluctuations in our operating results;
| | - | -------------------------------------------------------------------------

| | • | changes
                         or advances in technology;
| | - | -----------------------------------------------------------

| | • | competition
                         in the industry and markets in which we operate;
| | - | -------------------------------------------------------------------------------------

| | • | our
                         ability to attract and retain skilled personnel;
| | - | -----------------------------------------------------------------------------

| | • | our
                         potential need for additional capital or the need for refinancing existing
                         indebtedness;
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------

| | • | our
                         potential inability to expand our services and related products in the event of
                         substantial increases in demand for these services and related products;
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | changes
                         in government regulation;
| | - | ----------------------------------------------------------

| | • | future
                         acquisitions;
| | - | ---------------------------------------------

| | • | general
                         economic and business conditions; and
| | - | ----------------------------------------------------------------------

| | • | effects
                         of mergers and consolidations within the telecommunications industry and
                         unexpected announcements or developments from others in the telecommunications
                         industry.
| | - | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

All subsequent written and oral forward-looking statements attributable
                to us or persons acting on our behalf are expressly qualified in their entirety
                by the Cautionary Statements.

23

Definitions of Operating and Non-GAAP Financial Measures

We provide readers financial measures generated using generally accepted
                accounting principles ("GAAP") and using adjustments to GAAP ("Non-GAAP").
                These financial measures reflect industry conventions or standard measures of
                liquidity, profitability or performance commonly used by the investment
                community for comparability purposes. The Non-GAAP financial measures and other
                operating metrics used in this document include the following:

| | • | Earnings
                         before interest, taxes, depreciation and amortization ("EBITDA") is defined as
                         net income (loss) plus net interest expense, depreciation expense, amortization
                         expense and other non-cash expense items. EBITDA is a measure used by the
                         investment community for comparability as well as in our debt covenants for
                         compliance purposes and is not intended to represent the results of our
                         operations in accordance with GAAP.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Free
                         cash flow is defined as EBITDA less net cash requirements for capital
                         expenditures and debt service requirements.
| | - | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Average
                         monthly revenue per user ("ARPU") is a measure used to determine the monthly
                         subscriber revenue earned for subscribers based in our territory. This measure
                         is determined based on subscriber revenues in our consolidated statement of
                         operations and our average subscribers during the period.
| | - | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Cash
                         cost per user ("CCPU") is a measure of the costs to operate our business on a
                         per user basis consisting of costs of service and operations and general and
                         administrative expenses in our consolidated statement of operations, plus
                         handset subsidies on equipment sold to existing subscribers. These costs are
                         allocated across average subscribers during the period to calculate this
                         measure.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Customer
                         churn is used to measure the rate at which subscribers based in our territory
                         deactivate service on a voluntary or involuntary basis. We calculate churn
                         based on the number of subscribers deactivated (net of transfers out of our
                         service area and those who deactivated within 30 days of activation) as a
                         percentage of our average subscriber base during the period.
| | - | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | • | Cost
                         per gross addition ("CPGA") is used to measure the costs incurred to add new
                         subscribers in our territory. This measure includes handset subsidies on new
                         subscriber activations, commissions, rebates and other selling and marketing
                         costs and is calculated based on product sales revenue, cost of products sold
                         and selling and marketing expenses in our consolidated statement of operations
                         net of handset subsidies on equipment sold to existing subscribers allocated
                         over the total number of subscribers activated in our territory during the
                         period.
| | - | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

General

Since our inception in 1998, we have incurred substantial costs in
                connection with negotiating our contracts with Sprint, obtaining our debt
                financing, completing our public equity offerings, engineering our wireless PCS
                network, developing our business infrastructure and building out our portion of
                the PCS network of Sprint. Prior to the launch of our first market in June
                1999, we did not have any markets in operation and we had no customers. At
                March 31, 2003, we had approximately 653,000 subscribers. As of March 31, 2003,
                our accumulated deficit is $694.5 million and we have spent a cumulative total
                of approximately $657 million in capital expenditures (including that spent by
                acquired companies prior to our acquisition of them) in connection with
                constructing our portion of the PCS network of Sprint and developing our
                business infrastructure including the establishment of our retail distribution
                channels. While we anticipate operating losses to continue, we expect revenue
                to continue to increase as our subscriber base increases.

On July 17, 1998, we entered into our original affiliation agreements
                with Sprint. We subsequently amended our original agreements in 1999 to add
                additional territories to our licensed area. In the first quarter of 2001, we
                completed the acquisitions of three additional PCS Affiliates of Sprint,
                bringing our total licensed POPs to approximately 15.8 million at March 31,
                2003.

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As a PCS Affiliate of Sprint, we have the exclusive right to provide
                wireless, mobility communications network services under the Sprint brand name
                in our licensed territory. We are responsible for building, owning and managing
                the portion of the PCS network of Sprint located in our territory. We offer
                national plans designed by Sprint and intend to offer local plans tailored to
                our market demographics. Our portion of the PCS network of Sprint is designed
                to offer a seamless connection with the 100% digital PCS nationwide wireless
                network of Sprint. We market wireless products and services through a number of
                distribution outlets located in our territories, including our own retail
                stores, major national distributors and local third party distributors.

We recognize revenues from our subscribers, proceeds from the sales of
                handsets and accessories through channels controlled by us and fees from Sprint
                and other wireless service providers when their customers roam onto our portion
                of the PCS network of Sprint. Sprint retains 8% of all collected service
                revenue from our subscribers (not including products sales) and fees collected
                from other wireless service providers when their customers roam onto our
                portion of the PCS network of Sprint. We report the amount retained by Sprint
                as an operating expense.

As part of our affiliation agreements with Sprint, we have the option of
                contracting with Sprint to provide back office services such as customer
                activation, handset logistics, billing, customer care and network monitoring
                services. We have elected to delegate the performance of these services to
                Sprint to take advantage of their economies of scale, to accelerate our
                build-out and market launches and to lower our initial capital requirements.
                The cost for these services is primarily on a per subscriber and per
                transaction basis and is recorded as an operating expense.

Critical Accounting Policies

The fundamental objective of financial reporting is to provide useful
                information that allows a reader to comprehend the business activities of an
                entity. To aid in that understanding, we have identified our "critical
                accounting policies." These policies have the potential to have a more
                significant impact on our consolidated financial statements, either because of
                the significance of the financial statement item to which they relate, or
                because they require judgment and estimation due to the uncertainty involved in
                measuring, at a specific point in time, events which are continuous in nature.

Allowance for doubtful
                accounts — Estimates are used in determining our allowance for
                bad debts and are based on our historical collection experience, current
                trends, credit policy, a percentage of our accounts receivable by aging
                category and expectations of future bad debts based on current collection
                activities. In determining the allowance, we consider historical write-offs of
                our receivables and our history is somewhat limited due to the number of
                changes that have historically been made to credit policies. We also look at
                current trends in the credit quality of our customer base as well as changes in
                the credit policies. Under PCS service plans from Sprint, customers who do not
                meet certain credit criteria can nevertheless select any plan offered, subject
                to an account spending limit, referred to as ASL, to control credit exposure.
                Account spending limits range from $125 to $200 and generally require deposits
                in the amount of the limit that could be credited against future billings. In
                May 2001, the deposit requirement was eliminated on certain, but not all,
                credit classes ("NDASL"). As a result, a significant amount of our customer
                additions during 2001 were under the NDASL program. The NDASL program was
                replaced by the "Clear Pay" program in November 2001, which reinstated the
                deposit requirement for certain of the lowest credit class customers, and
                features increased back office controls with respect to collection efforts. We
                reinstated the deposit for customers in other credit classes on the Clear Pay
                program as of February 24, 2002 and we believe that this program, referred to
                as Clear Pay II, will reduce our future bad debt exposure.

Revenue recognition
                — We record equipment revenue for the sale of handsets and accessories to
                customers in our retail stores and to local resellers in our territories. We do
                not record equipment revenue on handsets and accessories purchased by our
                customers from national resellers or directly from Sprint. Our customers pay an
                activation fee when they initiate service. We defer this activation fee and
                record the activation fee revenue over the estimated average life of our
                customers which ranges from 12 to 36 months depending on credit class and based
                on our past experience. We recognize revenue from our customers as they use the
                service. Additionally, we provide a reduction of recorded revenue for billing
                adjustments and billing corrections.

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We record revenue for product sales in connection with our sales of
                handsets and accessories through our retail stores and our local indirect
                retailers. The cost of handsets sold generally exceeds the retail sales price
                as we subsidize the price of handsets for competitive reasons. We reimburse
                Sprint for the amount of subsidy incurred by them on handsets sold through
                channels controlled by them.

Long-lived asset recovery
                — Long-lived assets, consisting primarily of property, equipment and
                intangibles, comprise approximately 82 percent of our total assets as of March
                31, 2003. Changes in technology or in our intended use of these assets may
                cause the estimated period of use or the value of these assets to change. In
                addition, changes in general industry conditions such as increased competition,
                lower ARPU, etc., could cause the value of certain of these assets to change.
                We monitor the appropriateness of the estimated useful lives of these assets.
                Whenever events or changes in circumstances indicate that the carrying amounts
                of these assets may not be recoverable, we review the respective assets for
                impairment. In performing this test, assets are grouped according to
                identifiable cash flow streams and the undiscounted cash flow over the life of
                the asset group is compared to the carrying value of the asset group. Estimates
                and assumptions used in both estimating the useful life and evaluating
                potential impairment issues require a significant amount of judgment.

Income taxes — We
                utilize an asset and liability approach to accounting for income taxes, wherein
                deferred taxes are provided for book and tax basis differences for assets and
                liabilities. In the event differences exist between book and tax basis of our
                assets and liabilities that result in deferred assets, an evaluation of the
                probability of being able to realize the future benefits indicated by such
                assets is made. A valuation allowance is provided for the portion of deferred
                tax assets for which there is sufficient uncertainty regarding our ability to
                recognize the benefits of those assets in future years.

Deferred taxes are provided for those items reported in different periods
                for income tax and financial reporting purposes. The net deferred tax asset was
                fully reserved through December 31, 2000 because of uncertainty regarding our
                ability to recognize the benefit of the asset in future years. In connection
                with the acquisitions completed by the Company in 2001, a significant deferred
                tax liability was recorded relative to intangibles. The reversal of the timing
                differences which gave rise to the deferred tax liability will allow us to
                benefit from the deferred tax asset. As such, the valuation allowance against
                the deferred tax asset was reduced in 2001 to account for the expected benefit
                to be realized. Prior to February 1, 2000, our predecessor operated as a
                limited liability company ("LLC") under which losses for income tax purposes
                were utilized by the LLC members on their income tax returns. Subsequent to
                January 31, 2000, we became a C-corp for federal income tax purposes and
                therefore subsequent losses became net operating loss carryforwards to us. We
                continue to evaluate the likelihood of realizing the benefits of deferred tax
                items. Should events or circumstances indicate that it is warranted, a
                valuation allowance will again be established. During the first quarter of 2003
                we reinstated a valuation allowance due to the fact that the timing differences
                that give rise to the deferred tax asset are expected to exceed the timing
                differences that give rise to the deferred tax liabilities and there is
                uncertainty as to whether we will recognize the benefit of those deferred taxes
                in future periods.

Reliance on the timeliness and
                accuracy of data received from Sprint — We place significant
                reliance on Sprint as a service provider in terms of the timeliness and
                accuracy of financial and statistical data related to customers based in our
                service territory that we receive on a periodic basis from Sprint. We make
                significant estimates in terms of cash flow, revenue, cost of service, selling
                and marketing costs and the adequacy of our allowance for uncollectible
                accounts based on this data we receive from Sprint. We obtain assurance as to
                the accuracy of this data through analytic review and reliance on the service
                auditor report on Sprint's internal control processes prepared by Sprint's
                external service auditor. Inaccurate or incomplete data from Sprint could have
                a material adverse effect on our results of operations and cash flow.

Consolidated Results of Operations (dollars in thousands)

For the three months ended March 31, 2003 compared to the three months
                ended March 31, 2002

Subscriber growth and key performance
                indicators — We had total subscribers of approximately 653,000
                at March 31, 2003 compared to approximately 551,000 at March 31, 2002. This
                growth of approximately 102,000 subscribers or 19 percent year over year
                compares to 111 percent growth from

26

March 31, 2001 to March 31, 2002, excluding acquired subscribers. The
                decline in the rate of growth from 2002 to 2003 is due to the fact that markets
                were being launched during 2001 where our coverage area increased from 4.5
                million to 11.2 million covered POPs. During 2002 our coverage area increased
                from 11.2 million to 11.8 million covered POPs as we had substantially
                completed the build-out of our network by the end of 2001. During the first
                quarter of 2003 our coverage area remained at 11.8 million covered POPs.

Monthly churn for the first quarter of 2003 was approximately 3.0 percent
                compared to approximately 3.1 percent for the first quarter of 2002. This level
                of churn in the first quarter of 2003 represented an improvement over the
                fourth quarter of 2002 where we experienced monthly churn of 3.4 percent.
                Increases in churn negatively impact our operations as we incur significant up
                front costs in acquiring customers. Churn increased significantly during 2002
                as the result of a significantly higher level of involuntary deactivations of
                subscribers for non-payment. This was driven by the addition of a significant
                number of sub-prime credit quality subscribers in 2001 under the Clear
                Pay/NDASL program. We reinstated deposit requirements for sub-prime credit
                quality subscribers in our markets in February 2002 and began to see the impact
                of this change in the form of decreasing churn in the fourth quarter of 2002
                where churn declined to 3.4 percent from 3.8 percent in the third quarter of
                2002, which continued into the first quarter of 2003.

Our CPGA includes handset subsidies on new subscriber activations, and
                selling and marketing costs and was approximately $342 per gross addition in
                the first quarter of 2003 compared to $334 in the first quarter of 2002. As
                overall subscriber growth on a national basis has declined, competition among
                the wireless communications providers has become more intense. As a result of
                this competition for both new subscribers and existing subscribers from other
                carriers, promotional efforts have increased in terms of handset rebates and
                other promotional activities which increases the up front costs in acquiring
                customers. This competition along with having to spread our fixed marketing
                expenses over a fewer number of activations in the first quarter of 2003
                resulted in the increase in CPGA of $8 per gross addition.

Service Revenue —
                Service revenues consist of revenue from subscribers and roaming revenue earned
                when customers from other carriers roam onto our portion of the PCS network of
                Sprint. Subscriber revenue consists of payments received from our subscribers
                for monthly service under their service plans. Subscriber revenue also includes
                activation fees and charges for the use of various features including PCS
                Vision, the wireless web, voice activated dialing, etc.

Subscriber revenues were $104,024 for the quarter ended March 31, 2003
                compared to $93,498 for the quarter ended March 31, 2002. This increase of 11
                percent was partially due to the 19 percent increase in our subscriber base
                discussed above. The increase in revenue was less than the increase in
                subscribers due to declines in ARPU. ARPU decreased in the first quarter of
                2003 to $55 compared to $59 in the first quarter of 2002. This decrease is
                attributable to lower monthly recurring charges for plans with larger buckets
                of minutes being offered as a result of the increased level of competition in
                the marketplace. The larger buckets of minutes result in fewer minutes over
                plan and less revenue from those overage minutes.

Roaming revenue is comprised of revenue from Sprint and other PCS
                subscribers based outside of our territories that roam onto our portion of the
                PCS network of Sprint. We have a reciprocal roaming rate arrangement with
                Sprint where per minute charges for inbound and outbound roaming relative to
                Sprint subscribers are identical. This rate was 10 cents per minute during the
                first quarter of 2002. During the first quarter of 2003 this reciprocal rate
                decreased to 5.8 cents per minute. The decline in rates was offset by
                significant increases in roaming minutes due to the fact that we added
                additional base stations after the first quarter of 2002 which allowed us to
                capture additional roaming traffic as well as growth in the customer bases of
                Sprint and other PCS providers. Sprint has indicated that the reciprocal rate
                for 2003 of 5.8 cents per minute represents a fair and reasonable return on the
                cost of the underlying network based on an agreement in principle reached with
                Sprint in 2001. This rate went into effect on January 1, 2003. We have not
                agreed that 5.8 cents per minute represents a fair and reasonable return on the
                underlying network and are currently in discussions with Sprint as to the
                determination of this rate. The toll rate for long distance charges associated
                with Sprint roaming is expected to remain at approximately 2 cents per minute.
                We have also experienced a significant increase in the volume of inbound
                roaming traffic from PCS providers other than Sprint which traffic is settled
                at rates separately negotiated by Sprint

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on our behalf with the other PCS providers. We had approximately 340
                million minutes of inbound roaming traffic in the first quarter of 2003
                compared to approximately 211 million minutes of inbound roaming traffic in the
                first quarter of 2002. The increase in minutes offset by the decrease in rates
                accounted for the 20 percent overall increase in roaming revenue to $31,790 in
                the first quarter of 2003 from $26,568 in the first quarter of 2002.

Product sales and cost of products
                sold — We record revenue from the sale of handsets and
                accessories, net of an allowance for returns, as product sales. Product sales
                revenue and costs of products sold are recorded for all products that are sold
                through our retail stores as well as those sold to our local indirect agents.
                The cost of handsets sold generally exceeds the retail sales price as we
                subsidize the price of handsets for competitive reasons. Sprint's handset
                return policy allows customers to return their handsets for a full refund
                within 14 days of purchase. When handsets are returned to us, we may be able to
                reissue the handsets to customers at little additional cost to us. However,
                when handsets are returned to Sprint for refurbishing, we receive a credit from
                Sprint, which is less than the amount we originally paid for the handset.

Product sales revenue for the first quarter of 2003 was $5,294 compared
                to $8,321 for the first quarter of 2002. Cost of products sold for the first
                quarter of 2003 was $12,844 compared to $14,117 for the first quarter of 2002.
                As such the subsidy on handsets sold through our retail and local indirect
                channels was $7,550 in the first quarter of 2003 and $5,796 in the first
                quarter of 2002. On a per activation basis (excluding handsets sold to existing
                subscribers), the subsidy was approximately $114 per activation in the first
                quarter of 2003 and approximately $100 per activation in the first quarter of
                2002. The increase in subsidy per activation is due to more aggressive
                promotional efforts which involved a higher level of instant rebates and other
                discounts on handset prices for competitive reasons.

Cost of service and operations
                (excluding non-cash compensation) — Cost of service and
                operations includes the costs of operating our portion of the PCS network of
                Sprint. These costs include items such as outbound roaming fees, long distance
                charges, tower leases and maintenance as well as backhaul costs. In addition,
                it includes the fees we pay to Sprint for our 8 percent affiliation fee, back
                office services such as billing and customer care as well as our provision for
                estimated uncollectible accounts. Expenses of $79,317 in the first quarter of
                2003 were consistent with the $78,529 incurred in the first quarter of 2002.
                Costs remained relatively stable as our network build-out is substantially
                complete and we are beginning to realize the benefits of our capital investment
                as we continue to add subscribers to the network. Total minutes of use on our
                network were 1.3 billion minutes in the first quarter of 2003 compared to 916
                million minutes in the first quarter of 2002 for an increase in traffic of 42
                percent.

Selling and marketing (excluding
                non-cash compensation) — Selling and marketing expenses
                include advertising, promotion, sales commissions and expenses related to our
                distribution channels including our retail store expenses. In addition, we
                reimburse Sprint for the subsidy on handsets sold through national retail
                stores due to the fact that these retailers purchase their handsets from
                Sprint. This subsidy is recorded as a selling and marketing expense. The amount
                of handset subsidy included in selling and marketing was $4,346 and $3,403 in
                the first quarter of 2003 and 2002, respectively. Total selling and marketing
                expenses of $28,146 in the first quarter of 2003 were 3 percent less than the
                $28,897 incurred in the first quarter of 2002 due to a decrease in the number
                of customer activations in the first quarter of 2003 compared to the first
                quarter of 2002.

General and administrative expenses
                (excluding non-cash compensation) — General and administrative
                expenses include corporate costs and expenses such as our corporate finance and
                sales and marketing organizations. General and administrative expenses of
                $3,525 in the first quarter of 2003 were consistent with the $3,735 incurred in
                the first quarter of 2002.

Depreciation and
                amortization — Depreciation and amortization includes
                depreciation of our property, plant and equipment as well as amortization of
                intangibles. Depreciation is calculated on the straight line method over the
                estimated useful lives of the underlying assets and totaled $16,865 in the
                first quarter of 2003 as compared to $14,931 in the first quarter of 2002. This
                increase of 13 percent is due to the increase in depreciable costs as a result
                of our capital expenditures in the last nine months of 2002 and the first
                quarter of 2003.

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Amortization expense relates to intangible assets recorded in connection
                with the acquisitions closed in the first quarter of 2001. We recorded two
                identifiable intangibles in connection with each of the acquisitions consisting
                of values assigned to the agreements with Sprint and the customer base
                acquired. Amortization expense of $10,017 in the first quarter of 2003 was
                consistent with the $9,932 in the first quarter of 2002.

Loss on disposal of property and
                equipment — We incurred losses of $360 on the disposal of
                assets in the first quarter of 2002 related to the sale of certain network
                equipment.

Non-cash compensation
                — Non-cash compensation expense of $41 in the first quarter of 2003
                related to shares of restricted stock of Alamosa Holdings that were awarded to
                our officers in October and December of 2002. Certain of our officers received
                a total of 800,000 shares of restricted stock of Alamosa Holdings at a discount
                to market price that will vest over a three-year period. Compensation expense
                relative to the difference between the market price of the stock and the price
                the officers paid for the stock will be recognized over the vesting period
                during which the restrictions lapse. We had no non-cash compensation expense in
                the first quarter of 2002.

Operating loss — Our
                operating loss for the first quarter of 2003 was $10,007 compared to $21,754
                for the first quarter of 2002. This decrease is primarily attributable to the
                leverage we are beginning to experience in spreading our fixed costs over a
                larger base of subscribers.

Interest and other income
                — Interest and other income represents amounts earned on the investment
                of excess equity and debt offering proceeds. Income of $369 in the first
                quarter of 2003 was 72 percent less than the $1,333 earned in the first quarter
                of 2002 due to the fact that excess cash and investments were liquidated during
                2002 in connection with funding our capital expenditures and operating cash
                flow losses.

Interest expense —
                Interest expense for the first quarter of 2003 includes non-cash interest
                accreted on our 12 7/8% Senior Discount Notes of $8,552 as well as interest
                accrued on the two senior notes issued during 2001 and interest on our senior
                secured debt. The increase in total interest expense to $26,537 from $24,854 in
                the first quarter of 2002 is due to the increased level of advances under
                senior secured borrowings.

Income Taxes

We account for income taxes in accordance with SFAS No. 109 "Accounting
                for Income Taxes." As of December 31, 2000, the net deferred tax asset
                consisted primarily of temporary differences related to the treatment of
                organizational costs, unearned compensation, interest expense and net operating
                loss carry forwards. The net deferred tax asset was fully offset by a valuation
                allowance as of December 31, 2000 because there was sufficient uncertainty as
                to whether we would recognize the benefit of those deferred taxes in future
                periods. In connection with the mergers completed in the first quarter of 2001,
                we recorded significant deferred tax liabilities due to differences in the book
                and tax basis of the net assets acquired particularly due to the intangible
                assets recorded in connection with the acquisitions.

The reversal of the timing differences which gave rise to these deferred
                tax liabilities will allow us to realize the benefit of timing differences
                which gave rise to the deferred tax asset. As a result, we released the
                valuation allowance during the first quarter of 2001. Prior to 2001, all
                deferred tax benefit had been fully offset by an increase in the valuation
                allowance such that there was no financial statement impact with respect to
                income taxes. With the reduction of the valuation allowance in 2001, we began
                to reflect a net deferred tax benefit in our consolidated statement of
                operations. During the first quarter of 2003 we reinstated a valuation
                allowance due to the fact that the timing differences that give rise to the
                deferred tax asset are expected to exceed the timing differences that give rise
                to the deferred tax liabilities and there is uncertainty as to whether we will
                recognize the benefit of those deferred taxes in future periods.

Liquidity and Capital Resources

Operating activities
                — Operating cash flows were $4,246 in the first quarter of 2003 and
                negative $32,670 in the first quarter of 2002. The increase in operating cash
                flows of $36,916 is primarily related to a decrease in net loss before non-cash
                items of $10,996 coupled with working capital changes of $25,920.

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Investing activities
                — Our investing cash flows were a negative $10,358 in the first quarter
                of 2003 compared to a negative $30,533 in the first quarter of 2002. Our cash
                capital expenditures for the first quarter of 2003 totaled $10,377 while our
                cash capital expenditures for the first quarter of 2002 totaled $30,657.

Financing activities
                — Our financing cash flows decreased in the first quarter of 2003 to
                $24,470 from $36,310 in the first quarter of 2002. In the first quarter of
                2003, we received $24,804 in restricted cash which was released from escrow to
                make interest payments on the 12 1/2% Senior Notes and the 13 5/8% Senior
                Notes. In the first quarter of 2002 we received $12,838 in proceeds
                representing the remaining borrowings under the term portion of our Senior
                Secured Credit Facility as well as $23,236 in restricted cash which was
                released from escrow to make interest payments on the 12 1/2% Senior Notes and
                the 13 5/8% Senior Notes.

Capital Requirements

Our capital expenditure requirements for 2003 are expected to be
                approximately $40 to $50 million. Operating cash flow is expected to continue
                to increase in 2003 as we continue to realize the benefits of the subscriber
                growth that we have experienced over the past three years. We expect to
                generate free cash flow in 2003 and believe we have sufficient liquidity as
                discussed below.

Liquidity

Since inception, we have financed our operations through capital
                contributions from our owners, through debt financing and through proceeds
                generated from public offerings of our common stock. We have incurred
                substantial net losses and negative cash flow from operations since inception.
                Expenses are expected to exceed revenues until we establish a sufficient
                subscriber base. We expect operating losses to continue for the foreseeable
                future. However, we expect operating losses to decrease in the future as we
                obtain more subscribers.

EDC Credit Facility
                — We entered into a credit agreement with Nortel effective June 10, 1999,
                which was amended and restated on February 8, 2000. On June 23, 2000, Nortel
                assigned the entirety of its loans and commitments to Export Development
                Corporation ("EDC"), and Alamosa and EDC entered into the credit facility with
                EDC (the "EDC Credit Facility"). The EDC Credit Facility was paid in full in
                the first quarter of 2001 with proceeds from the Senior Secured Credit Facility
                described below.

Common Stock — On
                October 29, 1999, we filed a registration statement with the Securities and
                Exchange Commission for the sale of 10,714,000 shares of our common stock (the
                "Initial Offering"). The Initial Offering became effective and the shares were
                issued on February 3, 2000 at the initial price of $17.00 per share.
                Subsequently, the underwriters exercised their over-allotment option for an
                additional 1,607,100 shares. We received net proceeds of approximately $193.8
                million after commissions of $13.3 million and expenses of approximately $1.5
                million. The proceeds of the Initial Offering were used for the build out of
                our portion of the PCS network of Sprint, to fund operating capital needs and
                for other corporate purposes.

On November 13, 2001, Alamosa Holdings completed an underwritten
                secondary offering of its common stock pursuant to which certain of their
                stockholders sold an aggregate of 4,800,000 shares at a public offering price
                of $14.75 per share. Alamosa Holdings did not receive any proceeds from the
                sale of these shares, but the underwriters were granted an option to purchase
                up to 720,000 additional shares of common stock to cover over-allotments. This
                option was exercised on November 16, 2001 and we received net proceeds from the
                sale of these shares after offering costs of approximately $9.1 million which
                will be used for general corporate purposes.

Senior Notes — On
                February 8, 2000, Alamosa (Delaware) issued $350.0 million face amount of
                senior discount notes (the "12 7/8% Senior Discount Notes"). The 12 7/8% Senior
                Discount Notes mature in ten years (February 15, 2010), carry a coupon rate of
                12 7/8%, and provide for interest deferral for the first five years. The 12
                7/8% Senior Discount Notes will accrete to their $350 million face amount by
                February 8, 2005, after which interest will be paid in cash semiannually.

On January 31, 2001, Alamosa (Delaware) issued $250.0 million face amount
                of senior notes (the "12 1/2% Senior Notes"). The 12 1/2% Senior Notes mature
                in ten years (February 1, 2011), carry a coupon rate of 12 1/2%, payable
                semiannually on February 1 and August 1, beginning on August 1, 2001.

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On August 15, 2001, Alamosa (Delaware) issued $150.0 million face amount
                of senior notes (the "13 5/8% Senior Notes"). The 13 5/8% Senior Notes mature
                in ten years (August 15, 2011), carry a coupon rate of 13 5/8%, payable
                semiannually on February 15 and August 15, beginning on February 15, 2002.

Senior Secured Credit
                Facility — On February 14, 2001, we entered into a $280.0
                million Senior Secured Credit Facility with Citicorp USA, as administrative
                agent and collateral agent; Toronto Dominion (Texas), Inc., as syndication
                agent; First Union National Bank, as documentation agent; EDC as
                co-documentation agent; and a syndicate of banking and financial institutions.
                The Senior Secured Credit Facility was closed and initial funding of $150
                million was made on February 14, 2001 in connection with the completion of the
                acquisitions of two PCS Affiliates of Sprint. A portion of the proceeds of the
                Senior Secured Credit Facility were used (i) to pay the cash portion of the
                merger consideration for the acquisitions, (ii) to refinance existing
                indebtedness under our credit facility with EDC and under the existing credit
                facilities of the acquired companies, and (iii) to pay transaction costs. The
                remaining proceeds will be used for general corporate purposes, including
                funding capital expenditures, subscriber acquisition and marketing costs,
                purchase of spectrum and working capital needs. This facility was amended in
                March 2001 to increase the maximum borrowings to $333 million as a result of
                the acquisition of another PCS Affiliate of Sprint. The facility was again
                amended in August 2001 to, among other things, modify financial covenants and
                reduce the maximum borrowing to $225 million of which $200 million is
                outstanding as of March 31, 2003.

On September 26, 2002 we entered into the sixth amendment to the amended
                and restated credit agreement relative to the Senior Secured Credit Facility
                which among other things, extended Stage I covenants for an additional quarter
                and modified certain financial and statistical covenants. Specifically, the new
                agreement modified the covenant addressing minimum subscribers such that the
                minimum subscriber requirement is now 620,000 at March 31, 2003. As a result of
                the amendment, we are required to maintain a minimum cash balance of $10
                million.

The September 26, 2002 amendment also placed restrictions on the ability
                to draw on the $25 million revolving portion of the Senior Secured Credit
                Facility. The first $10 million can be drawn if cash balances fall below $15
                million and we substantiate through tangible evidence the need for such
                advances. The remaining $15 million is available only at such time as the
                leverage ratio is less than or equal to 5.5 to 1. As of March 31, 2003, our
                leverage ratio was 14.8 to 1.

The terms of this credit facility contain numerous financial and other
                covenants the violation of which could be deemed an event of default by the
                lenders. Should we be deemed to be in default, the lenders can declare the
                entire outstanding borrowings immediately due and payable or exercise other
                rights and remedies. Such an event would likely have a material adverse impact
                to us.

As of March 31, 2003, we had $78,883 in cash and cash equivalents plus an
                additional $9,921 in restricted cash held in escrow for debt service
                requirements. We also had $25,000 remaining on the revolving portion of the
                Senior Secured Credit Facility subject to the restrictions discussed
                previously. We believe that this $113,804 in cash and available borrowings is
                sufficient to fund our working capital, capital expenditure and debt service
                requirements through the point where such requirements will be funded through
                free cash flow.

Although, we do not anticipate the need to raise additional capital in
                the upcoming year, our funding status is dependent on a number of factors
                influencing our projections of operating cash flows including those related to
                subscriber growth, ARPU, churn and CPGA. Should actual results differ
                significantly from these assumptions, our liquidity position could be adversely
                affected and we could be in a position that would require us to raise
                additional capital which may or may not be available on terms acceptable to us,
                if at all, and could have a material adverse effect on our ability to achieve
                our intended business objectives.

Inflation — We
                believe that inflation has not had a significant impact in the past and is not
                likely to have a significant impact in the foreseeable future on our results of
                operations.

Future Trends That May Affect Operating Results, Liquidity and Capital
                Resources

We may not be able to sustain our planned growth or obtain sufficient
                revenue to achieve and sustain profitability. Recently, we have experienced
                slowing net customer growth. Net customer growth was

31

approximately 48,000 net subscribers in the first quarter of 2002, 20,000
                net subscribers in the second quarter of 2002, 20,000 net subscribers in the
                third quarter of 2002 and improved to 31,000 net subscribers in the fourth
                quarter of 2002 due to seasonal activity. We added 31,000 net subscribers in
                the first quarter of 2003 which was consistent with the level of subscriber
                growth in the traditionally seasonally high fourth quarter. The trend of
                slowing subscriber growth experienced during 2002 is attributable to increased
                churn and competition, slowing wireless subscriber growth and weakened consumer
                confidence. We are currently experiencing operating losses as we continue to
                add subscribers which requires a significant up-front investment in acquiring
                those subscribers. If the current trend of slowing net customer growth does not
                improve, it will lengthen the amount of time it will take for us to reach a
                sufficient number of customers to achieve free cash flow, which in turn will
                have a negative impact on liquidity and capital resources. Our business plan
                reflects continuing growth in subscribers and eventual free cash flow in 2003
                as the cash flow generated by the growing subscriber base exceeds costs
                incurred to acquire new customers.

We may continue to experience higher costs to acquire customers. For the
                first quarter of 2003, our CPGA was $342 per activation compared to $334 per
                activation in the first quarter of 2002. The fixed costs in our sales and
                marketing organization are being allocated among a smaller number of
                activations due to the slowdown in subscriber growth. In addition, handset
                subsidies have been increasing due to more aggressive promotional efforts. With
                a higher CPGA, customers must remain on our network for a longer period of time
                at a stable ARPU to recover those acquisitions costs.

We may continue to experience a higher churn rate. Our average customer
                monthly churn (net of deactivations that take place within 30 days of the
                activation date) for 2002 was 3.4 percent. This rate of churn is the highest
                that we have experienced on an annual basis since the inception of the Company
                and compares to 2.7 percent in 2001. We expect that in the near term churn will
                remain higher than historical levels as a result of a greater percentage of
                sub-prime versus prime credit class customers imbedded in the subscriber base
                in our territory as a result of various programs that were run during 2001 and
                the first two months of 2002 which encouraged sub-prime credit individuals to
                subscribe to our service. We have experienced a significantly higher rate of
                involuntary deactivations due to non-payment relative to these customers.
                During the first quarter of 2003 we experienced an improvement in our churn
                rate to 3.0 percent compared to 3.4 percent in the fourth quarter of 2002. If
                the improvement in churn we experienced in the first quarter of 2003 does not
                continue or if churn increases over the long-term, we would lose the cash flow
                attributable to these customers and have greater than projected losses.

We may experience a significantly lower reciprocal roaming rate with
                Sprint in 2003 and thereafter. Under our original agreements with Sprint,
                Sprint had the right to change the reciprocal roaming rate. On April 27, 2001,
                we entered into an agreement with Sprint which reduced the reciprocal roaming
                rate from 20 cents per minute to 15 cents per minute beginning June 1, 2001,
                and to 12 cents per minute on October 1, 2001. For 2002, the rate was 10 cents
                per minute. On January 1, 2003, the reciprocal rate was reduced to 5.8 cents
                per minute which Sprint has indicated represents a fair and reasonable return
                on the cost of the underlying network based on an agreement in principle
                reached with Sprint in 2001. We have not agreed that 5.8 cents per minute
                represents a fair and reasonable return on the cost of the underlying network
                and are currently in discussions with Sprint as to the determination of this
                rate. We are currently a net receiver of roaming with Sprint meaning that other
                PCS customers roam onto our network at a higher rate than our customers roam
                onto other portions of the PCS network of Sprint. The ratio of inbound to
                outbound Sprint PCS travel minutes was 1.10 to 1 for the first quarter of 2003
                and we expect this margin to trend close to 1 to 1 over time.

Our ability to borrow funds under the revolving portion of the Senior
                Secured Credit Facility may be limited due to our failure to maintain or comply
                with the restrictive financial and operating covenants contained in the
                agreements covering our Senior Secured Credit Facility. We amended our credit
                agreement on September 26, 2002 and modified certain of the financial and
                operating covenants and are in compliance with the lending agreement at March
                31, 2003. We believe we will meet the requirements of these covenants in future
                periods, however, if we do not, our ability to access the remaining $25,000 in
                the form of the revolving portion of the Senior Secured Credit Facility could
                be limited which could have a material adverse impact on our liquidity.

32

We may incur significant handset subsidy costs for existing customers who
                upgrade to a new handset. As our customer base matures and technological
                advances in our services take place, more existing customers will begin to
                upgrade to new handsets to take advantage of these services. We have limited
                historical experience regarding the rate at which existing customers upgrade
                their handsets and if more customers upgrade than we are currently
                anticipating, it could have a material adverse impact on our earnings and cash
                flows.

We may not be able to access the credit or equity markets for additional
                capital if the liquidity discussed above is not sufficient for the cash needs
                of our business. We continually evaluate options for additional sources of
                capital to supplement our liquidity position and maintain maximum financial
                flexibility. If the need for additional capital arises due to our actual
                results differing significantly from our business plan or for any other reason,
                we may be unable to raise additional capital.

Recently Issued Accounting Pronouncements

In June 2001, the FASB issued SFAS No. 143, "Accounting for Asset
                Retirement Obligations." SFAS No. 143 requires the fair value of a liability
                for an asset retirement obligation to be recognized in the period that it is
                incurred if a reasonable estimate of fair value can be made. The associated
                asset retirement costs are capitalized as part of the carrying amount of the
                long-lived asset. SFAS No. 143 is effective for fiscal years beginning after
                June 15, 2002. For our leased telecommunication facilities, primarily
                consisting of cell sites and switch site operating leases, office and retail
                locations, we have evaluated the impact of the adoption of SFAS No. 143 as of
                January 1, 2003 and determined that a liability cannot be reasonably estimated
                due to (1) our inability to reasonably assess the probability of the likelihood
                that a lessor would enforce the remediation requirements upon expiration of the
                lease term and therefore its impact on future cash outflows, (2) our inability
                to estimate a potential range of settlement dates due to our ability to renew
                site leases after the initial lease expiration and (3) our limited experience
                in abandoning cell site locations and actually incurring remediation costs. The
                adoption of SFAS No. 143 to leased office and retail locations did not have a
                material impact on our consolidated results of operations, financial position
                or cash flows.

In April 2002, the FASB issued SFAS No. 145, "Rescission of FASB
                Statements No. 4, 44 and 64, Amendment of FASB Statement No. 13, and Technical
                Corrections as of April 2002," which rescinded or amended various existing
                standards. One change addressed by this standard pertains to treatment of
                extinguishments of debt as an extraordinary item. SFAS No. 145 rescinds SFAS
                No. 4, "Reporting Gains and Losses from Extinguishment of Debt" and states that
                an extinguishment of debt cannot be classified as an extraordinary item unless
                it meets the unusual or infrequent criteria outlined in Accounting Principles
                Board Opinion No. 30 "Reporting the Results of Operations — Reporting the
                Effects of Disposal of a Segment of a Business, and Extraordinary, Unusual and
                Infrequently Occurring Events and Transactions." The provisions of this
                statement are effective for fiscal years beginning after May 15, 2002 and
                extinguishments of debt that were previously classified as an extraordinary
                item in prior periods that do not meet the criteria in Opinion 30 for
                classification as an extraordinary item shall be reclassified. The adoption of
                SFAS No. 145 in the quarter ending March 31, 2003 has resulted in a
                reclassification of the loss on extinguishment of debt that we previously
                reported as an extraordinary item for the year ended December 31, 2001.

In June 2002, the FASB issued SFAS No. 146 "Accounting for Costs
                Associated with Exit or Disposal Activities," which requires companies to
                recognize costs associated with exit or disposal activities when they are
                incurred rather than at the date of a commitment to an exit or disposal plan.
                The provisions of this statement are effective for exit or disposal activities
                initiated after December 31, 2002 and the adoption of this statement did not
                have a material impact on our results of operations, financial position or cash
                flows.

In December 2002, the FASB issued SFAS No. 148 "Accounting for
                Stock-Based Compensation-Transition and Disclosure," which is an amendment of
                SFAS No. 123 "Accounting for Stock-Based Compensation." This statement provides
                alternative methods of transition for a voluntary change to the fair value
                based method of accounting for stock-based employee compensation. In addition,
                this statement amends the disclosure requirements of SFAS No. 123 to require
                prominent disclosures in both

33

annual and interim financial statements about the method of accounting
                for stock-based employee compensation and the effect of the method used on
                reported results. The provisions of this statement are effective for fiscal
                years ending after and interim periods beginning after December 15, 2002. As we
                continue to account for stock-based employee compensation using the intrinsic
                value method under APB Opinion No. 25, we, as required, have only adopted the
                revised disclosure requirements of SFAS No. 148 as of December 31, 2002.

In April 2003, the FASB issued SFAS No. 149, "Amendment of Statement 133
                on Derivative Instruments and Hedging Activities," which amends and clarifies
                financial accounting and reporting for derivative instruments, including
                certain derivative instruments embedded in other contracts and for hedging
                activities under SFAS No. 133, "Accounting for Derivative Instruments and
                Hedging Activities." This Statement is effective for contracts entered into or
                modified after June 30, 2003 and for hedging relationships designated after
                June 30, 2003 and is not expected to have a material impact on our results of
                operations, financial position or cash flows.

The Emerging Issues Task Force ("EITF") of the FASB issued EITF Abstract
                No. 00-21 "Accounting for Revenue Arrangements with Multiple Deliverables" in
                January 2003. This Abstract addresses certain aspects of the accounting by a
                vendor for arrangements under which it will perform multiple revenue-generating
                activities. Specifically, it addresses how consideration should be measured and
                allocated to the separate units of accounting in the arrangement. The guidance
                in this Abstract is effective for revenue arrangements entered into in fiscal
                periods beginning after June 15, 2003 and we are in the process of evaluating
                the impact of this Abstract.

In November 2002, the FASB issued FASB Interpretation No. 45 ("FIN 45"),
                "Guarantor's Accounting and Disclosure Requirements for Guarantees, Including
                Indirect Guarantees of Indebtedness of Others." FIN 45 requires that upon
                issuance of a guarantee, a guarantor must recognize a liability for the fair
                value of an obligation assumed under a guarantee. FIN 45 also requires
                additional disclosures by a guarantor in its interim and annual financial
                statements about the obligations associated with guarantees issued. The
                recognition provisions of FIN 45 are effective for guarantees issued after
                December 31, 2002, while the disclosure requirements were effective for
                financial statements for periods ending after December 15, 2002. At December
                31, 2002, we had not entered into any material arrangement that would be
                subject to the disclosure requirements of FIN 45. The adoption of FIN 45 did
                not have a material impact on our consolidated financial statements.

On January 17, 2003, the FASB issued FASB Interpretation No. 46 ("FIN 46"
                or the "Interpretation"), "Consolidation of Variable Interest Entities, an
                interpretation of ARB 51." The primary objectives of FIN 46 are to provide
                guidance on the identification of entities for which control is achieved
                through means other than through voting rights ("variable interest entities" or
                "VIEs") and how to determine when and which business enterprise should
                consolidate the VIE (the "primary beneficiary"). This new model for
                consolidation applies to an entity which either (1) the equity investors (if
                any) do not have a controlling financial interest or (2) the equity investment
                at risk is insufficient to finance that entity's activities without receiving
                additional subordinated financial support from other parties. In addition, FIN
                46 requires that both the primary beneficiary and all other enterprises with a
                significant variable interest in a VIE make additional disclosures. For public
                entities with VIEs created before February 1, 2003, the implementation and
                disclosure requirements of FIN 46 are effective no later than the beginning of
                the first interim or annual reporting period beginning after June 15, 2003. For
                VIEs created after January 31, 2003, the requirements are effective
                immediately. We do not believe that the adoption of FIN 46 will have a material
                impact on our consolidated financial statements.

ITEM
                3.    QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET
                RISK

Omitted under the reduced disclosure format pursuant to General
                Instruction H(2)(c) of Form 10-Q.

ITEM
                4.    CONTROLS AND PROCEDURES

| | (a) | Evaluation
                         of Disclosure Controls and Procedures. Our Chief Executive Officer and Chief
                         Financial Officer have evaluated the effectiveness of our disclosure controls
                         and procedures (as
| | --- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

34

| |  | such term is defined in Rules 13a-14(c) and 15d-14(c) under the Securities
                         Exchange Act of 1934, as amended (the "Exchange Act")) as of a date within 90
                         days prior to the filing date of this quarterly report (the "Evaluation Date").
                         Based on such evaluation, such officers have concluded that, as of the
                         Evaluation Date, our disclosure controls and procedures are effective in
                         alerting them on a timely basis to material information relating to us
                         (including our consolidated subsidiaries) required to be included in our
                         reports filed or submitted under the Exchange Act.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | (b) | Changes
                         in Internal Controls. Since the Evaluation Date, there have not been any
                         significant changes in our internal controls or in other factors that could
                         significantly affect such controls.
| | --- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

35

PART II –
                OTHER INFORMATION

ITEM
                1.    LEGAL PROCEEDINGS

We have been named as a defendant in a number of purported securities
                class actions in the United States District Court for the Southern District of
                New York, arising out of our initial public offering (the "IPO"). Various
                underwriters of the IPO also are named as defendants in the actions. The action
                against us is one of more than 300 related class actions which have been
                consolidated and are pending in the same court. The complainants seek to
                recover damages and allege, among other things, that the registration statement
                and prospectus filed with the Securities and Exchange Commission for purposes
                of the IPO were false and misleading because they failed to disclose that the
                underwriters allegedly (i) solicited and received commissions from certain
                investors in exchange for allocating to them shares of common stock in
                connection with the IPO, and (ii) entered into agreements with their customers
                to allocate such stock to those customers in exchange for the customers
                agreeing to purchase additional Company shares in the aftermarket at
                pre-determined prices. On February 19, 2003, the Court granted motions by us
                and 115 other issuers to dismiss the claims under Rule 10b-5 of the Exchange
                Act which had been asserted against them. The Court denied the motions by us
                and virtually all of the other issuers to dismiss the claims asserted against
                them under Section 11 of the Securities Act. We maintain insurance coverage
                which may mitigate our exposure to loss in the event that this claim is not
                resolved in our favor.

On January 23, 2001, Jerry Brantley, then President and COO of the
                Company, terminated his employment with us at the unanimous request of the
                board of directors. On April 29, 2002, Mr. Brantley initiated litigation
                against us and our Chairman, David E. Sharbutt in the District Court of Lubbock
                County, Texas, 22nd Judicial District, alleging wrongful termination
                among other things. On September 27, 2002, the Court entered an Agreed Order
                Compelling Arbitration. The parties are in the process of selecting a panel of
                three arbitrators. We believe that there is no basis for Mr. Brantley's claim
                and intend to vigorously defend the lawsuit.

On January 8, 2003 a claim was made against us by Southwest Antenna and
                Tower, Inc. ("SWAT") in the Second Judicial District Court, County of
                Bernalillo, State of New Mexico, for monies due on an open account. SWAT seeks
                to recover approximately $2.0 million from us relative to work performed by
                SWAT during 2000 for Roberts Wireless Communications, LLC, which was acquired
                by us in the first quarter of 2001. We are in the process of gathering
                information relative to this claim and have recorded an estimated liability
                relative to this contingency in the consolidated financial statements at March
                31, 2003.

ITEM
                2.    CHANGES IN SECURITIES AND USE OF PROCEEDS.

Omitted under the reduced disclosure format pursuant to General
                Instruction H(2)(b) of Form 10-Q.

ITEM
                3.    DEFAULTS UPON SENIOR SECURITIES.

Omitted under the reduced disclosure format pursuant to General
                Instruction H(2)(b) of Form 10-Q.

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

Omitted under the reduced disclosure format pursuant to General
                Instruction H(2)(b) of Form 10-Q.

ITEM
                5.    OTHER INFORMATION.

None.

36

Item 6.    Exhibits and Reports on Form 8-K.

|    |                                                                                                                                       
|--- | --------------------------------------------------------------------------------------------------------------------------------------
|(a) | The
                         following set forth those exhibits filed pursuant to Item 601 of Regulation
                         S-K:

EXHIBIT INDEX

Exhibit Number
                         
                         
                         
                         Exhibit Title99.1
                         
                         
                         
                         Certification of CEO Pursuant to 18
                                U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley
                                Act of 2002.99.2
                         
                         
                         
                         Certification of CFO Pursuant to 18
                                U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                                Act of 2002.


|    |                                                                                                                                                                           
|--- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------
|(b) | The
                         following sets forth the reports on Form 8-K that have been filed during the
                         quarter for which this report is filed:

None.

37

SIGNATURES

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

ALAMOSA (DELAWARE), INC.
                                Registrant/s/ David E. SharbuttDavid E. Sharbutt Chairman of the
                                Board of Directors and Chief Executive Officer (Principal Executive
                                Officer)/s/ Kendall W. CowanKendall W. Cowan Chief Financial
                                Officer (Principal Financial and Accounting Officer)


38

CERTIFICATIONS

I, David E. Sharbutt, certify that:

| | 1. | I
                         have reviewed this quarterly report on Form 10-Q of Alamosa (Delaware),
                         Inc.;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------

| | 2. | Based
                         on my knowledge, this quarterly report does not contain any untrue statement of
                         a material fact or omit to state a material fact necessary to make the
                         statements made, in light of the circumstances under which such statements were
                         made, not misleading with respect to the period covered by this quarterly
                         report;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Based
                         on my knowledge, the financial statements, and other financial information
                         included in this quarterly report, fairly present in all material respects the
                         financial condition, results of operations and cash flows of the registrant as
                         of, and for, the periods presented in this quarterly report:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The
                         registrant's other certifying officer and I are responsible for establishing
                         and maintaining disclosure controls and procedures (as defined in Exchange Act
                         Rules 13a-14 and 15d-14) for the registrant and we have;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | Designed
                         such disclosure controls and procedures to ensure that material information
                         relating to the registrant, including its consolidated subsidiaries, is made
                         known to us by others within those entities, particularly during the period in
                         which this quarterly report is being prepared;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | Evaluated
                         the effectiveness of the registrant's disclosure controls and procedures as of
                         a date within 90 days prior to the filing date of this quarterly report (the
                         "Evaluation Date"); and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c. | Presented
                         in this quarterly report our conclusions about the effectiveness of the
                         discloser controls and procedures based on our evaluation as of the Evaluation
                         Date;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The
                         registrant's other certifying officer and I have disclosed, based on our most
                         recent evaluation, to the registrant's auditors and the audit committee of
                         registrant's board of directors:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | All
                         significant deficiencies in the design or operation of internal controls which
                         could adversely affect the registrant's ability to record, process, summarize
                         and report financial data and have identified for the registrant's auditors any
                         material weaknesses in internal controls; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | Any
                         fraud, whether or not material, that involves management or other employees who
                         have a significant role in the registrant's internal controls; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The
                         registrant's other certifying officer and I have indicated in this quarterly
                         report, whether or not there were significant changes in internal controls or
                         in other factors that could significantly affect internal controls subsequent
                         to the date of our most recent evaluation, including any corrective actions
                         with regard to significant deficiencies and material weaknesses.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: May 15, 2003

/s/ David E. SharbuttDavid E. Sharbutt, Chairman and Chief
                                Executive Officer


39

I, Kendall W. Cowan, certify that:

| | 1. | I
                         have reviewed this quarterly report on Form 10-Q of Alamosa (Delaware),
                         Inc.;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------

| | 2. | Based
                         on my knowledge, this quarterly report does not contain any untrue statement of
                         a material fact or omit to state a material fact necessary to make the
                         statements made, in light of the circumstances under which such statements were
                         made, not misleading with respect to the period covered by this quarterly
                         report;
| | -- | -----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 3. | Based
                         on my knowledge, the financial statements, and other financial information
                         included in this quarterly report, fairly present in all material respects the
                         financial condition, results of operations and cash flows of the registrant as
                         of, and for, the periods presented in this quarterly report;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 4. | The
                         registrant's other certifying officer and I are responsible for establishing
                         and maintaining disclosure controls and procedures (as defined in Exchange Act
                         Rules 13a-14 and 15d-14) for the registrant and we have:
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | Designed
                         such disclosure controls and procedures to ensure that material information
                         relating to the registrant, including its consolidated subsidiaries, is made
                         known to us by others within those entities, particularly during the period in
                         which this quarterly report is being prepared;
| | -- | ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | Evaluated
                         the effectiveness of the registrant's disclosure controls and procedures as of
                         a date within 90 days prior to the filing date of this quarterly report (the
                         "Evaluation Date"); and
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | c. | Presented
                         in this quarterly report our conclusions about the effectiveness of the
                         discloser controls and procedures based on our evaluation as of the Evaluation
                         Date;
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 5. | The
                         registrant's other certifying officer and I have disclosed, based on our most
                         recent evaluation, to the registrant's auditors and the audit committee of
                         registrant's board of directors:
| | -- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | a. | All
                         significant deficiencies in the design or operation of internal controls which
                         could adversely affect the registrant's ability to record, process, summarize
                         and report financial data and have identified for the registrant's auditors any
                         material weaknesses in internal controls; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | b. | Any
                         fraud, whether or not material, that involves management or other employees who
                         have a significant role in the registrant's internal controls; and
| | -- | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

| | 6. | The
                         registrant's other certifying officer and I have indicated in this quarterly
                         report, whether or not there were significant changes in internal controls or
                         in other factors that could significantly affect internal controls subsequent
                         to the date of our most recent evaluation, including any corrective actions
                         with regard to significant deficiencies and material weaknesses.
| | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Date: May 15, 2003

/s/ Kendall W. CowanKendall W. Cowan,Chief Financial
                                Officer


40

EXHIBIT
                INDEX

Exhibit Number
                         
                         
                         
                         Exhibit Title99.1
                         
                         
                         
                         Certification of CEO Pursuant to 18
                                U.S.C. Section 1350, as adopted Pursuant to Section 906 of the Sarbanes-Oxley
                                Act of 2002.99.2
                         
                         
                         
                         Certification of CFO Pursuant to 18
                                U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley
                                Act of 2002.