Exhibit 99.1



CERTAIN US UNWIRED CONSOLIDATING FINANCIAL INFORMATION



The following tables set forth certain unaudited consolidated financial information for US Unwired, excluding the operations of IWO. The
unaudited consolidated financial information reflects the operations of IWO substantially on the equity method of accounting. We have included in Investments In and Advances to Unconsolidated Affiliates IWOs losses that exceed our investment
in the operations of IWO and we have recorded as other revenue management fees that we derive from IWO. The IWO column represents the operations of IWO as included in the consolidation of US Unwired and presented separately in its own filing and the
adjustments column represents the elimination entries made upon consolidation with US Unwired and eliminates such transactions as the management fee and other intercompany transactions. You should note that our presentation of consolidated financial
statements (and information derived from them) in which the operations of IWO are not fully consolidated, as described above, is not in accordance with generally accepted accounting principles, which require that we fully consolidate the operations
of IWO. The periods presented are as of June 30, 2004 and December 31, 2003 and for three and six-month periods ended June 30, 2004 and 2003. Since the new notes will not be obligations of IWO and the proceeds from the offering of the old notes can
only be used by US Unwired, we believe this unaudited consolidated financial information for US Unwired, excluding the operations of IWO, as presented is relevant to the holders of the new US Unwired 2010 notes and 2012 notes. The following
unaudited consolidated financial information is not meant to be and may not be indicative of US Unwired financial results if it were not part of the consolidated group.



Certain reclassifications have been made to the unaudited consolidated financial information for the three and six-month periods ended June
30, 2003 to conform to the presentation of the consolidated financial information for the three and six-month periods ended June 30, 2004. Operating results for the three and six-month periods ended June 30, 2004 are not necessarily indicative of
the results that may be expected for the entire year ending December 31, 2004.



The data set forth below should be read in conjunction with US Unwireds unaudited condensed consolidated financial statements and accompanying notes, and Managements Discussion and Analysis of Financial Condition and
Results of Operations (Consolidated) and Managements Discussion and Analysis of Financial Condition and Results of Operations  included elsewhere in this filing.



---

Condensed consolidated balance sheet of US Unwired, excluding the operations of IWO



|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|----------------------------------------------------------- |  | ----------------------- | -------- | - | --- | - | -------- | ----------- |  | - | --------------------- | - |  | - | -------- | -
|                                                            |  | As of June 30, 2004     |         
|                                                            |  | US Unwired Consolidated |          |   | IWO |   |          | Adjustments |  |   | US UnwiredStand Alone |  
|Assets                                                      |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Current assets:                                             |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Cash and cash equivalents                                   |  | $                       | 196,884  |   |     | $ | 40,226   |             |  | $ |                      |   |  | $ | 156,658  |  
|Restricted cash                                             |  |                         | 8,198    |   |     |   | 8,198    |             |  |   |                      |   |  |   |         |  
|Subscriber receivables, net                                 |  |                         | 36,768   |   |     |   | 11,725   |             |  |   |                      |   |  |   | 25,043   |  
|Other receivables                                           |  |                         | 2,044    |   |     |   | 155      |             |  |   |                      |   |  |   | 1,889    |  
|Inventory                                                   |  |                         | 4,320    |   |     |   | 1,343    |             |  |   |                      |   |  |   | 2,977    |  
|Prepaid expenses and other assets                           |  |                         | 16,902   |   |     |   | 6,198    |             |  |   |                      |   |  |   | 10,704   |  
|Receivables from related parties                            |  |                         | 645      |   |     |   | (164     | )           |  |   |                      |   |  |   | 809      |  
|Receivables from officers                                   |  |                         | 86       |   |     |   |         |             |  |   |                      |   |  |   | 86       |  
|Current assets related to discontinued operations           |  |                         | 272      |   |     |   |         |             |  |   |                      |   |  |   | 272      |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|                                                            |  |                         | 266,119  |   |     |   | 67,681   |             |  |   |                      |   |  |   | 198,438  |  
|Total current assets                                        |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|                                                            |  |                         |          |  
|Property and equipment, net                                 |  |                         | 377,901  |   |     |   | 157,142  |             |  |   | 31                    |   |  |   | 220,728  |  
|Goodwill and other intangibles, net                         |  |                         | 78,116   |   |     |   | 17,893   |             |  |   |                      |   |  |   | 60,223   |  
|Notes receivable from unconsolidated affiliates             |  |                         | 1,925    |   |     |   |         |             |  |   |                      |   |  |   | 1,925    |  
|Other assets                                                |  |                         | 37,606   |   |     |   | 14,926   |             |  |   |                      |   |  |   | 22,680   |  
|Non-current assets related to discontinued operations       |  |                         |         |   |     |   |         |             |  |   |                      |   |  |   |         |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Total assets                                                |  | $                       | 761,667  |   |     | $ | 257,642  |             |  | $ | 31                    |   |  | $ | 503,994  |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Liabilities and stockholders deficit                       |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Current liabilities:                                        |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Accounts payable                                            |  | $                       | 51,361   |   |     | $ | 16,421   |             |  |   |                      |   |  | $ | 34,940   |  
|Accrued expenses                                            |  |                         | 91,492   |   |     |   | 45,686   |             |  |   |                      |   |  |   | 45,806   |  
|Current maturities of long term obligations                 |  |                         | 353,019  |   |     |   | 352,541  |             |  |   |                      |   |  |   | 478      |  
|Current liabilities related to discontinued operations      |  |                         | 734      |   |     |   |         |             |  |   |                      |   |  |   | 734      |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Total current liabilities                                   |  |                         | 496,606  |   |     |   | 414,648  |             |  |   |                      |   |  |   | 81,958   |  
|                                                            |  |                         |          |  
|Long term obligations, net of current maturities            |  |                         | 449,998  |   |     |   |         |             |  |   |                      |   |  |   | 449,998  |  
|Long term obligations in default, net of current maturities |  |                         |         |   |     |   |         |             |  |   |                      |   |  |   |         |  
|Deferred gain                                               |  |                         | 30,188   |   |     |   | 594      |             |  |   |                      |   |  |   | 29,594   |  
|Investments in and advances to unconsolidated affiliates    |  |                         | 2,572    |   |     |   |         |             |  |   | (157,793              | ) |  |   | 160,365  |  
|                                                            |  |                         |          |  
|Stockholders deficit:                                      |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Common stock                                                |  |                         | 1,635    |   |     |   | 1        |             |  |   | (1                    | ) |  |   | 1,635    |  
|Additional paid in capital                                  |  |                         | 751,142  |   |     |   | 446,449  |             |  |   | (446,255              | ) |  |   | 750,948  |  
|Retained deficit                                            |  |                         | (970,464 | ) |     |   | (604,050 | )           |  |   | 604,080               |   |  |   | (970,494 | )
|Treasury stock                                              |  |                         | (10      | ) |     |   |         |             |  |   |                      |   |  |   | (10      | )
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Total stockholders deficit                                 |  |                         | (217,697 | ) |     |   | (157,600 | )           |  |   | 157,824               |   |  |   | (217,921 | )
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  
|Total liabilities and stockholders deficit                 |  | $                       | 761,667  |   |     | $ | 257,642  |             |  | $ | 31                    |   |  | $ | 503,994  |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                       |   |  |   |          |  



---

Condensed consolidated balance sheet



|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|----------------------------------------------------------- |  | ----------------------- | -------- | - | --- | - | -------- | ----------- |  | - | ---------------------- | - |  | - | -------- | -
|                                                            |  | As of December 31, 2003 |         
|                                                            |  | US Unwired Consolidated |          |   | IWO |   |          | Adjustments |  |   | US Unwired Stand Alone |  
|Assets                                                      |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Current assets:                                             |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Cash and cash equivalents                                   |  | $                       | 97,193   |   |     | $ | 32,337   |             |  |   |                       |   |  | $ | 64,856   |  
|Restricted cash                                             |  |                         | 19,358   |   |     |   | 19,358   |             |  |   |                       |   |  |   |         |  
|Subscriber receivables, net                                 |  |                         | 28,687   |   |     |   | 9,938    |             |  |   |                       |   |  |   | 18,749   |  
|Other receivables                                           |  |                         | 2,625    |   |     |   | 148      |             |  |   |                       |   |  |   | 2,477    |  
|Inventory                                                   |  |                         | 5,615    |   |     |   | 1,619    |             |  |   |                       |   |  |   | 3,996    |  
|Prepaid expenses and other assets                           |  |                         | 14,833   |   |     |   | 5,719    |             |  |   |                       |   |  |   | 9,114    |  
|Receivables from related parties                            |  |                         | 647      |   |     |   | (39      | )           |  |   |                       |   |  |   | 686      |  
|Receivables from officers                                   |  |                         | 85       |   |     |   |         |             |  |   |                       |   |  |   | 85       |  
|Current assets related to discontinued operations           |  |                         | 1,049    |   |     |   |         |             |  |   |                       |   |  |   | 1,049    |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Total current assets                                        |  |                         | 170,092  |   |     |   | 69,080   |             |  |   |                       |   |  |   | 101,012  |  
|                                                            |  |                         |          |  
|Property and equipment, net                                 |  |                         | 411,518  |   |     |   | 165,872  |             |  |   | 31                     |   |  |   | 245,615  |  
|Goodwill and other intangibles, net                         |  |                         | 87,490   |   |     |   | 25,642   |             |  |   |                       |   |  |   | 61,848   |  
|Notes receivable from unconsolidated affiliates             |  |                         | 1,887    |   |     |   | 179      |             |  |   | (179                   | ) |  |   | 1,887    |  
|Other assets                                                |  |                         | 42,571   |   |     |   | 16,540   |             |  |   |                       |   |  |   | 26,031   |  
|Non-current assets related to discontinued operations       |  |                         | 4,770    |   |     |   |         |             |  |   |                       |   |  |   | 4,770    |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Total assets                                                |  | $                       | 718,328  |   |     | $ | 277,313  |             |  | $ | (148                   | ) |  | $ | 441,163  |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Liabilities and stockholders deficit                       |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Current liabilities:                                        |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Accounts payable                                            |  | $                       | 41,377   |   |     | $ | 17,079   |             |  | $ |                       |   |  | $ | 24,298   |  
|Accrued expenses                                            |  |                         | 77,137   |   |     |   | 38,251   |             |  |   |                       |   |  |   | 38,886   |  
|Current maturities of long term obligations                 |  |                         | 362,842  |   |     |   | 351,697  |             |  |   |                       |   |  |   | 11,145   |  
|Current liabilities related to discontinued operations      |  |                         | 49       |   |     |   |         |             |  |   |                       |   |  |   | 49       |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Total current liabilities                                   |  |                         | 481,405  |   |     |   | 407,027  |             |  |   |                       |   |  |   | 74,378   |  
|                                                            |  |                         |          |  
|Long term obligations, net of current maturities            |  |                         | 434,745  |   |     |   |         |             |  |   |                       |   |  |   | 434,745  |  
|Long term obligations in default, net of current maturities |  |                         |         |   |     |   |         |             |  |   |                       |   |  |   |         |  
|Deferred gain                                               |  |                         | 30,729   |   |     |   | 893      |             |  |   |                       |   |  |   | 29,836   |  
|Investments in and advances to unconsolidated affiliates    |  |                         | 1,216    |   |     |   |         |             |  |   | (130,800               | ) |  |   | 132,016  |  
|                                                            |  |                         |          |  
|Stockholders deficit:                                      |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Common stock                                                |  |                         | 1,288    |   |     |   | 1        |             |  |   | (1                     | ) |  |   | 1,288    |  
|Additional paid in capital                                  |  |                         | 654,899  |   |     |   | 446,449  |             |  |   | (446,255               | ) |  |   | 654,705  |  
|Retained deficit                                            |  |                         | (885,765 | ) |     |   | (577,057 | )           |  |   | 577,087                |   |  |   | (885,795 | )
|Promissory note                                             |  |                         | (179     | ) |     |   |         |             |  |   | (179                   | ) |  |   |         |  
|Treasury stock                                              |  |                         | (10      | ) |     |   |         |             |  |   |                       |   |  |   | (10      | )
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Total stockholders deficit                                 |  |                         | (229,767 | ) |     |   | (130,607 | )           |  |   | 130,652                |   |  |   | (229,812 | )
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  
|Total liabilities and stockholders deficit                 |  | $                       | 718,328  |   |     | $ | 277,313  |             |  | $ | (148                   | ) |  | $ | 441,163  |  
|                                                            |  |                         |          |   |     |   |          |             |  |   |                        |   |  |   |          |  



---

Condensed Consolidating Statement of Operations



|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|------------------------------------------------------------------------------------ |  | ---------------------------------------------- | ------- | - | --- | - | ------ | ----------- |  | - | ---------------------- | - |  | - | ------- | -
|                                                                                     |  | For the three-month period ended June 30, 2004 |        
|                                                                                     |  | US Unwired Consolidated                        |         |   | IWO |   |        | Adjustments |  |   | US Unwired Stand Alone |  
|Revenue:                                                                             |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Subscriber                                                                           |  | $                                              | 107,357 |   |     | $ | 35,147 |             |  | $ |                       |   |  | $ | 72,210  |  
|Roaming                                                                              |  |                                                | 33,174  |   |     |   | 9,117  |             |  |   | (119                   | ) |  |   | 24,176  |  
|Merchandise sales                                                                    |  |                                                | 6,946   |   |     |   | 2,169  |             |  |   |                       |   |  |   | 4,777   |  
|Other revenue                                                                        |  |                                                | 415     |   |     |   | 91     |             |  |   | (2,450                 | ) |  |   | 2,774   |  
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Total revenue                                                                        |  |                                                | 147,892 |   |     |   | 46,524 |             |  |   | (2,569                 | ) |  |   | 103,937 |  
|Expense:                                                                             |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Cost of service                                                                      |  |                                                | 78,345  |   |     |   | 24,684 |             |  |   | (324                   | ) |  |   | 53,985  |  
|Merchandise cost of sales                                                            |  |                                                | 15,061  |   |     |   | 4,782  |             |  |   |                       |   |  |   | 10,279  |  
|General and administrative                                                           |  |                                                | 7,720   |   |     |   | 3,948  |             |  |   | (2,074                 | ) |  |   | 5,846   |  
|Sales and marketing                                                                  |  |                                                | 22,794  |   |     |   | 7,663  |             |  |   | (171                   | ) |  |   | 15,302  |  
|Non-cash stock compensation                                                          |  |                                                | 44      |   |     |   |       |             |  |   |                       |   |  |   | 44      |  
|Depreciation and amortization                                                        |  |                                                | 21,231  |   |     |   | 6,875  |             |  |   |                       |   |  |   | 14,356  |  
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Total operating expense                                                              |  |                                                | 145,195 |   |     |   | 47,952 |             |  |   | (2,569                 | ) |  |   | 99,812  |  
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Operating loss                                                                       |  |                                                | 2,697   |   |     |   | (1,428 | )           |  |   |                       |   |  |   | 4,125   |  
|Other income (expense):                                                              |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Interest expense                                                                     |  |                                                | (23,000 | ) |     |   | (7,138 | )           |  |   |                       |   |  |   | (15,862 | )
|Gain (loss) on sale of assets                                                        |  |                                                | (160    | ) |     |   |       |             |  |   |                       |   |  |   | (160    | )
|Loss on extinguishment of debt                                                       |  |                                                | (54,493 | ) |     |   |       |             |  |   |                       |   |  |   | (54,493 | )
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Total other expense                                                                  |  |                                                | (77,653 | ) |     |   | (7,138 | )           |  |   |                       |   |  |   | (70,515 | )
|                                                                                     |  |                                                |         |  
|Loss from continuing operations before equity in income of unconsolidated affiliates |  |                                                | (74,956 | ) |     |   | (8,566 | )           |  |   |                       |   |  |   | (66,390 | )
|Equity in income (losses) of unconsolidated affiliates                               |  |                                                | 138     |   |     |   |       |             |  |   | 8,566                  |   |  |   | (8,428  | )
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Loss from continuing operations                                                      |  |                                                | (74,818 | ) |     |   | (8,566 | )           |  |   | 8,566                  |   |  |   | (74,818 | )
|                                                                                     |  |                                                |         |  
|Discontinued operations:                                                             |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Gain (loss) on disposal of discontinued operations                                   |  |                                                | (52     | ) |     |   |       |             |  |   |                       |   |  |   | (52     | )
|Income from discontinued operations                                                  |  |                                                | (167    | ) |     |   |       |             |  |   |                       |   |  |   | (167    | )
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|                                                                                     |  |                                                | (219    | ) |     |   |       |             |  |   |                       |   |  |   | (219    | )
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  
|Net loss                                                                             |  | $                                              | (75,037 | ) |     | $ | (8,566 | )           |  | $ | 8,566                  |   |  | $ | 75,037  |  
|                                                                                     |  |                                                |         |   |     |   |        |             |  |   |                        |   |  |   |         |  



---

Condensed Consolidating Statement of Operations



|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|------------------------------------------------------------------------------------ |  | ---------------------------------------------- | ------- | - | --- | - | ------- | ----------- |  | - | ---------------------- | - |  | - | ------- | -
|                                                                                     |  | For the three-month period ended June 30, 2003 |        
|                                                                                     |  | US Unwired Consolidated                        |         |   | IWO |   |         | Adjustments |  |   | US Unwired Stand Alone |  
|Revenue:                                                                             |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Subscriber                                                                           |  | $                                              | 96,396  |   |     | $ | 32,670  |             |  | $ |                       |   |  | $ | 63,726  |  
|Roaming                                                                              |  |                                                | 31,735  |   |     |   | 8,303   |             |  |   | (135                   | ) |  |   | 23,567  |  
|Merchandise sales                                                                    |  |                                                | 4,885   |   |     |   | 1,478   |             |  |   |                       |   |  |   | 3,407   |  
|Other revenue                                                                        |  |                                                | 664     |   |     |   | 162     |             |  |   | (2,436                 | ) |  |   | 2,938   |  
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Total revenue                                                                        |  |                                                | 133,680 |   |     |   | 42,613  |             |  |   | (2,571                 | ) |  |   | 93,638  |  
|Expense:                                                                             |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Cost of service                                                                      |  |                                                | 76,045  |   |     |   | 24,795  |             |  |   | (321                   | ) |  |   | 51,571  |  
|Merchandise cost of sales                                                            |  |                                                | 8,654   |   |     |   | 2,364   |             |  |   |                       |   |  |   | 6,290   |  
|General and administrative                                                           |  |                                                | 12,438  |   |     |   | 3,462   |             |  |   | (2,001                 | ) |  |   | 10,977  |  
|Sales and marketing                                                                  |  |                                                | 20,642  |   |     |   | 6,844   |             |  |   | (249                   | ) |  |   | 14,047  |  
|Non-cash stock compensation                                                          |  |                                                | 987     |   |     |   |        |             |  |   |                       |   |  |   | 987     |  
|Depreciation and amortization                                                        |  |                                                | 29,484  |   |     |   | 13,591  |             |  |   |                       |   |  |   | 15,893  |  
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Total operating expense                                                              |  |                                                | 148,250 |   |     |   | 51,056  |             |  |   | (2,571                 | ) |  |   | 99,765  |  
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Operating loss                                                                       |  |                                                | (14,570 | ) |     |   | (8,443  | )           |  |   |                       |   |  |   | (6,127  | )
|Other income (expense):                                                              |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Interest expense                                                                     |  |                                                | (21,249 | ) |     |   | (9,000  | )           |  |   |                       |   |  |   | (12,249 | )
|Gain (loss) on sale of assets                                                        |  |                                                | 5       |   |     |   |        |             |  |   |                       |   |  |   | 5       |  
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Total other expense                                                                  |  |                                                | (21,244 | ) |     |   | (9,000  | )           |  |   |                       |   |  |   | (12,244 | )
|                                                                                     |  |                                                |         |  
|Loss from continuing operations before equity in income of unconsolidated affiliates |  |                                                | (35,814 | ) |     |   | (17,443 | )           |  |   |                       |   |  |   | (18,371 | )
|Equity in income (losses) of unconsolidated affiliates                               |  |                                                | (46     | ) |     |   |        |             |  |   | 17,443                 |   |  |   | (17,489 | )
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Loss from continuing operations                                                      |  |                                                | (35,860 | ) |     |   | (17,443 | )           |  |   | 17,443                 |   |  |   | (35,860 | )
|                                                                                     |  |                                                |         |  
|Discontinued operations:                                                             |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Gain (loss) on disposal of discontinued operations                                   |  |                                                |        |   |     |   |        |             |  |   |                       |   |  |   |        |  
|Income from discontinued operations                                                  |  |                                                | 840     |   |     |   |        |             |  |   |                       |   |  |   | 840     |  
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|                                                                                     |  |                                                | 840     |   |     |   |        |             |  |   |                       |   |  |   | 840     |  
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Net loss                                                                             |  | $                                              | (35,020 | ) |     | $ | (17,443 | )           |  | $ | 17,443                 |   |  | $ | (35,020 | )
|                                                                                     |  |                                                |         |   |     |   |         |             |  |   |                        |   |  |   |         |  



---

Condensed Consolidating Statement of Operations



|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|------------------------------------------------------------------------------------ |  | -------------------------------------------- | -------- | - | --- | - | ------- | ----------- |  | - | ---------------------- | - |  | - | -------- | -
|                                                                                     |  | For the six-month period ended June 30, 2004 |         
|                                                                                     |  | US Unwired Consolidated                      |          |   | IWO |   |         | Adjustments |  |   | US Unwired Stand Alone |  
|Revenue:                                                                             |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Subscriber                                                                           |  | $                                            | 209,138  |   |     | $ | 68,118  |             |  | $ |                       |   |  | $ | 141,020  |  
|Roaming                                                                              |  |                                              | 64,257   |   |     |   | 17,714  |             |  |   | (242                   | ) |  |   | 46,785   |  
|Merchandise sales                                                                    |  |                                              | 15,270   |   |     |   | 4,454   |             |  |   |                       |   |  |   | 10,816   |  
|Other revenue                                                                        |  |                                              | 838      |   |     |   | 175     |             |  |   | (4,369                 | ) |  |   | 5,032    |  
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Total revenue                                                                        |  |                                              | 289,503  |   |     |   | 90,461  |             |  |   | (4,611                 | ) |  |   | 203,653  |  
|Expense:                                                                             |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Cost of service                                                                      |  |                                              | 147,107  |   |     |   | 47,136  |             |  |   | (600                   | ) |  |   | 100,571  |  
|Merchandise cost of sales                                                            |  |                                              | 29,346   |   |     |   | 8,924   |             |  |   |                       |   |  |   | 20,422   |  
|General and administrative                                                           |  |                                              | 15,647   |   |     |   | 6,902   |             |  |   | (3,702                 | ) |  |   | 12,447   |  
|Sales and marketing                                                                  |  |                                              | 45,383   |   |     |   | 15,175  |             |  |   | (309                   | ) |  |   | 30,517   |  
|Non-cash stock compensation                                                          |  |                                              | 89       |   |     |   |        |             |  |   |                       |   |  |   | 89       |  
|Depreciation and amortization                                                        |  |                                              | 50,631   |   |     |   | 20,839  |             |  |   |                       |   |  |   | 29,792   |  
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Total operating expense                                                              |  |                                              | 288,203  |   |     |   | 98,976  |             |  |   | (4,611                 | ) |  |   | 193,838  |  
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Operating loss                                                                       |  |                                              | 1,300    |   |     |   | (8,515  | )           |  |   |                       |   |  |   | 9,815    |  
|Other income (expense):                                                              |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Interest expense                                                                     |  |                                              | (47,520  | ) |     |   | (18,452 | )           |  |   |                       |   |  |   | (29,068  | )
|Gain (loss) on sale of assets                                                        |  |                                              | (655     | ) |     |   | (25     | )           |  |   |                       |   |  |   | (630     | )
|Loss on extinguishment of debt                                                       |  |                                              | (54,493  | ) |     |   |        |             |  |   |                       |   |  |   | (54,493  | )
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Total other expense                                                                  |  |                                              | (102,668 | ) |     |   | (18,477 | )           |  |   |                       |   |  |   | (84,191  | )
|                                                                                     |  |                                              |          |  
|Loss from continuing operations before equity in income of unconsolidated affiliates |  |                                              | (101,368 | ) |     |   | (26,992 | )           |  |   |                       |   |  |   | (74,376  | )
|Equity in income (losses) of unconsolidated affiliates                               |  |                                              | 254      |   |     |   |        |             |  |   | 26,992                 |   |  |   | (26,738  | )
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Loss from continuing operations                                                      |  |                                              | (101,114 | ) |     |   | (26,992 | )           |  |   | 26,992                 |   |  |   | (101,114 | )
|                                                                                     |  |                                              |          |  
|Discontinued operations:                                                             |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Gain (loss) on disposal of discontinued operations                                   |  |                                              | 16,131   |   |     |   |        |             |  |   |                       |   |  |   | 16,131   |  
|Income from discontinued operations                                                  |  |                                              | 284      |   |     |   |        |             |  |   |                       |   |  |   | 284      |  
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|                                                                                     |  |                                              | 16,415   |   |     |   |        |             |  |   |                       |   |  |   | 16,415   |  
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  
|Net loss                                                                             |  | $                                            | (84,699  | ) |     | $ | (26,992 | )           |  | $ | 26,992                 |   |  | $ | (84,699  | )
|                                                                                     |  |                                              |          |   |     |   |         |             |  |   |                        |   |  |   |          |  



---

Condensed Consolidating Statement of Operations



|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|------------------------------------------------------------------------------------ |  | -------------------------------------------- | ------- | - | --- | - | ------- | ----------- |  | - | ---------------------- | - |  | - | ------- | -
|                                                                                     |  | For the six-month period ended June 30, 2003 |        
|                                                                                     |  | US Unwired Consolidated                      |         |   | IWO |   |         | Adjustments |  |   | US Unwired Stand Alone |  
|Revenue:                                                                             |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Subscriber                                                                           |  | $                                            | 187,744 |   |     | $ | 62,743  |             |  | $ |                       |   |  | $ | 125,001 |  
|Roaming                                                                              |  |                                              | 58,342  |   |     |   | 15,384  |             |  |   | (285                   | ) |  |   | 43,243  |  
|Merchandise sales                                                                    |  |                                              | 11,071  |   |     |   | 3,229   |             |  |   |                       |   |  |   | 7,842   |  
|Other revenue                                                                        |  |                                              | 1,252   |   |     |   | 277     |             |  |   | (4,426                 | ) |  |   | 5,401   |  
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Total revenue                                                                        |  |                                              | 258,409 |   |     |   | 81,633  |             |  |   | (4,711                 | ) |  |   | 181,487 |  
|Expense:                                                                             |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Cost of service                                                                      |  |                                              | 153,326 |   |     |   | 51,517  |             |  |   | (678                   | ) |  |   | 102,487 |  
|Merchandise cost of sales                                                            |  |                                              | 17,839  |   |     |   | 4,875   |             |  |   |                       |   |  |   | 12,964  |  
|General and administrative                                                           |  |                                              | 19,698  |   |     |   | 6,822   |             |  |   | (3,423                 | ) |  |   | 16,299  |  
|Sales and marketing                                                                  |  |                                              | 46,486  |   |     |   | 15,750  |             |  |   | (610                   | ) |  |   | 31,346  |  
|Non-cash stock compensation                                                          |  |                                              | 1,973   |   |     |   |        |             |  |   |                       |   |  |   | 1,973   |  
|Depreciation and amortization                                                        |  |                                              | 59,142  |   |     |   | 26,965  |             |  |   |                       |   |  |   | 32,177  |  
|Asset abandonment charge                                                             |  |                                              | 12,403  |   |     |   | 12,403  |             |  |   |                       |   |  |   |        |  
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Total operating expense                                                              |  |                                              | 310,867 |   |     |   | 118,332 |             |  |   | (4,711                 | ) |  |   | 197,246 |  
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Operating loss                                                                       |  |                                              | (52,458 | ) |     |   | (36,699 | )           |  |   |                       |   |  |   | (15,759 | )
|Other income (expense):                                                              |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Interest expense                                                                     |  |                                              | (41,939 | ) |     |   | (17,871 | )           |  |   |                       |   |  |   | (24,068 | )
|Gain (loss) on sale of assets                                                        |  |                                              | 7       |   |     |   |        |             |  |   |                       |   |  |   | 7       |  
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Total other expense                                                                  |  |                                              | (41,932 | ) |     |   | (17,871 | )           |  |   |                       |   |  |   | (24,061 | )
|                                                                                     |  |                                              |         |  
|Loss from continuing operations before equity in income of unconsolidated affiliates |  |                                              | (94,390 | ) |     |   | (54,570 | )           |  |   |                       |   |  |   | (39,820 | )
|Equity in income (losses) of unconsolidated affiliates                               |  |                                              | 134     |   |     |   |        |             |  |   | 54,570                 |   |  |   | (54,436 | )
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Loss from continuing operations                                                      |  |                                              | (94,256 | ) |     |   | (54,570 | )           |  |   | 54,570                 |   |  |   | (94,256 | )
|                                                                                     |  |                                              |         |  
|Discontinued operations:                                                             |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Gain (loss) on disposal of discontinued operations                                   |  |                                              |        |   |     |   |        |             |  |   |                       |   |  |   |        |  
|Income from discontinued operations                                                  |  |                                              | 1,764   |   |     |   |        |             |  |   |                       |   |  |   | 1,764   |  
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|                                                                                     |  |                                              | 1,764   |   |     |   |        |             |  |   |                       |   |  |   | 1,764   |  
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  
|Net loss                                                                             |  | $                                            | (92,492 | ) |     | $ | (54,570 | )           |  | $ | 54,570                 |   |  | $ | (92,492 | )
|                                                                                     |  |                                              |         |   |     |   |         |             |  |   |                        |   |  |   |         |  



---

Condensed consolidated statement of cash flows



|                                                    |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|--------------------------------------------------- |  | -------------------------------------------- | -------- | - | --- | - | ------ | ----------- |  | ---------------------- | - |  | - | -------- | -
|                                                    |  | For the six-month period ended June 30, 2004 |         
|                                                    |  | US Unwired Consolidated                      |          |   | IWO |   |        | Adjustments |  | US Unwired Stand Alone |  
|Cash flows from operating activities                |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|                                                    |  |                                              |          |  
|Net cash provided by operating activities           |  | $                                            | 42,000   |   |     | $ | 1,918  |             |  | $                      |  |  | $ | 40,082   |  
|                                                    |  |                                              |          |  
|Cash flows from investing activities                |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|                                                    |  |                                              |          |  
|Proceeds from restricted cash                       |  |                                              | 11,160   |   |     |   | 11,160 |             |  |                        |  |  |   |         |  
|Proceeds from sale of assets                        |  |                                              | 43,160   |   |     |   | 5      |             |  |                        |  |  |   | 43,155   |  
|Distribution from unconsolidated affiliates         |  |                                              | 500      |   |     |   |       |             |  |                        |  |  |   | 500      |  
|Payments for the purchase of equipment              |  |                                              | (15,790  | ) |     |   | (5,194 | )           |  |                        |  |  |   | (10,596  | )
|                                                    |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|Net cash provided by (used in) investing activities |  |                                              | 39,030   |   |     |   | 5,971  |             |  |                        |  |  |   | 33,059   |  
|                                                    |  |                                              |          |  
|Cash flows from financing activities                |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|                                                    |  |                                              |          |  
|Proceeds from long-term debt                        |  |                                              | 358,416  |   |     |   |       |             |  |                        |  |  |   | 358,416  |  
|Proceeds from exercised options                     |  |                                              | 194      |   |     |   |       |             |  |                        |  |  |   | 194      |  
|Principal payments of long-term debt                |  |                                              | (327,441 | ) |     |   |       |             |  |                        |  |  |   | (327,441 | )
|Debt issuance cost                                  |  |                                              | (12,508  | ) |     |   |       |             |  |                        |  |  |   | (12,508  | )
|                                                    |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|Net cash provided by (used in) financing activities |  |                                              | 18,661   |   |     |   |       |             |  |                        |  |  |   | 18,661   |  
|                                                    |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|                                                    |  |                                              |          |  
|Net increase in cash and cash equivalents           |  |                                              | 99,691   |   |     |   | 7,889  |             |  |                        |  |  |   | 91,802   |  
|                                                    |  |                                              |          |  
|Cash and cash equivalents at beginning of period    |  |                                              | 97,193   |   |     |   | 32,337 |             |  |                        |  |  |   | 64,856   |  
|                                                    |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  
|Cash and cash equivalents at end of period          |  | $                                            | 196,884  |   |     | $ | 40,226 |             |  | $                      |  |  | $ | 156,658  |  
|                                                    |  |                                              |          |   |     |   |        |             |  |                        |   |  |   |          |  



---

Condensed consolidated statement of cash flows



|                                                    |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|--------------------------------------------------- |  | -------------------------------------------- | ------- | - | --- | - | ------- | ----------- |  | ---------------------- | - |  | - | ------ | -
|                                                    |  | For the six-month period ended June 30, 2003 |        
|                                                    |  | US Unwired Consolidated                      |         |   | IWO |   |         | Adjustments |  | US Unwired Stand Alone |  
|Cash flows from operating activities                |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|                                                    |  |                                              |         |  
|Net cash provided by operating activities           |  | $                                            | 21,051  |   |     | $ | (14,866 | )           |  | $                      |  |  | $ | 35,917 |  
|                                                    |  |                                              |         |  
|Cash flows from investing activities                |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|                                                    |  |                                              |         |  
|Proceeds from restricted cash                       |  |                                              | 10,871  |   |     |   | 10,871  |             |  |                        |  |  |   |       |  
|Proceeds from sale of assets                        |  |                                              | 350     |   |     |   |        |             |  |                        |  |  |   | 350    |  
|Distribution from unconsolidated affiliates         |  |                                              | 250     |   |     |   |        |             |  |                        |  |  |   | 250    |  
|Payments for the purchase of equipment              |  |                                              | (18,205 | ) |     |   | (9,762  | )           |  |                        |  |  |   | (8,443 | )
|                                                    |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|Net cash provided by (used in) investing activities |  |                                              | (6,734  | ) |     |   | 1,109   |             |  |                        |  |  |   | (7,843 | )
|                                                    |  |                                              |         |  
|Cash flows from financing activities                |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|                                                    |  |                                              |         |  
|Proceeds from long-term debt                        |  |                                              |        |   |     |   |        |             |  |                        |  |  |   |       |  
|Proceeds from exercised options                     |  |                                              |        |   |     |   |        |             |  |                        |  |  |   |       |  
|Principal payments of long-term debt                |  |                                              | (1,689  | ) |     |   |        |             |  |                        |  |  |   | (1,689 | )
|Debt issuance cost                                  |  |                                              |        |   |     |   |        |             |  |                        |  |  |   |       |  
|                                                    |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|Net cash provided by (used in) financing activities |  |                                              | (1,689  | ) |     |   |        |             |  |                        |  |  |   | (1,689 | )
|                                                    |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|                                                    |  |                                              |         |  
|Net increase in cash and cash equivalents           |  |                                              | 12,628  |   |     |   | (13,757 | )           |  |                        |  |  |   | 26,385 |  
|                                                    |  |                                              |         |  
|Cash and cash equivalents at beginning of period    |  |                                              | 61,985  |   |     |   | 35,008  |             |  |                        |  |  |   | 26,977 |  
|                                                    |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |  
|Cash and cash equivalents at end of period          |  | $                                            | 74,613  |   |     | $ | 21,251  |             |  | $                      |  |  | $ | 53,362 |  
|                                                    |  |                                              |         |   |     |   |         |             |  |                        |   |  |   |        |