<PAGE>

                        US UNWIRED INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                     (in thousands, except per share data)
                                  (Unaudited)

<TABLE>
<CAPTION>
                                                                    For the
                                                                 twelve months
                                                                     ended
                                                                 June 30, 2001
                                                                 -------------
<S>                                                              <C>
Revenues:
  Subscriber....................................................   $ 98,934
  Roaming.......................................................     53,198
  Merchandise sales.............................................     14,291
  Other revenue.................................................      5,334
                                                                   --------
  Total revenue.................................................    171,757
Expense:
  Cost of service...............................................     75,649
  Merchandise cost of sales.....................................     28,665
  General and administrative....................................     42,422
  Sales and marketing...........................................     56,764
  Non-cash stock compensation...................................      5,068
  Depreciation and amortization.................................     56,617
                                                                   --------
  Total operating expense.......................................    265,185
                                                                   --------
Operating loss..................................................    (93,428)
Other income (expense):
  Interest expense..............................................    (26,299)
  Gain on sale of assets........................................     19,800
                                                                   --------
  Total other expense...........................................     (6,499)
                                                                   --------
Loss before extraordinary item, minority interest and equity in
 income of unconsolidated affiliates............................    (99,927)
Income tax benefit..............................................       (744)
                                                                   --------
Loss before extraordinary item, minority interest and equity in
 (income) losses of affiliates..................................    (99,183)
Minority interest in losses of subsidiaries.....................        536
Equity in income of unconsolidated affiliates...................        591
                                                                   --------
Losses from continuing operations...............................    (98,056)
Gain on disposal of discontinued operations.....................      1,064
                                                                   --------
Net loss........................................................   $(96,992)
                                                                   ========
Basic and diluted loss per share:
  Continuing operations.........................................   $   1.21
  Discontinued operations.......................................       0.01
                                                                   --------
  Extraordinary loss............................................   $  (1.20)
                                                                   ========
  Weighted average outstanding common shares....................     80,676
                                                                   ========
</TABLE>

    See accompanying notes to condensed consolidated statement of operation

                                      A-1
<PAGE>

                        US UNWIRED INC. AND SUBSIDIARIES

            NOTES TO CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS
                                 JUNE 30, 2001
                                  (UNAUDITED)

1. Basis of Presentation

   The accompanying unaudited condensed consolidated statement of operations
has been prepared to make an "earnings statement" generally available to
security holders for purposes of the last paragraph of Section 11(a) of the
Securities Act of 1933, as amended, and Rule 158 under that Act. In accordance
with Rule 158(a)(1)(i), the accompanying statement has been prepared in
accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X
that are applicable to statements of income contained in Part I, Item 1 of Form
10-Q. Accordingly, the accompanying unaudited condensed consolidated statement
of operations is not accompanied by a condensed consolidated balance sheet or
condensed consolidated statement of cash flows, and it does not include all of
the information and footnotes required by accounting principles generally
accepted in the United States for complete financial statements. In the opinion
of management, all adjustments (consisting of normal recurring accruals)
considered necessary for fair presentation have been included.

   The condensed consolidated statement of operations contained herein should
be read in conjunction with the financial statements and notes included in the
Form 10-K for US Unwired Inc. for the year ended December 31, 2000, filed on
March 26, 2001 with the Securities and Exchange Commission.

2. Description of the Organization

   US Unwired Inc. ("the Company") is principally engaged in the ownership and
operation of wireless communications systems, consisting of personal
communications systems ("PCS"), cellular and paging communication systems
throughout the Gulf Coast region of the United States.

   On February 28, 2001, the Company acquired the remaining 20% minority
interests in its consolidated subsidiary Texas Unwired, a Louisiana general
partnership ("Texas Unwired") from unaffiliated third parties for 307,664
shares of its Class A common stock. The market value of this Class A common
stock at the date of acquisition was approximately $2.4 million. Should the
Company elect to sell additional towers related to Texas Unwired by August
2001, the Company will be required to issue additional shares of our Class A
common stock as additional consideration for this acquisition of minority
interests.

   On February 28, 2001, the Company acquired the remaining 6.14% minority
interest in its consolidated subsidiary Louisiana Unwired LLC ("LA Unwired")
for 4,634,842 shares of the Company's Class A common stock from Cameron
Communications. The market value of this Class A common stock at the date of
acquisition was approximately $36.5 million.

   Each of the above acquisitions of minority interests has been accounted for
using the purchase method of accounting. The excess of the consideration
provided over the relative fair value of the minority interests acquired has
been allocated to intangible assets, principally goodwill. As a result of these
acquisitions of minority interests, LA Unwired and Texas Unwired are now wholly
owned subsidiaries of the Company.

3. Income Taxes

   The Company's effective income tax rate for the period presented is based on
management's estimate of the Company's effective tax rate for the applicable
period and differs from the federal statutory income tax rate primarily due to
nondeductible permanent differences, state income taxes and changes in the
valuation allowance for deferred tax assets. For the calendar year ending
December 31, 2001, management currently estimates that a valuation allowance
will be provided for the expected loss to be incurred.

                                      A-2