Dobson Communications Increased Subscribers, Revenue Per Unit and EBITDA in the Fourth
Quarter of 2006

	*		Subscriber base grew with 28,100 net additions and 50,200 acquired subscribers
	*		Average revenue per unit of $49.92 for the fourth quarter of 2006
	*		EBITDA of $113.4 million for the fourth quarter, an 18.5 percent year-over-year increase
	*		2006 Operating income grew 14.8 percent to $248.0 million
	*		Net income applicable to common shareholders of $4.2 million, or $0.02 per share, for the year
	*		In 2007, the Company expects continued strong growth in subscribers, EBITDA and free cash flow
	*		Company announces plans to refinance American Cellular debt in near future

OKLAHOMA CITY, Feb. 14, 2007 (PRIME NEWSWIRE) — Dobson Communications Corporation (Nasdaq:DCEL) completed 2006 with continued improvements in operating results. The Company once again increased its subscriber base, average revenue per unit and cash flow from operations, compared with the fourth quarter of 2005.

“Our operating performance in 2006 was very solid, improving consistently through the year,” said Steve Dussek, president and chief executive officer. “We delivered excellent operating and financial results. Even more importantly, the initiatives and processes now in place should enable us to deliver sustained, profitable growth in 2007 and beyond.

“The Dobson team came together around a strategy of delivering an excellent user experience to our wireless customers. We are committed today to raising customer satisfaction to an even higher level,” he said. “We’ve laid an excellent foundation for long-term growth.”

Dobson reported essentially break-even results for the fourth quarter of 2006, with a net loss applicable to common shareholders of $10,000. (See Table 1.) This included a $3.2 million tax expense.

For the fourth quarter of 2005, Dobson reported a net loss applicable to common shareholders of $27.3 million, or $0.16 per share. This included a $21.7 million loss from extinguishment of debt, a $4.5 million loss on redemption and repurchases of mandatorily redeemable preferred stock, and an income tax benefit of $16.2 million.

Dobson reported net income applicable to common shareholders of $4.2 million, or $0.02 per share, for the year ended December 31, 2006. This compared with a net loss applicable to common shareholders of $130.7 million, or $0.90 per share for 2005. Included in the 2006 results was an income tax benefit of $14.0 million.

Total gross subscriber additions were 145,800 in the fourth quarter of 2006, an increase of 18.9 percent over gross additions in the fourth quarter of 2005. (See Table 3.)

Postpaid customer churn was 1.84 percent in the fourth quarter of 2006, compared with 1.95 percent in the third quarter of 2006 and 2.62 percent in the fourth quarter of 2005.

Dobson increased its subscriber base in the fourth quarter of 2006 with 28,100 net subscriber additions, which included increases of 15,100 postpaid customers and 16,100 prepaid customers, and a reduction of 3,100 reseller customers.

Early in the fourth quarter of 2006, Dobson also completed its acquisition of Highland Cellular, which serves eight counties in West Virginia and two counties in Virginia. The acquisition brought to Dobson 357,100 POPs and 50,200 subscribers, of which the majority are on postpaid GSM calling plans. In the fourth quarter of 2005, Dobson reported a reduction of 22,500 net subscribers, which included a reduction of 28,000 postpaid customers and the addition of 300 prepaid and 5,200 reseller subscribers.

EBITDA for the fourth quarter of 2006 was $113.4 million, an increase of 18.5 percent over EBITDA of $95.7 million for the fourth quarter of 2005. Please see Table 3 for the reconciliation of EBITDA to GAAP measures. EBITDA margin on total revenue was 33.8 percent for the fourth quarter of 2006, an increase of 130 basis points over 2005’s fourth quarter EBITDA margin of 32.5 percent.

Service Revenue and ARPU Continued to Increase

Service revenue increased 14.9 percent to $247.1 million in the fourth quarter of 2006, compared with $215.0 million in the fourth quarter of 2005. Average revenue per unit (ARPU) was $49.92 for the fourth quarter of 2006, a $3.82 increase over ARPU for the same period in 2005.

The data component of ARPU continued to grow, reaching $5.11 in the fourth quarter of 2006, compared with $4.34 in the third quarter of 2006 and $2.90 in the fourth quarter of 2005. The ETC portion of ARPU in the fourth quarter was $3.16, compared with $2.91 in the third quarter of 2006 and $1.39 in the fourth quarter of 2005.

Roaming revenue was $70.1 million in the fourth quarter of 2006, an increase of 10.6 percent over roaming revenue for the same period of 2005. Roaming minutes of use (MOUs) totaled 719 million for the fourth quarter of 2006, a 23.1 percent increase over roaming MOUs in the fourth quarter of 2005. As expected, roaming yield declined in the fourth quarter of 2006, compared with the third quarter of 2006, reflecting seasonal changes in the mix of MOUs, with less roaming traffic in higher-rate markets.

Cost of service expense was $94.6 million in the fourth quarter of 2006, an increase of 22.2 percent over cost of service in the fourth quarter of the previous year. This increase primarily reflected higher network operating costs related to cell sites added in the past 12 months and the network operating costs in acquired markets in Alaska, Texas, Virginia and West Virginia.

Incollect, or off-network, expense also increased year-over-year. Roaming usage per Dobson subscriber averaged 86 MOUs per month in the fourth quarter of 2006, compared with 84 MOUs in the third quarter of 2006 and 64 MOUs in the fourth quarter of 2005.

Marketing and selling expense rose on a year-over-year basis, reflecting the 35.5 percent increase in postpaid and prepaid gross additions, compared with the fourth quarter of 2005. Cost per gross add (CPGA) decreased in the fourth quarter to $424, compared with CPGA of $451 for the fourth quarter of 2005.

General and administrative expense declined to $49.4 million in the fourth quarter of 2006, a decrease of 5.2 percent from the fourth quarter of 2005. This primarily reflected a decrease in bad debt expense to $7.3 million in the fourth quarter of 2006, compared with $10.2 million in the same period of 2005.

The GSM transition of Dobson’s subscriber base continued in the fourth quarter of 2006. At year-end 2006, 89 percent of Dobson’s subscriber base and 93 percent of its postpaid customers were on GSM calling plans. At year-end 2005, the respective GSM percentages for total customers and postpaid customers were 67 percent and 72 percent.

Capital expenditures in the fourth quarter of 2006 were $45.5 million, which included $25.7 million at Dobson Cellular Systems and $19.8 million at American Cellular. Full-year capital expenditures were $162.0 million.

Free cash flow was $34.4 million for the fourth quarter of 2006, bringing full-year 2006 free cash flow to $43.3 million. Dobson defines free cash flow as EBITDA minus cash interest and dividends, capital expenditures and changes to working capital.

Dobson’s balance sheet at December 31, 2006 included $117.1 million in cash and $5.0 million in short-term investments; $2.6 billion in total debt; and $135.7 million in preferred stock. The Company also announced plans to pursue the refinancing of substantially all of American Cellular’s indebtedness in the near future from the proceeds of new non-convertible indebtedness.

Additional Growth Expected in 2007

“We are very encouraged with our 2006 performance, especially in areas of the business that relate closely to customer loyalty, shareholder value and long-term growth,” Dussek said. “In 2007 we are focused on steady, continued improvement.”

Subscriber Growth: Dobson expects to report at least 90,000 total net subscriber additions in 2007. The Company expects additional growth in gross subscriber additions and for postpaid customer churn to remain below 2 percent.

In the first quarter of 2007, net subscriber additions are expected to be sequentially lower based on typical seasonal trends.

Revenue Growth: Total revenue should increase at least 7 percent in 2007, driven primarily by local service revenue growth, related to subscriber increases and strong ARPU. The Company expects that roaming revenue will continue to grow, but at a lower rate than 2006. The growth of roaming revenue will be determined in large part by the subscriber and average MOU growth at both AT&T and T-Mobile USA, partially offset by the previously discussed January 1, 2007 step-down in rates in the AT&T/Dobson roaming agreement.

EBITDA Growth: The Company expects EBITDA of at least $485 million for 2007, with improved EBITDA margins.

Capital Expenditures: The Company expects 2007 capital expenditures of approximately $155 million.

Free Cash Flow Growth: Dobson expects to generate at least $90 million in 2007 free cash flow, more than double its free cash flow for 2006.

Fourth Quarter 2006 Conference Call

On Thursday, February 15, 2007, Dobson plans to conduct its fourth quarter earnings conference call beginning at 9:00 a.m. CT (10:00 a.m. ET). Along with fourth quarter results, Dobson plans to comment on recent operating trends and its 2007 outlook. Investors will be able to listen by phone or via web-cast on Dobson’s web site at www.dobson.net . Those interested may access the call by dialing:

A replay of the call will be available by phone for two weeks. The replay of the call may be accessed later in the day on Thursday, February 15, 2007:

For further analysis of quarterly results, please see the Company’s annual report on Form 10-K, which Dobson plans to filed on or before Thursday, March 1, 2007.

Dobson Communications is a leading provider of wireless phone services to rural and suburban markets in the United States. Headquartered in Oklahoma City, the Company owns wireless operations in 17 states. For additional information, please visit its web site at www.dobson.net .

This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These include, but are not limited to, statements regarding the Company’s plans, intentions and expectations. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those projected. These risks include, but are not limited to, increased levels of competition or other factors that might inhibit the growth of its subscriber base; shortages of key network equipment and/or handsets; substantial leverage and debt service requirements; restrictions on the Company’s ability to finance its growth; increased operating costs; changes in the Company’s roaming agreements that could affect revenue and/or earnings expectations; technology changes; regulatory changes; changes in end-user requirements and preferences; and other factors. A more extensive discussion of the risk factors that could impact these areas and the Company’s overall business and financial performance can be found in the Company’s reports and other filings filed with the Securities and Exchange Commission. Given these concerns, investors and analysts should not place undue reliance on forward-looking statements.

Table 1

Dobson Communications Corporation
Statements of Operations

		Three Months Ended								Year Ended
		December 31,								December 31,
		2006				2005				2006				2005
						($ in thousands except per share data)
Operating Revenue
Service revenue		$	247,106			$	215,008			$	918,785			$	858,385
Roaming revenue			70,089				63,398				283,277				258,407
Equipment & other revenue			17,873				15,813				69,034				62,670
Total			335,068				294,219				1,271,096				1,179,462
Operating Expenses (excluding depreciation & amortization)
Cost of service (exclusive of depreciation & amortization shown separately below)			94,558				77,380				340,943				296,594
Cost of equipment			33,911				33,334				136,178				130,111
Marketing & selling			43,854				35,769				165,128				141,253
General & administrative			49,365				52,052				190,961				196,896
Total			221,688				198,535				833,210				764,854
EBITDA (a)			113,380				95,684				437,886				414,608

		Three Months Ended								Year Ended
		December 31,								December 31,
		2006				2005				2006				2005
						($ in thousands except per share data)
Gain on disposition of operating assets			1,567				1,483				6,390				3,854
Depreciation & amortization			(50,097	)			(51,383	)			(196,303	)			(202,395	)
Operating income			64,850				45,784				247,973				216,067
Interest expense			(59,423	)			(58,545	)			(232,084	)			(243,002	)
Loss from extinguishment of debt			(522	)			(21,698	)			(13,239	)			(21,698	)
Loss from redemption and repurchases of mandatorily redeemable preferred stock			—				(4,457	)			(1,482	)			(70,840	)
Dividends on mandatorily redeemable preferred stock			—				(1,161	)			(709	)			(22,552	)
Other income, net			2,245				1,966				7,590				4,577
Minority interests in income of subsidiaries			(2,248	)			(2,932	)			(9,228	)			(9,755	)
Income (loss) before income taxes			4,902				(41,043	)			(1,179	)			(147,203	)
Income tax (expense) benefit			(3,160	)			16,150				13,960				25,593
Net income (loss)			1,742				(24,893	)			12,781				(121,610	)
Dividends on preferred stock			(1,752	)			(2,361	)			(8,537	)			(9,069	)
Net (loss) income applicable to common stockholders		$	(10	)		$	(27,254	)		$	4,244			$	(130,679	)

Table 2

Dobson Communications Corporation
Selected Balance Sheet and Statistical Data

		December 31,				December 31,
		2006				2005
		($ in millions)				($ in millions)
Balance Sheet Data:
Cash and cash equivalents (unrestricted) (a)		$	117.1			$	196.5
Restricted investments		$	4.4			$	4.5
Short-term investments		$	5.0			$	—
Debt:
DCC Senior Floating Rate Notes		$	150.0			$	150.0
DCC Senior Convertible Debentures			160.0				160.0
DCS 8.375% Senior Notes			511.2				250.0
DCS 9.875% Senior Notes			325.0				325.0
DCS Floating Rate Senior Notes			—				250.0
DCC 8.875% Senior Notes			419.7				419.7
ACC Credit Facility			124.7				—
ACC 9.5% Senior Notes, net			15.8				14.8
ACC 10.0% Senior Notes			900.0				900.0
Total debt		$	2,606.4			$	2,469.5
Preferred Stock:
Senior Exchangeable Preferred Stock, 12.25%, net (b)			—				5.1
Senior Exchangeable Preferred Stock, 13.00%, net (c)			—				27.7
Series F Preferred Stock			135.7				135.7
Total preferred stock		$	135.7			$	168.5

		Year Ended December 31,
		2006				2005
		($ in millions)				($ in millions)
Capital Expenditures:		$	162.0			$	145.9

Table 3

Dobson Communications Corporation

		For the Quarter Ended
		12/31/2006				9/30/2006				6/30/2006				3/31/2006				12/31/2005
		($ in thousands except per subscriber data)
		(unaudited)
Operating Revenue
Service revenue		$	247,106			$	232,324			$	223,260			$	216,095			$	215,008
Roaming revenue			70,089				87,365				71,043				54,780				63,398
Equipment and other revenue			17,873				16,681				17,756				16,724				15,813
Total			335,068				336,370				312,059				287,599				294,219
Operating Expenses (excluding depreciation and amortization)
Cost of service			94,558				88,809				81,503				76,073				77,380
Cost of equipment			33,911				33,152				36,545				32,570				33,334
Marketing and selling			43,854				42,155				39,996				39,123				35,769
General and administrative			49,365				47,527				46,744				47,325				52,052
Total			221,688				211,643				204,788				195,091				198,535
EBITDA (a)(b)		$	113,380			$	124,727			$	107,271			$	92,508			$	95,684
Pops			12,672,900				12,052,700				12,039,200				11,854,000				11,854,000

Gain on disposition of operating assets			1,567				1,566				1,593				1,664				1,483
Interest expense			(59,423	)			(57,840	)			(57,414	)			(57,407	)			(58,545	)
Loss on redemption and repurchases of mandatorily redeemable preferred stock			—				—				(37	)			(1,445	)			(4,457	)
Dividends on mandatorily redeemable preferred stock			—				—				—				(709	)			(1,161	)
Other income, net			2,245				1,810				1,636				1,842				1,966
Loss from extinguishment of debt			(522	)			—				(12,660	)			—				(21,698	)
Minority interests in income of subsidiaries			(2,248	)			(2,447	)			(2,169	)			(2,364	)			(2,932	)
Income tax (expense) benefit			(3,160	)			7,939				3,892				5,289				16,150
EBITDA		$	113,380			$	124,727			$	107,271			$	92,508			$	95,684

Table 4

Dobson Cellular Systems

		For the Quarter Ended
		12/31/2006				9/30/2006				6/30/2006				3/31/2006				12/31/2005
		($ in thousands except per subscriber data)
		(unaudited)
Operating Revenue
Service revenue		$	146,198			$	140,711			$	133,739			$	128,622			$	125,069
Roaming revenue			36,724				47,869				41,548				31,797				38,532
Equipment and other revenue			15,351				14,701				15,277				14,478				13,271
Total			198,273				203,281				190,564				174,897				176,872
Operating Expenses (excluding depreciation and amortization)
Cost of service			55,703				55,018				52,478				48,206				48,312
Cost of equipment			20,300				20,676				22,613				20,356				20,102
Marketing and selling			25,752				25,007				24,311				23,083				20,770
General and administrative			28,922				27,919				27,319				27,739				30,684
Total			130,677				128,620				126,721				119,384				119,868
EBITDA (a)(b)		$	67,596			$	74,661			$	63,843			$	55,513			$	57,004
Pops			6,913,700				6,724,700				6,711,200				6,687,500				6,687,500
Post-paid
Gross Adds			58,900				58,200				56,100				51,900				48,400
Net Adds			13,900				11,700				11,500				3,300				(13,000	)
Subscribers			811,500				797,600				785,300				773,800				770,500
Churn			1.87	%			1.96	%			1.91	%			2.10	%			2.63	%
Pre-paid
Gross Adds			24,600				21,100				16,100				13,900				13,000
Net Adds			8,900				9,200				5,100				3,000				—
Subscribers			66,900				58,000				48,000				42,900				39,900
Reseller
Gross Adds			7,800				9,400				9,300				11,200				11,100
Net Adds			400				1,300				600				700				3,000
Subscribers			66,300				65,900				64,600				64,000				63,300

Table 5
American Cellular Corporation

		For the Quarter Ended
		12/31/2006				9/30/2006				6/30/2006				3/31/2006				12/31/2005
		($ in thousands except per subscriber data)
		(unaudited)
Operating Revenue
Service revenue		$	100,908			$	91,613			$	89,521			$	87,473			$	89,939
Roaming revenue			33,365				39,496				29,495				22,983				24,866
Equipment and other revenue			6,123				5,583				6,080				5,848				5,554
Total			140,396				136,692				125,096				116,304				120,359
Operating Expenses (excluding depreciation and amortization)
Cost of service			40,711				35,648				30,881				29,723				30,366
Cost of equipment			13,611				12,476				13,932				12,214				13,232
Marketing and selling			18,066				17,198				15,786				16,276				14,999
General and administrative			22,178				21,344				21,165				21,327				23,077
Total			94,566				86,666				81,764				79,540				81,674
EBITDA (a)		$	45,830			$	50,026			$	43,332			$	36,764			$	38,685
Pops			5,759,200				5,328,000				5,328,000				5,166,500				5,166,500
Post-paid
Gross Adds			36,100				33,900				33,500				32,900				32,000
Net Adds			1,200				(400	)			2,300				(3,300	)			(15,000	)
Subscribers			641,700				593,200				593,600				590,900				594,200
Churn			1.82	%			1.93	%			1.76	%			2.04	%			2.60	%
Pre-paid
Gross Adds			15,100				12,200				7,800				8,100				6,000
Net Adds			7,200				5,300				2,600				3,300				300
Subscribers			40,600				30,500				25,200				22,500				19,200
Reseller
Gross Adds			3,300				4,700				5,100				7,300				12,100
Net Adds			(3,500	)			(3,600	)			(4,800	)			(4,500	)			2,200
Subscribers			39,900				43,400				47,000				51,800				56,300

DOBSON COMMUNICATION
Moderator: Warren Henry
02-15-07/9:00 a.m. CT
Confirmation # 2323948
Page 1

DOBSON COMMUNICATION
Moderator: Warren Henry
02-15-07/9:00 a.m. CT
Confirmation # 2323948
Page 3

		Next, we strengthened all of our distribution channels throughout the year, and this effort it paying dividends now on a consistent basis. As we have discussed previously, due to the timing of our GSM Reseller Agreement with TRAK Phone, the reseller channel is down in the fourth quarter as compared to the prior year.
		We expect this channel will begin gaining traction in the second half of 2007 when we anticipate TRAK Phone will begin selling GSM service under our new agreement. After picking up slightly in the third quarter, post-paid churn improved in the fourth quarter to 1.84 percent. This was down from the 2.62 percent in the fourth quarter of 2005.
		Here again, as we have made significant improvements in the network and continue to improve in each quarter, we have the seen the benefits in our are consistently churn results. For the year, we, we added 287 new cell sites, 85 in the fourth quarter alone. We also added new technology that improves the reach and consistency of our network.
		In fact, as o late January of this year, both our drop and our block call rates were less than one percent, significantly below the generally accepted industry target of two percent. In addition to the network, we have continued to improve our customer experience with each interface with our organization.
		Whether it is the customer’s first experience when they walk into our stores, or our agent’s store to sign up for service, or subsequent experience though the bill they receive or customer service they require,, we have improved our processes and practices to enhance each customer’s experience with us.
		These efforts have improved our customer retention. And as of the end of the fourth quarter, 87.4 percent of our post-paid customers were under contract with an average contract line of 13.4 months. While we were successful in exceeding our customer growth expectations, we were also

DOBSON COMMUNICATION
Moderator: Warren Henry
02-15-07/9:00 a.m. CT
Confirmation # 2323948
Page 4

		able to continue growing ARPU. Our fourth quarter ARPU of $49.92 was an in crease of $3.82 from the fourth quarter in 2005.
		ARPU increased steadily throughout 2006 driven primarily by our continue success in selling data services. Data ARPU in the fourth quarter was $5.11 as compared with $2.90 in the fourth quarter of last year. As new data products and services are developed, we expect this to continue to grow. ETC funding was another key component in our year-over-year ARPU growth.
		In the fourth quarter ETC contributed $3.16 of ARPU as compared to $1.39 in the fourth quarter of the prior year. The most significant portion of the increase came from our early 2006 approvals in Alaska and Minnesota. While there are still opportunities for modest increases in ETC funding, we have received approval in the majority of the jurisdictions where we expect to be approved.
		The conversion o our customer base from TDMA to GSM has helped us achieve our solid result. As of the end of 2006, 93 percent of our post-paid customers were on GSM calling plans, compared with 72 percent at the end of 2005. The year end 2006, 89 percent of our total basis, including prepaid and re-seller were on GSM compared with 67 percent the year before. We continue to migrate subscribers over to GSM from TDMA and expect that very few customers will still be using TDMA service by the end of this year.
		Finally, we are pleased that in addition to our successes in the sales and customer retention efforts we also grew EBITDA to $113.4 million in the fourth quarter. More than 18 percent above last year’s level. And margins improved by 130 basis points. Even excluding our 2006 acquisitions, the year over year growth in fourth quarter EBITDA was still almost 15 percent.
		Dobson’s fourth quarter achievements were the culmination of a series of improvements we have been methodically working on over the last year. And looking at our results as compared to what we said we were going to do, I think you will agree that 2006 was a very successful year.

DOBSON COMMUNICATION
Moderator: Warren Henry
02-15-07/9:00 a.m. CT
Confirmation # 2323948
Page 5

		We originally expected to report 10,000 to 20,000 net ads for the year. As we said our early success, we twice revised our guidance upward to final goal of more than 40,000. The fact is we added 71,400 net ads for 2006 and an additional 52,000 subscribers through acquisitions.
		Gross ads were estimated to grow five percent to eight percent over 2005 levels. Despite weakness in the re-seller segment, we grew gross ads 6.1 percent last year to 538,500 from 507,500 in 2005. Our combined post paid and pre paid gross ads increased 17 percent over this same time period.
		Obviously we are very pleased with our marketing plan and sales executions during the past year. We originally guided to an ARPU range of $48.50 to $49.50. In August, we lowered our ARPU guidance range slightly to $48 to $48.50. We ended the year at $48.48, only two cents below the bottom of the original range.
		A number of activities and strong sales in plans such as our state wide unlimited plan helped us close the gap to the original guidance. Looking at roaming revenue, we expected minimal growth based on 25 percent to 30 percent growth in minutes of use. And an average yield of approximately 9.3 cents. Our minutes of use came in at the high end of our range and yield was even stronger at 10.1 cents, resulting in roaming revenue growing 9.6 percent over the 2005 level.
		As a result of the factors above, we exceeded our original guidance of three percent to four percent for a total revenue growth. Total revenue grew to $1.3 billion for 2006 an increase of 7.8 percent. Our 2006 guidance for EBITDA was in range of $435 to $445 million. Many factors influenced our 2006 EBITDA, we had more customers and higher roaming revenue than we expected.

DOBSON COMMUNICATION
Moderator: Warren Henry
02-15-07/9:00 a.m. CT
Confirmation # 2323948
Page 6

		On the other hand our accruals was at the low end of the original guidance and we had significantly higher commissionable gross ads. So despite these and other mitigating factors, we successfully achieved EBITDA of approximately $438 million which was well within our range.
		Finally, we originally guided to free cash flow of $40 to $50 million, the capital expenditures of $155 million. We subsequently increased our CapEx guidance up to $170 million to include first year CapEx for our 2006 acquisitions. Despite the increased CapEx we kept our free cash flow guidance range.
		As I said, we are very pleased with the Dobson team’s performance this past year, especially as it related to customer satisfaction, profitable growth and creating value for our shareholders.
		The foundation we have laid over the past few years no only contributed to the results we achieved in 2006, but sets us up to deliver even stronger results in 2007 and beyond. We are very excited about the growth opportunities we have before us as 2007 gets under way.
		For 2007 we expect net adds of at least 90,000 subscribers. The progress we made in our sales and marketing areas is expected to continue in 2007, and TracFone selling our GSM products should begin having a noticeable impact in the second half of the year.
		Our programs to control and even reduce churn are ongoing, so we expect to see post paid churn remain below two percent. Seasonality should be consistent with prior years with net adds lower in the first quarter and then strengthening throughout the year.
		We expect total revenue to grow at least seven percent for the year compared with 2006. IN addition to the beneficial effect of strong subscriber net adds, we expect ARPU to stay strong with the continued growth of data services.

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		Meanwhile we expect roaming revenue will grow, but at a lower rate, due to the step down with AT&T and more moderate growth in MOUs. We expect to see continued EBITDA margin expansion, which along with the growth in revenue should generate EBITDA of at least $485 million for 2007. This is a 10.8 percent increase over 2006.
		We are continuing to add cell sites, and traffic continues to grow on our network, so costs of service will continue to rise; however, as we add more subscribers to our network we also expect to see improvements in productivity.
		Despite the increased network cost and greater absolute sales and marketing costs to support the higher gross add expectations; we expect more of our incremental revenue to flow to our bottom line.
		Finally, we are planning to spend approximately $155 million in capital expenditures in 2007. That includes adding approximately 300 new cell sites to our network. Additionally, that amount includes funding of our 3G market trial, but we do not expect to spend significant funds from 3G or from the AWS spectrum this year.
		The net of all these goals should produce at least $90 million of free cash flow in 2007. This represents more than a hundred percent increase from the 2006 level, which itself was a 72 percent increase over the prior year.
		Achieving these goals will require the entire Dobson team of employees to once again elevate its performance. They’ve demonstrated an exceptional level of hard work, accountability and creativity throughout 2006 and before closing I want to thank each of them. Their combined efforts generated significant value for our shareholders in 2006.

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		I know many of them also benefited directly as shareholders. Many Dobson employees have invested more than their valuable time, creativity and hard work in this company. I want to thank you for pulling together as a team and delivering such excellent results.
		Speaking to all of our investors, we appreciate your support. I want to assure you that we are just getting started and we will remain focused on shareholder value. A year from today, I fully expect to report to you stronger growth and even better results.
		Thank you very much, and I will now turn the call over to Bruce for additional comments.
Bruce Knooihuizen:		Thank you, Steve. I would like to provide some additional specifics on the fourth quarter including the impact on the acquisition of Highland Cellular. Starting at the top of our income statement, our fourth quarter total revenue $335.1 million was almost at the same level as the seasonally strong third quarter.
		Of our fourth quarter total revenues, $9.8 million is attributable to Highland Cellular. Apart from Highland, our local service revenue increased $7.4 million from the previous quarter. This growth is attributable to both strong net customer additions over the last two quarters and strengthening ARPU.
		Steven mentioned that we continued to grow data ARPU in the fourth quarter, which is key to the sequential and year-over-year growth in total ARPU. ARPU grew by 76 cents to $49.92 in the fourth quarter as compared with the third quarter. Data ARPU grew by 77 cents, bringing our monthly data ARPU for the quarter to $5.11 per customer.
		Meanwhile, voice ARPU remained steady as compared to the seasonally strong third quarter. We expect to continue to see growth in data ARPU, which should have a positive impact on

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		overall ARPU in 2007. Roaming revenue declined as expected from $87.4 million in the third quarter of 2006 to $70.1 million in the fourth quarter.
		Roaming traffic equaled 719 minutes of use in the fourth quarter and the yield was 9.7 cents. While the fourth quarter MOUs seasonally declined from the third quarter, they were 23.1 percent higher than the 584 million MOUs in the fourth quarter of 2005. On a normalized basis, without Highland, MOUs still grew 20 percent in the fourth quarter compared with the fourth quarter of 2005.
		As we look to 2007, there are many factors that could positively affect our roaming revenue. We expect that AT&T will continue to add wireless subscribers and that their subscribers will continue to increase their average usage. We expect that T-Mobile’s customers will also continue to increase their average usage as T-Mobile expands the base of their phones that work on their 850 MHz network.
		As Steve mentioned, we will continue to add cell sites and improve the overall network. Finally, we expect data roaming to continue to grow.
		Offsetting these positive influences, to some extent, is the decline in the out collect roaming yield related to the step down in January 2007 on the AT&T rates, which should be comparable to what we saw in January 2006.
		Now, I would like to provide additional color on operating expenses in the fourth quarter. Cost of service was $94.6 million for the fourth quarter 2006 compared with $88.8 million in the third quarter of 2006, an increase of $5.8 million. $1.9 million of the increase was due to higher in collect expense.

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		In collect expense was $24.2 million in the fourth quarter of 2006 compared with $22.3 million in the immediately previous quarter. Consistent with our comments on the last call, in collect MOUs per sub continued to grow in the fourth quarter, but at a slower rate than they had in 2005 and earlier in 2006.
		In 2005 our customers increased their off network usage five minutes on average from the third quarter to the fourth quarter. In contrast, in 2006 we saw only a two minute increase on average between those same quarters.
		The remainder in the increase of cost of service was network costs related to the inclusion in the fourth quarter of the Highland acquisition which was not in the third quarter results, and the additional cell site adds in the second half of the year.
		Selling and marketing expense was $43.9 million for the fourth quarter of 2006, up from $42.2 million in the immediately previous quarter, and $35.8 million in the fourth quarter 2005.
		The increase in post paid and prepaid gross adds more than accounted for the fourth quarter increase. From the third quarter of 2006 to the fourth, costs per gross add declined by $10 from $434 to $424. In the fourth quarter 2005, cost per gross add was $451.
		Handset subsidies continue to run at about the same levels we saw through the first three quarters of 2006. General and administrative expense for the fourth quarter 2006 was $49.4 million compared with $47.5 million in the third quarter.
		We have held G&A expense reasonably flat over the last few quarters. The sequential increase in the fourth quarter again is primarily due to the inclusion of the Highland acquisition and a slightly higher debt expense as compared to the third quarter; however, as we said in our press release, that debt is down substantially from the fourth quarter of 2005.

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		As Steve said, we were please with our full year 2006 EBITDA, and ending with fourth quarter EBITDA of $113.4 million. This was an 18.5 percent increase over EBITDA of $94.7 million in the fourth quarter of 2005. EBITDA margins in the fourth quarter also improved, decreasing by 130 basis points to 33.8 percent compared with the fourth quarter of 2005.
		Capital expenditures were $45.5 million in the fourth quarter of 2006, bringing full year total to $162 million. For the year, we spent $102.2 million in DCF and $59.8 million in (Amcell).
		The successes as we saw in our EBITDA growth and the control in capital expenditures were keys to our almost doubling free cash flow generated in 2006 versus the prior year. Again as Steve mentioned, we generated $34.4 million in free cash flow for the fourth quarter, raising our total 2006 free cash flow to $43.3 million.
		As noted in our guidance, we expect to more than double free cash flow in 2007 compared with 2006 levels. Again, for 2007 we expect at least $90 million in free cash flow. Please note that our 2007 free cash flow guidance includes interest and dividends this year of approximately $240 million, but does not include any anticipated refinancing.
		Finally, at December 31 2006, our balance sheet included a total of $126.5 million in cash, restricted investments and short term investments, $2.6 million in total debt and $135.7 million in preferred securities.
		Our year end 2000 debt, our year end 2006 debt and preferred stock outstanding increased from year end 2005 from $104.1 million in additional debt primarily reflective the expansion of our spectrum purchases in the A&WF spectrum as well as acquisitions.

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		In addition to the cash in our balance sheet we ended the year with 125 million in remaining availability on the American Cellular facility and 75 million at DCS. On a proforma basis adjusting for the acquisitions we made this year a December 31, 2006, net debt leverage ratio was 5.51 times. Including our series debt for first stock, our ratio was still below six times at 5.81 times.
		In terms of our long term growth strategy, Dobson ended 2006 with a strong balance sheet, sufficient liquidity of funded continued growth. As we stated in yesterday’s press release we are also pursuing plans for re-financing substantially all of American Cellular indebtedness in the near future from the proceeds of a new non-convertible indebtedness.
		We can’t comment much beyond this statement at this time except to point out as you might so much from the language that we are focused on some combination of new debt and bank facility financing at the American Cellular level.
		With that, I would now like to open this conference call to questions, thank you.
Operator:		At this time, gentlemen, the question and answer session will be conducted electronically. If you would like to ask a question, please do so by pressing the star key followed by the digit one on your touch tone telephone. If you are using a speakerphone, please be sure that your mute function is turned off to allow your signal to reach our equipment. We’ll proceed in the order that you signal us, and we’ll take as many as many questions as time permits. Once again, please press star one to signal for a question and we’ll pause for just a moment to assemble the queue.
		And we’ll take our first question from Jonathon Atkin of RBC Capital Markets, please go ahead.
Jonathon Atkin:		All right yes, good morning. Was wondering for the subscriber guidance, what roughly what portion of the 90,000 plus would be post paid versus re-seller or pre paids? You mentioned

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		the track phone seasonality but what if you could provide a little, a little bit more color on, about the post paid component of that.
Steven Dussek:		Thanks Jonathon, this is Steve. Yes, I will tell you that as we looked at into 2007 and look at our subscriber growth, we fully expect all of our, all three of our primary channels to continue growing. So both of the post paid and pre paid and in the re-seller channel we expect those to all three to grow.
		So, we have been very happy with the growth of our post paid and our pre paid and with the signing of the track phone agreement that end of, or during the fourth quarter of last year and the anticipated second half performance that we think they’ll generate, we would look at all of the channels as being continuing to grow.
		So in terms of the absolute numbers we’ll split them out, but I will tell you we fully expect all three channels to continue to grow.
Jonathon Atkin:		OK, and then also was wondering if you had any thoughts on the 700 megahertz auctions, competitive impacts or ramifications as well as on the device side plans for offering 3G capable handsets?
Steven Dussek:		Well on the competitive side of the 700 megahertz auctions as it pertains I’m sure the question is may be around the over billed potential. And certainly you would never say never, that wouldn’t occur.
		But we have, you know, some strong reasons to believe that it would be a difficult decision for someone to make, primarily because, you know, there is still a lot of, there is not certainty around, you know, the spectrum will be used, when it is going to be available, although I is looking more and more like, you know, they are talking about an August auction.

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		There is still the clearing aspect that has to be addressed. And then on top of that there is, the reality of rural markets is it is better economically to build 700 than 19 or, you know, the AWS spectrum. But, it is still, you know, it is still a challenge to do that.
		And I would tell you that from our relationship with AT&T and our situation that today a substantial portion of the traffic is going through our high traffic tiered rate structure. So we think it is a very difficult decision for them to make to, in the build versus buy decision, primarily because today they are getting some pretty attractive rates in the rates structure.
		So we look at why we would never say no, we think there is a very compelling reason to continue to buy versus build a. And we also think, you know, our track record and our ability through our relationship with Cingular, now AT&T, has been that we have proven that we have been able to negotiate, you know win-win types of agreements.
		So while it certainly is a potential threat, we view it as, you know, something that is a very difficult decision for them, because there is a very attractive economic plan to continue to buy that service. So the other side of that is, if you look down the road, from our perspective that is a, probably a 1009, mid 2009 potential impact, if there is one.
		From the time that is gets, you know, awarded and then cleared and then built, you know, it is down the road a ways. Again, we think that the nature of our relationship with Cingular, our track record with them and the attractive, you know, economics that are there today provide a pretty compelling reason for someone in their shoes to make the buy versus build decision.
Jonathon Atkin:		Thank you and then on the devices?
Steven Dussek:		Can you repeat the question?

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Jonathon Atkin:		Yes, plans for selling 3G phones, even though you may not have it in your infrastructure for purposes of roaming out of our foot print. Would you be selling some of the same HSPA phones that Cingular is offering?
Bruce Knooihuizen:		In terms of the 3G, as we have announced before, we are going to do a test in one of our markets this year. And as part of that test, we will look at a lot of the different devices as well. And that will play a big part into ultimately how soon and how thoroughly we want to include those devices. And certainly if there looks like there is some opportunity we will include that as part of our process. But I think that is a decision we will make later this year as we do our trial.
Jonathon Atkin:		OK, thank you very much.
Operator:		And we will take our next question from Rick Prentiss from Raymond James. Please go ahead.
Richard Prentiss:		Yes, god morning guys.
Bruce Knooihuizen:		Good morning.
Richard Prentiss:		Nice end to ’06 there and I’m glad to see the guidance with at least the moniker with it; brings back some memories there.
		First question for you is on the net add side. Steve, I think you said that you’re going to see, you expect to see very few TDMA customers by year end ’07, so does that mean that the 90,000 net add guidance already assumes any kind of flush out or any kind of, like, cleanup of that last remaining vestige of TDMA kind of baked into it already?

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Steven Dussek:		Well again, Rick, as we migrate customers over from TDMA to GSM, those do not get included in our net add count. That’s part of our subscriber base, and so I don’t know if that’s what you’re thinking about.
Richard Prentiss:		Well if you’ve got about, let’s call it 100,000, TDMA post paid customers, which ballpark I think probably is close, if as you get to the end of ’07 that number is much closer to say zero, or very small, that implies that you’ve moved them over and that you’ve either done enough gross adds to more than make up for people that did not migrate over that left the company, so just kind of a way of saying you expect to be very little TDMA year end, and yet still have net adds of 90,000, so I think...
Male:		Absolutely. That’s right.
Richard Prentiss:		OK, I just wanted to make sure, because we were wondering, you know, Cingular started charging that $5 extra to TDMA customers to try to force people off by that February ’08 time frame, just so your 90,000 is saying, yes, we expect to be very little TDMA and still do 90,000 net.
Male:		Yes, that’s a net add number inclusive of all that activity.
Richard Prentiss:		OK. The second question is on the HSDPA and the 3G stuff. I know you said you’re going to just trial it in one market. Can you give us a little insight on what you think the cost is to kind of build, or over build, with HSDPA in that one market, and do you think the pressure from Cingular, given the 700 auctions, might be an ’08 capital spend to put in HSDPA, or is that maybe an ’09 event?
Bruce Knooihuizen:		On terms of the cost, you know, as we continue to move forward, those costs keep coming down. Our trial is not a significant cost to us, that we’re doing this year from a market

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		demand, in terms of AT&T going forward. Yes, I think we would expect that there might be some ((inaudible)) on our part in 2008.
		And again we would expect, as we said, and as we saw with our TDMA and GSM conversions, that you stop spending some money on one technology as you increase spending on the other technology, and that should help mitigate some of the costs associated with putting in a new technology.
Male:		And the other part of that, Rick, too is that the TDMA to GSM was the ubiquitous overlay, and this what we believe, has the ability to be more of an incremental, opportunistically driven investment, as opposed to a, you know, a must do across the board.
Richard Prentiss:		Right, so just a portion of your cost, maybe half or something like that, would at most probably get the overbuild to the 3G.
Male:		That yet remains to be seen.
Richard Prentiss:		OK, then a final question, Bruce, I know you can’t talk a lot on the refinancing, although we’ve been waiting for this to occur, glad to see you getting out there pretty soon it sounds like. Any thoughts on what the rates that you’re looking at might be, or what kind of leverage we should expect Dobson’s target to be, like in year end ’07, year end ’08? Kind of where do you see leverage headed?
Bruce Knooihuizen:		Well again, we’re focused on reducing leverage, which comes primarily through, right now, through the growth in our EBITDA. In terms of anticipated rates, you know, you’re guess right now is as good as mine. You can look at the marketplace. We really can’t comment beyond that though.

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Richard Prentiss:		At least the rates have been still pretty stable for you with the yield curves out there. Great, well good luck with that guys.
Bruce Knooihuizen:		Thank you.
Operator:		And we will take our next question from Phil Cusick of Bear Stearns.
Phil Cusick:		Hi guys, good morning.
Steven Dussek:		Good morning, Phil.
Phil Cusick:		I wonder if you could help us walk through, one, what the roaming rates should do in the first quarter from the fourth. And then second, as the new properties come on, I know you are building out Texas and Alaska, what should those to do costs and revenue as we walk through the year, thanks.
Bruce Knooihuizen:		Well you should see in the overall yield stamp point, you should see a similar decline in the first quarter of this year to what we saw last year because we have similar kinds of declines in our rate structures. Last year, it was in the mid single digit decline from the fourth quarter to the first quarter.
Phil Cusick:		OK, and then what is the timing do you expect for Texas and Alaska, either roaming traffic or actual subs coming on?
Bruce Knooihuizen:		I am sorry, what was that?
Phil Cusick:		The recently acquired properties in Texas and Alaska...

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Bruce Knooihuizen:		Yes.
Phil Cusick:		...when should roaming traffic be coming on from those? I believe we have seen some costs going into them already. When should they start seeing revenue?
Bruce Knooihuizen:		No, you should start seeing roaming from that as well. We have built those markets out and so we are starting to see that already.
Phil Cusick:		Maybe just a quick one, also the data ramp seems like it is really going strong. Can you give us an idea of what people are taking there? It seems like the trajectory is very quick. Do you think it could rise by another couple of bucks in ’07?
Steven Dussek:		In terms of what people take, we have got, you know, our data packages that are, you know, the $10 and the $10 packages and $25 packages. You know, the other part, which is about 35 to 40 percent of our gross adds are taking a package.
		So the other piece of our data improvement has been that we began charging for the SMS mobile terminated as others have in the industry. So we began that in the fourth quarter and that helped on the trajectory, but we continue to see that moving upwards.
		And we, where we are relative to the rest of the industry, we believe there is still, you know, solid trajectory as we move forward. So, you know, whether it’s, what the dollar amount is, we won’t comment, but we feel that data ARPU will continue to grow.
		And it has been a pretty consistent ramp, you know sequentially quarter-over-quarter. So, you know, w stayed strongly focused on that and expect that that will continue to rise.

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Phil Cusick:		Is the traffic still mostly text-based? I know you launched Blackberrys at some point late in the year as well. Is that helping?
Steven Dussek:		We have had Blackberrys for awhile Phil. But the Blackberrys have helped and, you know, text certainly is a large part of that, ring tones and launching ring back tones and things of that nature. So we have other services that we think will help drive, you know, additional growth in that ARPU.
Phil Cusick:		OK, guys thanks.
Steven Dussek:		You are welcome.
Operator:		And our next question comes from Jonathan Schildkraut of Jefferies & Co.
Jonathan Schildkraut:		Good morning, thank you for taking the questions. A couple, first, could you tell us what the GSM transitions were in the fourth quarter, and then maybe provide a little outlook for us for 2007?
		And also could you talk about the integration efforts with Highland? You know, what systems are you targeting for integration? Were there any integration costs in the fourth quarter. And do you have any integration costs embedded in either your operating...
		Arguing for integration. Were there any integration costs in the fourth quarter, and do you have any integration costs embedded in either your operating guidance costs for 2007 or your CapEx costs for 2007?
Steven Dussek:		The, I’m sorry, the GSM transitions...