Metro One Telecommunications (WOWI) 8-K Financial statements and exhibits

Exhibit 99.1

CONTACTS:	Metro One Telecommunications, Inc.
	Dale Wahl, Chief Financial Officer
	Duane Fromhart, Vice President, Finance
	(503) 643-9500
	Financial Dynamics
	Jim Byers (investors)
	(415) 439-4504
	Chris Toth (financial media)
	(415) 439-4503
	OnPR
	Gretchen Schaffer (media)
FOR IMMEDIATE RELEASE	(503) 635-5603

METRO ONE REPORTS THIRD QUARTER 2003 RESULTS

PORTLAND, Oregon – October 24, 2003 – Metro One Telecommunications, Inc. (Nasdaq: MTON), the leading provider of Enhanced Directory Assistance^® and otherenhanced telecom services, today reported financial results for the third quarter ended September 30, 2003.

Revenue for the third quarter of 2003 was $45,516,000, compared to $66,172,000 in the preceding year’s third quarter.  Net loss for the third quarter was $10,653,000, or a loss of $0.43 per share, compared to net income of $7,389,000, or $0.30 per share, in the preceding year’s third quarter.  During the third quarter of 2003, Metro One incurred approximately $14.5 million in advertising expenses to continue the launch of its premium Infone^â service.

Revenue for the nine months ended September 30, 2003 was $155,886,000, compared to revenue of $195,789,000 in the first nine months of 2002.  Net loss for the first nine months of 2003 was $15,723,000, or a loss of $0.64 per share, compared to net income of $20,292,000 or $0.81 per share, in the first nine months of 2002.

“We continue to work at building the success of Infone, which now has surpassed 35,000 registered users.  Regarding the announcement today of the discontinuance of the EDA service for AT&T Wireless (NYSE: AWE), we also intend to work vigorously at adding to our wholesale business as well as pursuing additional business opportunities,” commented Timothy A. Timmins, Metro One’s president and chief executive.  “We are confident in our ability to meet the challenges facing us.”

Metro One will host a webcast conference call on Friday, October 24, 2003 at 10:00 a.m. Pacific Daylight Time to review third quarter 2003 results, as well as discuss its operations and outlook for the future.  To access the webcast, go to Metro One’s website at www.metro1.com.  An archived webcast replay of the call will also be available at that website.

Metro One Telecommunications, Inc. is the leading developer and provider of Enhanced Directory Assistance and other enhanced telecom services. The Company operates a network of call centers located strategically throughout the U.S. Metro One handled approximately 544 million requests for information in 2002. In May 2003, the Company launched Infone, a premium personal assistant telephone service, for which consumers can sign up by visiting www.infone.com or by calling 888-411-1111. Infone^® is a registered trademark of Metro One Telecommunications, Inc. Metro One has been included in Fortune’s comprehensive annual list of America’s 100 Fastest-Growing Companies for the past four years and Forbes’ annual list of the 200 Best Small Companies in America for the past three years. For more information, visit the Metro One Telecommunications website at www.metro1.com.

This press release contains forward-looking statements that are made pursuant to the safe harbor provisions of The Private Securities Litigation Reform Act of 1995.  The forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements, including, but not limited to, factors detailed in the Company’s Securities and Exchange Commission filings.  The forward-looking statements should be considered in light of these risks and uncertainties.

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METRO ONE TELECOMMUNICATIONS, INC

Statements of Operations

(Dollars in thousands, except per share data)

	Three Months Ended					Nine Months Ended
	9/30/2003			9/30/2002		9/30/2003			9/30/2002
Revenues	$	45,516		$	66,172	$	155,886		$	195,789
Costs and expenses:
Direct operating	27,268			37,133		89,762			109,901
Selling, general and administrative	34,631			17,134		90,659			53,624
	61,899			54,267		180,421			163,525
(Loss) income from operations	(16,383		)	11,905		(24,535		)	32,264
Other income	134			210		533			671
Interest and loan fees	—			—		—			(10		)
	134			210		533			661
(Loss) income before income taxes	(16,249		)	12,115		(24,002		)	32,925
Income tax (benefit) expense	(5,596		)	4,726		(8,279		)	12,633
Net (loss) income	$	(10,653	)	$	7,389	$	(15,723	)	$	20,292
(Loss) income per common share:
Basic	$	(0.43	)	$	0.30	$	(0.64	)	$	0.83
Diluted	$	(0.43	)	$	0.30	$	(0.64	)	$	0.81
Shares used in per share calculation:
Basic	24,698			24,588		24,696			24,544
Diluted	24,698			24,987		24,696			25,112

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METRO ONE TELECOMMUNICATIONS, INC

Balance Sheets

(Dollars in thousands)

	9/30/2003		12/31/2002
Cash and cash equivalents	$	53,906	$	76,528
Restricted cash	4,900		3,348
Accounts receivable	24,654		31,321
Prepaid costs and other current assets	20,518		6,498
Total current assets	103,978		117,695
Furniture, fixtures and equipment, net	66,626		71,668
Goodwill	4,432		4,432
Intangible assets	5,113		4,316
Other assets	585		578
Total assets	$	180,734	$	198,689
Accounts payable	$	1,380	$	1,366
Accrued liabilities	3,054		1,054
Accrued payroll and related costs	10,422		11,570
Total current liabilities	14,856		13,990
Other long-term liabilities	6,151		9,310
Total liabilities	21,007		23,300
Common Stock	119,486		119,425
Retained earnings	40,241		55,964
Shareholders’ equity	159,727		175,389
Total liabilities and shareholders’ equity	$	180,734	$	198,689

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