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Strategies & Market Trends : Moufassa's Lair -- Ignore unavailable to you. Want to Upgrade?

To: moufassa7 who wrote (4438)	2/5/2002 1:10:51 PM
From: Trumptown	Respond to of 13660

Business Editors/Hi-Tech Writers RESTON, Va.--(BUSINESS WIRE)--Feb. 5, 2002--Nextel Communications, Inc. (NASDAQ:NXTL) today pre-announced key domestic metrics for its fourth quarter 2001. Fourth quarter subscriber additions were 501,000, at the high end of previous full year guidance, and domestic operating cash flow was approximately $540 million, in-line with previous full year guidance of $1.9 billion. "Nextel delivered on our 2001 targets. Strong demand for our differentiated service continues to drive greater market share for Nextel," said Tim Donahue, Nextel's president and CEO. "During 2002 Nextel intends to build on the momentum of our Nextel Direct Connect(R) and packet data services while balancing high quality new customers with enhanced customer profitability." "Nextel is making significant strides in forming new operational partnerships toward our goal of reducing $1-$2 billion in future costs over the next few years and to improve customer satisfaction in order to continue to attract the highest value customers among the nationwide wireless carriers." "During 2002, we expect domestic operations to continue on this strong momentum by adding approximately 2 million new subscribers and generating approximately $2.5 billion in EBITDA (earnings before interest, taxes, depreciation and amortization)," Mr. Donahue continued. "Domestic capital expenditures during 2001 were approximately $2.5 billion, in-line with expectations and we are targeting lower capital spending in 2002." As stated in recent filings with the SEC on Form 8-K, NII Holdings, Inc., a substantially wholly-owned indirect subsidiary of Nextel Communications, is currently engaged in discussions with its creditors regarding the restructuring of its debt obligations. All NII Holdings debt obligations are non-recourse to Nextel Communications, Inc. "Nextel Communications is currently fully funded for our domestic business plan and we are in full compliance with all debt and bank covenants," said Paul Saleh, Nextel's CFO. "In addition, we anticipate full compliance with all domestic covenants for the foreseeable future." Nextel will announce fourth quarter and full year 2001 results later this month and host a conference call to discuss 2001 results and the 2002 outlook for financial and operating performance. In addition, Nextel expects to discuss progress in new initiatives and operational partnerships aimed at reducing costs while enhancing the customer experience.