Subject: [NEXTEL-1] Nextel Plans to Reduce Capital Spending as Much as 44% in 2004

From: Marcel <[email-masked]>
Date: Tue, 25 Feb 2003 13:35:00 -0500

02/24 17:18
Nextel Plans to Reduce Capital Spending as Much as 44% in 2004
By Tom Giles

New York, Feb. 24
(Bloomberg) -- Nextel
Communications Inc.,
the No. 5 U.S.
mobile-telephone
company by number
of customers, will
reduce capital
spending in 2004 by as much as 44 percent because its network is operating
more efficiently.

Nextel will cut spending to $1 billion to $1.2 billion from less than $1.8 billion this
year, Chief Executive Tim Donahue said at a Merrill Lynch & Co. conference in
New York. Nextel is installing equipment that lets its network handle more calls,
he said.

``We're increasing the capacity and quality'' of the network without having to
spend more, Donahue said. The company spent $1.86 billion in 2002. The
percentage decline for 2004 is calculated using a figure of $1.8 billion for 2002.

Donahue cut spending by 38 percent in the past two years, helping the Reston,
Virginia-based company record its first annual profit last year. Nextel reduced
debt by $3.2 billion in 2002 as customer growth slowed.

Nextel is the only nationwide U.S. seller of mobile phones that double as
walkie-talkies, targeting users such as construction crews.

Shares of Nextel rose 2 cents to $13.38 at 4 p.m. New York time in Nasdaq
Stock Market trading. Its shares have almost tripled in the past year.

http://quote.bloomberg.com/fgcgi.cgi?T=marketsquote99_relnews.ht&s=APlqaRBReTmV4dGVs

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