Subject: [NEXTEL-1] NII Holdings, out of bankruptcy, swings to profit

From: Marcel <[email-masked]>
Date: Wed, 12 Feb 2003 14:16:16 -0500

http://biz.yahoo.com/rc/030212/telecoms_niiholdings_earns_1.html
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Reuters

NII Holdings, out of bankruptcy, swings to profit
Wednesday February 12, 12:37 pm ET

RESTON, Va., Feb 12 (Reuters) - NII Holdings Inc.
(OTC BB:NIHD.OB - News), which operates wireless networks in Latin America,
said on Wednesday it swung to a profit on lower costs,
following its emergence from Chapter 11 bankruptcy protection
in November.

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The former international unit of the fifth-largest U.S.
wireless telephone company Nextel Communications Inc. (NasdaqNM:NXTL - News)
posted fourth-quarter net income of $4.2 million versus a loss
of $1.6 million a year ago.
Revenue for the period rose to $208 million from $189
million.
Shares of NII Holdings, which trades on the
over-the-counter bulletin board, rose $1.20, or 7 percent to
$18.05 in early afternoon trading.
NII Holdings filed for Chapter 11 bankruptcy protection
last May under a prearranged restructuring plan that stripped
Nextel Communications of its majority stake.
The company reduced its long-term debt to $430 million from
$2.8 billion and became an independent publicly traded company
when it emerged from bankruptcy.
The Reston, Virginia-based company said its operating cash
flow or EBITDA (earnings before interest, taxes, depreciation
and amortization) for the quarter was about $66 million
compared with $1 million a year ago.
EBITDA excludes capital spending and is a key measure in
the wireless industry, where capital expenditures tend to run
high and most companies are still in their growth stages.
"While cash conservation continues to be an imperative for
our company, our management teams continue to focus on
achieving profitable growth and free cash flow generation in
all of our operating companies," Byron Siliezar, chief
financial officer of NII Holdings, said in a news release.
NII Holdings has operations in Argentina, Brazil, Chile,
Mexico and Peru.

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