Subject: [NEXTEL-1] Nextel Partners says exceeded forecasts for 2002

From: Marcel <[email-masked]>
Date: Thu, 13 Feb 2003 20:12:25 -0500

http://biz.yahoo.com/rc/030213/telecoms_nextelpartners_outlook_1.html

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Reuters

Nextel Partners says exceeded forecasts for 2002
Thursday February 13, 3:21 pm ET

PHILADELPHIA, Feb 13 (Reuters) - Wireless telephone company
Nextel Partners Inc. (NasdaqNM:NXTP - News) said on Thursday it generated
positive cash flow in 2002 as it added more subscribers than
expected, and expanded its network for less money than
planned.

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The company, an affiliate of Nextel Communications Inc
(NasdaqNM:NXTL - News), reiterated it had positive EBITDA (earnings before
interest, taxes, depreciation and amortization), a measure of
cash flow, for the full year of 2002. The company is expected
to release fourth-quarter results on Feb. 26.
"What we're finding is that we're building more (wireless)
sites more efficiently and for less dollars," Nextel Partners'
Chief Executive John Chapple said at the Legg Mason
telecommunications conference in New York.
Since Nextel Partners used its cash more efficiently than
expected, Chapple said the company's 2002 capital spending
"number sees bit of an adjustment, too." He did not elaborate.
Nextel Partners previously said added 93,100 new customers
in the fourth quarter bringing its total new additions for the
year to 361,900, up 70 percent from last year's customer base.
The company continued to see strong growth in 2002, despite
the weak economy environment and an industry-wide slowdown in
subscriber growth, due to the popularity of Direct Connect, a
feature similar to a walkie-talkie that is especially popular
among technicians and construction crews.
Chapple said the company is not at risk of violating any
financing covenant or requirements. Nextel Partners still has
full access to a $100 million revolving credit facility, he
said.
At the end of September, 2002, Nextel Partners had cash and
investments of $235 million and $1.4 billion in long-term
debt.
Based in Kirkland, WA, Nextel Partners was formed in 1998
to extend the Nextel Communications network into mid-sized and
smaller U.S. cities.
"My humble advice to you is to go out and buy our stock,"
Chapple said. "Be like Bill Gates (News)."
In December, Microsoft Corp. (NasdaqNM:MSFT - News) Chairman Bill Gates
raised his stake in Nextel Partners to more than 5 percent.
Shares of Nextel Partners shed 29 cents, or 6 percent, to
$4.56 in afternoon trading on Nasdaq.

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