Subject: [NEXTEL-1] TELUS Corporation Reports- Mike(iDEN)and PCS Now Covers Over 25,000,000 POP'sTELUS Corporation Reports- Mike( iDEN) and PCS Now Covers Over 25,000,000 POP's

From: Marcel <[email-masked]>
Date: Tue, 18 Feb 2003 02:31:38 -0500

TELUS Reports Fourth Quarter Results

TELUS Corporation Reports- Mike ( iDEN) and PCS Now Covers Over 25,000,000 POP's

FIRST AND FINAL ADD - TO088 -
TELUS Corporation

2003-02-14 08:03 EST - News Release

VANCOUVER, Feb. 14 /PRNewswire-FirstCall/ -- TELUS Corporation (TSX: T and T.A / NYSE: TU)
today reported for the
fourth quarter of 2002 strong wireless performance at TELUS Mobility and continued cost
structure improvements from the
implementation of the Operational Efficiency Program (OEP) at TELUS Communications.

Darren Entwistle, president and CEO, commented "2002 has been a year of tremendous
challenges for the telecom
industry generally and TELUS specifically. It was also a year of tremendous accomplishment
at TELUS as reflected in our
annual results, which demonstrate continued strong financial and operational performance
at TELUS Mobility and
accelerated progress in the efficiency program at TELUS Communications. TELUS Mobility's
operating earnings (EBITDA)
growth of 133% in the quarter and 50% for the year is particularly satisfying and reflects
our disciplined approach of
focusing on profitable subscriber growth as evidenced by our ARPU of $56 in the fourth
quarter. Significant progress on the
operational efficiency program was evident in the quarter with the reduction of 2,500
positions and 5,200 positions for the
year, resulting in above plan savings of $150 million in 2002. Of particular note was our
consolidated operating earnings of
over $2.52 billion hitting the top end of the target range we set over a year ago. This is
a rare accomplishment in the global
telecom industry during 2002 and bodes well for achieving our 2003 financial targets set
last December."

Robert McFarlane, executive vice president and CFO, stated "in 2002 TELUS executed to
offset large negative regulatory
impacts by significantly improving operating profit margins before such impacts as well as
lowering capital intensity. The
result was a dramatic improvement in free cash flow in excess of $1 billion as compared to
2001 and a meaningful
reduction in debt leverage as reflected by the debt to EBITDA ratio being lowered to 3.3
times by December 2002. With
fourth quarter 2002 EBITDA growth of 8% as reported and 20% before regulatory impacts,
TELUS is setting the stage for
accelerated growth in earnings and cash flow generation in 2003."

Read More-
http://new.stockwatch.com/newsit/newsit_newsit.pasp?bid=U-pTO088-TU-20030214&news_region=U&symbol=TU

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