Subject: [NEXTEL-1] Nextel Commun Cut Bad Debt To $56 Mln From $93M In 1Q

From: [email-masked]
Date: Fri, 16 May 2003 19:31:23 -0400

Nextel Commun Cut Bad Debt To $56 Mln From $93M In 1Q

DOW JONES NEWSWIRES

WASHINGTON -- Nextel Communications Inc. (NXTL) said it
decreased its bad debt expense to $56 million from $93 million in the
first quarter.

The $56 million total represents roughly 2.4% of first-quarter operating
revenue, the company said in its quarterly report filed Wednesday with
the Securities and Exchange Commission.

Nextel said that the decrease in both bad debt expense and bad debt
expense as a percentage of operating revenue reflects the results of
system and strategic initiatives instituted in the past 12 months.

During the first quarter, the digital wireless service provider retired
$568 million in outstanding debt and mandatory redeemable preferred
stock in exchange for about $570 million in cash.

Over the last year, Nextel has retired $3.8 billion of debt and
mandatorily redeemable preferred stock, which will allow it to avoid
about $6.3 billion in future principal, interest and dividend payments
over the life of these securities.

As of March 31, the company had total liquidity of about $3.6 billion
available to fund its operations, including $2.3 billion of cash, cash
equivalents and short-term investments and about $1.3 billion available
under its revolving loan in its bank credit facility.

-By Chad Clinton, Dow Jones Newswires; 202-628-9798;
[email-masked]

Updated May 16, 2003 11:37 a.m.

http://online.wsj.com/article_email/0,,BT_CO_20030516_003435,00.html?

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