Subject: [NEXTEL-1] MetroPCS postpones IPO

From: [email-masked]
Date: Thu, 29 Jul 2004 13:14:26 -0400

MetroPCS postpones IPO
By Dan Meyer
July 29 13:11:00, 2004

Citing a pending review of previously filed financial statements,
MetroPCS Inc. said it is postponing its initial public offering, which
was expected to raise approximately $500 million for the regional
wireless operator, originally scheduled for this week. The carrier filed
an IPO registration statement with the Securities and Exchange
Commission in March that included plans to offer 24 million shares of
common stock for between $20 and $22 each.

“Management is postponing [the initial public] offering pending their
review of certain accounting issues that came to their attention today,
relating to the company's previously disclosed financial statements,”
MetroPCS said in a statement.
The carrier has not announced a new date for the IPO.

MetroPCS’ first-quarter financial results showed it served more than 1.1
million subscribers in its four markets of Miami, Atlanta, San Francisco
and Sacramento, Calif. It posted $6.1 million in net income during the
first three months of this year compared with a loss of $4.3 million
during the first quarter of 2003.

MetroPCS is not new to financial uncertainty. In its previous
incarnation as General Wireless Inc., it was one of the first companies
to file for bankruptcy protection following the Federal Communications
Commission’s PCS license auctions in 1996. Some industry sources have
also expressed concern that the carrier has been holding back on network
capacity and coverage upgrades in an attempt to boost its financial
performance ahead of the IPO.

http://rcrnews.com/cgi-bin/news.pl?newsId=19026

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