Sprint PCS Lowers Subscriber Targets

 
 
By Matt Carolan  |  Posted 2002-02-04 Print this article Print
 
 
 
 
 
 
 

As expected, Sprint PCS on Monday lowered its subscriber targets for 2002. The nation¡¯s fourth-largest digital wireless network operator also just missed analysts estimates for losses in its fiscal fourth quarter 2001

As expected, Sprint PCS on Monday lowered its subscriber targets for 2002. The nations fourth-largest digital wireless network operator also just missed analysts estimates for losses in its fiscal fourth quarter 2001. Sprints wireless division reported a pro forma loss of 32 cents per share, with a net loss of $328 million, on revenue of $2.76 billion. Revenue was up 42 percent compared to the $1.93 billion in the fourth quarter of fiscal 2000. Total 2001 revenues rose 53 percent year over year, to $9.73 billion, up from $6.34 billion in 2000.
These PCS Group financials were derived by removing a one-time restructuring expense of $10 million, primarily affecting Sprint companion FON group. These expenses are considered normal business expenses under generally accepted accounting principles.
Analysts surveyed by Thomson Financial/First Call were expecting a loss of 31 cents per share on revenue of $2.8 billion this quarter. Sprint PCS added 1.5 million new customers in the fourth quarter. Of these, 381,000 were the result of acquisitions. All told Sprint PCS added 5 million customers for the year. During the fourth quarter Sprint formed a few new alliances aimed at the enterprise. One related offering was Sprints PCS Business Connection Personal Edition, which allows access to corporate e-mail, calendar and contacts on the Sprint network.
 
 
 
 
 
 
 
 
 
 
 

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