Nextel U.S. loss widens
Preliminary results show wireless communications firm's domestic revenue rose.
February 21, 2002: 7:56 a.m. ET
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NEW YORK (CNN/Money) - Nextel Communications Inc. reported losses from its domestic operations Thursday nearly doubled year-earlier results despite increased revenue as the wireless communications company reported partial fourth-quarter results.
The company said it will not release full financial results until its consolidated subsidiary, NII Holdings Inc., determines the size of the restructuring charges, expected to be between $1 billion and $2 billion for all of last year on a pre-tax basis. Instead, Nextel released only its domestic financial results Thursday. NII said Feb. 16 that it was considering a possible bankruptcy filing. Nextel said full results will be available in its 10K filing with the Securities and Exchange Commission, which is due by April 1.
Nextel said it posted a net loss of $188 million attributed to common shareholders in the quarter, up from a $96 million net loss on the same basis in the year-earlier period. But its domestic earnings before interest, taxes, depreciation and amortization (ebitda) rose to $539 million from $418 million a year earlier. Domestic revenue climbed to a record $1.9 billion from $1.5 billion a year earlier.
Comparisons with forecasts of analysts surveyed by earnings tracker First Call are not possible given the partial nature of the results, but the company said the fourth-quarter figures were at the high end of its guidance for the period.
Nextel said it ended the year with 8.7 million domestic subscribers, up 500,900 for the quarter and almost 2 million for the year. It expects to reach 10.7 million domestic subscribers in 2002.
Nextel shares gained 83 cents, or 23 percent, to $4.38 Wednesday. 
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