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Sprint Nextel Reports Second Quarter 2010 Results
Grew total wireless subscribers by 111,000 with best ever postpaid churn
Delivered positive net postpaid subscriber growth on the CDMA network and for the Sprint brand; best ever year-over-year
improvement in net postpaid subscriber results
Achieved tenth consecutive quarter of improvement in Customer Care Satisfaction and First Call Resolution; recognized by American Customer Satisfaction Index as most improved company in customer satisfaction, across all industries, in the last two years
Generated consolidated Adjusted OIBDA* of $1.5 billion in the quarter; maintained strong liquidity with a
cash and cash equivalents balance of $4.3 billion after retiring all 2010 note maturities; year-to-date Free Cash Flow* of $1.2 billion
The company's second quarter earnings conference call will be held at 8 a.m. EDT today.Participants may dial 800-938-1120 in the U.S. or Canada (706-634-7849 internationally) and provide the following ID: 84971063, or may listen via the Internet at
www.sprint.com/investor.
OVERLAND PARK, Kan., Jul 28, 2010 (BUSINESS WIRE) --
Sprint Nextel Corp. (NYSE: S) today reported that during the second quarter of 2010, the company achieved its first total net wireless subscriber growth in three years and its best postpaid churn result ever.
Sprint announced second quarter consolidated net operating revenues of approximately $8.0 billion, a net loss of $760 million and a diluted loss per share of 25 cents, which includes a non-cash $302 million (10-cent-per-share charge) increase in valuation allowance on deferred tax assets resulting from net operating loss carryforwards generated during the second quarter, for a pro forma diluted loss per share of 15 cents. The company generated $709 million of Free Cash Flow* in the quarter, and maintained a strong liquidity position with approximately $4.3 billion in cash and cash equivalents at the end of the quarter after retiring all 2010 note maturities of $750 million in the quarter.
"Our intense focus for the past ten quarters on improving the customer experience, strengthening our brands, and generating cash are paying off," said Dan Hesse, Sprint Nextel CEO. "With strong cash flow, stable OIBDA and widespread third-party recognition for the improvements we're making in the customer experience, which in turn strengthens our brands, we feel we can confidently improve our subscriber forecasts for the second half of 2010 and deliver positive total net wireless subscriber additions for the remainder of the year."
Evidence of the company's momentum in customer satisfaction has come from a variety of sources. With accolades from American Customer Satisfaction Index, Gartner, Forrester, and Frost & Sullivan, Sprint's significant improvements in customer service are being recognized.
Sprint gained a total of approximately 111,000 net subscribers in the quarter. Demand for smartphones like
HTC EVO(TM) 4G and BlackBerry(R) Curve(TM) - combined with Sprint's best ever postpaid churn of 1.85 percent - led to positive net postpaid subscriber growth of 136,000 on the CDMA network and 285,000 for the Sprint brand, and best ever year-over-year quarterly net postpaid subscriber loss improvement of 763,000. The company achieved its best year-over-year quarterly improvement in postpaid gross subscriber additions in more than five years.