Nextel Reports 2003 Income of $1.5 Billion

The revenue figures for the year represented a 24 percent increase compared to 2002, the company said in a statement. In addition, it had free cash flow for the year of $1.3 billion, compared to $122 million for the previous year.

The company claimed it added 2.3 million subscribers, an increase of 21 percent over the previous year. It had almost 13 million subscribers by the end of the year, the company said. Customer churn, or the rate at which customers leave one operator and migrate to another, was 1.6 percent for the year, significantly lower than most of its competition.

The company also reported significant debt restructuring, retiring $7.8 billion in debt and issuing $4.7 billion in new debt at lower interest rates.

Nextel said it expected earnings to be at least $2 a share for 2004, compared to $1.41 in 2003 and it said it predicted it would 1.8 million new customers. It also predicted free cash flow of $1.6 billion for 2004.

This story courtesy of TechWeb.