RESTON, Va.-NII Holdings, which operates mobile services in Latin America, reported consolidated net income of $9 million in the first quarter compared with a net loss of $155 million in the first quarter of 2002. Consolidated operating revenues were $203 million, a 4-percent increase over the $195 million reported during the first quarter of 2002.
At the end of March, NII Holdings said it had about 1.29 million subscribers and consolidated cash balances of more than $293 million, including $8 million of restricted cash.
NII declared bankruptcy last year, and as part of its reorganization, its creditors participated in a November rights offering that gave them a certain number of stock shares, depending on how much the bankrupt company owed them. NII Holdings is now owned by Nextel Communications (36 percent), MacKay Shields (22 percent), Merrill Lynch (13 percent) and other shareholders that make up the remaining 29 percent.
During the fourth quarter of 2002, NII Holdings sold its operation in the Philippines for $36.9 million and now only operates in Latin America. Its largest operation is based in Mexico, with 552,800 customers. The Mexican operator reported $50 million in first quarter earnings before interest taxes, depreciation and amortization and $34 million of operating income, strong improvements over 2002 EBITDA of $27 million and operating income of $16 million.
The operator also has Brazilian, Argentine, Peruvian and Chilean operations.
