KIRKLAND, Wash.-Nextel Partners Inc. reported strong third-quarter 2003 financial results, reflecting improved revenues and subscriber additions and narrowed losses.
The company said its total revenues were $280,914, up substantially from the $180,690 reported for last year’s third quarter. Adjusted earnings before interest, taxes, depreciation and amortization were $55,772, up from $7,865 last year. Net loss was $21,979, or 9 cents per share, an improvement from a loss of $64,873, or 27 cents per share, last year. The company said it expects to become free cash flow positive in the first quarter of 2004.
Nextel Partners added 91,100 subscribers during the quarter, bringing its subscriber base to more than 1.14 million. Average revenue per user increased to $70 from $66 last quarter, and average monthly churn was 1.5 percent, which the company said was a record low.
Nextel Partners’ stock surpassed its 52-week high of $9.85 to trade as high as $10.55 per share following the earnings release.
