* Free Cash Flow* of $666 million in the fourth quarter and $2.8 billion for 2009; highest annual Free Cash Flow* in Sprint Nextel history
* Eight consecutive quarters of improvement in Customer Care Satisfaction and First Call Resolution
* Invested more than $1.1 billion of additional funding in Clearwire; extended 4G leadership into 27 markets
* Completed acquisitions of Virgin Mobile USA, Inc. and iPCS, Inc.
The company's fourth quarter earnings conference call will be held at 8 a.m. EST today.Participants may dial 800-938-1120 in the U.S. or Canada (706-634-7849 internationally) and provide the following ID: 49169223, or may listen via the Internet at www.sprint.com/investor.
OVERLAND PARK, Kan. -- Sprint Nextel Corp. (NYSE: S) today reported fourth quarter and full-year 2009 financial results. The company generated $666 million of Free Cash Flow* in the quarter, and $2.8 billion for full-year 2009, the highest annual Free Cash Flow* since the Sprint Nextel merger. As of December 31, 2009, Sprint had more than $3.9 billion in cash, cash equivalents and short-term investments and $2.7 billion in borrowing capacity available under its revolving bank credit facility, for a total liquidity of $6.6 billion.
The company reported fourth quarter consolidated net operating revenues of almost $7.9 billion, a net loss of $980 million, which includes a non-cash $306 million charge to increase the valuation allowance on deferred taxes, and a diluted loss per share of 34 cents. Full-year 2009 results included consolidated net operating revenues of $32.3 billion and a diluted loss per share of 84 cents.
Sprint lost a total of 69,000 net retail subscribers in the quarter. The company's year-over-year post-paid gross addition improvement was the best in Sprint Nextel history. Net post-paid subscriber losses improved by more than 40 percent in the second half of 2009, as compared to the second half of 2008 and the first half of 2009. For the fourth quarter, net post-paid subscriber losses improved by almost 300,000 sequentially, and by more than 600,000 year-over-year.
"Sprint's performance built notable momentum during the second half of 2009, leading to a fourth quarter with the best sequential and year-over-year improvement in net post-paid subscriber results in Sprint Nextel history, and positive post-paid net subscriber growth for services carrying the 'Sprint' brand," said Dan Hesse, Sprint Nextel CEO. "The company's continued focus on clear, simple offers, exciting devices, a better customer experience, dependable network performance, and industry leadership in 4G services is resonating with customers. A recent Yankee Group report, in association with Mobile Enterprise magazine, ranked Sprint #1 in overall satisfaction for both wireless voice and wireless data service providers for large businesses, underscoring our progress.
"We continue to closely manage costs, and in 2009 we generated the highest annual Free Cash Flow* since the merger. The fourth quarter completion of the Virgin Mobile USA, Inc. and iPCS, Inc., acquisitions, as well as our additional large investment in Clearwire, are important to our future," Hesse said.
Sprint 4G is now available in 27 markets serving more than 30 million people, and is expected to cover up to 120 million people by the end of 2010. Sprint 4G service is planned for deployment in many additional markets in 2010, including the following major metropolitan areas: Boston, Houston, New York, San Francisco, and Washington, D.C.
+Sprint-branded wireless services are only available on the CDMA network, which gained more than 3,000 post-paid customers after a net transfer of 93,000 customers from the iDEN network.
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